Financial Sector Development in Africa: Opportunities ... - World Bank

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72 Porteous a channel to a bank account) and mobile payments (where mobile is used to effect payment, whether or not a bank or bank account is involved)—see AFI (2010). 3. 4G technology has also been deployed in Africa: in April 2010, Kenya’s Safaricom announced plans to begin testing a 4G network in late 2010: see http://www.nation.co.ke/business/news/Kenyas%20Safaricom%20says%20 to%20test%204G%20later%20in%202010/-/1006/890190/-/j9u85pz/-/ index.html. 4. See http://www.wirelessintelligence.com/mobile-money, accessed August 20, 2010. 5. For more information, see FinAccess Kenya report 2009, available at http:// www.fsdkenya.org/finaccess/documents/09-06-10_FinAccess_FA09 _Report.pdf. 6. A recent cross-country survey in 18 African countries conducted by Gallup (Marlar 2010) showed that the percentage of adults with a bank account ranged from 1 percent in Niger to 49 percent in South Africa, although it was below 20 percent in 13 countries—this second figure is within the range that Honohan and Beck (2007) estimated for low-income countries. This is almost certainly lower than the percentage of people who have mobile subscriptions in these countries. 7. The lessons learned by MTN and Wizzit Banking have, however, been invaluable for informing rollouts elsewhere on the continent—whether by the MTN Group, by those using Wizzit technology, or by unconnected firms that have benefited by observing the experience of these early movers. 8. Ten of the 73 mobile money deployments list Fundamo as a technology partner. Note that the disproportionate influence on payment innovation extends to other niches too. South Africa–based Net1 is a leading proponent of smartcard-based payment systems, while South Africa–developed switching solutions such as Postilion are widely deployed in financial institutions worldwide. 9. In early South African deployments, this was apparently not the case, and MNOs shared keys with particular banks. 10. By comparison, the ratio in Europe and the Americas with an established fixed line infrastructure is more like 1:1. 11. As a promotion, Kenyan MNO Safaricom offered mobile data subscribers free access to Facebook for one weekend in September 2010. Clearly this type of social network has pulling power for potential clients. 12. PayPal announced its first deal with an African bank (First National Bank) in March 2010, enabling members in Africa to withdraw funds via the local bank. See FNB 2010.
Mobile Financial Services in Africa: The Next Generation 73 13. See “Send and Receive Payments Securely Worldwide,” https://www.paypal .com/us/cgi-bin/webscr?cmd=_display-approved-signup-countries-outside. 14. See http://www.gpfi.org/knowledge-bank/publications/g20-principlesinnovative-financial-inclusion. 15. In South Africa, SIM registration was first required on all new subscriptions from July 1, 2009, and on all existing subscribers by the end of 2010. 16. Of the 15 African countries responding to this question in the World Bank 2008 Payment System Survey, all reported having an RTGS, most set up since 2005, with the central bank as the operator in all cases. 17. Although none of the 20 African countries in the World Bank 2008 Payment System Survey reported that they lacked any formal powers of payment system oversight, only 10 had oversight powers under a specific payment system law, and the balance relied more on “general empowerment” or powers in the general central bank law (World Bank 2008, table 1.5). 18. See the summary of experience in Pickens, Porteous, and Rotman 2009. References AFI (Alliance for Financial Inclusion). 2010. Mobile Financial Services: Regulatory Approaches to Enable Access. http://www.afi-global.org/library/publications/ mobile-financial-services-regulatory-approaches-enable-access. Aker, Jenny, and Isaac M. Mbiti. 2010. “Mobile Phones and Economic Development in Africa.” CGD Working Paper 211, Center for Global Development, Washington, DC. www.cgdev.org/content/publications/detail/ 1424175. BFA (Bankable Frontier Associates). 2009. The Mzansi Bank Account Initiative in South Africa, Report for FinMark Trust. http://www.finmarktrust.org.za/ documents/R_Mzansi_BFA.pdf. ———. 2010a. Regulation and Supervision of Bank Channels in Kenya. Report for FSD Kenya. http://www.fsdkenya.org/pdf_documents/10-02-05_Regulation_ supervision_of_bank_channels.pdf. ———. 2010b. eZwich Case Study. Report for Third Windsor Regulators Forum on Regulating Branchless Banking, Windsor, United Kingdom. Bold, Chris. 2010. “MTN’s Recipe for Mobile Banking Success.” CGAP Technology Blog, March 3. http://technology.cgap.org/2010/03/03/mtn-recipe-for-mobilebanking-success/#more-2221. Cenfri. 2010. “Will RICA Facilitate the Development of Transformational Mobile Banking in South Africa?” www.cenfri.org.
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lic Disclosure Authorized Public Di
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Financial Sector Development in Afr
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Contents Foreword Acknowledgments E
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Contents vii PART III Safeguarding
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Contents ix 4.4 Size of Mortgage Lo
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xii Foreword In their own way, each
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xiv Acknowledgments led by Stefan N
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xvi Editors and Contributors of Acc
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xviii Editors and Contributors deve
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xx Abbreviations FSB FSD FSDT FSI G
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2 Beck and Maimbo to the bottom of
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4 Beck and Maimbo advocate a “bui
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CHAPTER 1 Microfinance in Africa Al
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Microfinance in Africa 9 Figure 1.1
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Microfinance in Africa 11 A Special
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Microfinance in Africa 13 Figure 1.
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Microfinance in Africa 15 Impedimen
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Microfinance in Africa 17 Figure 1.
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Microfinance in Africa 19 to physic
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Page 45 and 46: Microfinance in Africa 23 Some exam
Page 47 and 48: Table 1.2 Fanikisha Project Type of
Page 49 and 50: Microfinance in Africa 27 world reg
Page 51 and 52: Microfinance in Africa 29 implicitl
Page 53 and 54: Microfinance in Africa 31 Financial
Page 55 and 56: Microfinance in Africa 33 situation
Page 57 and 58: Microfinance in Africa 35 have yet
Page 59 and 60: Microfinance in Africa 37 9. This i
Page 61 and 62: Microfinance in Africa 39 Ehrbeck,
Page 63 and 64: CHAPTER 2 Mobile Financial Services
Page 65 and 66: Mobile Financial Services in Africa
Page 69 and 70: Table 2.2 African First- and Second
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Page 99 and 100: Table 2A.1 ID and SIM Registration
Page 101 and 102: 79 Guinea Yes http://fr.allafrica.c
Page 103: Togo Yes http://www.mediaf.org/fr/t
Page 106 and 107: 84 Coates and Hofmeister chains. It
Page 108 and 109: 86 Coates and Hofmeister unions in
Page 110 and 111: 88 Coates and Hofmeister trap for t
Page 112 and 113: 90 Coates and Hofmeister Sources of
Page 114 and 115: 92 Coates and Hofmeister Box 3.1 Ca
Page 116 and 117: 94 Coates and Hofmeister farm input
Page 118 and 119: 96 Coates and Hofmeister Technical
Page 120 and 121: 98 Coates and Hofmeister agree to b
Page 122 and 123: 100 Coates and Hofmeister Box 3.3 C
Page 124 and 125: 102 Coates and Hofmeister Attitudes
Page 126 and 127: 104 Coates and Hofmeister developin
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Page 130 and 131: 108 Coates and Hofmeister ———
Page 133 and 134: CHAPTER 4 Housing Finance Simon Wal
Page 135 and 136: Housing Finance 113 Figure 4.1 Mort
Page 137 and 138: Housing Finance 115 countries, down
Page 139 and 140: Housing Finance 117 • The housing
Page 141 and 142: Housing Finance 119 limited to a fe
Page 143 and 144: Housing Finance 121 housing and inf
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Housing Finance 123 borrowed by ext
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Housing Finance 125 Box 4.1 Afforda
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Housing Finance 127 Box 4.2 South A
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Housing Finance 129 the degree to w
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Housing Finance 131 markets is the
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Housing Finance 133 are unable to o
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Housing Finance 135 greenfield vent
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Housing Finance 137 Figure 4.5 Obst
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Housing Finance 139 changes in the
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Housing Finance 141 • Introduce a
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Housing Finance 143 Box 4.6 Progres
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Housing Finance 145 of the impact o
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Housing Finance 147 funds. Within s
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Housing Finance 149 Hassler, O., an
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CHAPTER 5 The Reform Agenda for Fin
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The Reform Agenda for Financial Reg
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PART IV Financial Sector Reform: Ac
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180 Dafe lack access to external in
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182 Dafe having a positive theory o
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184 Dafe In sum, high transaction c
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186 Dafe through the selective allo
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188 Dafe institutions of the indust
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190 Dafe the boundaries of informat
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192 Dafe range of examples of both
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194 Table 6.1 Period Since the end
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196 Dafe state-owned financial inst
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198 Dafe The degree of success, in
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200 Dafe Although the current conse
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202 Dafe The interdependence of the
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204 Dafe in the 1980s and 1990s wer
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206 Dafe Alternative Approaches to
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208 Table 6.2 Approach to explain/
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210 Dafe state-centered, and interd
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212 Dafe particularly important fac
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214 Dafe Table 6.3 (continued) Mana
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216 Dafe activism in the developing
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218 Dafe structures can undermine m
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220 Dafe Conclusion There is strong
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222 Dafe policy is not straightforw
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224 Dafe banks that open agents in
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226 Dafe Bankable Frontier Associat
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228 Dafe Goldsheid, R. 1958. “A S
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230 Dafe ———. 2001. Types of
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