When people can take part in the financial systems, they are better able to begin and expand businesses, spend money on their children’s education, and absorb financial shocks.
Sub-Saharan Africa has a population with many lives coming to the economic downstream, and most likely underdeveloped. The financial inclusion gender gap and income gap persisting exactly like in other continents, though higher in Sub-Saharan Africa. World Population estimates on the basis of 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 people of the world) and by the finish of January 2018, 40.2% surviving 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%) compared to the other continents with an annually population rate change (increase) of 2.55% – the best among all continents. Most of its people (59.8%) have lived downstream (rural areas and villages) sometimes out from the mainstream economy.Prescott Financial Advisors Policy targeting might be difficult in such scenarios, and identifying individuals who lack usage of financial and economic inclusion comes with a huge financial cost in itself, 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 universal 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 eliminate 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 many reasons some economic policies lack potency to effectively target well on the citizenry using its results in persistent poverty and inequality. Insufficient usage of 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 significance 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 supply financial advice I met Bruce and Theresa, my long standing clients of some thirty years. The meeting was arranged to express farewell and to close our professional (but not social) relationship, and to finalise their plans because of their retirement.
The meeting lasted for all of the day, and whilst their finances were on the agenda and were handled, a lot of the meeting revolved around how they certainly were going to reside in retirement, what they could and must do, how they certainly were going to steadfastly keep up family ties, decisions about their property and nearly all aspects of life in retirement. We also covered their relationship with money, dealing in particular with how to alter their working life attitude of saving and prudence to finding the courage to invest their time and money on making the absolute most of their lives in retirement. Whilst I could demonstrate mathematically that their income and assets were significantly more than sufficient to permit them to reside a fulfilled life in retirement, we’d to cope with some deep emotional blocks to spending, in particular worries that they’d come to an end 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 being an important mechanism for the promotion of economic development in African countries cannot be overemphasized. Financial markets regulation remains a really sensitive and complex activity as it pertains to governmental policy development, with relation to defining strategic options related to financial regulation. This short article reviews the existing status of financial farkets, the legal and regulatory frameworks in the Southern African region, with a special focus 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 important to analyze what are the rationale, advantages and implications of financial markets regulation for Southern African countries beneath the light of new international instruments and standards, such as 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 produce a concise outline of financial markets regulation framework within the South African countries; and provide around possible a clear understanding of policy development, key issues and challenges associated with the regulation of financial markets in the Southern African region.
The terminology utilized in the financial markets jargon is considered to be highly technical and can some times be confusing. While we attempt to keep a non technical language through this paper, it is quite impossible to steer clear of the specific concepts utilized in the financial profession. For a few key concepts, a concise glossary of all of the technical words is provided at request by the author.