Banking on Africa - Possible Policy Recommendations Poll
Your Country *
Financial Inclusion Recommendations
FI.1. Government to subsidise the importation of mobile devices into the market, promoting low-cost mobile devices *
FI.2. Accelerate efforts to reduce the cost of internet access, through policy and regulatory frameworks which incentivise competition and the lowering of prices. *
FI.3.Promote general literacy together with financial literacy programmes in low-income communities. *
FI.3a. Financial literacy programmes should be targeted to SMEs as a priority *
FI.3b. Financial Literacy programmes should promote trust and a culture of a saving *
FI.3c. Engage Community Based Organisations and Schools when rolling out financial literacy training programmes in low-income communities *
Any other thoughts pertaining to Financial Inclusion?
Your answer
Technology, Innovation and Data Recommendations
T.1. Promote broader access of innovators to Financial Innovation Accelerator laboratories, by entering into partnerships between public and private innovation laboratories and funders *
T.2. Financial Innovation Accelerator Programmes to incentivise the development of USSD services *
T.3. Fintech laboratories to promote Business Management training, to build the skills of new innovators. *
T.4. Government and the Financial institutions need to consider the sharing of transactional data to facilitate the ease of doing business among the low-income segment, in particular to understand the transactional preferences of this group. *
T.5. Incentivise large cloud service providers to set up local facilities, supporting local businesses under local regulations. *
T6. Review the issue of access to National Identity Verification databases, in scenarios where consent is given from the individual concerned *
T.7. Promote big data collection in the low-segment area with greater distribution of affordable mobile devices and internet access *
T.8. Government in partnership with financial institutions to conduct representative surveys to determine accurate product/service requirements of the low-income segment *
Any other thoughts pertaining to Technology, Innovation and Data
Your answer
Regulation Recommendations
R.1. Regulators to adopt RegTech and Regulation Laboratories to support evidence-based regulatory reforms, to adequately balance risks against the need for innovation promoting financial inclusion and fintech development in general. *
R.2. Ensure that those implementing the regulatory framework are adequately trained by professional bodies *
R.3. Regulators to assist and train financial service providers in understanding the regulatory framework *
Any other thoughts pertaining to Regulation?
Your answer
Fair Competition Recommendations
FC.1. Using examples from China, the public sector should encourage public private partnerships between the banking sector and fintech entrepreneurs locally, and promote opportunities for foreign fintech providers to engage and partner with local fintech operators. *
FC.2. Financial service providers should be encouraged to partner with Fintech providers who provide a comparative advantage *
FC.3. The state should guard against the concentration of financial services amongst a few financial institutions by regulating mergers and acquisitions *
FC.4. Promote safeguards for preserving the integrity of small financial institutions, through Central Banks offering financial guarantees *
Any other thoughts pertaining to Fair Competition in the Financial Sector?
Your answer
Partnerships with China - Recommendations
C.1. Chinese investment in African businesses should be coupled with skill sharing activities and access to Chinese Fintech Accelerator Laboratories *
C.2. Government and Financial institutions should create conditions to allow Chinese and African partners to facilitate communication in Chinese, English, French and Portuguese for Eastern and Southern Africa *
C.3. Target foreign investment and provide training towards Fintech Innovation Labs in Southern and Eastern Africa *
C.4. Chinese companies should prepare to share intellectual property, when partnering in the region *
C.5. Promote innovations in micro-lending, savings, investments and insurance through targeted partnerships with Chinese experts and Chinese Financial Institutions *
Any other thoughts pertaining to Partnering with Chinese firms?
Your answer
Final thoughts
Any final comments you would like to share?
Your answer
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