Doing Business with the World - Mapeo de Promotores de RSE

Financial servicesfor the poorVodafoneIn Kenya, an estimated 80% of people areexcluded from financial services.However, as in other parts of Africa, therehas been a proliferation of mobilephones. In 1999 there were 15,000mobile phone subscribers, by 2006 therewere close to 8 million. By combining theneed for financial services with theopportunity provided by the everexpanding penetration of the mobilephone, Vodafone recently road-tested aservice called M-PESA. This allows mobilephone users to carry out banktransactions directly from their mobilephones. Users can transfer funds, consulttheir accounts, make payments, securemicro-loans and obtain bank statementsdirectly from their mobile phones. Inaddition, users can withdraw money fromapproved agents, usually store holderslicensed to carry small amounts of cash.The system has the advantage of beingcheap and easy to use. In addition, usersare not restricted to banking hours. It alsoreduces travel time by enabling users todo their banking wherever they are. Todate, some 95,000 people have signedup for the service. Vodafone stresses thatthis initiative is business-led. It seeks totap into what was previously anunexplored market. However, itrecognizes that this market has verydifferent needs from those of developedeconomies and has adapted its strategyaccordingly. The system has proved to besuccessful and Vodafone is now lookingto scale it up and roll it out elsewhere inthe developing world.Key challengeslimiting progressA lack of transparency andaccountability both on the part ofdonors and recipients remains achallenge to effective developmentfinancing. ODA is often accused ofcreating economic distortions withinrecipient countries. Aid flows need to bemonitored better using standardreporting tools. New aid donors haveemerged, some of whom are aidrecipients themselves, for example, theBRIC countries (Brazil, Russia, India andChina). Their aid activities are notreported in a comprehensive manner.The emergence of these new players ininternational aid increases the need forbetter coordination among donors.In some developing countries, lawsgoverning the operation of financialinstitutions have failed to keep pacewith technological change, includingInternet banking facilities,computerized international wiretransfers, or even mobile phonebanking, leading to high transactioncosts for financial services, especiallyfor the poor. 37In recent years, some developingcountries have begun to liberalizecapital flows and to relax foreignexchange controls. As a result, morecompanies from these countries havebegun to enter world capital marketsand broaden their sources of funding.In many emerging economies, furtherfinancial reforms will be needed toencourage more capital to flow.26There is a strong need for goodgovernance and favorable regulatoryframeworks, both on the part of donorsand recipients for financial flows, privateand official, to make a genuinecontribution to development. Investorsneed effective protection andcomprehensive and equitable taxationpolicies. In addition, attracting privatesector sources of finance requiresfavorable banking regulations andsound financial policies. The persistenceof corruption in many developingcountries remains a challenge to privateinvestment.