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Don’t Throw the Banks Out with the Bathwater: Why the 2017 Findex Shows Opportunity for Microfinance Institutions
The World Bank's most recent Global Findex report has cast significant doubt on the lofty goal of universal financial access by 2020. Signs point to the slowing of financial inclusion in many places, raising questions as to how regulated microfinance institutions should respond to the emergence of mobile money and other fintech disruptors. After examining the numbers, here’s why Scott Graham of FINCA International argues that traditional banks still serve a vital purpose.
- Categories
- Finance
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An Isolated Country Runs on Mobile Money
The continent, home to many of the world’s frontier economies, has come closest to skipping, or “leapfrogging” as it’s often called, traditional brick-and-mortar banks and going straight to heavily using phones as wallets. And nowhere are the benefits of mobile money more apparent than in Somaliland, where the extreme economic and financial conditions have allowed Zaad, a service from the main local telecom, Telesom, to catalyze commerce in one of the most isolated parts of the world.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Controversy over Uganda mobile money taxes
As it stands, the introduction of the tax has caused confusion, especially over mobile money transactions.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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A two-day crash in Zimbabwe’s mobile money system shows the vulnerabilities of going cashless
Although mobile money has become the leading transaction platform in Zimbabwe, its weaknesses came into focus this week after the dominant EcoCash network in Zimbabwe went down for two days, and left many consumer businesses floundering in an already difficult economy.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Flipkart Seeking NBFC License; Soon to Venture into Fintech Space
Flipkart is in news again as the e-commerce giant is all set to step its foot in the fintech space with the company now planning to offer credit and insurance products to its customers and sellers.
- Categories
- Finance
- Region
- South Asia
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China takes a swipe at the fintech sector
Beijing has spent years sitting back and encouraging its powerful fintech firms to create and innovate. But it is starting to crack down on parts of an industry that it feels may have grown too far too fast, starting with peer-to-peer lenders.
- Categories
- Finance
- Region
- Asia Pacific
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Kenyans start paying more for mobile money transactions following tax increase
Safaricom, which runs the popular mobile money service Mpesa, on Saturday, informed its customers that starting Sunday, its tariffs would go up.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Ugandans are furious with a new tax for using social media and mobile money
Uganda’s government has kept its promise: Many Ugandans woke up today (July 1) to find that if they hadn’t paid the new tax on social-media use, services like WhatsApp, Twitter, Facebook and Skype were inaccessible.
- Categories
- Finance
- Region
- Sub-Saharan Africa
- Tags
- fintech
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