-- Financial inclusion is advantageous for everyone, as it "simplifies daily life and aids families and businesses in preparing for various financial needs, ranging from long-term objectives to unexpected emergencies," as stated by the World Bank. Financial inclusion can have the following positive impacts:
- Alleviates poverty and reduces inequality.
- Stimulates economic growth.
- Empowers small businesses.
- Provides support to marginalized demographics.
- Encourages innovation.
- Enhances digital inclusion.
In recent times, the global community has shown a heightened interest in financial inclusion, particularly in underdeveloped nations, notably those in sub-Saharan Africa.
The Power of Financial Inclusion
The significance of financial inclusion cannot be overstated. As per the World Bank, financial inclusion not only enhances day-to-day living but also empowers families and businesses to plan for both long-term goals and unexpected emergencies. Financial inclusion has far-reaching benefits, including:
- Reducing poverty and inequality
- Promoting economic growth
- Empowering small businesses
- Supporting marginalized demographics
- Accelerating innovation
- Fostering digital inclusion
The global community's heightened concern for financial inclusion is particularly pronounced in underdeveloped nations, especially those in sub-Saharan Africa.
Cape Verde's Booming Financial Sector
Cape Verde has experienced a remarkable expansion in its financial industry in recent years, with banking assets increasing by approximately 67% between 2010 and 2016. By the end of 2016, these assets accounted for USD 2.28 billion, equivalent to 139% of the GDP. Notably, the banking segment dominated the market, comprising 85% of the sector's total assets in 2017.
Moreover, Cape Verde's financial depth level, standing at 86% of GDP at the time, exceeded the West African average and that of other island nations on the continent.
Financial Inclusion Through Digitization
Over the years, financial account ownership in West African Economic and Monetary Union (WAEMU) nations has expanded, largely driven by the growth of mobile money accounts. On average, 41% of adults in WAEMU have a bank, financial institution, or mobile money service account. During the COVID-19 crisis, over half of digital merchant payments in WAEMU countries were made for the first time, accelerating the adoption of digital payments in the region.
Banks Leading the Charge in Financial Inclusion
Transnational banking groups and microfinance institutions in West Africa are reshaping the region's financial landscape, enhancing service quality, promoting competition, and strengthening regulatory frameworks and infrastructure. Notably, several banks in West Africa are dedicated to expanding banking access to the general population, with foreign investments bolstering the economy and quality of life. Among them, iib West Africa, based in Cabo Verde, shines as a leader in this endeavor.
Key Achievements of iib in West Africa
iib West Africa's leadership team has been actively working to empower Cape Verde's people by providing top-notch banking services and encouraging better investment and saving decisions since 2021. Some of the key achievements of iib over the years include:
- Recognized as a "Great Place to Work" for ensuring the physical safety of the workforce, promoting fair treatment, regardless of age or gender, and celebrating special events.
- The issuance of Blue Bonds in Jan 2023, dedicated to supporting structural projects in the Blue Economy and enhancing financial inclusion, with a commitment to investing at least 50,000,000 CVE in growth and small-scale credit access in the sustainable maritime economy.
- A 77% increase in profits in 2021, closing the year with a net profit of over 337.1 million escudos (three million euros), marking the best result in the institution's history.
- A memorandum of understanding signed with the Cape Verde Stock Exchange to promote development structuring, capital market development, and placement of financial instruments.
Promoting Financial Inclusion and Fueling Economic Growth
iib West Africa is addressing West Africa's economic challenges by offering affordable, accessible services to the unbanked and underserved. They are empowering individuals and businesses to take control of their financial well-being through a range of programs, including digital financial solutions, mentorship, financial education campaigns, collaborations with government agencies and NGOs, and an expansion of their branch network and ATM coverage.
Summing It Up
iib West Africa, headquartered in Cape Verde, is at the forefront of promoting financial inclusion in West Africa. Through innovative solutions and unwavering dedication, they are closing the divide between traditional banking services and the local population's unique needs all while earning the trust of the community and making a profoundly positive impact on the region's economy and society.
About iib West Africa
iib West Africa is a leading financial institution in Cape Verde, dedicated to fostering financial inclusion and economic growth in the West African region. With innovative solutions and a commitment to making banking accessible to all, iib West Africa is reshaping the financial landscape for the better.
Contact Info:
Name: Thomas
Email: Send Email
Organization: iibanks
Address: Bahrain
Website: https://www.iibanks.com
Release ID: 89110378
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