Empowering Informal Sector Businesses: How Chiamaka Mary-Claret Anyanwu is Pioneering Access to Banking in Developing Market
The transition from the informal to the formal sector has historically been fraught with difficulties and challenges, especially from a legal and compliance standpoint. For informal sector businesses to succeed, it’s paramount that they operate within the correct framework.The informal sector provides a livelihood for millions of people across the world. However, that livelihood often comes with parameters.
Chiamaka is in a unique position to help businesses grow. Regarded as an expert in legal compliance, she guides startups in setting up the legal structure they need to succeed. While the original idea may be brilliant, ensuring that the idea is put into practice correctly, all the while remaining fully legally protected, is a challenge.
Chiamaka also worked with Passportmonie, a revolutionary concept that made it easier for both businesses and individuals across Africa to access cross-border financial services at a lower cost. According to one estimate, informal cross-border trade accounts for up to 40% of all intra-African trade, making it a sizable contribution to the continent’s overall economy.
She may be further along on the journey towards completing that goal than she may realize. Her work with Passportmonie and Crediometer has already had a transformative impact on the prospects of businesses within the informal sector. In the future, she hopes to expand her work to include more businesses across Africa and in other developing markets, helping them access theUltimately, Chiamaka’s work is all about inclusion.