Building a digital bridge to financial inclusion in SA’s informal sector

News published on Oct 24, 2023 @ 10:43 am

Unlocking the power of South Africa’s Informal Economy: Andy Jury, CEO, Mukuru explores the vital role of trust in bridging the gap to financial inclusion for millions of South Africans.

The South African informal sector is a vibrant thread, pulsating with entrepreneurial energy. Valued at almost US$10 billion annually and representing 17 per cent of the country’s total employment, the informal economy is an indispensable cog in the economic machine.

Moreover, given that South Africa’s unemployment rate is sitting at 32.9 per cent, the highest in the world, the country’s informal economy will continue to grow exponentially. And yet, it remains largely disconnected from formal financial systems. As South Africa looks toward embracing the Fourth Industrial Revolution, now is the time to build a digital bridge to financial inclusion, designed with trust at its core.

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