From Central Banking

With 77% of Africans still lacking access to formal banking services, the continent’s central bankers have their “work cut out” to improve the lot of the poor by supporting micro, small and medium-sized (SME) enterprises – “the engines of economic growth and job creation”, said Bank of Mauritius governor Rundheersing Bheenick in a speech kicking off last week’s 37th annual assembly of the Association of African Central Banks (AACB).

He added that the Bank of Mauritius had been working closely with the government in promoting SMEs through a Bank of Mauritius managed scheme extending credit to new start-ups.

“We have a task force hard at work on unfair terms in financial contracts, which have been the subject of complaints by consumers, for their excessive cost, inhibiting development and trade,” Bheenick added.

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