Financial Technology And Human Development In Africa
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| Author | : Rilwan Sakariyahu |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2022 |
| Genre | : |
| ISBN | : |
Several studies in the literature have identified the critical role of financial technology (fintech) in improving socio-economic conditions of nations, measured by human development index (HDI). However, despite the efforts to increase HDI using fintech, the ranking of African countries on the index table remains low. Given that access to electricity is imperative for fintech and fundamental to human development, we provide novel evidence by investigating the degree to which the prevailing energy poverty in Africa affects the success of fintech on human development in the continent. Our results show that fintech has a significant positive impact on human development and the impact remains consistent irrespective of the estimation methods employed. However, when we split our sample based on regions and income classification proposed by the World Bank, our results show that the impact of fintech on HDI is more pronounced in the uppermiddle, high-income, Eastern, Central and Southern countries. The Western countries have not significantly benefitted from fintech adoption, perhaps because those countries fall in the low-income categories and have a high prevalence of energy challenge. In the light of the current state of human development in Africa, our study advocates for more investments in energy infrastructure for the rapid realization of the gains of fintech.
| Author | : Mr.Amadou N Sy |
| Publisher | : International Monetary Fund |
| Total Pages | : 61 |
| Release | : 2019-02-14 |
| Genre | : Business & Economics |
| ISBN | : 1484385667 |
FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.
| Author | : Goksu Aslan |
| Publisher | : International Monetary Fund |
| Total Pages | : 32 |
| Release | : 2017-11-07 |
| Genre | : Business & Economics |
| ISBN | : 1484328728 |
We investigate the link between gender inequality in financial inclusion and income inequality, with three contributions to the recent literature. First, using a micro-dataset covering 146,000 individuals in over 140 countries, we construct novel, synthetic indices of the intensity of financial inclusion at the individual and country level. Second, we derive the distribution of individual financial access “scores” across countries to document a “Kuznets”-curve in financial inclusion. Third, cross-country regressions confirm that our measure of inequality in financial access is significantly related to income inequality, above and beyond other factors previously highlighted in the literature.
| Author | : Simplice Asongu |
| Publisher | : |
| Total Pages | : 32 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
This study investigates direct and indirect linkages between financial development and inclusive human development in data panels for African countries using a battery of estimation techniques, notably: Two-Stage Least Squares, Fixed Effects, Generalized Method of Moments and Tobit regressions. The dependent variable is the inequality adjusted human development index. All dimensions of the Financial Development and Structure Database (FDSD) of the World Bank are considered. The main finding is that financial dynamics of depth, activity and size improve inclusive human development, whereas the inability of banks to transform mobilized deposits into credit for financial access negatively affects inclusive human development. Policy implications are discussed in the light of fighting surplus liquidity and providing information sharing offices (like public credit registries and private credit bureaus) that would reduce information asymmetry between lenders and borrowers.
| Author | : Mr.Kangni Kpodar |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2011-04-01 |
| Genre | : Business & Economics |
| ISBN | : 1455227064 |
This paper studies the impact of information and communication technologies (ICT), especially mobile phone rollout, on economic growth in a sample of African countries from 1988 to 2007. Further, we investigate whether financial inclusion is one of the channels through which mobile phone development influences economic growth. In estimating the impact of ICT on economic growth, we use a wide range of ICT indicators, including mobile and fixed telephone penetration rates and the cost of local calls. We address any endogeneity issues by using the System Generalized Method of Moment (GMM) estimator. Financial inclusion is captured by variables measuring access to financial services, such as the number of deposits or loans per head, compiled by Beck, Demirguc-Kunt, and Martinez Peria (2007) and the Consultative Group to Assist the Poor (CGAP, 2009). The results confirm that ICT, including mobile phone development, contribute significantly to economic growth in African countries. Part of the positive effect of mobile phone penetration on growth comes from greater financial inclusion. At the same time, the development of mobile phones consolidates the impact of financial inclusion on economic growth, especially in countries where mobile financial services take hold.
| Author | : Asli Demirguc-Kunt |
| Publisher | : World Bank Publications |
| Total Pages | : 228 |
| Release | : 2018-04-19 |
| Genre | : Business & Economics |
| ISBN | : 1464812683 |
In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.
| Author | : Peter Arthur |
| Publisher | : Springer Nature |
| Total Pages | : 318 |
| Release | : 2020-05-29 |
| Genre | : Political Science |
| ISBN | : 3030406474 |
This book examines how disruptive technologies and innovation underpin the attainment of a broader development agenda in Africa. Contributors show how distinctive forms of technological innovation can impact critical development processes. For example, disruptive technologies can deepen the ongoing democratic and governance waves in Africa, specifically in the area of contested elections. Similarly, innovations in agriculture, the environment and energy promote changes in value chain agriculture, and the use of sensors to manage e-waste and sustainable energy conservation are also transforming established practices. Furthermore, the role of disruptive technologies and innovation in education, health, financial services and the nature of paid work cannot be ignored. Individually and collectively, the authors discuss and highlight the mechanisms and initiatives that can contribute to the realization of the development goals of African countries, especially in a period where disruptive technologies are rapidly changing how things are done. As a result, this book, which represents one of the most recent systematic efforts to bring together dialogue on disruptive technologies in Africa, will be of particular use and benefit to a wide and an eclectic audience.
| Author | : Simplice Asongu |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 2019 |
| Genre | : |
| ISBN | : |
Information technology is increasingly facilitating mechanisms by which information asymmetry between lenders and borrowers in the financial sector can be reduced in order to enhance financial access for human and economic development in developing countries. We examine conditional financial development from ICT-driven information sharing in 53 African countries for the period 2004-2011, using contemporary and non-contemporary quantile regressions. ICT is measured with mobile phone penetration and internet penetration whereas information sharing offices are public credit registries and private credit bureaus. The following findings are established. First, there are positive effects with positive thresholds from ICT-driven information sharing on financial depth (money supply and liquid liabilities) and financial activity (at banking and financial system levels). Second, for financial intermediation efficiency, the positive effects from mobile-driven information sharing are apparent exclusively in certain levels of financial efficiency. Third, with regard to financial size, mobile-driven information sharing is positive with a negative threshold, whereas, internet-driven information sharing is positive exclusively among countries in the bottom half of financial size. Positive thresholds are defined as decreasing negative or increasing positive estimated effects from information sharing offices and vice-versa for negative thresholds. Policy implications are discussed.
| Author | : Daniel Makina |
| Publisher | : Academic Press |
| Total Pages | : 342 |
| Release | : 2019-06-09 |
| Genre | : Business & Economics |
| ISBN | : 0128142030 |
Extending Financial Inclusion in Africa unveils the genesis and transformation of Africa’s financial sector and its ability to provide finance for all. Contributors of the Book traverse the whole spectrum of African financial systems, examining their depth and breadth and empirically evaluating their appropriateness and effectiveness to achieve inclusive financial services. Explores the evolution of the financial sector in Africa from the pre-colonial to post-colonial era Investigates the financial inclusion–economic growth nexus Explores the role of financial regulation and governance in either enhancing or limiting financial inclusion Evaluates unintended consequences of financial inclusion, including over-indebtedness and increased propensity to spend Assesses cross-sectional evidence on the link between financial inclusion and technological developments such as the internet and mobile technology
| Author | : Claude Ake |
| Publisher | : Longman Publishing Group |
| Total Pages | : 220 |
| Release | : 1981 |
| Genre | : Business & Economics |
| ISBN | : |
Monograph comprising a compilation of essays on the economic policy of Africa - examines historical development of dependence within the international capitalist system (role of developed countries and of multinational enterprises), discusses social stratification, cultural factors, social role of women, etc., and includes ideologycal statements representative of African development policies (incl. Agricultural policies). Bibliographys.
