Global Voice on the catalytic effect of digital and financial inclusion

Financial inclusion in developing economies, especially in Africa, has been a pressing issue with over 400 million adults excluded from financial services. To address this challenge, CNBC Africa recently spoke with James Claude, the CEO of Global Voice Group, who highlighted the importance of embracing digital and financial inclusion as a catalyst for economic growth. Claude emphasized the need for regulatory bodies to adapt to the rapidly changing fintech landscape by embracing technology and adopting adaptive regulations. He also stressed the importance of collaboration among African countries to create a digital single market, harmonize policies, and accelerate financial inclusion. Claude pointed out the critical role of digital identity in facilitating online transactions and government services, calling for strategic investments tailored to each country's specific needs. As Africa's population is projected to double by 2050, Claude urged countries to prioritize financial inclusion as a central part of their policy vision to bridge the infrastructure and financing gaps. By combining external investments with innovative financing mechanisms at the local level, African countries can drive sustainable economic development and leapfrog into the digital economy. While there are challenges ahead, Claude's insights shed light on a path forward towards a more inclusive and prosperous future for Africa.