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: $37,000 for Your African Financial Technology Innovation

Apply Now: $37,000 for Your African Financial Technology Innovation

Published on: Aug 30 2021 by Wayan Vota - 3 Comments
Digital financial services are contributing to financial inclusion for Africans – almost 40% of the world’s population. The rapid spread of mobile money...
How Startup Companies Are Using Artificial Intelligence in LMICs

How Startup Companies Are Using Artificial Intelligence in LMICs

Published on: Aug 25 2021 by Guest Writer - 1 Comment
Around the world, artificial intelligence is automating functions and making new services possible with breakthroughs in cheap computing power, cloud computing...
Apply Now: $20,000 for African Blockchain Financial Solutions

Apply Now: $20,000 for African Blockchain Financial Solutions

Published on: Aug 02 2021 by Wayan Vota - 7 Comments
Access to financial services will play a critical role in economic growth and poverty reduction for the 1.2 billion people live on the African continent. The World...
Apply Now: $1,150,000 USAID Grant Funding for Digital Economy Solutions

Apply Now: $1,150,000 USAID Grant Funding for Digital Economy Solutions

Published on: Jun 14 2021 by Wayan Vota - 17 Comments
To improve the lives of millions of low income and vulnerable people throughout the world, we need to support the development of open, inclusive, and secure digital...
Ethical Considerations When Using Call Detail Records for Better Targeting

Ethical Considerations When Using Call Detail Records for Better Targeting

Published on: Jun 09 2021 by Linda Raftree - Comments Off on Ethical Considerations When Using Call Detail Records for Better Targeting
While countries adopted various COVID-19 response approaches, the need for short- and long-term Cash and Voucher Assistance (CVA) quickly became clear at an unprecedented...
The Gold Standard Data Responsibility Toolkit for Cash Transfers

The Gold Standard Data Responsibility Toolkit for Cash Transfers

Published on: Jun 02 2021 by Linda Raftree - Comments Off on The Gold Standard Data Responsibility Toolkit for Cash Transfers
While all humanitarian programmes collect large amounts of data, in Cash and Voucher Assistance we collect large volumes of data that is often shared with multiple...
Apply Now! $50,000 for Women’s Economic Empowerment Research

Apply Now! $50,000 for Women’s Economic Empowerment Research

Published on: May 09 2021 by Wayan Vota - 14 Comments
Financial inclusion has an impact on many aspects of the lives of poor and marginalized people. It helps them smooth consumption and absorb financial shocks and...
Apply Now: €650,000 Africa Startup Funding for Fintech Agritech eHealth

Apply Now: €650,000 Africa Startup Funding for Fintech Agritech eHealth

Published on: Apr 26 2021 by Wayan Vota - 23 Comments
Emerging technology sectors such as Fintech, Agritech, and Digital Health are solving some of Africa’s most pressing problems and contributing significantly to...
Have You Experienced Gender Inequity in Artificial Intelligence Applications?

Have You Experienced Gender Inequity in Artificial Intelligence Applications?

Published on: Apr 08 2021 by Guest Writer - 4 Comments
USAID wants your feedback – Please share your ideas in the comments.  For women, hurdles are everywhere. Despite the critical role women play in societies,...
Apply Now: $130,000 FinTech Innovation Startup Funding from VISA

Apply Now: $130,000 FinTech Innovation Startup Funding from VISA

Published on: Mar 15 2021 by Wayan Vota - 3 Comments
Innovation in digital financial services is allowing Africans to move up the “financial services value chain.” From mobile money payments, customers in sub-Saharan...