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Somalia is a leader in mobile money but still wants to print its first cash notes in 25 years
The collapse of the Somali government in 1991 saw the rise of unique political, economic and social outfits, all clambering to fill the void of government institutions. After a few years of relative stability and successful elections, Somalia’s new government hopes to reverse all that. Buoyed by donors, the International Monetary Fund (IMF) and the World Bank, the country now wants to resume printing banknotes this year.
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- Uncategorized
- Region
- Sub-Saharan Africa
- Tags
- cash, digital currency, mobile money
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Somalia Is a Leader in Mobile Money But Still Wants to Print Its First Cash Notes in 25 Years
The collapse of the Somali government in 1991 saw the rise of unique political, economic and social outfits, all clambering to fill the void of government institutions. One of them was the emergence of a nonconforming monetary system, controlled by warlords and rogue businessmen, who contracted foreign printers and imported counterfeit money. This left the Somali economy in shambles, largely dependent on dollars for trade, and effectively created a freewheeling “economy without state.”
- Categories
- Technology
- Region
- Sub-Saharan Africa
- Tags
- cash, fintech, mobile money
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Cash Defenders are Wrong: Digital Finance Truly is ‘Pro-Poor’
Digital economies are gaining momentum, says Njuguna Ndung’u, former governor of the Central Bank of Kenya, and poor households benefit the most. He's concerned that "the uninformed defenses of cash-heavy economies risk unnecessary distraction from the real issue of how to ensure digital economies maximize the benefits to people in poor communities around the world."
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- Uncategorized
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Learning from (and About) India’s Emerging Digital Money Grid
The Indian government's experience in converting all its citizens onto a digital platform can help inform all digital finance professionals interested in financial inclusion models, according to Ignacio Mas and his team at the Digital Frontiers Institute. So they've collaborated with MicroSave to create a four-week online course, Digital Money Grid India, which they'll offer starting March 27.
- Categories
- Education
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Leveraging India’s Digital Transformation: Three Lessons for MFIs
As India continues its digital transformation, Grameen Foundation India has helped several MFIs transition to a digital financial services platform, and along the way developed some key lessons MFIs should keep in mind: conduct a thorough analysis of your business requirements before you select a digital financial services provider; don't discount the value of effective change management; and pay close attention to client education.
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- Technology
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Zimbabwe: Cash Crisis Buffets Rural Businesses
It never rains but pours for the country's rural business person. On top of the many challenges confronting rural businesses is the cash crisis.
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- Uncategorized
- Region
- Sub-Saharan Africa
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Weekly Roundup: India’s Demonetization Gets Ugly, Health Care’s Last Mile Gets Shorter and Coke Comes to Gaza
Indian Prime Minister Modi’s surprise move to ban 1,000 and 500-rupee notes early last month, ostensibly to crack down on black money, has mushroomed into a full-blown crisis. Are the financial inclusion benefits worth the cost? We explore this and many other topics in the roundup.
- Categories
- Health Care, Investing, NextBillion Originals
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India’s demonetization makes low-deposit accounts ‘parking lots for black money’
Jan Dhan accounts, integral to the Modi government’s plan for financial inclusion and direct benefit transfer, were meant to have a transformational role in the uplift of the underprivileged, but, ironically, demonetisation has made them a parking lot for black money. Official sources told FE that these accounts saw transactions of R19,250 crore in the 10 days to November 19; over R15,000 crore was deposited and some R4,250 crore was withdrawn.
- Categories
- Uncategorized
- Region
- South Asia
- Tags
- banking, cash, financial inclusion
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