By Gorata Ogotseng, Corporate Communications Manager, Norsad Capital
Despite the significant progress made in the economic and developmental fronts in recent years, financial inclusion remains a major challenge in much of sub-Saharan Africa. According to data from the World Bank, over half of the population in the region still lacks access to formal banking services.
While the levels of financial inclusion vary across different countries, with only a small percentage in South Sudan having bank accounts compared to a much higher percentage in Mauritius, the overarching issue remains that millions of people in the region are excluded from financial services.
Improved financial inclusion not only provides access to capital for small businesses and education loans but also has a positive impact on healthcare. With better financial inclusion, more Africans would be able to access quality healthcare services compared to the current situation.
The Challenges of African Healthcare
Accessing quality healthcare remains a challenge for many Africans, with long queues for basic check-ups and medicines being a common reality. For those employed, taking a day off work for healthcare appointments can be challenging, especially for shift workers. Patients with serious conditions often face long waiting periods for critical treatments, compounded by overcrowded hospital wards and limited time with healthcare providers.
Empowered Citizens Can Afford Better Healthcare
Financial inclusion can lead to economic growth, expanding tax bases and revenues for governments to invest in healthcare in the long run. In the short term, it enables individuals to access private health insurance and services, reducing the burden on public healthcare systems and improving access to timely treatments.
Healthcare Providers, Investors Meeting Patients in the Middle
Investors and healthcare providers are increasingly recognizing the importance of financial inclusion in improving access to quality healthcare. Companies like RH Bophelo are partnering with investors to invest in healthcare services, infrastructure, and financial services, aiming to increase access to healthcare for more Africans. Other solutions such as telemedicine and affordable private clinics are also emerging in the sector.
Celebrating the Human Side of Financial Inclusion
Financial inclusion in sub-Saharan Africa goes beyond economic growth and plays a crucial role in improving access to healthcare. While economic growth is important, the human aspect of financial inclusion, particularly in healthcare, should not be overlooked.