When people can participate in the financial systems, they’re better able to begin and expand businesses, purchase their children’s education, and absorb financial shocks.
Sub-Saharan Africa features a population with many lives staying at the economic downstream, and probably underdeveloped. The financial inclusion gender gap and income gap persisting exactly 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 next largest continent with a population of 1,256,268,025 (16% of the population of the world) and by the finish of January 2018, 40.2% surviving in urban areas.
The continent has the highest 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 highest 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 might be difficult in such scenarios, and identifying people who lack access to financial and economic inclusion comes with a huge financial cost alone, though the benefit in this outweighs the cost in mere numbers and requires commitment from leaders and managers of the respective economies. Coupled with a common phenomenon of non-perfect, untrusted, and sometimes non-existing data on the continent, that might 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 result 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 having its results in persistent poverty and inequality. Lack of access to basic needs like an account either at the lender 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 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 because of their retirement.
The meeting lasted for a lot of the day, and whilst their finances were on the agenda and were dealt with, much of the meeting revolved around how they were going to reside in retirement, what they might and should do, how they were going to maintain family ties, decisions about their house and almost all facets of life in retirement. We also covered their relationship with money, dealing particularly with how to alter their working life attitude of saving and prudence to choosing the courage to invest their time and money on making the absolute most of the lives in retirement. Whilst I was able to demonstrate mathematically that their income and assets were more than sufficient to allow them to reside a fulfilled life in retirement, we had to deal with some deep emotional blocks to spending, particularly the fear that they’d go out of money.
The financial markets sector is one important part of public concern in Africa. The necessity for adequate regulation and supervision of Financial Markets being an important mechanism for the promotion of economic development in African countries can not be overemphasized. Financial markets regulation remains a really 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 present status of financial farkets, the legal and regulatory frameworks in the Southern African region, with a special give attention to selected countries.
The topic under investigation pertains 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 very important to analyze what’re the rationale, advantages and implications of financial markets regulation for Southern African countries under the light of new international instruments and standards, like the Basle II Framework and the WTO Agreement on Financial Services of 1994, whose operational modalities are continues to be 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 definite comprehension of policy development, key issues and challenges associated with the regulation of financial markets in the Southern African region.
The terminology found in the financial markets jargon is regarded as being highly technical and can some times be confusing. While we attempt to keep a low technical language through this paper, it’s quite impossible to steer clear of the specific concepts found in the financial profession. For a few key concepts, a concise glossary of a lot of the technical words is provided at request by the author.