By Reggie Tsvetu
Financial inclusion is described as the ability of an individual or an enterprise to access financial products and services to meet their needs, such as saving, transacting, payment, credit, and insurance needs.
More than half of the world’s adult population are said to not have access to basic financial services.
Impact of exclusion
The financially underserved population is largely comprised of individuals operating in the informal economy.
Both individuals and enterprises have no reliable means of making and receiving daily payments and are usually restricted to cash-based transactions. Being in the informal sector, selling wares, small-scale vending, vocational jobs; these individuals are usually unable to access credit.
Inability to access credit consequently prevents the growth of their businesses and enterprises.
Without a safe storage facility for the funds it is difficult for individuals and small business owners to save effectively. Savings can otherwise help to build financial resources which in turn may help to grow the small business or improve the quality of life of the individual.
There is always the risk of loss or financial shocks in business, case in point the effects of the Covid-19 outbreak, without access to insurance businesses may never recover from losses incurred under such circumstances.
Over the last decade, moving people and enterprises into the financial mainstream is fast becoming an attainable goal.
The high level of mobile phone penetration has opened up new possibilities and both traditional and upcoming financial institutions can now reach old and new customers with formal financial services such as credit, payments, savings and insurance in ways never before possible.
Africa has managed to leapfrog the mobile banking innovation space with solutions that make it possible to transfer funds at speed from person to person, and over distance, in a cost effective and secure manner.
Digital inclusion can significantly lower the costs usually associated with sending and receiving payments, such as paying recurring bills or remittances.
Uhuru wallet is a product designed specifically for individuals living in South Africa that are underbanked or unbanked.
It is a transactional wallet that is accessed via the WhatsApp social media platform. Individuals will be able to send and receive money, make payments, initiate withdrawals, and purchase airtime, electricity, and Netflix vouchers amongst other features.
The wallet will also allow borderless transactions to be performed and this will help when people send money home to their loved ones
Many foreign nationals living and working in South Africa do not have access to a transactional account. According to the World bank, access to a transactional account is the first step towards broader financial inclusion and it serves as the gateway to these other services.
The Uhuru wallet enables individuals in South Africa to perform transactions digitally, and in the process build a digital footprint which may be useful in allowing them access to other financial services.
Zimbabwe Digital News and Uhuru Wallet will be running specials and promotions for the sophisticated Afropolitans. Watch this space.
Go digital with Uhuru Wallet
YES: We are here with your very own UhuruWallet SUPER APP. This is a platforms that enables you to gain access to various services offered through the internet – all under one umbrella platform.
Uhuruwallet combines the convenience of your favorite social media app with the security of new age payment technology.🤳🏾
So think these three words: Convenience| Effeciency | Security
Uhuruwallet is born out of the need to address this inequality of access to technology. We believe having a transaction account is the first step toward financial inclusion.
We chose to offer Uhuru wallet through WhatsApp to cater to the growing number of people that have access to smartphones and because it has end-to-end encryption for enhanced security. It is also one of the most popular platforms in the region which allows for an easy, interactive and intuitive transacting experience.
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