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ICTs for financial services in Africa (English)

The second most populous continent in the world and with abundant natural resources, Africa continues to grow as the world's economy currently stands on shaky ground. However, steady GDP gains are sometimes obscured by the continent's economic, political and social problems. As Africa grows and becomes more tightly integrated with the global economy, its citizens and businesses increasingly need access to financial services tools that will allow them to compete. ICT is one avenue for increasing that access as ICT and financial services complement each other. ICTs allow for greater financial inclusion, and the financial services sector is a primary driver of communications and network technology. However, the financial services sector has distinct developmental challenges. Issues of trust, consumer protection, and network systemic risks that can slow the pace of progress require clear and strong regulations. The need for policy and regulatory development is made more difficult by the speed of technological change. Nevertheless, strategic intervention through policy or public investment can play a critical role in addressing the challenges faced by the financial services sector.

Details

  • Author

    Blackman,Colin R., Halewood,Naomi J., Kelly,Timothy John Charles, Stefanski,Scott Edward, Wave, Vital, Yonazi, Enock

  • Document Date

    2014/01/01

  • Report Number

    88228

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Africa,

  • Region

    Africa,

  • Disclosure Date

    2014/05/23

  • Disclosure Status

    Disclosed

  • Doc Name

    ICTs for financial services in Africa

  • Keywords

    mobile money;Consultative Group to Assist the Poor;Micro and Small Business;formal financial service;access to capital;financial inclusion;diversification of products;private sector risk;national policy maker;lack of interest;commitment to poverty;private sector player;lack of credit;allocation of fund;small business support;mobile payment system;proof of residence;small business administration;ministries of finance;point of access;lack of supply;electronic cash registers;back-end system;credit bureaus;regulatory challenge;Collateral Registries;telecommunications sector;support system;Payments for Services;technological change;mobile banking;retail outlet;data standard;african nations;loan guarantee;competitive position;utility bill;labour force;airline ticket;consumer action;market participation;graphic design;consumer awareness;positive impact;consumer need;ICT Industry;payment data;national utility;branch banking;mobile network;lower-income market;market player;dominant market;mobile society;migrant population;technology innovation;early success;innovative business;political turmoil;gsm technology;banking service;traditional bank;bill payment;banking industry;system safety;informal sector;product market;banking sector;Job Creation;competitive environment;transfer amount;financial account;communications infrastructure;adult population;support infrastructure;collateral data;id documents;national progress;market information;investment need;consumer acceptance;improved service;mobile telephony;infrastructure market;international level;regular payment;retail payment;commercial interests;analytical process;data storage;credit gap;commercial bank;school fee;core banking;digital divide;inclusive growth;private payment;driving licence;tax revenue;equity bank;ripple effect;provident fund;open network;systemic risk;database system;data policy;credit account;banking technology;market structure;global economy;market competition;market entry;transaction cost;target market;technological resource;microfinance institution;optic cable;insurance product;regulatory way;

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Citation

Blackman,Colin R. Halewood,Naomi J. Kelly,Timothy John Charles Stefanski,Scott Edward Wave, Vital Yonazi, Enock

ICTs for financial services in Africa (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/699141468194344470/ICTs-for-financial-services-in-Africa