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Covid 19 And Digital Financial Inclusion In Africa
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Book Synopsis COVID-19 and Digital Financial Inclusion in Africa by : Immaculate Nafula Machasio
Download or read book COVID-19 and Digital Financial Inclusion in Africa written by Immaculate Nafula Machasio and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 (coronavirus) pandemic and resulting containment measures are likely to cause an economic contraction of about 2.8 percent in Sub-Saharan Africa (SSA) in 2020 according to the Global Economic Prospects. Among the many adverse effects in the global economy, the crisis is posing a deep threat to financial inclusion efforts globally. Lockdowns and curfews designed to curb the spread of the virus resulted in the closure of bank branches and halted operations of mobile money agents in compliance with restrictions. Government officials and health practitioners encouraged use of cashless and contactless modes of payment to reduce the risk of virus spread through handling of cash, thus creating new opportunities for potential adoption of Digital Financial Services (DFS). Small firms and low-income households can directly benefit from digital solutions such as mobile money services, online banking and other financial technology innovations. Recent evidence suggests that digital financial inclusion could significantly contribute to economic growth, reduce poverty and narrow income inequalities without necessarily causing adverse effects on financial stability given the appropriate regulatory framework. The brief focuses on the impact of COVID-19 on financial inclusion and the potential of robust policy responses. The authors drew on the Global Findex database to showcase policy options that harness maximum benefits from digital technology, promoting financial inclusion and mitigating adverse impacts during the pandemic and beyond. The poor and vulnerable groups, such as women, the rural poor and youth, are bearing the economic brunt of the socioeconomic consequences of the pandemic. Day laborers and those in the informal sector are also among the most affected categories of workers.
Book Synopsis Digital finance and inclusion in the time of COVID-19 by : Benni, N.
Download or read book Digital finance and inclusion in the time of COVID-19 written by Benni, N. and published by Food & Agriculture Org.. This book was released on 2021-01-04 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has impacted digital financial inclusion trends across the world in many and complex ways. In developing and emerging contexts, this crisis also holds the potential to propel an unprecedented acceleration in the process of financial digitization and turn out to be a game-changer for digital financial inclusion. The aim of this study is to illustrate the opportunities and risks associated with the surge in uptake and use of digital financial service, providing ideas on how to leverage the paradigm changes affecting the overall approach and perspective towards digital financial services – on the part of various stakeholders – to advance financial inclusion and development. It also seeks to showcase how digital financial services have been used – in both traditional and innovative ways – to mitigate the impact of the COVID-19 crisis on economies and societies, by both public and private actors.
Book Synopsis The Global Findex Database 2017 by : Asli Demirguc-Kunt
Download or read book The Global Findex Database 2017 written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2018-04-19 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.
Book Synopsis The Promise of Fintech by : Ms.Ratna Sahay
Download or read book The Promise of Fintech written by Ms.Ratna Sahay and published by International Monetary Fund. This book was released on 2020-07-01 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.
Book Synopsis Gendered Perspectives on Covid-19 Recovery in Africa by : Ogechi Adeola
Download or read book Gendered Perspectives on Covid-19 Recovery in Africa written by Ogechi Adeola and published by Springer Nature. This book was released on 2022-01-03 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the political, social, and economic connections between gender and the Covid-19 pandemic. The authors offer innovative ideas for recovery that will build a more prosperous, healthy, equitable, and sustainable future for African women and girls, targets identified under Goal 5 (Gender Equality and Women’s Empowerment) of the United Nations’ Sustainable Development Goals slated to be achieved by 2030. Within this context, authors identify issues related to the protection of women and girls from poverty, hunger, and gender-based violence; improved healthcare and healthcare workforce experiences; girl-child education; financial inclusion; and entrepreneurship opportunities for women in fintech, tourism, and information, communication and technology (ICT). The book concludes with a discussion of economic empowerment for women that focuses on normalising the ‘un-normal’ outcome of the pandemic. The book will be of value to policymakers, non-profit organisations, practitioners, and scholars who understand the importance of gender equality and women empowerment in the African continent.
Book Synopsis Digital Banking Support to Small Businesses Amid COVID-19 by : Tao Sun
Download or read book Digital Banking Support to Small Businesses Amid COVID-19 written by Tao Sun and published by International Monetary Fund. This book was released on 2021-06-29 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note analyzes the economic impact of digital lending to micro and small sized enterprises (MSEs) in China during the coronavirus disease (COVID-19) pandemic. A preliminary analysis of a large pool of MSEs served by a digital bank indicates that digital banks were able to remotely evaluate borrowers and sustain lending during the pandemic, thereby facilitating the business continuity, sales growth, and financial inclusiveness of MSEs. In the global context, a policy framework—leveraging the advantages of digital banks and empowering digital banks, while guarding against possible financial stability risks—would further support small businesses during and after the COVID-19 pandemic.
Book Synopsis COVID-19 Global Pandemic, Financial Development and Financial Inclusion by : Simplice Asongu
Download or read book COVID-19 Global Pandemic, Financial Development and Financial Inclusion written by Simplice Asongu and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter examines how the Covid-19 pandemic has affected financial development and financial inclusion in African countries. The study provides both broad perspectives and country-specific frameworks based on selected country cases studies. Some emphasis is placed on the achievement of sustainable development goals (SDGs) that are related to financial inclusion. The study aims to understand what immediate challenges the COVID-19 pandemic has represented to the economies and societies on the one hand and on the other, the effect of the COVID-19 on the interconnected financial systems in terms of consequences of the pandemic. The relevance of the study builds on the importance of these insights in helping both scholars and policy makers understand how the effect of the pandemic on the financial system and by extension, the global economy can be mitigated for more financial inclusion.
Book Synopsis Finance in Africa by : European Investment Bank
Download or read book Finance in Africa written by European Investment Bank and published by European Investment Bank. This book was released on 2021-11-23 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: Africa's recovery from the COVID-19 crisis will depend on private firms sustaining and creating jobs. But even previously thriving enterprises have been badly hit by the crisis. This report outlines the consequences of the health crisis in Africa, the potential cost of the recovery and the willingness of banks to support green investments as they look to the future.
Book Synopsis Is Digital Financial Inclusion Unlocking Growth? by : Purva Khera
Download or read book Is Digital Financial Inclusion Unlocking Growth? written by Purva Khera and published by International Monetary Fund. This book was released on 2021-06-11 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Digital financial services have been a key driver of financial inclusion in recent years. While there is evidence that financial inclusion through traditional services has a positive impact on economic growth, do the same results carry over for digital financial inclusion? What drives digital financial inclusion? Why does it advance more in some countries but not in others? Using new indices of financial inclusion developed in Khera et. al. (2021), this paper addresses these questions for 52 developing countries. Using cross-sectional instrument variable procedure, we find that the exogenous component of digital financial inclusion is positively associated with growth in GDP per capita during 2011-2018, which suggests that digital financial inclusion can accelerate economic growth. Fractional logit and random effects empirical estimation identifies access to infrastructure, financial and digital literacy, and quality of institutions as key drivers of digital financial inclusion. These findings are then used to help inform policy recommendations in areas related to the digitization of financial services to promote financial inclusion.
Book Synopsis Extending Financial Inclusion in Africa by : Daniel Makina
Download or read book Extending Financial Inclusion in Africa written by Daniel Makina and published by Academic Press. This book was released on 2019-06-09 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extending Financial Inclusion in Africa unveils the genesis and transformation of Africa’s financial sector and its ability to provide finance for all. Contributors of the Book traverse the whole spectrum of African financial systems, examining their depth and breadth and empirically evaluating their appropriateness and effectiveness to achieve inclusive financial services. Explores the evolution of the financial sector in Africa from the pre-colonial to post-colonial era Investigates the financial inclusion–economic growth nexus Explores the role of financial regulation and governance in either enhancing or limiting financial inclusion Evaluates unintended consequences of financial inclusion, including over-indebtedness and increased propensity to spend Assesses cross-sectional evidence on the link between financial inclusion and technological developments such as the internet and mobile technology
Book Synopsis Digital Financial Services Regulations by : Ronald Ochen
Download or read book Digital Financial Services Regulations written by Ronald Ochen and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Digital Financial Services such as mobile money provides immeasurable benefits for financial inclusion and intermediation in East Africa. In this paper, we use a Fixed Effects panel model and annual data collected from 2007 to 2021 to examine the evolution of Digital Financial Services regulatory frameworks and their effects on conventional banking and Financial Inclusion in East African countries - Kenya, Tanzania, and Uganda. Results indicate that digital financial services regulations positively and significantly affect conventional banking services and mobile money (financial inclusion). Also, during the COVID19 pandemic period when the different governments instituted COVID19 policy response measures in the digital payments space to circumvent the use of cash and physical contact, positively affected digital financial services, thereby enhancing financial inclusion in the region. Also, an increase in lending rates and the consumer price index causes mobile money to decline. Therefore, digital financial services regulations are pivotal in advancing financial inclusion and intermediation through mobile money and conventional banking services in East Africa. Also, Central Banks should be concerned with mobile money in the economy because it forms part of the loanable funds by banks thus, stabilizing lending rates and prices in the economy is crucial for financial inclusion.
Book Synopsis Economic Inclusion in Post-Independence Africa by : David Mhlanga
Download or read book Economic Inclusion in Post-Independence Africa written by David Mhlanga and published by Springer Nature. This book was released on 2023-09-04 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second in a three-volume series, this edited volume discusses post-independence economic inclusion in selected African countries. While human development indices rise and poverty rates fall across the African continent, facilitated by recent technological and innovation development which reaches previously inaccessible regions, indicators continue to lag in several crucial areas. Economic and social inclusion, therefore, remains at the forefront of development discussions across the continent. Using a variety of case studies underpinned by multidisciplinary research approaches, the chapters in this book explore a wide range of economic and financial inclusion issues from all aspects; from benefits and challenges to the steps that need to be taken to improve the level of economic inclusion on the continent. Governments, development agencies, non-governmental organizations with a bias toward development, students, and university lecturers will all find this book interesting.
Book Synopsis The Global Findex Database 2021 by : Asli Demirgüç-Kunt
Download or read book The Global Findex Database 2021 written by Asli Demirgüç-Kunt and published by World Bank Publications. This book was released on 2022-10-13 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fourth edition of the Global Findex offers a lens into how people accessed and used financial services during the COVID-19 pandemic, when mobility restrictions and health policies drove increased demand for digital services of all kinds. The Global Findex is the world’s most comprehensive database on financial inclusion. It is also the only global demand-side data source allowing for global and regional cross-country analysis to provide a rigorous and multidimensional picture of how adults save, borrow, make payments, and manage financial risks. Global Findex 2021 data were collected from national representative surveys of about 128,000 adults in more than 120 economies. The latest edition follows the 2011, 2014, and 2017 editions, and it includes a number of new series measuring financial health and resilience and contains more granular data on digital payment adoption, including merchant and government payments. The Global Findex is an indispensable resource for financial service practitioners, policy makers, researchers, and development professionals.
Book Synopsis A Conceptual Policy Framework for Leveraging Digitalization to Support Diversification in Sub-Saharan Africa by : Mame Astou Diouf
Download or read book A Conceptual Policy Framework for Leveraging Digitalization to Support Diversification in Sub-Saharan Africa written by Mame Astou Diouf and published by International Monetary Fund. This book was released on 2024-06-21 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The need for Sub-Saharan African (SSA) countries to diversify their economies is more urgent than ever. However, despite its established economic benefits, several challenges have precluded diversification in SSA. Against this backdrop, interesting initiatives to further adopt digital technologies, particularly during the COVID-19 pandemic, suggest that digitalization is a promising avenue to overcome barriers to diversification. Fast-paced advances in the diffusion of digital technologies and knowledge have the potential to transform SSA economies through several channels. By connecting people and facilitating the rapid diffusion of information, digitalization also promises to reshape the industrial structure of activities in new and unprecedented ways. Therefore, digitalization has the potential to promote diversification and growth in SSA by acting both as an enabler and driver of economic activities, helping support resilience. Yet, while the empirical literature on SSA suggests that digitalization can provide new opportunities for growth, employment, productivity, and inclusion, the impact on diversification has not been studied. This paper aims to fill this important gap in the literature. It also aims to strengthen IMF engagement with SSA policy makers by providing a conceptual policy framework, encompassing both horizontal and sectoral policies, on how to leverage digitalization to support diversification and boost resilience in a post-COVID world.
Book Synopsis Embedding Digital Finance in E-Commerce Platforms During the COVID-19 Pandemic by : Weltbankgruppe
Download or read book Embedding Digital Finance in E-Commerce Platforms During the COVID-19 Pandemic written by Weltbankgruppe and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study provides an early assessment of the impact of Coronavirus (COVID-19) on e-commerce platforms and digital financial services, identifying the opportunities, good practices, and key challenges that have emerged in different regions. The focus of the study is to evaluate the impact of Coronavirus (COVID-19) on the use of e-commerce platforms across different regions and the role that digital financial services have played in the process. The emphasis is on digital and financial inclusion of consumers and small businesses and their impact on job creation and economic growth.
Book Synopsis FinTech in Sub-Saharan African Countries by : Mr.Amadou N Sy
Download or read book FinTech in Sub-Saharan African Countries written by Mr.Amadou N Sy and published by International Monetary Fund. This book was released on 2019-02-14 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.
Book Synopsis Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance by : El Bachir Boukherouaa
Download or read book Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
