… as nearly half of the continent’s citizens remain unbanked
Vice President and Minister of Finance, Ndaba Gaolathe has said that financial inclusion remains Africa’s unfinished business as nearly half of people in the continent remain unbanked.
Addressing the 31st World Savings and Retail Banking Institute African Region (WIBS) African Regional Conference that was held in Kasane this week, Gaolathe said the World Bank’s Global Findex 2025 shows that while 79% of adults worldwide now own an account, only 55% of adults in Sub-Saharan Africa do.
“And yet, Africa is a pioneer. According to the same Global Findex 2025, 40% of adults in Sub-Saharan Africa held a mobile money account by 2024, making us the global leader in mobile money adoption,” said Gaolathe.
Gaolathe stated that Botswana is decisively pursuing reforms under the Botswana Economic Transformation Programme (BETP) to build a productive, inclusive, technology-driven, and globally competitive economy beyond diamonds. He added that this drive mirrors the WSBI ethos, that true resilience comes when financial systems and national economies are rooted in inclusion, stability, and long-term vision.
Gaolathe noted that financial inclusion is not just about numbers but it is about resilience, adding that as inclusion gives resilience to households, so too must green finance give resilience to the African continent.
In his remarks, WSBI President, Al Amine Nejjar said they see finance as more than a mechanism of exchange but as a catalyst for sustainable development. He stated that their mission is to build financial systems that are inclusive, resilient, and responsible, enabling communities everywhere to thrive.
“We live in a time of uncertainty. The global landscape is changing rapidly-political shifts, evolving economic dynamics, and transformations in international institutions are creating new challenges. Global rules and agreements that once guided development and cooperation are increasingly questioned, while national priorities often take precedence,”
He indicated that these shifts set as a reminder that progress is never guaranteed, and the path ahead is unpredictable.
Nejjar has commended Botswana Savings Bank for driving down inequality by reaching underserved and rural communities. He added that by supporting small businesses, promoting financial literacy, and working hand-in-hand with government and NGOs, the bank is helping build a more inclusive future for Botswana.
Botswana Savings Bank (BSB) Chief Executive Officer, Nixon Marumoloa said that conference came at a time when their continent and indeed the world is undergoing profound economic transformation.
“As financial institutions we are at the very heart of this transformation – providing stability, household revenue, enabling growth at both individual and corporate levels at the same time empowering communities,” he said.
The conference was hosted Botswana Savings Bank (BSB) in collaboration with the World Savings and Retail Banking Institute (WSBI) under the theme: Driving Sustainable Development: Financial Inclusion, Green Finance, and Responsible Banking. Its main objective conference was for members to build connections, share knowledge, and explore solutions that will shape the future of banking and communities.
According to the Centenary Report, WSBI’s 6,400 member banks today serve 1.7 billion people worldwide.
