Financial technology — or FinTech — is changing the financial sector on a global scale. It is also enabling the expansion of financial services to low-income families who have been unable to afford or access them. The possibilities and impact are vast, as is the potential to improve lives in developing countries.
The financial sector is beginning to operate differently; there are new ways to collect, process, and use information, which is the main currency in this sector. A completely new set of players is entering the business. All areas of finance — including payments and infrastructure, consumer and SME credit, and insurance — are thus changing.
A recent study on patient safety in Kenya revealed that less that 5% of health facilities, both public and private, have attained the minimum international standards of safety. Although such studies are rare, there is reason to believe that the same picture prevails in most of SS Africa.
One journalist used it as a data source for a story on solar energy in Makueni County. Another accessed the data for inclusion in a piece on sanitary napkin distribution in East Pokot. Development partners reported relying on the data to coordinate specific activities in the Central Highlands of Kenya. And this is to say nothing of the government users of the data managed by the Electronic Project Monitoring Information System for the Government of Kenya (e-ProMIS), Kenya’s automated information management system on development projects funded by both domestic and foreign resources.
A UNESCO report estimates that one in ten girls in Sub-Saharan Africa misses school during their menstrual cycle. By some estimates, this equals as much as twenty percent of a given school year.
Many girls drop out of school altogether once they begin menstruating. Should young women miss twenty percent of school days in a given year due to a lack of facilities or a lack of information or a lack of sanitary products?
Giant leaps in financial inclusion driven by private sector innovation and supportive regulation have made Kenya a case study in financial sector development. A new book brings together a group of academics to investigate the myriad of dimensions of and issues that lie beneath Kenya’s much-touted financial inclusion success story. The book is available at this link: Kenya’s Financial Transformation in the 21st Century.
Kenya: A World Leader in Financial Inclusion?
Headline figures from survey data place Kenya at the top of the financial inclusion index both regionally and globally. Data from the last Global Findex survey shows that 75% of Kenyan adults have a formal account that allows them to save, send or receive money. In 2014 Kenya outperformed both the global average and many middle-income countries such as Chile, Brazil, India, Mexico and Russia.
21 years is a long time. Long enough to raise a child and send him or her off to college. That is how long it has taken to get to the Paris Climate Agreement. The Paris Agreement does set a goal of holding the temperature increase to well below 2C and pursuing efforts to limit the increase to 1.5 C. The latter goal is in line with what credible scientists have been telling us for a long time (only a 1.5C goal may prevent long-term multi-meter sea level rise, as an example).
Much work remains to be done to ensure reliable electricity access for Africa's citizens. A number of complications are making it difficult to achieve this UN Sustainable Development Goal. Yet access rates are expanding in many nations, and technology and design improvements offer opportunities to make rapid leaps forward.
And while the World Bank’s Global Tracking Framework shows progress is being made to deliver electricity to those without, most of it is taking place in Asia. In Africa, it’s a different story.
- Lighting Africa
- electricity access
- Energy Efficiency
- renewable energy
- Energy Access
- Sustainable Energy for All
- sustainable development goals
- Sustainable Development
- Urban Development
- South Africa
- Burkina Faso
- Global Goals
In recent years, China’s presence in sub-Saharan Africa has risen rapidly. Many fear that China spells doom for the Kenyan economy. Producers of manufactured goods, for example, face more competition from China in both foreign and domestic markets. Others argue that China will exploit Kenya’s resources and leave it unable to industrialize. If the manufacturing sector fails to take off, it will be harder to move people out of poverty.