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Financial Sector

Combatting the financing of terrorism: time for results

Jean Pesme's picture

Turkey, Egypt, Lebanon, France, Mali, Nigeria. Tunisia. To go back further in time – Kenya, Somalia, Tunisia, Cameroon. In no way a comprehensive list.

Paris is my home. I have also visited many countries affected by terrorist acts. Global terrorism hits home for me, and affects so many friends and colleagues. I mourn all these casualties, all this shocking horror.

They also hit home because my work over the last 15 years has focused on combatting the financing of terrorism (CFT). I have been wondering a lot over the last months – is the counter terrorism financing community delivering?

Both Feet Forward: Putting a Gender Lens on Finance and Markets

Caren Grown's picture

Mobile Banking, Movable Collateral Registries, Can Boost Female Financial Inclusion

Empowering women, creating opportunities for all, and tapping everyone’s talents—these aren’t just preconditions to achieving every other vital development goal. They’re essential to building prosperous, resilient economies and meeting the fast-growing challenges of the 21st century.

Leveraging Islamic finance promotes growth and prosperity of small businesses

Bertrand Badré's picture
Also available in: العربية | Français | 中文 | Español
Shop owners get ready for another day of work in Cairo, Egypt. © Dominic Chavez/World Bank

From the smallest rural villages in Bangladesh to the large, bustling metropolitan centers of Cairo or Istanbul, small and medium enterprises (SMEs) are the lifeblood of Islamic communities around the world, keeping local economies humming.

I first became interested in the potential of leveraging Islamic finance to grow SMEs when I led a seminar on the topic in 1997. I’ve come full circle, almost 20 years later, when I had the opportunity to speak last month in Istanbul at a conference on “Leveraging Islamic Finance for SMEs” organized by the World Bank Group, the Turkish Treasury, the Islamic Development Bank and TUMSIAD, the largest association of SMEs in the country with 10,000 members.

Five challenges prevent financial access for people in developing countries

Gloria M. Grandolini's picture
Also available in: Français | العربية | Español

Financial products must be adapted to women’s needs, like enabling them to open their own account or improving their financial literacy. Photograph: World Bank Photo Collection

Two billion people worldwide still lack access to regulated financial services. Despite significant progress and the increased technical and financial resources devoted to financial inclusion, much work remains ahead.
There is broad consensus that access to a transaction account can help people better manage their life and plan for emergencies.

But financial access and the underlying financial infrastructure taken for granted in rich countries, such as savings accounts, debit cards or credit as well as the payment systems on which they operate, still aren’t available to many people in developing countries. This past September, I participated in the Global Policy Forum of the Alliance for Financial Inclusion (AFI) held in Mozambique.  This annual meeting convened policymakers, the private sector and other stakeholders to assume new commitments, discuss best practices and agree on the way forward.

Crowding in Technical and Financial Resources in Support of Forest Landscapes

Paula Caballero's picture
Mexico butterflies by Curt Carnemark / World Bank ​As financing for development talks wrapped up last week in Addis, many conversations revolved around the “how much” as well as on the “how” of achieving universal sustainable and inclusive development in the post 2015 context. Work in the natural resources arena has valuable lessons to offer. 

There is a growing consensus that a new approach is needed to meet the financial needs of developing countries to ensure sustainable, inclusive and resilient growth paths. We all know that Official Development Assistance (ODA) finance is limited and cannot address the massive investment needs of countries. In addition to increased domestic resource mobilization, the more effective engagement of a variety of players, especially from private sector, NGOs, and philanthropic organizations, will be key to close the finance gap. 

Helping the world's one billion unbanked women

Gloria M. Grandolini's picture
According to a GSMA report, more than 200 million women lack access to a mobile phone, meaning they’re excluded from digital banking opportunities.

One billion women – more than 40% of the women around the world – still don’t have access to financial services, despite women’s growing share of global consumer spending. Having a safe place to keep and save money, obtain credit, insurance, pension or other financial services can enable financially excluded one billion women from around the world to gain better control over their lives and improve the lives of those around them.

Benefits of giving women access to finance extend to children and beyond, as women spend money on health, education and other ways that benefit their offspring. As our Voice and Agency research shows, in some countries, like South Africa and Brazil, granddaughters are more likely to be enrolled in school and are healthier when grandmothers receive pensions.

There has been great progress over the last three years in providing access to financial services for the “unbanked”. Between 2011 and 2014, 700 million people gained access to a transaction account, according to the latest Global Findex data.

But women continue trailing behind men in obtaining access to finance. Overall, the gender finance gap remains at 9% in developing countries, although in some parts of the world it’s much higher. In South Asia, for example, only 37% of women have access to a bank account, compared to 55% of men. There are many benefits of helping to reach these women: women spend money on health, education and other ways that benefit their children.

Three Lessons Learned on the Road to Gender Equality

Bahar Alsharif's picture
What is a game changer for women in business and management? That was the topic on everyone's mind at the Confederation of British Industry (CBI) HQ in London this week. I had joined private sector leaders, including representatives from employer organizations around the world, for a one-day conference organized by CBI, the International Finance Corporation (IFC), and the International Labour Organization (ILO). Together, we reflected on latest research, shared best practices, and identified approaches to overcoming "stubborn bottlenecks" in achieving greater gender diversity at top. 

Achieving Universal Financial Access by 2020: what the private sector, governments and multilaterals must do

Nina Vucenik's picture
What needs to happen for everyone in the world to have access to a transaction account by 2020? And, more importantly, why does it matter?

This was the issue the president of the World Bank Group, UN Secretary-General, UN Secretary-General’s Special Advocate for Inclusive Finance for Development, private and public sector leaders discussed at an event, Universal Financial Access 2020, during the 2015 World Bank Group-IMF Spring Meetings.