MICROCAPITAL BRIEF: World Economic Forum (WEF) Leaders Aim for Cooperation among Regulators for Financial Inclusion in Africa

During the World Economic Forum (WEF) in South Africa in June, business and political leaders from multiple African countries including Kenya, Nigeria, and South Africa among others, have emphasized the need for collaboration between regulators in order to promote financial inclusion globally. Nigeria’s minister of Finance, Ngozi Okonjo Iweala stressed the need for cooperation between banking and telecommunication regulators to contribute to further financial inclusion through the use of mobile banking. One of the stated goals of those advocating for financial inclusion is for individuals to keep their money within the formal financial system instead of holding it in cash.