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.”

Why Do Women Suffer Gender Gaps in COVID-19 Digital Payments?

Why Do Women Suffer Gender Gaps in COVID-19 Digital Payments?

Published on: Oct 28 2020 by Wayan Vota - Comments Off on Why Do Women Suffer Gender Gaps in COVID-19 Digital Payments?
The digitization of cash transfers has emerged as an attractive policy solution for countries seeking to expand social assistance to alleviate the economic hardships...
3 Ways Aadhaar Data Reinforce Existing Digital Inequalities in India

3 Ways Aadhaar Data Reinforce Existing Digital Inequalities in India

Published on: Oct 22 2020 by Guest Writer - 1 Comment
Digital identity as a tool of governance promises the inclusion of the marginalised and undocumented populations. There are major efforts globally under programs...
How to Use Digital Payments During COVID-19 Response

How to Use Digital Payments During COVID-19 Response

Published on: Oct 07 2020 by Guest Writer - Comments Off on How to Use Digital Payments During COVID-19 Response
The pandemic is affecting the way people interact with money; how much we spend, what we buy, and whether to opt for digital payments. In the US the switch to digital...
The State of Mobile Money in Southern African Countries

The State of Mobile Money in Southern African Countries

Published on: Sep 09 2020 by Guest Writer - 1 Comment
Being a young Zimbabwean who holds no faith in our banking system – mobile money has been a big part of my life. Around 49% of Zimbabweans are registered with...
Apply Now: $150,000 Grant Funding for Digital Social Insurance Solutions

Apply Now: $150,000 Grant Funding for Digital Social Insurance Solutions

Published on: Aug 03 2020 by Wayan Vota - 6 Comments
The informal sector is a primary driver of economic activity in Sub-Saharan Africa, accounting for 80% of total employment, 55% of total GDP, and 89% of employed...
8 Lessons Learned Making Digital Finance Work for Women in MENA

8 Lessons Learned Making Digital Finance Work for Women in MENA

Published on: Jul 22 2020 by Guest Writer - Comments Off on 8 Lessons Learned Making Digital Finance Work for Women in MENA
Despite progress over the past few years, the Middle East and North Africa (MENA) region still has the largest gender gap in terms of women’s economic participation...
Apply Now: $100,000 for Blockchain Solutions from UNICEF Innovation Fund

Apply Now: $100,000 for Blockchain Solutions from UNICEF Innovation Fund

Published on: Jul 20 2020 by Wayan Vota - 4 Comments
Blockchain technology may have the potential to improve international development impact globally by providing information, opportunity and choice to programs....
Apply Now: $250,000 for Digital Remittance Solutions to Support Migrants

Apply Now: $250,000 for Digital Remittance Solutions to Support Migrants

Published on: Jun 01 2020 by Wayan Vota - Comments Off on Apply Now: $250,000 for Digital Remittance Solutions to Support Migrants
As the world suffers coronavirus’ socioeconomic repercussions, global remittances are slowing substantially. Countries with high COVID-19 cases host 75% of...
What Are the Top 4 Mobile Money Purchases by African Youth?

What Are the Top 4 Mobile Money Purchases by African Youth?

Published on: Jan 15 2020 by Wayan Vota - 11 Comments
Digital financial services in sub-Saharan Africa are changing rapidly with diversity in usage and uptake on such a diverse continent. Recently, GeoPoll embarked...
10 Lessons for Designing Effective Health Financing Products

10 Lessons for Designing Effective Health Financing Products

Published on: Dec 12 2019 by Guest Writer - Comments Off on 10 Lessons for Designing Effective Health Financing Products
Health shocks are the most prominent idiosyncratic shocks and stresses that low-income households face, particularly when they affect primary income earners as...