00:01
Okay, so first we're gonna state the reasons for low financial inclusion in africa.
00:04
So first would be the lack of infrastructures.
00:15
So many regions, especially rural areas, lack the necessary banking infrastructure, like fiscal bank branches or adms, which hinders the access to financial services.
00:27
Second is the low income levels.
00:33
So high poverty rates mean that many people do not have enough money to justify their need for formal banking services or feel that these services are not tailored to their financial situation.
00:46
3.
00:47
Limited financial literacy so, a general lack of financial education and understanding impede people's willingness and ability to use financial services effectively.
01:04
4.
01:05
Regulatory barriers so, stringent regulations related to banking can prevent lower -income individuals from opening accounts due to documentation requirements and other formalities.
01:20
5.
01:21
Cultural factors in some culture, there is a distrust of formal banking institutions or a preference for traditional methods of saving and borrowing, which can reduce participation in the formal financial sector.
01:37
Now, we're going to evaluate the proposal to increase access to bank accounts...