What is financial inclusion and why do we need it?
Arise bridging the gap
Digital financial services have unquestionably revolutionised the financial sector in Sub-Saharan Africa.
Banks, once considered niche players, are now targeting the traditionally excluded lower-income people, small-scale entrepreneurs and rural populations previously considered too risky to bank.
Mobile money and agent banking now reaches the remotest rural villages and urban neighborhoods providing instant access 24 hours a day.
Africans embrace technology very easily and especially the younger generation which is there so there is a huge opportunity to leapfrog.Deepak Malik
As a new market for affordable, accessible banking emerges, almost half of the nearly 700 million individual users worldwide is in Africa, making it home to more digital financial services deployments than any other region globally.
Technology and digitalisation is the bridge to providing these services affordably and with never before seen convenience.q
To quote Equity Bank CEO James Mwangi ‘Banking has ceased to be the place you go to, to what you do on your mobile device.’
According to Arise CEO Deepak Malik, definitions of what financial inclusion actually means vary from simply ‘having a bank account’ but for Arise it means people having the ability to borrow, get credit when required, build households and small businesses and importantly, to save.
By becoming a trusted, long-term investment partner to locally owned financial service providers for urban and rural mass markets, Arise has a vision to grow SME development and agriculture businesses in Sub-Saharan Africa, driving financial inclusion and employment to