“Banking Africa’s unbanked population–adults who don’t use formal banks or semi-formal microfinance institutions to save or borrow money–may not be the solution to providing wider access to financial products and services.
“One of the obstacles to providing wider access to financial products is that financial services institutions are stuck in a paradigm that suggests that “banking the unbanked” is the solution. If the problem is framed differently then financial service providers can change tack in delivering real solutions to the financial inclusion challenge,” says Frans Prinsloo, Managing Director at Hollard International, South Africa’s largest privately-owned insurance group.”
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