Banks: Small is Beautiful

Efam Dovi asks at African Renewal:

What if wealthy Africans decided to invest their earnings in Africa instead of overseas? What if the 80 per cent of Africans who don’t have bank accounts were able to use financial services? And, what if African governments were able to invest their money in ways that will produce more goods and services?...The answer, says Samuel Gayi(of UNCTAD), is that “rates of savings [would] go up significantly and Africa could perhaps meet more of its own needs.” Turning Africa’s hidden homegrown wealth into profitable investments, however, will require new thinking and innovative policies by bankers and government officials alike...[continue reading]