Making Finance Work for Africa
Making Finance Work for Africa
The outcome has been targets that are being reached in areas such as access to financial services, lending to poorer sections of the population, enterprise development, procurement of services from small business, and the promotion of black management and direct ownership of banks.
"Banks in this country did not want low-income account holders. Now there are more than 3 million low income account holders, with the banks all participating voluntarily," he said. Other results of this drive for change include 16% black ownership of banks and 36% procurement of services from small business. "If we want people to feel part of growth, then the financial sector presents opportunities for a sense of sharing."
Li Ruogu, Chairman and President, Export-Import Bank of China, People's Republic of China, a Co-Chair of the World Economic Forum on Africa, said China’s investments in Africa are driven not by commercial considerations but by a desire to help Africa and produce a sustainable increase in local production. "Globalization without the active participation or involvement of Africa is not complete or fair."
He said capital is crucial to resolving Africa’s issues and urged developing countries to encourage debt relief and direct investment in Africa. Responding to a question from a Mozambican participant, Li said China would decide in the near future about investing in a hydroelectric scheme in that country.
Marilou Jane Uy, Sector Director, Africa Finance and Private Sector Development Department, World Bank, Washington DC, said Africa’s financial systems look much better than five years ago. The financial services landscape is changing, with the entry of new owners including foreign investors and regional banking groups such as those based in Nigeria and South Africa. Wireless and mobile phone technology is opening up access to financial services, with estimates that more than 200 million Africans will be mobile phone users by 2013.
Stefano Manservisi, Director-General, DG Development, European Commission, Brussels, said the 80 billion euros pledged by the G8 group of countries is not enough to meet Africa’s massive needs, but is nevertheless a lot of money. He said the European Commission seeks to promote good governance, increased long-term lending in local currencies and getting the public and private sectors to work in coordination. It also encourages regional regulation of and access to financial services.
From the floor, A. Michael Spence, Professor Emeritus, Stanford University, USA, said high levels of sustainable growth require high levels of savings and investment, reaching about 30% of gross domestic product.
Session moderator Lumkile Mondi, Executive Vice-President, Professional Services, and Chief Economist, Industrial Development Corporation (IDC), South Africa, asked for comments on corruption and poor practices at state-owned banks. This prompted Manuel to remark, to much laughter, that he might have to request an investigation of practices at the IDC, a state-owned financial institution.
Making Finance Work for Africa - To learn more about this author, visit World Economic Forum's Website.
Like this article? Share it with your friends
South Africa’s success in getting the financial sector to extend services to poorer communities could be adapted for other African countries, said Trevor Manuel, Minister of Finance of South Africa. He told participants that this is exactly what has been achieved by South Africa’s Financial Sector Charter. The charter was developed some four years ago by the financial sector, including banks and insurers, after the government urged it to transform its practices and policies.
The outcome has been targets that are being reached in areas such as access to financial services, lending to poorer sections of the population, enterprise development, procurement of services from small business, and the promotion of black management and direct ownership of banks.
"Banks in this country did not want low-income account holders. Now there are more than 3 million low income account holders, with the banks all participating voluntarily," he said. Other results of this drive for change include 16% black ownership of banks and 36% procurement of services from small business. "If we want people to feel part of growth, then the financial sector presents opportunities for a sense of sharing."
Li Ruogu, Chairman and President, Export-Import Bank of China, People's Republic of China, a Co-Chair of the World Economic Forum on Africa, said China’s investments in Africa are driven not by commercial considerations but by a desire to help Africa and produce a sustainable increase in local production. "Globalization without the active participation or involvement of Africa is not complete or fair."
He said capital is crucial to resolving Africa’s issues and urged developing countries to encourage debt relief and direct investment in Africa. Responding to a question from a Mozambican participant, Li said China would decide in the near future about investing in a hydroelectric scheme in that country.
Marilou Jane Uy, Sector Director, Africa Finance and Private Sector Development Department, World Bank, Washington DC, said Africa’s financial systems look much better than five years ago. The financial services landscape is changing, with the entry of new owners including foreign investors and regional banking groups such as those based in Nigeria and South Africa. Wireless and mobile phone technology is opening up access to financial services, with estimates that more than 200 million Africans will be mobile phone users by 2013.
Stefano Manservisi, Director-General, DG Development, European Commission, Brussels, said the 80 billion euros pledged by the G8 group of countries is not enough to meet Africa’s massive needs, but is nevertheless a lot of money. He said the European Commission seeks to promote good governance, increased long-term lending in local currencies and getting the public and private sectors to work in coordination. It also encourages regional regulation of and access to financial services.
From the floor, A. Michael Spence, Professor Emeritus, Stanford University, USA, said high levels of sustainable growth require high levels of savings and investment, reaching about 30% of gross domestic product.
Session moderator Lumkile Mondi, Executive Vice-President, Professional Services, and Chief Economist, Industrial Development Corporation (IDC), South Africa, asked for comments on corruption and poor practices at state-owned banks. This prompted Manuel to remark, to much laughter, that he might have to request an investigation of practices at the IDC, a state-owned financial institution.
Making Finance Work for Africa - To learn more about this author, visit World Economic Forum's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
|
For an online Car Loan Calculator and finance for a cheap car loan. Get approved on car loans or car finance in Australia with cheap bank car loans and finding a car finance broker. Commercial car loans including business car finance and car lease. Car Loan Calculator has information on finance companies and getting the right cheap car loan from banks at best car loan rates and a online car loan calculator for all finance in Australia. Get the best car finance with our help at Car Loan Calculator and Finance Ezi. - Visit Richard Jefferies's Website |
|||
Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
|||
Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
|||
Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
|||
Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to World's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
 |
||
 |
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Power of Concentration Essence of Leaders Instant Scripts Dismiss a Franchise Networking Road Warrior |
|
 | ||
 |
Top 50 Marketing Blogs
Top Marketing Blogs of 2010 | |
 |
Top 50 Franchising Blogs
Top 50 Franchising Blogs | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||
|
| ||||||||||
|
|
||||||||||