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India has lately been pursuing an ambitious goal: a cashless economy.Today, an estimated 326 million Africans – 80 percent of the continent's adult population – use no formal or informal financial services. Similarly, millions of Africans are scratching out a living in the informal economy, which represents about 41 percent of GDP in most parts of the continent. The goal should be to achieve prosperity through financial inclusion linked to economic activity. Such a plan should focus on building the right ecosystem for economic activity. In Africa, that means not just delivering financial services, but also advancing financial literacy. To ensure that financial inclusion actually enables economic transformation, Africans must gain the knowledge and tools to make the most of financial services.Africa must not allow cash scarcity to cripple the informal economy, as it has in India.With a smart strategy, underpinned by patience and commitment, Africa can build a cashless economy, with high levels of financial inclusion supporting economic prosperity and security.
An Amazonian trade strategy for the African continent
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