Paris Microfinance Network

ICT needs for Africa

Although Africa has realized tremendous growth in mobile phone use, e-banking services and e-commerce there remains significant ICT challenges. 'The Herald' in Zimbabwe recently published an article highlighting the African stats of a recent World Economic Forum ICT report describing the bleak performance of ICT in Africa. Sub-Saharan African countries rank very low on the top 120 country ranking in the report.

The WEF report was first launched in 2001 and has become a valuable and unique benchmarking tool to determine national ICT strengths and weaknesses, and to evaluate progress. It also highlights the continuing importance of ICT application and development for economic growth.

The WEF Report uses three component indexes which assess:
- environment for ICT offered by a country or community
- readiness of the community's key stakeholders (individuals, business and governments)
- usage of ICT among these stakeholders

Some of the challenges identified by African ICT experts include:
- Inadequate communications infrastructure;
- Lack of ICT facilities;
- Lack of ICT skills;
- Inadequate financial resources;
- Limited public-private sector partnerships;
- Lack of political commitment; and
- Lack of school ICT development programmes.

Microfinance for Ugandan Children

The Commercial Microfinance Bank of Uganda has just announced it is offering savings accounts for children. This type of program is a good incentive to learn about savings benefits at an early age. Children can start saving with only Sh1,000 (US$0.60) through the Commercial Micro Finance Bank's junior savings account. The account earns a 5% interest per annum, incurrs no transaction charges and money can be withdrawn at any time.

The program was launched at the Lungujja Playgrounds in Kampala - an obvious location to attract parents and children in an increasingly competitive banking environment.