The financial system is going through a period of rapid innovation that is disintermediating the financial services value chain. This can have significant benefits for financial inclusion- providing access to, and enabling active usage of, affordable financial products and services to all individuals while supporting a diverse and competitive marketplace.
Financial regulators around the world are looking for more flexible ways to engage with fintech companies while being mindful of the inherent risks. Although the importance of interacting with this sector is widely accepted, the most appropriate instrument to do so is still being determined.
A tool that has become increasingly popular and synonymous with innovation is the ‘Regulatory Sandbox’. While nuances exist, they are fundamentally a regulator-controlled environment that allows participants to test their products, services and business models. However, Sandboxes are only one of several tools that regulators can use and have both benefits and challenges associated with them.
The authentic travel experience should be a boon for Africa, but its missing the mark.
Since 2016, tourism market trends have shifted away from “get-a-way” travel to traveling for ‘authentic’ experiences. This transformation is driven by the world’s largest consumer group—millennials—and amplified by digital platforms and social media but is also echoed across other segments.
African countries, with their abundant wealth of natural and cultural assets, are perfectly positioned to capitalize on this shift, just as the rise of digital platforms are reducing market access barriers for such products. However, in our new World Bank Group report, we found that
- Standards: Africa’s market share lags other regions, and many products are not of sufficient standard.
- Exclusion and the digital divide: Marginalized groups, often best placed to deliver the product, are at risk of further exclusion.
- Community Impact: Bringing tourism into communities also brings other risks which need to be managed.
Tech startups and business angels are not what comes to mind when thinking of the Czech Republic (CR). Instead, this small central European country is known for its beer, scenic bridges crossing the Vltava river, and existential writers. Not so easy to add “vibrant entrepreneurial hub” to the list as it celebrates the 100th anniversary of Czechoslovakia. Nevertheless, that's exactly what the CR policymakers intend to do.
CR has what it takes to be an entrepreneurial hub for Central Europe
Such reluctance of many local financial institutions (FIs) to invest has been a major impediment to the Nigerian solar off-grid market which lags compared to other African countries such as Kenya.
A year ago, Farzana had no idea that an online business would so drastically change her life. She was drowning in debt with no way of repaying, worrying about her family’s financial future. Reaching for a lifeline, she joined GharPar, a women-founded, women-led social enterprise that connects beauticians with clients seeking at-home salon services through an Uber-like digital platform.
Hon Hai, the holding company of Foxconn – a Taiwanese multinational corporation known for manufacturing many Apple products in China - is among the top 50 companies to receive the largest number of US patents in 2016, thus driving innovation in East Asia.
“The empowerment of young people and women lies at the heart of our organization,” declares Fatouma Harber — human rights activist, teacher, blogger and CEO of SankoréLabs. SankoréLabs is an incubator that also provides training and co-working spaces to young entrepreneurs in Timbuktu in northern Mali. Named for the city’s world-renowned historical university and 14th century mosque, SankoréLabs provides aspiring entrepreneurs with support and a space to work. Along with meeting incubees’ IT, internet and networking needs, the incubator is also a vehicle to promote better local governance and enhance citizen engagement in a region that desperately needs both.