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Innovation

Achieving Financial Inclusion: Fintech, account usage, and innovation

H.M. Queen Máxima's picture
Also available in: العربية | Français | 中文
Soahanginirina Razafindrahanta, a teller at a Baobab bank outlet counting out money for a customer in Antananarivo, Madagascar. © Nyani Quarmyne/International Finance Corporation
A teller at a Baobab bank outlet counting out money for a customer in Antananarivo, Madagascar. ©  Nyani Quarmyne/IFC

For almost a decade, the global community and national governments have made concerted efforts to expand financial inclusion—creating a financial system that works for all and opens the doors to greater stability and equitable progress.
 
This has been a demanding challenge. At the start of our engagement on financial access back in 2013, we said that having a real target with an end date would keep us focused and give us a benchmark against which we could measure progress.

In Senegal, a call to invest in people and the planet

Jim Yong Kim's picture
Also available in: Français | Español | العربية


For three days this month, the West African nation of Senegal was in the spotlight of global efforts to combat climate change and improve education in a rapidly changing world.

French President Emmanuel Macron and Senegal’s President Macky Sall co-hosted a conference in Dakar to replenish the Global Partnership for Education (GPE) – a funding platform to help low-income countries increase the number of children who are both in school and learning.

African leaders and partners stepped up to announce their commitment to provide an education that prepares children to compete in the economy of the future and advances socio-economic progress.

Heads of state from across the continent described their challenges—including terrorism, insecurity, the influx of refugee children who need an education, the strain on national budgets, and the cultural bias against educating girls.

What keeps the President of the World Bank up at night?

Jim Yong Kim's picture
Also available in: 中文 | العربية | Français | Español
Residents of Kashadaha village visit the Kashadaha Anando school in Kashadaha village, Bangladesh. © Dominic Chavez/World Bank
Residents of Kashadaha village visit the Kashadaha Anando school in Kashadaha village, Bangladesh. © Dominic Chavez/World Bank


This year’s World Economic Forum Annual Meeting comes at a time of good news for the world economy. As we said in this month’s Global Economic Prospects report, for the first time since the financial crisis, the World Bank is forecasting that the global economy will be operating at or near full capacity. We anticipate growth in advanced economies to moderate slightly, but growth in emerging markets and developing countries should strengthen to 4.5% this year.

8 things we learned from running a challenge fund

Amal Ali's picture
Challenge funds can help harness technology for development – here, a team from the international Water Management Institute (IWMI) shows off an open source mobile weather station developed for the GFDRR/DFID Challenge Fund. © IWMI
Challenge funds can help harness technology for development – here, a team from the international Water Management Institute (IWMI) shows off an open source mobile weather station developed for the GFDRR/DFID Challenge Fund. © IWMI 

While historically confined to medical and academic research, challenge funds – competitive financing for innovative solutions to entrenched problems – have gained traction in the international development field over the last decade.
 
Pioneered by the UK Department of International Development (DFID), challenge funds have championed transformational disruptive technologies, such as M-Pesa, Kenya’s mobile money transfer service. The electronic payment system, which allows users to withdraw, deposit and transfer cash through their mobile phones, started as a pilot project funded by DFID’s Financial Deepening Challenge Fund. Today, more than two thirds of Kenyans use the channel, and the innovation has changed the scope of financial inclusion programs globally.

World Bank Group Youth Summit 2017: Technology and Innovation for Impact

Michael Christopher Haws's picture

2017 Youth Summit

We are excited to announce this year’s Youth Summit 2017: Technology & Innovation for Impact. As highlighted in the 2016 World Development Report “Digital Dividends”, we find ourselves amid the greatest information and communications revolution in human history and must take advantage of this rapid technological change to make the world more prosperous and inclusive. This year’s Summit will provide youth with a forum to voice their concerns, share their ideas and learn from one another while discussing the challenges and opportunities created by this technological shift.

Innovation: A meaningless “catchword” or something more useful?

Alanna Simpson's picture
Can innovation be more than just a gimmick? © DFID
Can innovation be more than just a gimmick? © DFID

Challenges in development are growing at unprecedented rates, driven by complex human crises: refugees, rapid and unsustainable urbanization and climate change, failure to meet basic infrastructure needs, youth unemployment and disengagement, and stubbornly poor health and education outcomes, to name a few. Set against a backdrop of political and public pressure to do more with less – and see results faster than ever – even the most optimistic among us are likely to view the glass half empty. 

The data revolution continues with the latest World Bank Innovation challenge

Marianne Fay's picture
Also available in: 中文

On September 22, 2016, we launched the World Bank Big Data Innovation Challenge – a global call for big data solutions for climate resilience and sustainable development.

As the world grows more connected--through mobile phones, social media, internet, satellites, ground sensors and machines—governments and economies need better ways to harness these data flows for insights toward targeted policies and actions that boost climate resilience, especially amongst the most vulnerable. To make this data more useful for development, we need more data innovations and innovative public-private arrangements for data collaboration.

The World Bank Big Data Innovation Challenge invites innovators across the world to reimagine climate resilience through big data solutions that address the nexus areas of food security and nutrition, and forests and watersheds – high priority areas of the World Bank’s Climate and Forest Action Plans and the UN Sustainable Development Goals.

Big data innovation – moving from ideas to implementation

Trevor Monroe's picture

If you want to do something fast, do something that has already been done. If you want to hardwire a data innovation into World Bank Operations, be prepared to involve others in a process of learning by doing.  – Holly Krambeck, Senior Transport Specialist, WBG



As the world grows more connected, data flows from a multitude of sources. Mobile networks, social media, satellites, grounds sensors, and machine-to-machine transactions are being used along with traditional data--like household surveys--to improve insights and actions toward global goals.
 
At the World Bank, a cadre of pioneering economists and sector specialists are putting big data in action. Big data sources are being harnessed to lead innovations like:

  • satellites to track rural electrification, to monitor crop yields and to predict poverty;
  • taxi GPS data to monitor traffic flows and congestion
  • mobile phone data for insights into human mobility and behavior, as well as infrastructure and socio-economic conditions 

#ItsPossible to End Poverty

Christine Montgomery's picture

Ending poverty is within our reach. The percentage of people living in extreme poverty has more than halved since 1990, thanks to the sustained efforts of countless individuals, organizations and nations. 

Show us how #ItsPossible.

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