Thursday, February 7, 2013

ICT boost financial inclusion fourfold –World Bank



THE international financial institution, World Bank and the African union have said that Information and Communications Technology (ICT) and innovative business models have in the past helped the widening of financial inclusion.

The two international bodies, cited Kenya as a case study and made known that active bank accounts have grown fourfold since 2007, the growth they attribute to 17 million M-Pesa mobile money accounts in the country.

Commenting on this, Sustainable Development director for Africa region, Jamal Saghir noted that the internet and mobile phones are agents of transformation and development on the continent through the injection of new dynamism in key sectors.

According to Saghir, the challenge would be to improve on innovations and success stories for greater social and economic impacts across Africa over the next decade.

“Valuable and sustainable applications are most likely to develop within an environment that encourages experimentation,” Saghir disclosed emphasising that there is need for collaboration between technologists, entrepreneurs and development practitioners.

A report by the World Bank and the African Development Bank (AfDB) with the support of AU, titled ‘eTransform Africa’ explored the contributions of ICT to agriculture, climate change adaptation, education and health.

Other areas in which the report also touched include the continent’s regional trade and integration, highlighting the need to build a competitive ICT industry to boost innovation, job creation and the export potential of African companies.
 
Remmy Nweke/DSBNews
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