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Financial Inclusion Up Close in Rwanda

Douglas Randall's picture

You don’t have to spend very long in Rwanda before you start to be impressed by the financial inclusion landscape in this country – not only by the progress made over the past several years, but by the scale of ambition for the rest of this decade and beyond.

The government has set a target of 90 percent financial inclusion by 2020 and the evidence of progress toward this goal is everywhere: Advertisements for mobile-money products are painted and plastered onto almost every available surface and, if you know what to look for, it doesn’t take long to spot an Umurenge Savings and Credit Cooperative (Umurenge SACCO) – Rwanda’s signature financial inclusion initiative.

Six years ago, the 2008 FinScope survey found that that 47 percent of Rwandan adults used some type of financial product or service, but just 21 percent were participating in the formal financial sector, which was at the time made up mostly of banks but which also included a handful of microfinance institutions and SACCOs.

Largely in response to these figures – and in particular to the large urban/rural divide illustrated by the data – and the government set out to establish a SACCO in each of the country’s 416 umurenges, or sectors. The Umurenge SACCO was born.

Anti-Money Laundering Regulations: Can Somalia survive without remittances?

Sonia Plaza's picture

Remittances have been the main source of foreign exchange supporting Somalia during the conflict for the last twenty years. A recent IMF fact-finding mission to Somalia found that about $2 billion in remittances are handled by money transfer companies. These companies are located throughout the country and they are providing shadow banking services since there are no licensed commercial banks. Somalis called this system “xawilaad” which is the Somali rendering of the Arabic word “hawala”.

Since the events of September 11, 2001, many countries have adopted stringent Anti-Money Laundering and Combatting the Financing of Terror (AML-CFT) regulations for funds transfers. Several banks in the US (Wells Fargo, US Bank, the TCF bank, and Sunrise Community Bank) and in the UK closed the accounts of money services business to avoid incurring in penalties for not complying with the new regulations. (Note: HSBC was fined $1.9 billion for not complying with money laundering controls in 2012.)

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

The Future of News from 3 Silicon Valley Executives
The Dish Daily

"In a world transformed by the Internet and overrun by tech giants, the news industry has been irrevocably changed. Some lament, but few would argue. Those on the news side of things have been vocal for some time – analyzing and brainstorming, discussing and arguing – but we’ve not often heard what those behind the flourishing tech companies have to say.

Three notable Silicon Valley figures discussed the news industry with Riptide, a project headed by John Huey, Martin Nisenholtz and Paul Sagan and published by Harvard’s Nieman Journalism Lab." READ MORE 
 

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

Are Women Really Less Corrupt Than Men?
Slate

“Will electing more women to office make governments less corrupt? One new paper suggests in might—but the reason for that is not necessarily encouraging.

Previous research has suggested an association between a politician’s gender and their likelihood to engage in corrupt behavior. A World Bank study from 2001, for instance, found that “one standard deviation increase in [female participation in government] will result in a decline in corruption... of 20 percent of a standard deviation". This perception has been behind some well-publicized campaigns, such as Mexico City’s plan to employ all-female traffic cops in some areas.”  READ MORE

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

Google's uProxy: A Peer-to-Peer Gateway to Internet Freedom
Mashable

“In parts of the world where repressive governments control the Internet with unassailable firewalls, netizens don't see the same web that people in other countries can.

Now, Google wants to give people in these countries a tool to circumvent those invisible barriers, and defeat censorship. Called uProxy, it is meant to be an easy-to-use, peer-to-peer gateway to the open Internet. With uProxy installed, somebody in Iran could use a friend's Internet to connect with him or her.” READ MORE
 

A Billion-dollar Opportunity for Developing Countries

Otaviano Canuto's picture
The decision last week by the Swiss government to sign the OECD’s somewhat lengthily named Convention on Mutual Administrative Assistance in Tax Matters is the latest of a series of developments that have radically increased the amount and quality of tax information available to governments.

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

Mobile phones on the rise in Africa
IT News Africa

“Seven in ten Africans own their own mobile phones, with access essentially universal in Algeria and Senegal, according to Afrobarometer findings from across 34 countries.

The report, based on face-to-face interviews with more than 51,000 people, reveals that 84% use cell phones at least occasionally, a higher level of access than reported previously by the United Nations. Internet use is less common – with only 18% using it at least monthly.

These technological trends are detailed in Afrobarometer’s report, “The Partnership of Free Speech and Good Governance in Africa,” released today at the Institute of Development Studies at the University of Nairobi.”  READ MORE
 

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

Talkin’ ‘bout a (solution) revolution
Gov Fresh

“As entrepreneurial innovators hone in on how the merging powers of mobile, big data, cloud and the crowd can be leveraged to build sustainable, social enterprises, authors William D. Eggers and Paul Macmillan make the case for the “The Solution Revolution.”

What is the “Solution Revolution?”

A burgeoning new economy where players from across the spectrum of business, government, philanthropy, and social enterprise converge to solve big problems and create public value. Over the last decade or so, a dizzying variety of new players has entered the societal problem-solving arena. Acumen and Ashoka, Kiva and Kaggle, Zipcar and Zimride, Recyclebank and Terracycle, SpaceX and M-Pesa, Branson and Bloomberg, Omidyar and Gates—the list is long and growing briskly. Where tough societal problems persist, these new problem solvers are crowd funding, ride-sharing, app-developing or impact-investing to design innovative new solutions for seemingly intractable problems. They operate within what we call a ‘Solution Economy.’” READ MORE
 

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

Trading Privilege for Privation, Family Hits a Nerve in South Africa
The New York Times

“Regina Matshega was gossiping with a neighbor over a fence between their shacks in the Phomolong squatter camp last month when a very unexpected sight suddenly popped into view: two ruddy-cheeked white South Africans, a man and a woman, with two towheaded toddlers running at their heels.

‘I couldn’t believe my eyes,’ Ms. Matshega said. ‘What are white people doing here? They live in the rich places. They never come this side.’”  READ MORE
 

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

Smartphones could provide weather data in poor nations
African Brains

“Smartphones can now be used to collect weather data such as air temperatures through WeatherSignal, a crowdsourcing app developed by UK start-up OpenSignal.

This helps crowd source real-time weather forecasts and could one day help collect climate data in areas without weather stations, its developers say.

Once installed, the app automatically collects data and periodically uploads them to a server.

The app’s ability to record air temperature is based upon the discovery that the temperature of a smartphone battery correlates closely to the surrounding air temperature, published in Geophysical Research Letters this month (13 August).” READ MORE
 


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