Practical Insights on Digital Financial Services

digital financial services

African Digital Financial Services

Innovation in digital financial services is allowing Africans to move up the financial services value chain. From mobile money payments, customers in sub-Saharan Africa are gaining access to mobile banking and other online banking services as they open saving accounts, take out loans, purchase insurance, and invest in Government securities or in stock markets with a few touches of their mobile phone.

African FinTech Innovations

New innovations in fintech are proceeding rapidly. New technologies are being developed and implemented on the continent, and they have the potential to yield significant benefits for Africa. Recognizing this, foreign investors have stepped up their backing for African fintech firms, while those firms develop solutions adapted to the region, for example, to cater for the relatively lower internet speed in some areas. The falling price of smartphones will also help the region reap the rewards of internet-based solutions.

African Digital Financial Inclusion

In our new paper, we suggest that the challenge now is for the continent to leverage this success in mobile money. It needs to transition to other fintech services and a digital economy. Greater digital inclusion and innovation will not only spur economic growth but a growth that comes with new jobs—the number one preoccupation on a continent that will see more than half the world’s population growth by 2050.

Africa is well positioned to meet its fintech and digital challenges, and with the right policies in place, it could reap a “digital dividend.”

Apply Now: $500,000 USAID Grants for Internet Connectivity and Digital Financial Services

Apply Now: $500,000 USAID Grants for Internet Connectivity and Digital Financial Services

Published on: Feb 19 2024 by Wayan Vota - 6 Comments
Advancing a competitive, innovative, and secure marketplace for Internet connectivity and digital financial services in low- and middle-income countries is crucial...
10 Examples of Successful African e-Government Digital Services

10 Examples of Successful African e-Government Digital Services

Published on: Jan 24 2024 by Wayan Vota - 5 Comments
What are African e-Government Services? African countries are implementing a diverse range of e-Government services, aiming to improve service delivery, enhance...
Apply Now: $1 Million Financial Inclusion Crypto for Good Grants

Apply Now: $1 Million Financial Inclusion Crypto for Good Grants

Published on: Mar 13 2023 by Wayan Vota - 1 Comment
New blockchain technologies are enabling new products and services that can solve critical challenges of our society. Even better, chain-agnostic Web3 innovations that...
Apply Now: $500,000 USAID Invests Grants in DFS & Connectivity

Apply Now: $500,000 USAID Invests Grants in DFS & Connectivity

Published on: Jan 23 2023 by Wayan Vota - 3 Comments
We should invest in Internet connectivity globally because it can help people access educational resources, find job opportunities, and connect with others. Increased...
Apply Now: $120,000 for African Financial Technology Startup Companies

Apply Now: $120,000 for African Financial Technology Startup Companies

Published on: Aug 01 2022 by Wayan Vota - 3 Comments
Across the African continent, new financial technology (fintech) companies are driving a inclusion revolution. More people in more countries are moving from cash-based...
15 Kenyan Companies Using Artificial Intelligence for Social Impact

15 Kenyan Companies Using Artificial Intelligence for Social Impact

Published on: Jul 26 2022 by Bertie Heliograf - Comments Off on 15 Kenyan Companies Using Artificial Intelligence for Social Impact
Kenyan companies are increasingly utilizing Artificial Intelligence (AI) to drive social impact, recognizing its potential to address complex challenges and enhance...
Apply Now: $100,000 for African Blockchain Finance Solutions

Apply Now: $100,000 for African Blockchain Finance Solutions

Published on: Jul 25 2022 by Wayan Vota - 1 Comment
In the Maasai Mara, landowners, wildlife, and tourism depend on one another for survival. The Maasai people lease their land to conservancies to earn an income,...
Use Interactive Voice Response to Reach More African Women

Use Interactive Voice Response to Reach More African Women

Published on: Jul 21 2022 by Guest Writer - Comments Off on Use Interactive Voice Response to Reach More African Women
An extract from Strong Connections As we wind our way slowly through the market in Accra, we stop to visit several clients of Opportunity International Savings...
Apply Now: $50,000 for Your Last Mile Mobile Money Startup Idea

Apply Now: $50,000 for Your Last Mile Mobile Money Startup Idea

Published on: Jun 20 2022 by Wayan Vota - 4 Comments
Thoughtfully designed digital financial services such as better access to working capital, on/off ramps from physical to digital and cryptocurrency solutions, affordable...
5 Benefits: Central Bank Digital Currency for Developing Countries

5 Benefits: Central Bank Digital Currency for Developing Countries

Published on: Jun 10 2022 by Wayan Vota - Comments Off on 5 Benefits: Central Bank Digital Currency for Developing Countries
A Central Bank Digital Currency (CBDC) is a type of digital currency issued by a country’s central bank. They are like a digital version of cash, and CBDC...