• What we do
  • The People
  • About Us
  • Why Innovation Africa
  • Contact Us
Innovation AfricaCreating the Future Today
  • Feature Articles
  • Innovation
  • Agriculture
  • ICT
  • Technology
  • Entrepreneurship
  • Health
  • Store
  • Contact Us
Menu
  • Feature Articles
  • Innovation
  • Agriculture
  • ICT
  • Technology
  • Entrepreneurship
  • Health
  • Store
  • Contact Us
  • Can ‘fintech’ innovations impact financial inclusion in developing countries?

    May 15, 2017 Editor 0

    A digital transaction in the Democratic Republic of Congo. Such transactions are made possible in part by FINCA. FINCA's strategy in Africa is to focus operations on underserved markets and groups, namely rural areas and women. Photo: Anna Koblanck/IFC

    Financial technology, “fintech,” has been reshaping the financial services industry with the level and speed of innovation that’s simply fascinating.

    A month ago, my colleagues and I attended the 5th Annual Lendit USA conference to check out about the latest innovations and thinking in this field and see how we can apply it to our work.

    There is growing interest in trying to figure out this new industry and take advantage of the opportunity. Now billed as the largest Fintech industry meeting in the world, Lendit organizers started this event four years ago with about 200 participants. This year’s event attracted more than 5,000 people.

    We work on various areas of financial inclusion and are interested in new ways that can help expand access to financial services to hard-to-reach populations and small businesses in developing countries.

    We returned with a new appreciation for the magnitude of change that is coming, and how quickly it could occur – and already is in some instances.  Some innovations will help developing countries leapfrog into this new tech era. This could have a significant – and potentially highly positive – impact on financial inclusion, and fundamentally change the nature of financial infrastructure.

    However, these opportunities come with potential risks, such as those related to (un)fair lending practices related to unmonitored use and analysis of big data or increased systemic vulnerabilities due to threats to cybersecurity.

    Go to Source

    Related Posts

    • Key lessons for policymakers from China’s financial inclusion experienceKey lessons for policymakers from China’s financial inclusion experience
    • Building deposit insurance systems in developing countriesBuilding deposit insurance systems in developing countries
    • Leveraging ‘suptech’ for financial inclusion in RwandaLeveraging ‘suptech’ for financial inclusion in Rwanda
    • Human Capital as Source of Innovativeness in Subsistence Small BusinessesHuman Capital as Source of Innovativeness in Subsistence Small Businesses
    • Championing interoperability for financial inclusion: carrot or stick?Championing interoperability for financial inclusion: carrot or stick?
    • New G20 White Paper explores the fast-evolving role of standard-setting bodies for financial inclusionNew G20 White Paper explores the fast-evolving role of standard-setting bodies for financial inclusion
    Sovrn
    Share

    Categories: World Bank PSD

    Tags: developing countries, financial inclusion, fintech

    The impact of OFDI on firm innovation in an emerging country Emerging market multinationals, international knowledge flows and innovation

    Leave a Reply Cancel reply

    You must be logged in to post a comment.

Subscribe to our stories


 

Recent Posts

  • Entrepreneurial Alertness, Innovation Modes, And Business Models in Small- And Medium-Sized Enterprises December 30, 2021
  • The Strategic Role of Design in Driving Digital Innovation June 10, 2021
  • Correction to: Hybrid mosquitoes? Evidence from rural Tanzania on how local communities conceptualize and respond to modified mosquitoes as a tool for malaria control June 10, 2021
  • BRIEF FOCUS: Optimal spacing for groundnuts in smallholder farming systems June 9, 2021
  • COVID-19 pandemic: impacts on the achievements of Sustainable Development Goals in Africa June 9, 2021

Categories

Archives

Popular Post-All time

  • A review on biomass-based... 1k views
  • Can blockchain disrupt ge... 795 views
  • Apply Now: $500,000 for Y... 791 views
  • Test Your Value Propositi... 749 views
  • Prize-winning projects pr... 721 views

Recent Posts

  • Entrepreneurial Alertness, Innovation Modes, And Business Models in Small- And Medium-Sized Enterprises
  • The Strategic Role of Design in Driving Digital Innovation
  • Correction to: Hybrid mosquitoes? Evidence from rural Tanzania on how local communities conceptualize and respond to modified mosquitoes as a tool for malaria control
  • BRIEF FOCUS: Optimal spacing for groundnuts in smallholder farming systems
  • COVID-19 pandemic: impacts on the achievements of Sustainable Development Goals in Africa
  • Explicit knowledge networks and their relationship with productivity in SMEs
  • Intellectual property issues in artificial intelligence: specific reference to the service sector
  • Africa RISING publishes a livestock feed and forage production manual for Ethiopia
  • Transforming crop residues into a precious feed resource for small ruminants in northern Ghana
  • Photo report: West Africa project partners cap off 2020 with farmers field day events in Northern Ghana and Southern Mali

Tag Cloud

    africa African Agriculture Business Business model Business_Finance Company Crowdsourcing data Development East Africa economics Education Entrepreneur entrepreneurs Entrepreneurship ethiopia ghana Health_Medical_Pharma ict Information technology Innovation kenya knowledge Knowledge Management Leadership marketing mobile Mobile phone nigeria Open innovation Organization Research rwanda science Science and technology studies social enterprise social entrepreneurship south africa Strategic management strategy tanzania Technology Technology_Internet uganda

Categories

Archives

  • A review on biomass-based hydrogen production for renewable energy supply 1k views
  • Can blockchain disrupt gender inequality? 795 views
  • Apply Now: $500,000 for Your Big Data Innovations in Agriculture 791 views
  • Test Your Value Proposition: Supercharge Lean Startup and CustDev Principles 749 views
  • Prize-winning projects promote healthier eating, smarter crop investments 721 views

Copyright © 2005-2020 Innovation Africa Theme created by PWT. Powered by WordPress.org