The most recent International Women’s Day focused on accelerating gender parity, which makes it a perfect time to highlight the urgent need to boost women’s economic participation worldwide. One way of doing that is by tapping into the power of digital payments and digital financial services.
The rapid spread of digital technologies has been a development success. But has it also resulted in successful development? No, not when the basic foundations of economic development are missing, argues the World Development Report 2016: Digital Dividends.
Increased prosperity and our incessant desire to stay connected have contributed to the rapid spread of digital technologies. More households in developing countries own a mobile phone than have access to electricity or clean water. Nearly 70 percent of the bottom-fifth of the population in developing countries own a mobile phone. The number of Internet users has more than tripled in the last decade—from 1 billion in 2005 to an estimated 3.2 billion at the end of 2015.
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Digital technology dominates our everyday lives, and with each passing day, even more so. How can the global community benefit from the new digital era?
The World Bank’s World Development Report 2016 (WDR 2016) provides a useful framework and guidance for harnessing the potential of the internet for development. “To get the most out of the digital revolution, countries also need to work on regulations, skills and institutions—by strengthening regulations that ensure competition among businesses, by adapting workers’ skills to the demands of the new economy, and by ensuring that institutions are accountable,” says the Report. This may sound familiar, but it is not. Let me explain.