When people can take part in the financial systems, they’re better able to start and expand businesses, invest in their children’s education, and absorb financial shocks.
Sub-Saharan Africa has a population with many lives staying at the economic downstream, and almost certainly underdeveloped. The financial inclusion gender gap and income gap persisting just like in other continents, though higher in Sub-Saharan Africa. World Population estimates based on the latest estimates released on June 21, 2017, by the United Nations, shows Africa continues as the second largest continent with a population of 1,256,268,025 (16% of the populace of the world) and by the finish of January 2018, 40.2% living in urban areas.
The continent has the best fertility rate of 4.7% (Oceania 2.4%, Asia 2.2%, Latin American and Caribbean 2.1%, Northern America 1.9% and Europe 1.6%) set alongside the other continents with an annually population rate change (increase) of 2.55% – the best among all continents. Nearly all of its people (59.8%) have lived downstream (rural areas and villages) sometimes from the mainstream economy.Prescott Financial Advisors Policy targeting could be difficult in such scenarios, and identifying individuals who lack access to financial and economic inclusion comes with a huge financial cost alone, although benefit in doing this outweighs the fee in only numbers and requires commitment from leaders and managers of the respective economies. Coupled with a general phenomenon of non-perfect, untrusted, and in some cases non-existing data on the continent, that could make decision making imperfect and data unreliable, affecting plans, policies and the potencies to solve stated challenges or improving the economic and social fibre of countries.
The struggles of the financially excluded come from barriers and reasons as access, social and cultural factors, income, education and many possible lists of others. Financial exclusion arguably is one of the reasons some economic policies lack potency to effectively target well on the citizenry using its results in persistent poverty and inequality. Lack of access to basic needs such as an account either at the financial institution or mobile money could mean significant possibilities of opportunities untapped. Globally countries have realized the importance of achieving inclusive societies and supports efforts at maximizing financial inclusion. Sub- Saharan Africa has made some strides through the years in financial and economic inclusion in this regard at individual country levels.
Earlier this season and shortly before I surrendered my Financial Services Authority permission to offer financial advice I met Bruce and Theresa, my long standing clients of some thirty years. The meeting was arranged to say farewell and to close our professional (but not social) relationship, and to finalise their plans for their retirement.
The meeting lasted for a lot of the day, and whilst their finances were on the agenda and were dealt with, a lot of the meeting revolved around how they were going to live in retirement, what they could and should do, how they were going to keep up family ties, decisions about their residence and the majority of areas of life in retirement. We also covered their relationship with money, dealing particularly with how to change their working life attitude of saving and prudence to locating the courage to pay their time and money on making the most of their lives in retirement. Whilst I surely could demonstrate mathematically that their income and assets were significantly more than sufficient to permit them to live a fulfilled life in retirement, we’d to cope with some deep emotional blocks to spending, particularly driving a car that they’d run out of money.
The financial markets sector is one important part of public concern in Africa. The need for adequate regulation and supervision of Financial Markets as an important mechanism for the promotion of economic development in African countries can not be overemphasized. Financial markets regulation remains a very sensitive and complex activity when it comes to governmental policy development, with relation to defining strategic options pertaining to financial regulation. This short article reviews the current status of financial farkets, the legal and regulatory frameworks in the Southern African region, with a unique concentrate on selected countries.
The topic under investigation relates to the regulation of financial markets by governments within the Southern African countries both at national and international levels. It attempts to understand its rationale, objectives, approaches and the practical methods for defining a regulatory framework for a modern African financial market and system. At any given time many experts are calling for liberalization of financial services in Africa, it is essential to analyze what’re the explanation, advantages and implications of financial markets regulation for Southern African countries beneath the light of new international instruments and standards, including the Basle II Framework and the WTO Agreement on Financial Services of 1994, whose operational modalities are remains under negotiations on various key aspects.
This paper attempts to examine the institutional and regulatory framework for the financial markets operations in order to understand the underlying principles of financial markets regulation development; to develop a concise outline of financial markets regulation framework within the South African countries; and provide around possible a clear comprehension of policy development, key issues and challenges associated with the regulation of financial markets in the Southern African region.
The terminology used in the financial markets jargon is regarded as being highly technical and can some times be confusing. While we attempt to help keep a non technical language during this paper, it is quite impossible to avoid the specific concepts used in the financial profession. For many key concepts, a concise glossary of a lot of the technical words is provided at request by the author.