Building Inclusive Payment Ecosystems in Tanzania and Ghana

Over the past decade, financial services for the poor have undergone a dramatic transformation. For years, financial institutions like banks and microfinance institutions (MFIs) struggled to sustainably serve the world’s poor. But advances in techn...

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Main Authors:	Mattern, Max, McKay, Claudia
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2018
Subjects:	MOBILE MONEY SMALL AND MEDIUM ENTERPRISES MICROFINANCE FINTECH FINANCIAL CONSUMER PROTECTION
Online Access:	http://documents.worldbank.org/curated/en/663171533185481164/Building-inclusive-payment-ecosystems-in-Tanzania-and-Ghana http://hdl.handle.net/10986/30274

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recordtype	oai_dc
spelling	okr-10986-302742021-05-25T10:54:40Z Building Inclusive Payment Ecosystems in Tanzania and Ghana Mattern, Max McKay, Claudia MOBILE MONEY SMALL AND MEDIUM ENTERPRISES MICROFINANCE FINTECH FINANCIAL CONSUMER PROTECTION Over the past decade, financial services for the poor have undergone a dramatic transformation. For years, financial institutions like banks and microfinance institutions (MFIs) struggled to sustainably serve the world’s poor. But advances in technology have led to innovative business models, and with them, new opportunities for expanding the reach of financial services. At the heart of this financial transformation is the rise of digital payments services through which nearly any individual or business can send or receive money in real time for almost any purpose and from nearly anywhere in the country, an inclusive payment ecosystem. Overall, the main message that emerges from a review of both country experiences is that interoperability is important, but it is best pursued in mature markets. Engagement with industry is important, and regulators should be cautious when mandating interoperability so as not to hinder early investment. Stakeholders need to focus on governance and business rules, as was the case in the year-long negotiations between providers in Tanzania, and not just the technical implementation, which is currently the overwhelming focus in Ghana. As both markets continue to mature, it will be important to monitor the Tanzanian and Ghanaian experiences in the years to come to fully understand the impact of interoperability on DFS. 2018-08-21T19:51:29Z 2018-08-21T19:51:29Z 2018-06 Brief http://documents.worldbank.org/curated/en/663171533185481164/Building-inclusive-payment-ecosystems-in-Tanzania-and-Ghana http://hdl.handle.net/10986/30274 English CGAP Focus Note;No. 110 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Brief Africa Ghana Tanzania
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	MOBILE MONEY SMALL AND MEDIUM ENTERPRISES MICROFINANCE FINTECH FINANCIAL CONSUMER PROTECTION
spellingShingle	MOBILE MONEY SMALL AND MEDIUM ENTERPRISES MICROFINANCE FINTECH FINANCIAL CONSUMER PROTECTION Mattern, Max McKay, Claudia Building Inclusive Payment Ecosystems in Tanzania and Ghana
geographic_facet	Africa Ghana Tanzania
relation	CGAP Focus Note;No. 110
description	Over the past decade, financial services for the poor have undergone a dramatic transformation. For years, financial institutions like banks and microfinance institutions (MFIs) struggled to sustainably serve the world’s poor. But advances in technology have led to innovative business models, and with them, new opportunities for expanding the reach of financial services. At the heart of this financial transformation is the rise of digital payments services through which nearly any individual or business can send or receive money in real time for almost any purpose and from nearly anywhere in the country, an inclusive payment ecosystem. Overall, the main message that emerges from a review of both country experiences is that interoperability is important, but it is best pursued in mature markets. Engagement with industry is important, and regulators should be cautious when mandating interoperability so as not to hinder early investment. Stakeholders need to focus on governance and business rules, as was the case in the year-long negotiations between providers in Tanzania, and not just the technical implementation, which is currently the overwhelming focus in Ghana. As both markets continue to mature, it will be important to monitor the Tanzanian and Ghanaian experiences in the years to come to fully understand the impact of interoperability on DFS.
format	Brief
author	Mattern, Max McKay, Claudia
author_facet	Mattern, Max McKay, Claudia
author_sort	Mattern, Max
title	Building Inclusive Payment Ecosystems in Tanzania and Ghana
title_short	Building Inclusive Payment Ecosystems in Tanzania and Ghana
title_full	Building Inclusive Payment Ecosystems in Tanzania and Ghana
title_fullStr	Building Inclusive Payment Ecosystems in Tanzania and Ghana
title_full_unstemmed	Building Inclusive Payment Ecosystems in Tanzania and Ghana
title_sort	building inclusive payment ecosystems in tanzania and ghana
publisher	World Bank, Washington, DC
publishDate	2018
url	http://documents.worldbank.org/curated/en/663171533185481164/Building-inclusive-payment-ecosystems-in-Tanzania-and-Ghana http://hdl.handle.net/10986/30274
_version_	1764471584224968704

Building Inclusive Payment Ecosystems in Tanzania and Ghana

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