The Youth of Africa Having Access to Financial Services

Currently, half the population on the continent of Africa is under 34 years old. According to the International Monetary Fund, by 2060, Africa is expected to have the highest working population on the planet. These numbers are coinciding with a digital revolution where more than half of the population owns a mobile phone and may soon be able to afford a smartphone. Young people can easily adapt to new technology if they are granted access and are properly educated on how to use it. Financial services require both basic digital and financial literacy before people can take advantage of opportunities such as micro loans, crowdfunding and digital savings. Providing these educational avenues gives younger generations a greater chance of easing out of poverty and into a class where they can enjoy more disposable income. Long term commitments from governments and private sectors will help foster a culture of innovation and digital savvy working class during a period where many countries will be feeling the impact of their declining birthrate. This growing labor force is a highly valuable resource for the continent and if utilized properly, can result in concrete economic growth within the continent. To harness this opportunity, governments need to be supportive with suitable policy regulations for the digital age, job creation to boost employment and provide access to services that are in demand such as more affordable internet.