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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. 

Finance as a Tool for Inclusive Growth

Bertrand Badré's picture
Also available in: العربية | Français | Español
Primary school students in Gaza City. © Arne Hoel / World Bank

When I was a teenager, I went hiking in the French Alps. When I arrived at the top, the view was magnificent. It was like a picture postcard with the sun glimmering off the snow under a clear, blue sky.

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.

5 ways universal financial access can help people build a better life

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

Transaction accounts can open up access to those currently left out of the banking system, providing a basic entry point, or pathway, to broader financial inclusion

Financial inclusion: Stepping-stone to prosperity

Sri Mulyani Indrawati's picture
Also available in: 中文 | العربية | Français | Español

In Pakistan, Salma Riaz, right, shows Saba Bibi how to use her new cell phone to receive payments. © Muzammil Pasha/World BankTwo and a half billion people in the world do not have access to formal financial services. This includes 80% of the poor — those who live on less than $2 a day. Small businesses are similarly disadvantaged: As many as 200 million say they lack the financing they need to thrive.

This is why we at the World Bank want men and women around the world to have access to a bank account or a device, such as a cell phone, that will let them store money and send and receive payments. This is a basic building block for people to manage their financial lives.

Why is this so important? Financial inclusion helps lift people out of poverty and can help speed economic development. It can draw more women into the mainstream of economic activity, harnessing their contributions to society. And it will help governments provide more efficient delivery of services to their people by streamlining transfers and cutting administrative costs.

A step out of poverty

Studies show that access to the financial system can reduce income inequality, boost job creation, and make people less vulnerable to unexpected losses of income. People who are "unbanked" find it harder to save, plan for the future, start a business, or recover from a crisis.

Being able to save, make non-cash payments, send or receive remittances, get credit, or get insurance can be instrumental in raising living standards and helping businesses prosper. It helps people to invest more in education or health care.