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, business and political leaders from multiple African countries including Kenya, Nigeria, and South Africa among others, emphasized the need for collaboration among regulators in order to promote financial inclusion globally.

Nigeria’s Minister of Finance, Ngozi Okonjo Iweala, and the Vice President of Ghana, Kwessi Amissah-Arthur, spoke on the issue of financial inclusion. Okonjo Iweala stressed the need for cooperation between banking and telecommunication regulators to contribute to further financial inclusion through the use of mobile banking. She also stressed the need for trust between government and individuals as fostered through a strong financial platform. Amissah-Arthur spoke about the need for regulators to adopt innovations to bring additional individuals into the formal financial system.

By Jared Deveau, Research Associate

About the World Economic Forum (WEF)

The World Economic Forum is a Swiss nonprofit organization committed to improving the state of the world by engaging business, political, academic and other leaders to shape global, regional and industry agendas. Established in 1971 in Geneva, it is best known for its annual meeting in Davos, which is an invitation-only event that brings together chief executive officers from 1,000 member organizations as well as politicians, representatives from nonprofit organizations, religious leaders and the media.

Sources and Additional Resources

[1] Business Day Online: WEF: Business leaders push for cooperation among regulators as key to financial inclusion, http://businessdayonline.com/2015/06/wef-business-leaders-push-for-cooperation-among-regulators-as-key-to-financial-inclusion/#.VZVSe_n4-Un

MicroCapital Universe; World Economic Fund, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=World+Economic+Forum

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