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Mobile Money And Financial Inclusion In Sub Saharan Africa
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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 Mobile Money and Financial Inclusion in Sub-Saharan Africa Countries by : Onkokame Mothobi
Download or read book Mobile Money and Financial Inclusion in Sub-Saharan Africa Countries written by Onkokame Mothobi and published by . This book was released on 2018 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mobile money can potentially contribute to the well-being of people at the bottom of the pyramid by providing them with the necessary platforms to access financial services. The mobile money platforms allow individuals to send, receive or save money in their mobile money wallet, services which they cannot access in the formal banking system. However, there is a shortage of evidence on the impact of these services on issues relating to financial inclusion, such as the ability to smooth consumption on the poor, making it impossible to derive evidence-based policies. Supply-side data is generally limited, as it is impossible to discern crucial estimates, such as age, gender and income, which are crucial to the development of policies. We use an After Access Survey that collects information on access and use of ICTs in seven African countries, in 2017.Our results suggest that mobile money services are more likely to be used by individuals who have no access to bank account. Supporting the notion that these services provide the poor with services that formal banks cannot offer. We find that individuals who live in households that have a relative who migrated to other places in the country are more likely to use mobile money services. Relatively wealthier and the employed individuals are more likely to transfer money to their dependents using mobile money services. At a local level, mobile money can be seen as a tool to drive financial inclusion, but it only allows users to make transactions and does not allow consumers to borrow for consumption smoothing.
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 Mobile Money and Financial Inclusion in Sub-Saharan Africa by : Lukasz Grzybowski
Download or read book Mobile Money and Financial Inclusion in Sub-Saharan Africa written by Lukasz Grzybowski and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we use survey data from 12,735 individuals from nine Sub-Saharan African countries conducted in 2017. We use the geo-location of respondents to combine the survey data with information on the proximity of mobile network towers and banking facilities. We estimate a two-stage model, where in the first stage, consumers decide to adopt a feature phone or a smartphone, and in the second stage, they decide whether to use mobile money services. We find that network coverage has a significant impact on the adoption of mobile phones. We also find that mobile money is likely to be used by the young and the relatively richer to send money while the elderly and the poor are more likely to receive money via mobile wallets. These results suggest that mobile money allows the elderly and the poor to receive remittances directly from their relatives without much reliance on risky cash-intransit. Hence, expanding the mobile money system can potentially play an important role in reducing poverty and inequality.
Book Synopsis The Regulation of Mobile Money by : Sunduzwayo Madise
Download or read book The Regulation of Mobile Money written by Sunduzwayo Madise and published by Springer. This book was released on 2019-03-26 with total page 423 pages. Available in PDF, EPUB and Kindle. Book excerpt: The emergence of mobile money and other new forms of payment has changed the sovereign foundations of money. Starting as a Department for International Development funded project in Kenya, mobile money has now spread to many developing countries. This book looks at the regulatory issues that mobile money poses, and the potential risks to the financial system. It undertakes a comparative study of mobile money regimes in Kenya, Malaŵi, Tanzania, and South Africa. Although the main study is on Malaŵi, the lessons learnt are valuable to Sub Saharan Africa in understanding the regulatory issues surrounding mobile money. The main argument that this book makes is that the traditional regulatory architecture of supervising the financial services is ill-suited to supervise new forms of money like mobile money. With no requirement for a bank account, mobile money is not subject to prudential regulation. Mobile money is now considered a key developmental tool to achieve financial inclusion among the poor, rural based, unbanked, and underbanked. As opposed to traditional additive forms of financial inclusion, mobile money is transformative. In most jurisdictions where it has been launched, mobile money has largely been regulated using light-touch, with regulation following innovation. This work, however, proposes an approach based on the concept of really responsive regulation. This approach is best suited to embrace mobile money as it passes from the pre-financial inclusion to the post-financial inclusion phases of its evolution. This book will appeal to students and academics in the financial regulation field.
Book Synopsis FinTech in Sub-Saharan African Countries by : Mr.Rodolfo Maino
Download or read book FinTech in Sub-Saharan African Countries written by Mr.Rodolfo Maino 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 Transforming Africa by : Dana T. Redford
Download or read book Transforming Africa written by Dana T. Redford and published by Emerald Group Publishing. This book was released on 2022-01-26 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transforming Africa: How Savings Groups Foster Financial Inclusion, Resilience and Economic Development presents in-depth empirical research into current day savings group activities across Africa, exploring savings groups through the lens of financial inclusion and reflecting on formal finance, economic and social outcomes.
Book Synopsis Digital Technologies for Financial Inclusion by : Rebecca Walcott
Download or read book Digital Technologies for Financial Inclusion written by Rebecca Walcott and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globally, about 24% of adults lack access to a basic account that can safely store and transfer money. The majority of these adults live in low and middle income countries; many are poor and many are women. Financial exclusion is especially widespread in sub-Saharan Africa, where nearly half of all adults do not have a bank account (Demirguc-Kunt et al., 2018). Advances in digital financial technology, especially through the proliferation of mobile money, offer a new way to extend financial services to populations who do not have access to the formal financial sector. Mobile money technology provides users with a convenient way to send and receive payments, such as domestic remittances, as well as a mechanism to safely and privately store money. Mobile money is accessible for anyone with a mobile phone and SMS network connectivity (smartphone and internet access are not required). Existing research reveals promising improvements in financial inclusion outcomes and welfare benefits (Jack & Suri, 2014; Nanda & Kaur, 2016; Bahia et al., 2020), but mobile money innovations currently outpace the academic literature. In Chapter 1, I examine one such innovation: a 2014 Bank of Tanzania policy mandating the distribution of interest to mobile wallet account balances. I exploit the differences in interest allocation methods of different mobile money providers in Tanzania to conduct a difference-in-differences analysis of the effect of a specific savings incentive on mobile savings behavior. I find a consistent and positive effect of the savings incentive; customers under this policy had an 11 percentage point increase in the probability of saving with their mobile wallet. I also show that the mobile savings incentive produced no negative repercussions for bank account ownership, directly addressing concerns from the banking sector that mobile interest is a threat to the formal financial sector. Such findings may be highly relevant to the current policy debates around leveraging mobile money interest provision to increase financial inclusion among the world’s poorest. In Chapter 2, I investigate another mobile money innovation: digital loan repayment for microfinance customers. Existing research is largely focused on the implications of digitization for loan repayment rates and operational efficiency, but this paper uniquely centers the overlooked perspectives of microfinance borrowers. I leverage a mixed-methods approach, including a quantitative discrete choice analysis and a qualitative content analysis of stated preferences, to explore the determinants of demand for a digital repayment option among a group of current microfinance clients in Uganda. I find that borrowers’ comfortability with mobile money, education level, and perceptions of the cost and convenience of digital repayment are important determinants of demand. However, qualitative data reveal heterogeneity in borrowers’ understanding of how digital repayment will impact the microfinance group structure and their future access to credit, which has substantial implications for the uptake of digital repayment. These findings can inform the design of digital microfinance innovations and also contribute to the broader literature around technology adoption by highlighting the importance of qualitative data and user-centered research. In Chapter 3, I focus on the diffusion of mobile money policies. Specifically, I examine the policy convergence around risk-based Know-Your-Customer (KYC) regulation over time in sub-Saharan Africa. Risk-based KYC policies lower barriers to both mobile money provision and access. I ask the research question: What are the internal determinants and external influences associated with the regulator’s decision to adopt internationally recommended KYC policies for mobile money? Using an event history approach, I investigate the relative importance of domestic banking concentration, foreign aid dependence, and participation in the international financial inclusion community on the time-to-implementation of risk-based KYC policies. While domestic pressures from highly concentrated banking sectors may marginally deter risk-based KYC adoption, I find the primary accelerator of risk-based KYC policy adoption to be regional diffusion. Insight into the mechanisms underlying mobile money policy convergence lays the groundwork for future research to facilitate the regulatory components of financial inclusion promotion.
Book Synopsis Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability by : European Investment Bank
Download or read book Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability written by European Investment Bank and published by European Investment Bank. This book was released on 2018-11-21 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: In its fourth edition, this report focuses on recent developments in Africa's banking sectors and the policy options for all stakeholders. The study of banking sectors across all African sub-regions includes the results of the EIB survey of banking groups operating in Africa. Three thematic chapters address challenges and opportunities for financing investment in Africa: Crowding out of private sector lending by public debt issuance The state of bank recovery and resolution laws in Africa Policy options on how to finance infrastructure development. The report finds that in many African banking markets, the last two years saw a pause in financial deepening. However, a rising share of banking groups report improving market conditions and plan a structural expansion of their operations in Africa and a continued push for new technologies.
Book Synopsis ICT, Financial Inclusion, and Growth by : Mr.Kangni Kpodar
Download or read book ICT, Financial Inclusion, and Growth written by Mr.Kangni Kpodar and published by International Monetary Fund. This book was released on 2011-04-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the impact of information and communication technologies (ICT), especially mobile phone rollout, on economic growth in a sample of African countries from 1988 to 2007. Further, we investigate whether financial inclusion is one of the channels through which mobile phone development influences economic growth. In estimating the impact of ICT on economic growth, we use a wide range of ICT indicators, including mobile and fixed telephone penetration rates and the cost of local calls. We address any endogeneity issues by using the System Generalized Method of Moment (GMM) estimator. Financial inclusion is captured by variables measuring access to financial services, such as the number of deposits or loans per head, compiled by Beck, Demirguc-Kunt, and Martinez Peria (2007) and the Consultative Group to Assist the Poor (CGAP, 2009). The results confirm that ICT, including mobile phone development, contribute significantly to economic growth in African countries. Part of the positive effect of mobile phone penetration on growth comes from greater financial inclusion. At the same time, the development of mobile phones consolidates the impact of financial inclusion on economic growth, especially in countries where mobile financial services take hold.
Book Synopsis Sub-Saharan Africa by : Jake Kendall
Download or read book Sub-Saharan Africa written by Jake Kendall and published by . This book was released on 2015 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mobile financial services -- often called mobile money -- are a high priority for many mobile operators, financial institutions, technology firms and governments. In regions where financial inclusion is limited, such as sub- Saharan Africa (SSA), mobile money promises a lower-cost, more scalable alternative to traditional banking. Yet, despite high interest levels in SSA markets, there have been few success stories to date. This is partly due to uncertainty about whether Kenya -- where M-Pesa has become one of the few mobile money success stories -- is unique, or whether the potential for mobile payments in other markets is similarly robust. To cast some light on the opportunity, this article attempts to quantify some of the many highpotential payments flows in this rapidly evolving region, and to estimate the associated revenue pools.
Book Synopsis Developing Africa’s Financial Services by : Dana T. Redford
Download or read book Developing Africa’s Financial Services written by Dana T. Redford and published by Emerald Group Publishing. This book was released on 2017-05-11 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial services are an essential element in powering entrepreneurial activity beyond resource extraction in Africa. This book examines the macro-trends and highlights inspiring success stories of entrepreneurial financial sector ventures that are making a lasting contribution to the economic development of various sub-Saharan African countries.
Book Synopsis Determinants of Financial Inclusion in Sub-Saharan Africa by : Dumani Markjackson
Download or read book Determinants of Financial Inclusion in Sub-Saharan Africa written by Dumani Markjackson and published by . This book was released on 2024-01-05 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Impact of Mobile Payment Applications and Transfers on Business by : Opati, Thaisaiyi Zephania
Download or read book Impact of Mobile Payment Applications and Transfers on Business written by Opati, Thaisaiyi Zephania and published by IGI Global. This book was released on 2019-12-20 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumers continue to rely heavily on their phones to complete such tasks as transferring funds between banks or accounts, depositing or withdrawing funds, paying bills, and purchasing items. Mobile money users are oftentimes more financially resilient and can protect themselves better against economic and other shocks. Moreover, mobile money can increase the velocity of money in circulation because it reduces the transactions and time costs of making retail payments. As such, understanding the impact of mobile payments is imperative for businesses and the economy. Impact of Mobile Payment Applications and Transfers on Business is a pivotal reference source that provides vital research on mobile money transfer and its impact in social, corporate, and micro- and macro-policies concerning the aggregate economy and individual households as a whole within an economy. It covers the impact, innovations, business-to-business transformations, regulatory framework, challenges, and ethical issues surrounding mobile money transfers around the world. This book is ideally designed for economists, financial analysts, business managers, leaders, scholars, practitioners, researchers, and students in fields that include management, finance, economics, commerce, and leadership.
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 Women and Finance in Africa by : Tinuade Adekunbi Ojo
Download or read book Women and Finance in Africa written by Tinuade Adekunbi Ojo and published by Springer Nature. This book was released on with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advanced Introduction to Financial Inclusion by : Lensink, Robert
Download or read book Advanced Introduction to Financial Inclusion written by Lensink, Robert and published by Edward Elgar Publishing. This book was released on 2022-07-08 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taking a detailed tour through the emerging economic field of financial inclusion, this timely book charts the subtle conceptual shifts that gave rise to the focus on inclusivity in development finance, and provides an overview of key concepts, issues, and empirical findings. Diving into the crucial interaction of financial inclusion with gender, further chapters present new conceptual frameworks for thinking about these interactions, as well as discussing the impacts of gendered financial exclusion on both economic and empowerment outcomes.
