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Bank of Ghana Begins Overhaul of Microfinance, Rural Banks
Even as public attention remains focused on the fate of Ghana’s universal banking industry, with only a month left to the dead line for recapitalization to a minimum of GHc400 million, the Bank of Ghana is now commencing with its plans to overhaul the country’s micro-finance and rural banking industries.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Do Payday Loans Deserve Their Bad Reputation? Ask the People Who Know Best – the Borrowers
Payday loans have earned a bad reputation as high-interest money traps that leave low-income borrowers stuck in a cycle of debt. But despite all the criticism and bad press, these loans remain very popular among low-income borrowers, with an estimated 15,766 payday loan stores throughout the U.S. – slightly more than the country's 14,350 McDonalds. So are payday loans really that bad – and are borrowers actually being victimized? LendEDU conducted a survey of payday loan customers, and Mike Brown unpacks the results – many of which may surprise you.
- Categories
- Finance
- Tags
- financial health, lending
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Skype co-founder raises $105m for Southeast Asian fintech startup
Oriente races big brands to reach unbanked Indonesians, Filipinos and Vietnamese. Oriente charges roughly 3-4% monthly interest rate, while Prentice said some microlending platforms in Southeast Asia charge more than 15%. Those who pay back in instalments are eligible for a discount of 25-50% on the interest rate.
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- Finance
- Region
- Asia Pacific
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Asian Development Bank approves $50 million for microenterprise development in Bangladesh
For the longer term, the project would develop microenterprise finance operational guidelines for microfinance institutions, including piloting for some partner organisations and a mobile-based financing application.
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- Finance
- Region
- South Asia
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Commercial Bank of Africa, Safaricom partner to provide overdraft for mobile loans
The rate of failed mobile money transactions performed daily due to insufficient funds currently stands at 58 per cent, according to M-Pesa data.
- Categories
- Finance
- Region
- Sub-Saharan Africa
- Tags
- digital payments, fintech
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WorldRemit Teams Up With BRAC Bank & bKash for Bank/Mobile Money Transfers to Bangladesh
Using the WorldRemit app or website, the Bangladeshi diaspora living in more than 50 countries may now send money quickly and securely.
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- Finance
- Region
- South Asia
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Visa unveils innovative mobile payment service in Ghana
Payments technology platform, Visa, in partnership with leading Ghanaian banks, announced the launch of Visa-on-mobile, its innovative mobile payment service in Ghana.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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On the Ground at European Microfinance Week: Discussing Technology’s Threat and Promise – and Financial Services for Refugees
There were two topics that dominated debate at last week’s European Microfinance Week (EMW) conference: the threats and opportunities brought about by the fintech revolution in inclusive finance, and the issue of financial inclusion for refugees and internally displaced persons. The discussion of these issues ranged from hopeful to surprisingly cautionary – Sam Mendelson at the European Microfinance Platform shares some highlights.
- Categories
- Finance