The World bank describes “extreme poverty” as people living on less than $ 1.90 per person per day.
Poverty could also be tied to a specific type of consumption, for instance, people could be house-poor, food-poor, or health-poor. And these dimensions of poverty often can be measured directly, for instance by measuring malnutrition or literacy.
The International Day for the Eradication of Poverty is a solemn reminder of the global effort to eliminate poverty in all its forms. In this article, we will explore how Kowri, with its innovative and multifaceted features, plays a pivotal role in lifting individuals and communities out of poverty.
The world bank through the International Development Association (IDA), International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) have continued to roll out various programmes and interventions aimed at alleviating or attempting to eradicate poverty all over the world.
The International Day for the eradication of poverty is observed and celebrated each year on October 17 throughout the world. It first began in Paris, France in 1987 when over 100,000 people gathered on the Human Rights and Liberties Plaza at the Trocadero to honour victims of poverty, hunger, violence and fear at the unveiling of a commemorative stone by Reverend Father Joseph Wresinski – founder of the International Movement ATD (All Together In Dignity) Fourth World.
The United Nations, Report of the Secretary General, A/61/308, para. 58 describes the International Day for the Eradication of Poverty as a day to promote dialogue and understanding between people living in poverty, their communities, and the society at large. It represents an opportunity to acknowledge the efforts and struggles of people.
Some of the causes of poverty in Africa have been attributed to the following factors: Growth of Population, War and Crises,Climatic Conditions, Illnesses, Unjust Trade Structures amongst others. In other words, apart from the existent natural causes and disasters, a contributing factor to increase in poverty in Africa is Africans not being able reap the resultant benefits of their hard work. This is why the advent of neobanks like Kowri continues to help and maintain the gradually depleting middle (working) class by providing a platform that gives solutions to individuals and businesses alike thereby providing them with ease, convenience and more digital financial services to enable them focus on being productive and churning out solutions that will benefit Africans.
Per the report launched on 15 December 2022 during the African Economic Conference 2022 in Balaclava, Mauritius “thereport recommends that the region: build resilient economic systems to reduce the over reliance on food imports by transforming agricultural productivity through modernization; and make significant investments to promote equitable and affordable access to energy to sustain economic transformation.
According to the African Development Bank, middle class Africans have tripled to 313 million (approximately 34% of the continent’s population) over the last 30 years. And per the reports, although the middle class is growing there is still widespread income inequality in Africa and the middle class consists of many ‘floating class’ members who can fall into poverty at any time due to economic shocks.
In an interesting twist, many middle class people in Africa tend to gravitate towards local entrepreneurship hence, Africa’smiddle class is strongest in countries with a developing and robust private sector. This is where kowri contributes to the advancement of the middle class in Ghana and Africa by providing enabling digital financial solutions to individuals and businesses alike. Kowri empowers individuals and communities to take control of their future and break free from the shackles of poverty. On this International Day for the Eradication of Poverty, let us celebrate the transformative impact of Kowri and redouble our efforts to eliminate poverty worldwide.
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