Financial inclusion is a concern across the world since it is a key enabler of economic growth and development. For this reason, the Alliance Africa has been engaging key stakeholders across the African continent to find solutions that would foster the financial inclusion and well being of people living in Africa through the co-operative enterprise model.
Co-operators from nine African countries, government representatives, partners and co-operators from the Americas, Europe and Asia-Pacific convened in Nairobi-Kenya on the 18-19 October 2017 for a “Consultative Meeting on Fostering Sustainable Financial Inclusion in Africa through National Co-operative Banks”.
The Consultative Meeting was aimed at promoting and fast tracking the establishment of National Co-operative Banks to promote sustainable financial inclusion and help drive positive social transformation. This is seen as a strengthening mechanism for the co-operative enterprise model at national levels and brings more people into the financial system. Nevertheless, it will quantifiably improve household and national wellbeing leading to a greater impact of the co-operative movement on development, before embarking on the continental dream of establishing a pan African Co-operative Bank.
As a general observation, the participants agreed that there was need for the promotion of National Co-operative Banks since capital will help healthy co-operatives to continue to thrive, with downstream benefits to members and citizens in the region. Having heard about case studies in Argentina, France, China, Tanzania and South Africa, the participants emphasised the need for good governance and engaging people with wisdom and the right skills to manage the co-operatives.
