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Information and Communication Technologies

Protecting Somalia’s growing mobile money consumers

Thilasoni Benjamin Musuku's picture



The mobile money market is booming in Somalia. Approximately 155 million transactions, worth $2.7 billion or 36% of gross domestic product (GDP), are recorded every month. Mobile money accounts for a high proportion of money supply in the domestic, dollarized economy and has superseded the use of cash; seven out of 10 of Somalis use mobile money services regularly.

Five ways Nigeria can realize mobile technology's potential for the unbanked

Leora Klapper's picture

Although it’s Africa's largest economy, Nigeria is missing out on the region’s most exciting financial innovation: mobile money.
 
Twenty-one percent of adults in Sub-Saharan Africa have a mobile money account, nearly double the share from 2014, according to the latest Global Findex report.
 
By contrast, Nigeria lags behind: just 6% of adults have a mobile money account, a number virtually unchanged from 2014.

The Central African Backbone project, central pillar of the digital revolution in Gabon

Radwan Charafeddine's picture
Also available in: Français
The expansion of the fiber optic network serves to increase productivity and enhance administrative efficiency.  Photo Credit: O. Hebga/World Bank


In 2010 Gabon was lagging far behind in the development of its digital sector.  The cost of internet access was exorbitant and service quality left a lot to be desired.  This was due largely to the monopoly enjoyed by the traditional provider, Gabon Telecom, and to the lack of fiber optic transport infrastructure in the country.  Furthermore, the legal and regulatory framework of the sector was not conducive to the attraction of private sector investment.

Financial inclusion in Ethiopia: 10 takeaways from the latest Findex

Mengistu Bessir's picture
In Ethiopia, women account for a disproportionate share of the unbanked, and the gap is widening. Photo: Binyam Teshome/World Bank

The World Bank Group (WBG), with private and public sector partners, set an ambitious target to achieve Universal Financial Access (UFA) by 2020. The UFA goal envisions that, by 2020, adults globally will be able to have access to a transaction account or electronic instrument to store money, send and receive payments. The WBG has committed to enabling one billion people to gain access to a transaction account through targeted interventions. Ethiopia is one of the 25 priority countries for UFA initiative.

Will automation kill South African jobs? No, say new studies

Marek Hanusch's picture
South Africa: in need of speeding-up economic productivity with more innovation. Photo: Credit: Arne Hoel/World Bank


The 4th Industrial Revolution is here: driverless cars, 3-D printing, and Artificial Intelligence are the future. These innovations deliver the promise of better and more convenient lives to many. But they also disrupt the way in which we used to do things, including the way we work.

Can South Africa tap into its innovation potential to improve the lives of its citizens?

Gabriel Goddard's picture



Some people think innovation is only about gadgets, high-tech industries, and laboratories. But this is only the tip of the iceberg! The truth is that there are many types of innovation that can have a transformational impact on everyday people’s lives.

Agribusiness can help to unlock the true potential of Africa

Teodoro De Jesus Xavier Poulson's picture
A woman farmer works fields in the Conde’ community of Morro da Bango, Angola. © Anita Baumann

The challenges faced by small farmers are similar across the developing world – pests, diseases and climate change. Yet in Africa the challenges are even greater. If farmers are to survive at current rates (let alone grow), they need to have access to high-yielding seeds, effective fertilizers and irrigation technologies. These issues threaten the region’s ability to feed itself and make business-growth and export markets especially difficult to reach. Other factors include the rise in global food prices and export subsidies for exporters in the developed economies, which leave African farmers struggling to price competitively.

Mobile connectivity in Africa has already arrived

Borko Handjiski's picture

What is the main difference between high-income and developing countries?

Here is my take: People in the former have much more of pretty much everything. Almost everyone living in high-income countries has access to electricity; in poor (low-income) countries, 7 out of 10 people don’t. Most families in rich countries own a car, but only a few people living in the developing world do. On per capita basis, rich economies have 15 times more doctors than poor countries, consume 40 times more energy, have 50 times more ATMs, and so on.

Who will add value in Africa? Who will cure? Who will build?

Andreas Blom's picture
Also available in: Français

 Dasan Bobo/World Bank​From my seat as an Education economist at the World Bank, I go through a number of strategies from countries and sectors in Africa outlining how best to achieve economic growth and development. I am repeatedly struck by a key question: Who will do it? Who will add value to African exports? Who will build? Who will invent? Who will cure? The answer is, of course, that graduates from African universities and training institutions should do it. But the problem is one of numbers and quality—there are simply not enough graduates in science, technology, engineering and math (STEM), and programs are of uneven quality.
 

Science, Technology and Innovation in Agriculture is Pivotal for Africa’s Overdue Transformation

John Kofi Agyekum Kufuor's picture
The persistence of poverty and food insecurity on the African continent is a major developmental challenge, both for Africans and the international development community. 
 
History shows that investments in agriculture can be a catalytic force in the fight against hunger, poverty and malnutrition and a well-performing farm economy can be an instrument for achieving sustained structural economic transformation. Agricultural growth was the precursor to industrial growth in Europe and, more recently through the Green Revolution, in large parts of Asia and Latin America.  The Green Revolution bypassed Africa.

When I was elected President of the Republic of Ghana in 2000, agriculture was a mainstay of the nation’s economy, accounting for 35% of its GDP, 55% of employment and 75% of export revenues. But it was a lagging, orphan sector, suffering from decades of neglect and lack of investment. Ghana’s agriculture had sadly changed little from the kind practiced generations ago.  Farmers were still eking out a living, tilling the land by hand, much like their ancestors.  
 
The World Bank’s new Agriculture Global Practice hosted President Kufuor and his colleagues from the Forum for Agricultural Research in Africa (FARA).  Here, Yemi Akinbamijo, Executive Director, argues that science has unbounded potential to contribute to Africa’s agricultural transformation for the benefit of all Africans and the environment.
 
Photo credit: A’Melody Lee


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