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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Bibliographic Details
Main Author: Stefanski, Scott
Format: Working Paper
Language:English
en_US
Published: World Bank, Washington, DC 2014
Subjects:
ICT
ID
PDF
TAX
Online Access:http://documents.worldbank.org/curated/en/2014/01/19557526/icts-financial-services-africa
http://hdl.handle.net/10986/19019
id okr-10986-19019
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic ACCESS TO CAPITAL
ADVERTISING
ASSETS
BACK-END SYSTEMS
BANK ACCOUNT
BANK ACCOUNTS
BANKING INDUSTRY
BANKING SECTOR
BANKING SERVICE
BANKING SERVICES
BANKING TECHNOLOGY
BARRIER
BENEFICIARIES
BEST PRACTICE
BILL PAYMENTS
BRANCH BANKING
BROADBAND
BUSINESS ENVIRONMENT
BUSINESS MODELS
BUSINESSES
CAPABILITIES
CENTRAL BANK
CENTRAL BANKS
COLLATERAL
COLLATERAL REGISTRIES
COLLATERAL REGISTRY
COMMERCIAL BANK
COMMERCIAL BANKS
COMMUNICATION TECHNOLOGIES
COMMUNICATIONS INFRASTRUCTURE
COMPETITIVENESS
CONSUMER ACCEPTANCE
CONSUMER PROTECTION
CORRUPTION
COST REDUCTIONS
CREDIT BUREAU
CREDIT BUREAUS
CREDIT CARD
CREDIT-WORTHINESS
CREDITWORTHINESS
CUSTOMER IDENTIFICATION
CUSTOMER LOYALTY
CUSTOMER SERVICES
DATA CORRUPTION
DATA POLICIES
DATA STORAGE
DATABASE SYSTEM
DEPOSIT
DEPOSITORS
DEPOSITS
DEVELOPING COUNTRIES
DEVELOPMENT BANK
DIGITAL DIVIDE
ELECTRONIC CASH
EXISTING FINANCIAL SERVICES
FIBRE OPTIC
FINANCIAL ACCOUNTS
FINANCIAL INSTITUTION
FINANCIAL INSTITUTIONS
FINANCIAL MANAGEMENT
FINANCIAL SECTOR
FINANCIAL SERVICE
FINANCIAL SERVICES
FORMAL FINANCIAL SERVICES
FRAUD
FUNCTIONALITY
GLOBAL ECONOMY
GOVERNMENT BACKING
GOVERNMENT SERVICES
ICT
ID
IDENTIFICATION
IDENTIFICATION REQUIREMENTS
INCOME
INFORMAL ECONOMY
INFORMATION SERVICES
INITIATIVE
INNOVATION
INNOVATIONS
INSURANCE
INSURANCE PRODUCTS
INTERNET ACCESS
INTEROPERABILITY
ISLAMIC FINANCE
JOB CREATION
LACK OF CREDIT
LENDERS
LIMITED ACCESS
LIQUIDITY
LIQUIDITY MANAGEMENT
LOAN
LOAN GUARANTEE
LOAN GUARANTEES
MARKET COMPETITION
MARKET DOMINANCE
MARKET ENTRY
MARKET INFORMATION
MARKET PLAYERS
MARKET STRUCTURE
MARKETING
MATURITY
MEDIA
MENU
MICRO-INSURANCE
MICROFINANCE
MICROFINANCE INSTITUTIONS
MOBILE BANKING
MOBILE COMMUNICATIONS
MOBILE NETWORK
MOBILE PAYMENT SYSTEMS
MOBILE PHONES
MOBILE SOCIETY
MOBILE TELEPHONY
MOBILE TRANSACTION
MONEY TRANSFER
MONOPOLIES
NATURAL RESOURCES
NETWORK TECHNOLOGY
NETWORKS
NEW PRODUCT
NEW PRODUCTS
OPEN NETWORK
PAYMENT DATA
PAYMENT SERVICES
PAYMENT SYSTEMS
PAYMENTS SERVICES
PDF
PEER-TO-PEER
PORTFOLIO
PRIVATE SECTOR
PRIVATE SECTOR DEVELOPMENT
PRODUCT DESIGNS
PRODUCT DEVELOPMENT
PROVIDENT FUNDS
PUBLIC INVESTMENT
REGIONAL TRADE
REGISTRIES
REGISTRY
REGULAR PAYMENTS
REGULATORS
REGULATORY FRAMEWORKS
REGULATORY STRUCTURE
REMITTANCES
RETAIL OUTLETS
RETAIL PAYMENTS
SAVINGS
SERVICE DELIVERY
SERVICE PROVISION
SERVICES INFRASTRUCTURE
SMALL BUSINESS
SMALL BUSINESSES
SYSTEMIC RISKS
TAX
TECHNOLOGICAL CHANGE
TELECOMMUNICATION
TELECOMMUNICATIONS
TIME-TO-MARKET
TRADITIONAL BANK
TRADITIONAL CREDIT
TRANSACTION
TRANSACTION COSTS
TRANSMISSION
TRANSPARENCY
TRUST FUND
USER
USER INTERFACE
USERS
VERIFICATION
spellingShingle ACCESS TO CAPITAL
ADVERTISING
ASSETS
BACK-END SYSTEMS
BANK ACCOUNT
BANK ACCOUNTS
BANKING INDUSTRY
BANKING SECTOR
BANKING SERVICE
BANKING SERVICES
BANKING TECHNOLOGY
BARRIER
BENEFICIARIES
BEST PRACTICE
BILL PAYMENTS
BRANCH BANKING
BROADBAND
BUSINESS ENVIRONMENT
BUSINESS MODELS
BUSINESSES
CAPABILITIES
CENTRAL BANK
CENTRAL BANKS
COLLATERAL
COLLATERAL REGISTRIES
COLLATERAL REGISTRY
COMMERCIAL BANK
COMMERCIAL BANKS
COMMUNICATION TECHNOLOGIES
COMMUNICATIONS INFRASTRUCTURE
COMPETITIVENESS
CONSUMER ACCEPTANCE
CONSUMER PROTECTION
CORRUPTION
COST REDUCTIONS
CREDIT BUREAU
CREDIT BUREAUS
CREDIT CARD
CREDIT-WORTHINESS
CREDITWORTHINESS
CUSTOMER IDENTIFICATION
CUSTOMER LOYALTY
CUSTOMER SERVICES
DATA CORRUPTION
DATA POLICIES
DATA STORAGE
DATABASE SYSTEM
DEPOSIT
DEPOSITORS
DEPOSITS
DEVELOPING COUNTRIES
DEVELOPMENT BANK
DIGITAL DIVIDE
ELECTRONIC CASH
EXISTING FINANCIAL SERVICES
FIBRE OPTIC
FINANCIAL ACCOUNTS
FINANCIAL INSTITUTION
FINANCIAL INSTITUTIONS
FINANCIAL MANAGEMENT
FINANCIAL SECTOR
FINANCIAL SERVICE
FINANCIAL SERVICES
FORMAL FINANCIAL SERVICES
FRAUD
FUNCTIONALITY
GLOBAL ECONOMY
GOVERNMENT BACKING
GOVERNMENT SERVICES
ICT
ID
IDENTIFICATION
IDENTIFICATION REQUIREMENTS
INCOME
INFORMAL ECONOMY
INFORMATION SERVICES
INITIATIVE
INNOVATION
INNOVATIONS
INSURANCE
INSURANCE PRODUCTS
INTERNET ACCESS
INTEROPERABILITY
ISLAMIC FINANCE
JOB CREATION
LACK OF CREDIT
LENDERS
LIMITED ACCESS
LIQUIDITY
LIQUIDITY MANAGEMENT
LOAN
LOAN GUARANTEE
LOAN GUARANTEES
MARKET COMPETITION
MARKET DOMINANCE
MARKET ENTRY
MARKET INFORMATION
MARKET PLAYERS
MARKET STRUCTURE
MARKETING
MATURITY
MEDIA
MENU
MICRO-INSURANCE
MICROFINANCE
MICROFINANCE INSTITUTIONS
MOBILE BANKING
MOBILE COMMUNICATIONS
MOBILE NETWORK
MOBILE PAYMENT SYSTEMS
MOBILE PHONES
MOBILE SOCIETY
MOBILE TELEPHONY
MOBILE TRANSACTION
MONEY TRANSFER
MONOPOLIES
NATURAL RESOURCES
NETWORK TECHNOLOGY
NETWORKS
NEW PRODUCT
NEW PRODUCTS
OPEN NETWORK
PAYMENT DATA
PAYMENT SERVICES
PAYMENT SYSTEMS
PAYMENTS SERVICES
PDF
PEER-TO-PEER
PORTFOLIO
PRIVATE SECTOR
PRIVATE SECTOR DEVELOPMENT
PRODUCT DESIGNS
PRODUCT DEVELOPMENT
PROVIDENT FUNDS
PUBLIC INVESTMENT
REGIONAL TRADE
REGISTRIES
REGISTRY
REGULAR PAYMENTS
REGULATORS
REGULATORY FRAMEWORKS
REGULATORY STRUCTURE
REMITTANCES
RETAIL OUTLETS
RETAIL PAYMENTS
SAVINGS
SERVICE DELIVERY
SERVICE PROVISION
SERVICES INFRASTRUCTURE
SMALL BUSINESS
SMALL BUSINESSES
SYSTEMIC RISKS
TAX
TECHNOLOGICAL CHANGE
TELECOMMUNICATION
TELECOMMUNICATIONS
TIME-TO-MARKET
TRADITIONAL BANK
TRADITIONAL CREDIT
TRANSACTION
TRANSACTION COSTS
TRANSMISSION
TRANSPARENCY
TRUST FUND
USER
USER INTERFACE
USERS
VERIFICATION
Stefanski, Scott
ICTs for Financial Services in Africa
geographic_facet Africa
description 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.
format Publications & Research :: Working Paper
author Stefanski, Scott
author_facet Stefanski, Scott
author_sort Stefanski, Scott
title ICTs for Financial Services in Africa
title_short ICTs for Financial Services in Africa
title_full ICTs for Financial Services in Africa
title_fullStr ICTs for Financial Services in Africa
title_full_unstemmed ICTs for Financial Services in Africa
title_sort icts for financial services in africa
publisher World Bank, Washington, DC
publishDate 2014
url http://documents.worldbank.org/curated/en/2014/01/19557526/icts-financial-services-africa
http://hdl.handle.net/10986/19019
_version_ 1764443147462508544
spelling okr-10986-190192021-04-23T14:03:50Z ICTs for Financial Services in Africa Stefanski, Scott ACCESS TO CAPITAL ADVERTISING ASSETS BACK-END SYSTEMS BANK ACCOUNT BANK ACCOUNTS BANKING INDUSTRY BANKING SECTOR BANKING SERVICE BANKING SERVICES BANKING TECHNOLOGY BARRIER BENEFICIARIES BEST PRACTICE BILL PAYMENTS BRANCH BANKING BROADBAND BUSINESS ENVIRONMENT BUSINESS MODELS BUSINESSES CAPABILITIES CENTRAL BANK CENTRAL BANKS COLLATERAL COLLATERAL REGISTRIES COLLATERAL REGISTRY COMMERCIAL BANK COMMERCIAL BANKS COMMUNICATION TECHNOLOGIES COMMUNICATIONS INFRASTRUCTURE COMPETITIVENESS CONSUMER ACCEPTANCE CONSUMER PROTECTION CORRUPTION COST REDUCTIONS CREDIT BUREAU CREDIT BUREAUS CREDIT CARD CREDIT-WORTHINESS CREDITWORTHINESS CUSTOMER IDENTIFICATION CUSTOMER LOYALTY CUSTOMER SERVICES DATA CORRUPTION DATA POLICIES DATA STORAGE DATABASE SYSTEM DEPOSIT DEPOSITORS DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DIGITAL DIVIDE ELECTRONIC CASH EXISTING FINANCIAL SERVICES FIBRE OPTIC FINANCIAL ACCOUNTS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL SECTOR FINANCIAL SERVICE FINANCIAL SERVICES FORMAL FINANCIAL SERVICES FRAUD FUNCTIONALITY GLOBAL ECONOMY GOVERNMENT BACKING GOVERNMENT SERVICES ICT ID IDENTIFICATION IDENTIFICATION REQUIREMENTS INCOME INFORMAL ECONOMY INFORMATION SERVICES INITIATIVE INNOVATION INNOVATIONS INSURANCE INSURANCE PRODUCTS INTERNET ACCESS INTEROPERABILITY ISLAMIC FINANCE JOB CREATION LACK OF CREDIT LENDERS LIMITED ACCESS LIQUIDITY LIQUIDITY MANAGEMENT LOAN LOAN GUARANTEE LOAN GUARANTEES MARKET COMPETITION MARKET DOMINANCE MARKET ENTRY MARKET INFORMATION MARKET PLAYERS MARKET STRUCTURE MARKETING MATURITY MEDIA MENU MICRO-INSURANCE MICROFINANCE MICROFINANCE INSTITUTIONS MOBILE BANKING MOBILE COMMUNICATIONS MOBILE NETWORK MOBILE PAYMENT SYSTEMS MOBILE PHONES MOBILE SOCIETY MOBILE TELEPHONY MOBILE TRANSACTION MONEY TRANSFER MONOPOLIES NATURAL RESOURCES NETWORK TECHNOLOGY NETWORKS NEW PRODUCT NEW PRODUCTS OPEN NETWORK PAYMENT DATA PAYMENT SERVICES PAYMENT SYSTEMS PAYMENTS SERVICES PDF PEER-TO-PEER PORTFOLIO PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PRODUCT DESIGNS PRODUCT DEVELOPMENT PROVIDENT FUNDS PUBLIC INVESTMENT REGIONAL TRADE REGISTRIES REGISTRY REGULAR PAYMENTS REGULATORS REGULATORY FRAMEWORKS REGULATORY STRUCTURE REMITTANCES RETAIL OUTLETS RETAIL PAYMENTS SAVINGS SERVICE DELIVERY SERVICE PROVISION SERVICES INFRASTRUCTURE SMALL BUSINESS SMALL BUSINESSES SYSTEMIC RISKS TAX TECHNOLOGICAL CHANGE TELECOMMUNICATION TELECOMMUNICATIONS TIME-TO-MARKET TRADITIONAL BANK TRADITIONAL CREDIT TRANSACTION TRANSACTION COSTS TRANSMISSION TRANSPARENCY TRUST FUND USER USER INTERFACE USERS VERIFICATION 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. 2014-07-23T22:14:41Z 2014-07-23T22:14:41Z 2014 http://documents.worldbank.org/curated/en/2014/01/19557526/icts-financial-services-africa http://hdl.handle.net/10986/19019 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research Africa