In sub-Saharan Africa, mobile phones and financial technology have opened doors to financial inclusion for millions, but the new financial terrain is uneven ground fraught with risks. High fees, aggressive marketing, mounting personal debt, varied digital access, and nascent regulatory structures heighten vulnerability and threaten hard-won progress toward broad financial inclusion.
Financial Capability and Asset Building in Africa, or FCAB Africa, will equip human-service professionals to broaden financial stability, security, and well-being in sub-Saharan Africa, developing the financial capability of service populations and cultivating sound financial strategies. The initiative will also work with financial-service providers to create a comprehensive financial-development program delivered through existing services, including fintech. This Fact Sheet describes the goals of the FCAB Africa initiative and strategy for achieving them.
Center for Social Development. (2021, July). FCAB Africa: Advancing financial stability, security, and well-being (CSD Fact Sheet No. 21-12). Washington University, Center for Social Development.