Financial technology — or FinTech — is changing the financial sector on a global scale. It is also enabling the expansion of financial services to low-income families who have been unable to afford or access them. The possibilities and impact are vast, as is the potential to improve lives in developing countries.
The financial sector is beginning to operate differently; there are new ways to collect, process, and use information, which is the main currency in this sector. A completely new set of players is entering the business. All areas of finance — including payments and infrastructure, consumer and SME credit, and insurance — are thus changing.
By 2030, almost 60 percent of 8.3 billion people will live in cities, according to UN estimates.
Almost 1400 of the world’s cities will have half a million or more inhabitants.
Cities can connect people with opportunities, incubate innovation and foster growth, but they require urban planning, infrastructure, transport and housing.
To get the pulse of an institution’s financial management and its room for growth, we must first look at its financial statements. The information in these statements is, of course, essential but often provides only a partial picture focusing on short-term returns.
To understand the true value created by an organization, we need to look more broadly. This necessitates going beyond traditional financial reports and spending time understanding how the institution manages its non-financial resources.
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 –
Mobile Banking, Movable Collateral Registries, Can Boost Female Financial InclusionEmpowering 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.
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.
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.
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.
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.
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 . 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.