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Browsing: Financial Inclusion
A new chapter is being written in the vast expanse of Africa, where ancient civilizations once thrived and folklore has been passed down through generations. This chapter speaks of a financial revolution, a transformative movement that promises to redefine the continent’s economic landscape. At the heart of this transformation is the SRS token, a groundbreaking innovation by the Humanity Protocol poised to usher in an era of decentralized prosperity.…
In a recent announcement during the US-Africa Business Roundtable in the United States, Kenya’s President William Ruto revealed that Safaricom, a leading telecommunications company, is establishing a strategic partnership with Apple Inc. The Safaricom-Apple partnership will integrate the widely-used mobile money platform, M-Pesa, with Apple’s ecosystem. This integration will expand M-Pesa’s mobile financial services globally.
President William Ruto announced the deal after he toured Silicon Valley in San Francisco Bay, United States, on 16 September. The Kenyan leader is fast gaining popularity across Africa and globally. He has led from the front in marketing Kenya as a conducive ground for foreign business to thrive.…
- For millions of households in Uganda, remittances play a vital role in safeguarding food security, healthcare, savings and investment opportunities.Â
- IFAD data shows 75% of money sent to Uganda is used to fight poverty and improve access to nutrition, health, housing and education.Â
- The remaining 25 percent is used to support small businesses and facilitate access to financial products.Â
The UN’s International Fund for Agricultural Development (IFAD) has partnered with Stanbic Bank Uganda (SBU) in a plan to reduce the cost incurred by Ugandans sending money back home by half through a digital payment platform dubbed FlexiPay.Â
The partnership will also provide remittance recipients, especially in rural areas, with digital and financial training to promote the savings culture and foster digital finance uptake among these communities.
Cost of remittances in Uganda
At the moment, the average cost of sending money back home for Uganda’s migrant workers is 11.3 per cent, …
When CBDCs first came to the fore, many touted such a move as a game-changer in digital finance. Many had thought that the adoption of CBDCs in Africa would take the shape of the adoption of cryptocurrencies, where the region leads in many aspects. However, challenges remain. Lack of the requisite infrastructure, low levels of financial literacy, and operational and regulatory challenges have combined to contribute to low penetration and adoption rates for CBDCs.
The lack of adoption is a current failure point for many launched CBDCs. Nigeria’s eNaira had a million customers one year into its launch, a smattering of its 221 million population. The real challenge of CBDCs lies in developing a clear sense of purpose. African central banks must answer to the kind of role that CBDCs will play in the economy and financial systems.…
- Financial technology has become an important support for the development of countries around the world.
- Digital technology, data resources, and intelligent technology can promote digitalization across the globe.
- At the global meet, experts provided insights on the opportunities and challenges of digital transformation in the financial sector within the Arab world.
Investors across the world are closely monitoring digital transformation, financial inclusion and sustainable finance trends in the Arab world. These revelations emerged as a top agenda during the just concluded Annual Investment Meeting (AIM) in Abu Dhabi, UAE.
Director and Advisor at the Secretary General Office–Union of Arab Banks Rajaa Kammouny highlighted the challenges banks within the Arab world are facing while calling for readiness to tackle future challenges.Â
Digital transformation in the Arab World
Under the Digital Transformation of Financial Sectors in the Arab World and the Role of Financial Technology in Economic Diversification discussion forum, experts offered …
An efficient crypto mining industry can generate more job opportunities in Africa as the demand for miners, blockchain specialists, and technology specialists increases, . This encourages nations to enhance their energy and technological capacities to support crypto operations. These enhancements can considerably benefit other industries and the economy as a whole.
African nations must embrace the chance to become a crypto mining hub. This can aid in the digital economy’s growth, citizens’ financial standing, and the infrastructure for energy production. Consequently, African governments can invest in cryptocurrencies to acquire alternative funding sources for developing renewable and alternative energy sources.…