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Innovation in Somalia: Launch of E-Transfer Cards in Bossaso
In February, Somalia became the second country in the world where WFP has launched its groundbreaking new system for managing assistance programmes, a platform known as SCOPE. The SCOPE information system allows WFP to monitor and control all its distributions of food, cash and vouchers electronically and in near real time. SCOPE also allows WFP to register beneficiaries, store information on the amount of food or money they are entitled to and – in the case of cash or vouchers – transfer the specific amount onto the cards. There was a buzz of anticipation as the first SCOPE transfer cards were handed out.
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- Sub-Saharan Africa
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- digital payments
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You Need a Banking Law to Create a Bank for the Poor
Muhammad Yunus, the founder of Grameen Bank and a proponent of 'social business', a not-for-profit business model to combat unemployment and other social evils, does not mince his words when it comes to micro-credit for the poor. The Nobel Peace Prize winner is dismissive about some recent innovations in the microfinance sector and warns about the direction they are taking. He also believes that micro-credit should be kept outside political influence to run it as a sound financial institution. "The best scenario," he says, "is when a micro-credit bank is owned by the poor." Excerpts from an interview with Shamni Pande:
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- South Asia
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28M Filipinos Covered by Micro-Insurance as of 2014
As of 2014, 28 million Filipinos have micro-insurance coverage, according to the Insurance Commission (IC). The agency sees a continued growth in this segment as more Filipinos turn to micro-insurance for protection and financial security, especially for calamities.
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- Asia Pacific
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SA’s Impact Amplifier Catalysed $4.5m in Startup Funding by End of 2014
South African incubator and consulting firm Impact Amplifier has revealed to Disrupt Africa it had catalysed over ZAR55 million (US$4.5 million) in investments into early-stage startups, and aims to close over ZAR100 million (US$8.2 million) of capital deployed in 2015.
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- Sub-Saharan Africa
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- impact investing
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Viewpoint: China’s World Bank Has Rickety Foundations
If any country knows about the risks and rewards of building infrastructure, it is China. Over the past two decades, the People’s Republic has erected countless roads, dams, power plants, bridges and airports in its pursuit of economic development. The result has been a surge in debt, waste, corruption and pollution. It’s a dubious foundation from which to construct the new Asian Infrastructure Investment Bank.
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- South Asia
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- infrastructure
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Mobile Money Transactions Doubled in 2014
The rate of global mobile money transfers continues to increase at a steady rate as the percentage of mobile remittances in 2014 doubled between January 2014 and January 2015, according to new research from Azimo, a mobile money company.
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Econet’s Mobile Money Shopping Service Goes Live in Zimbabwe
Zimbabwean subscribers on Econet Wireless' mobile money platform, EcoCash, will now be able to buy and send groceries to their friends and relatives under a partnership with grocery manufacturer and wholeseller, National Foods.
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- Region
- Sub-Saharan Africa
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- digital payments
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NexThought Monday – Everybody Loves M-Shwari: So why isn’t everybody using the mobile banking service?
M-Shwari, a mobile service that offers access to formal credit and savings in Kenya, has received tremendous attention from the media, as well as praise from digital financial services advocates. But has this attention led to strong consumer awareness, and if so, has that awareness translated to improved financial access? InterMedia shares the results of their long-term evaluation.
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