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ICTs for Financial Services in Africa

ACCESS TO CAPITAL ADVERTISING ASSETS BACK-END SYSTEMS BANK ACCOUNT BANK ACCOUNTS BANKING INDUSTRY BANKING SECTOR BANKING SERVICE BANKING SERVICES BANKING TECHNOLOGY BARRIER BENEFICIARIES BEST PRACTICE BILL PAYMENTS BRANCH BANKING BROADBAND BUSINESS ENVIRONMENT BUSINESS MODELS BUSINESSES CAPABILITIES CENTRAL BANK CENTRAL BANKS COLLATERAL COLLATERAL REGISTRIES COLLATERAL REGISTRY COMMERCIAL BANK COMMERCIAL BANKS COMMUNICATION TECHNOLOGIES COMMUNICATIONS INFRASTRUCTURE COMPETITIVENESS CONSUMER ACCEPTANCE CONSUMER PROTECTION CORRUPTION COST REDUCTIONS CREDIT BUREAU CREDIT BUREAUS CREDIT CARD CREDIT-WORTHINESS CREDITWORTHINESS CUSTOMER IDENTIFICATION CUSTOMER LOYALTY CUSTOMER SERVICES DATA CORRUPTION DATA POLICIES DATA STORAGE DATABASE SYSTEM DEPOSIT DEPOSITORS DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DIGITAL DIVIDE ELECTRONIC CASH EXISTING FINANCIAL SERVICES FIBRE OPTIC FINANCIAL ACCOUNTS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL SECTOR FINANCIAL SERVICE FINANCIAL SERVICES FORMAL FINANCIAL SERVICES FRAUD FUNCTIONALITY GLOBAL ECONOMY GOVERNMENT BACKING GOVERNMENT SERVICES ICT ID IDENTIFICATION IDENTIFICATION REQUIREMENTS INCOME INFORMAL ECONOMY INFORMATION SERVICES INITIATIVE INNOVATION INNOVATIONS INSURANCE INSURANCE PRODUCTS INTERNET ACCESS INTEROPERABILITY ISLAMIC FINANCE JOB CREATION LACK OF CREDIT LENDERS LIMITED ACCESS LIQUIDITY LIQUIDITY MANAGEMENT LOAN LOAN GUARANTEE LOAN GUARANTEES MARKET COMPETITION MARKET DOMINANCE MARKET ENTRY MARKET INFORMATION MARKET PLAYERS MARKET STRUCTURE MARKETING MATURITY MEDIA MENU MICRO-INSURANCE MICROFINANCE MICROFINANCE INSTITUTIONS MOBILE BANKING MOBILE COMMUNICATIONS MOBILE NETWORK MOBILE PAYMENT SYSTEMS MOBILE PHONES MOBILE SOCIETY MOBILE TELEPHONY MOBILE TRANSACTION MONEY TRANSFER MONOPOLIES NATURAL RESOURCES NETWORK TECHNOLOGY NETWORKS NEW PRODUCT NEW PRODUCTS OPEN NETWORK PAYMENT DATA PAYMENT SERVICES PAYMENT SYSTEMS PAYMENTS SERVICES PDF PEER-TO-PEER PORTFOLIO PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PRODUCT DESIGNS PRODUCT DEVELOPMENT PROVIDENT FUNDS PUBLIC INVESTMENT REGIONAL TRADE REGISTRIES REGISTRY REGULAR PAYMENTS REGULATORS REGULATORY FRAMEWORKS REGULATORY STRUCTURE REMITTANCES RETAIL OUTLETS RETAIL PAYMENTS SAVINGS SERVICE DELIVERY SERVICE PROVISION SERVICES INFRASTRUCTURE SMALL BUSINESS SMALL BUSINESSES SYSTEMIC RISKS TAX TECHNOLOGICAL CHANGE TELECOMMUNICATION TELECOMMUNICATIONS TIME-TO-MARKET TRADITIONAL BANK TRADITIONAL CREDIT TRANSACTION TRANSACTION COSTS TRANSMISSION TRANSPARENCY TRUST FUND USER USER INTERFACE USERS VERIFICATION
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World Bank, Washington, DC
Africa
2014-07-23T22:14:41Z | 2014-07-23T22:14:41Z | 2014

The second most populous continent in the world and with abundant natural resources, Africa continues to grow as the world's economy currently stands on shaky ground. However, steady GDP gains are sometimes obscured by the continent's economic, political and social problems. As Africa grows and becomes more tightly integrated with the global economy, its citizens and businesses increasingly need access to financial services tools that will allow them to compete. ICT is one avenue for increasing that access as ICT and financial services complement each other. ICTs allow for greater financial inclusion, and the financial services sector is a primary driver of communications and network technology. However, the financial services sector has distinct developmental challenges. Issues of trust, consumer protection, and network systemic risks that can slow the pace of progress require clear and strong regulations. The need for policy and regulatory development is made more difficult by the speed of technological change. Nevertheless, strategic intervention through policy or public investment can play a critical role in addressing the challenges faced by the financial services sector.

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