Financial inclusion has not yet been fully achieved, especially in developing countries, leading to lost prosperity not only for individuals and SMEs but economies. In Nigeria, FirstBank has tackled the problem through innovative measures, including its agent banking network Firstmonie, which succeeds in including the previously excluded.
Crossing borders involves a myriad of challenges, including compliance with different tax regimes. Multinational enterprises, as the name implies, operate in multiple nations and face multiple tax regulations. International coordination of tax rules is crucial, especially as the digital economy grows, to address the inconsistencies and inequities of a patchwork system. In partnership with other organizations, the World Bank is working toward a more consistent and fair global taxation structure.
Despite claims from bankers to the contrary, data confirms that a gender-financing gap exists, especially in MENA countries, generating a drag on their economies. Female entrepreneurs are often more successful than their male counterparts but face more barriers to credit. The data highlights the problem but also the opportunities that banks are needlessly missing by not working more closely with female entrepreneurs, who have proven they are good for business.