Africa has made significant strides in expanding access to financial services, but the continent must now ensure that those gains translate into meaningful economic impact, Chairperson of the African Financial Inclusion Policy Initiative (AfPI) and Second Deputy Governor of the Bank of Ghana, Mrs Matilda Asante-Asiedu, has said.
Speaking at the AfPI Leaders’ Roundtable in Luanda, Angola, Mrs Asante-Asiedu stressed that the next phase of financial inclusion should be measured by improvements in livelihoods rather than the number of accounts or digital services created.
“It is no longer sufficient to measure success by the number of bank accounts opened, digital wallets activated, or banking agents deployed. Our conversation must move from access to impact, from policy intent to measurable outcomes, and from isolated national progress to shared continental priorities,” she stated.
Her remarks underscored the need for African policymakers and financial regulators to focus on ensuring that financial inclusion contributes to job creation, entrepreneurship, poverty reduction and broader economic development.
The Governor of the Banco Nacional de Angola, Mr Manuel António Tiago Dias, echoed the call, saying financial inclusion should ultimately improve the quality of life for Africans.
“The real challenge is to ensure that financial inclusion delivers tangible improvements in people’s lives by contributing to poverty reduction, increased productivity, the creation of economic opportunities, and greater resilience for households and businesses,” he said.
Alliance for Financial Inclusion (AFI) Chief Executive Officer, Dr Alfred Hannig, also urged stakeholders to embrace a new generation of financial inclusion that empowers individuals and businesses through active participation in the formal financial system.
“The next-generation financial inclusion will involve ensuring that participation in the formal financial system creates empowerment for individuals, households, farmers, women, entrepreneurs, young people and vulnerable groups,” he noted.
The Luanda meeting built on the outcomes of the previous AfPI meeting held in Accra under the leadership of the Bank of Ghana, which led to the establishment of the AFI Africa Cybersecurity Centre to promote peer learning and information sharing among African financial regulators.
Mrs Asante-Asiedu noted that the rapid growth of digital financial services across Africa has made cybersecurity a critical priority.
“Cyber threats do not respect borders, institutional mandates or market segments, requiring our response to be collaborative, coordinated and forward-looking,” she said.
As part of AfPI’s rotational leadership arrangements, Mrs Asante-Asiedu formally handed over the chairmanship of the initiative to Ms Felicia Dlamini-Kunene, Deputy Governor of the Central Bank of Eswatini.
She reaffirmed the Bank of Ghana’s commitment to supporting AfPI and collaborating with member institutions to deepen financial inclusion, strengthen cybersecurity and build financial resilience across the continent.
