The phrase "financial inclusion" has been used quite liberally over the past several years. Especially when you read about digital platforms, services, or apps that claim to offer low-income earners across Afrika financial services that were previously inaccessible for them.

However, when financial inclusion is mentioned, when you look at what is being offered, it is either some flavor of mobile money, mobile payments, or mobile banking service whose per-transaction fees are still quite high (compared to just using cash). Alternatively, what is being offered are microloans with administration fees, interest rates, and personal data privacy terms that make the Sicilian Mafia’s terms look charitable.

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