ITWeb Africa recently featured IRRI-AfricaRice, the Third Place Winner of the Milken-Motsepe Prize in AgriTech. In this article, Venuprasad Ramaiah, PhD, head of the International Rice Greenbank at the International Rice Research Institute (IRRI), details the importance of growing flood-tolerant rice varieties across Africa. Read the full article here.
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Why FinTech?
In emerging and frontier markets, particularly in rural areas, small and medium enterprises (SMEs), including micro-enterprises (MSMEs), are the backbone of local economies. These enterprises, which represent over 90 percent of all global businesses, contribute to nearly 40 percent of gross domestic product in such economies. In Sub-Saharan Africa, SMEs represent approximately 95 percent of all registered businesses and are drivers of economic progress. Small and Medium Enterprises (SMEs) play an instrumental role in advancing sustainable development goals (SDGs). They create jobs, reduce poverty, empower women, innovate, and adopt eco-friendly practices, contributing to economic growth, gender equality, and environmental sustainability. However, SMEs in African markets encounter obstacles when it comes to accessing capital and financial services. With limited access to digital tools, such as internet connectivity and modern software, small businesses face hurdles in conducting transactions efficiently. Additionally, the high costs associated with financial transactions, coupled with stringent identification requirements,
May 17, 2024
