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International Monetary Fund. African Dept.

remittances, a link to other banking products, mobile micro-insurance and loan disbursements and payments, however, are still less developed than in benchmark countries. While the potential for cross-border transaction is high, it not explored by most providers. Such services would require interoperability among different service networks, a feature which appears to be still relatively weak in the WAEMU, inter alia owing to regulatory constraints. For example, payment system providers are licensed on a national basis, making it difficult to expand into other WAEMU countries

Hector Perez-Saiz and Preya Sharma

underpinned by payment system providers and other financial market providers, as well as central banks and regulators. Financial innovation can improve the way the private and public sectors function. FinTech has the potential to strengthen and accelerate important gains in financial development achieved in sub-Saharan Africa over the past two decades. Financial liberalization, reform of monetary policy frameworks and instruments, and improvements in the institutional environment contributed to a significant expansion of banking activities and financial products. Some

Mr. Amadou N Sy, Mr. Rodolfo Maino, Mr. Alexander Massara, Hector Perez-Saiz, and Preya Sharma
FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.
International Monetary Fund

funds and make loans: Providers pay those who give them money, which they in turn lend or invest with the goal of making a profit on the difference between what they pay depositors and the amount they receive from borrowers. • Administer payment systems: Providers make it possible to transfer funds from payers to recipients and facilitate transactions and settlement of accounts through credit and debit cards, bank drafts such as checks, and electronic funds transfer. • Trade: Providers help companies buy and sell securities, foreign exchange, and derivatives

International Monetary Fund. Monetary and Capital Markets Department

Multilateral Memorandum of Understanding MSME Micro, Small, and Medium Size Enterprises NBG National Bank of Georgia NBG Law Organic Law of Georgia on the National Bank of Georgia NPL Nonperforming Loan NPS National Payment System NSFR Net Sta