This report examines how financial services can go beyond banking by using inclusive design thinking and emerging financial technologies to expand access for underserved and unbanked populations across Africa.It highlights the transformational potential of open banking ,super apps,APIs,and digital currency to provide cost effective and user friendly financial access.The report also underscores the importance of strategic collaboration between traditional banks and fintech startups,demonstrating case studies in education,payments, and agriculture that show that show the real-world impact of such partnerships.
Inclusive design thinking is essential for expanding access to financial services for the 350 million financially excluded adults in Africa.Solutions must reflect real user constraints such as limited digital literacy,informal employment, and low smart smartphone penetration.Banks need to design products that are simple,intuitive and culturally adapted ,rather than digitised versions of traditional banking product.
Banks cannot achieve financial inclusive by themselves due to slow internal innovation cycles and legacy systems.The report emphasises that collaboration with fintechs ,devlopers and third -party platforms enables faster prototyping and delivery of inclusive financial solutions.
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The rise APIs,digital wallets,stablecoins and CBDCs has the potential to significantly reduce transaction costs and increase cross border payment efficiency.For regions where remittance fees are high and access to bank account is limited ,digitally native currency systems enable seamless,fast and secure transactions.
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