ICTs for Financial Services in Africa
The second most populous continent in the world and with abundant natural resources, Africa continues to grow as the world's economy currently stands on shaky ground. However, steady GDP gains are sometimes obscured by the continent's eco...
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| Format: | Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2014/01/19557526/icts-financial-services-africa http://hdl.handle.net/10986/19019 |
| Summary: | The second most populous continent in
the world and with abundant natural resources, Africa
continues to grow as the world's economy currently
stands on shaky ground. However, steady GDP gains are
sometimes obscured by the continent's economic,
political and social problems. As Africa grows and becomes
more tightly integrated with the global economy, its
citizens and businesses increasingly need access to
financial services tools that will allow them to compete.
ICT is one avenue for increasing that access as ICT and
financial services complement each other. ICTs allow for
greater financial inclusion, and the financial services
sector is a primary driver of communications and network
technology. However, the financial services sector has
distinct developmental challenges. Issues of trust, consumer
protection, and network systemic risks that can slow the
pace of progress require clear and strong regulations. The
need for policy and regulatory development is made more
difficult by the speed of technological change.
Nevertheless, strategic intervention through policy or
public investment can play a critical role in addressing the
challenges faced by the financial services sector. |
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