In 2012, the female completion rate for primary education in Guinea was only 61.5 percent. In some rural areas, this number was as low as 34 percent. Furthermore, the secondary school participation rate was around 40 percent for male students, compared to less than 26 percent for their female peers.
UNICEF, USAID, and other humanitarian organizations have introduced grassroots programs promoting girls’ education in Guinea. Programs include COMEF, which encourages mothers to become advocates for their daughters’ schooling. UNICEF championed the Accelerated Girls Education Initiative, which sought to increase enrollment rates but also the quality of girls’ education in Guinea. Many of these initiatives have made great strides with gender equity since Guinea is second in the region only to Ghana in terms of gender equity in the schooling system. Yet, large disparities still exist, and many young girls face hurdles in the effort to obtain an education.
Barriers to girls’ education
Perhaps the largest barrier to girls’ education in Guinea is the deep-rooted sense of tradition and culture. In the type of cultured place as Guniea is, women are often viewed as solely mothers and housemakers. Such values often outweigh the perceived benefits for girls’ educational attainment, particularly in rural regions. It is a common belief that if a girl is educated, she will leave the home and lose her morals, making marriage and reproduction more difficult. Teen marriage in Guinea is very common- between 2008 and 2012, nearly 36 percent of teen girls were married. Thus, many girls drop out of school in favor of household chores that include watching younger siblings, cooking, marriage, and childbearing.
These traditional views create a dangerous cycle of illiteracy. Illiterate mothers are less likely to become advocates of their own daughter’s schooling. Programs have been established that encourage mothers to learn more about the importance of their daughter’s schooling and help them to become champions of girls’ education in Guinea. Through this participation and self-growth, mothers can become better role models for other mothers and their daughters.
Boys’ education is viewed more favorably by local communities, often being described as a “better investment.” This deep, systemic gender bias is very difficult to overcome. Parents that face limited resources and may only send one child to school will undoubtedly choose a son. Not only is boys’ education prioritized, but boys also face fewer challenges at school, such as exploitation, violence, and sexual assault.
Problems in schools
Female students in Guinea are often subject to sexual assault, abuse, and exploitation. Instances of teachers demanding sexual favors in return for passing marks, even if previously merited by student’s academic work, are way too common. Often there are no repercussions for the guilty teacher save a slap on the wrist. To ensure that girls have a safe learning environment, there must be codes of conduct for all teachers and strict ramifications for such behaviors, including loss of job and inability to be hired at any other institution.
Girls also face a risk to security due to lack of proper sanitation facilities. According to the United Nations Children’s Fund, an estimated 10 percent of school-aged girls in Africa skip school during women’s period or drop out due to lack of adequate facilities. With a slight improvement in sanitation in Guinean schools from 1997 to 2002, enrollment rates for girls increased 17 percent. Many schools still lack proper bathrooms with many lacking separate toilets for boys and girls and others missing complete privacy measures including cracked windows and broken doors.
There is a strong correlation between the number of female students in schools and the number of female teachers at that school. In 2017, less than half of the primary school teachers and only 30 percent of secondary teachers were female. Having a female teacher not only makes young girls feel safe in the classroom but also gives them a positive role model, making them empowered and motivated to finish their own schooling.
Effects of education
Education is a powerful weapon and shield for young girls. It protects them against child labor, increases participation in the workforce, increases earning capacity, decreases early marriage, and reduces infant and child mortality while also having positive effects on child nutrition. Educated women are more likely to understand their rights and how to exercise them socially, politically and economically. Finally, girls’ education can create a positive cycle meaning that educated mothers are more likely to enroll their own daughters in school and promote higher levels of educational attainment.
While Guinea has made significant progress in terms of girls’ educational availability, improvement is still needed. Support from government officials, religious leaders, and local community leaders may help to eradicate the traditional and apathetic view of girls’ education. Protecting girls against gender-based violence and sexual abuse and securing adequate sanitation facilities will create a safe learning environment. Increased representation of female teachers will promote female empowerment. If these main barriers to girls’ education in Guinea are eradicated then enrollment and completion rates will skyrocket.
– Jessie Serody
Photo: Flickr
Five Ways The World Bank is Helping Lebanon
Lebanon is a country located in the Middle East, facing the Mediterranean Sea and bordering Syria, Jordan and Israel. Lebanon’s biggest obstacle is its proximity to the Syrian Conflict, which has economically hindered Lebanon. According to The World Bank, poverty is predicted to worsen; approximately 200,000 Lebanese were forced into poverty due to the Syrian Crisis. Fortunately, The World Bank is helping Lebanon progress as a sovereign state.
Five Ways the World Bank Helps Lebanon
1. The World Bank financially supports the implementation of the Greater Beirut Water Supply Project.
The World Bank is helping Lebanon by advancing its infrastructure. Due to the high volume of refugees in Beirut, there have been many problems with accessing clean water. Several areas surrounding Beirut do not have safe, drinkable water. This project provides clean water to low-income neighborhoods in Beirut, the capital of Lebanon. The initiative was approved on June 15, 2018, and the project will end on November 30, 2020.
2. The World Bank is leading a $400 million project to increase employment opportunities.
The World Bank is helping Lebanon with their economy, which came to a standstill after the displacement of Syrian refugees. About 1.1 million Syrian refugees are living in Lebanon currently, which is 25 percent of its population. This project is called “Creating Economic Opportunities in Support of the Lebanon National Jobs Program” and will create 52,000 permanent jobs and 12,000 temporary jobs. This will definitely increase career opportunities throughout the country as well as increase employment so that individuals can improve their livelihoods.
3. The World Bank is one of the main creators of the “Lebanon Youth Advisory Group”.
The World Bank is helping Lebanon by empowering and engaging its youth. The Youth Advisory Group (YAG) acts as a liaison between the younger population of Lebanon and The World Bank. Young adults between the ages of 20-25 join YAG and discuss how The World Bank’s influence affecting the youth. YAG participates in the decision-making process for new initiatives spearheaded by The World Bank, who actively converses with the organization to start new projects. YAG provides students and young adults a voice within the education and political systems.
4. The World Bank funds The Greater Beirut Public Transport Project.
The Greater Beirut Public Transport Project will “improve the speed, quality and accessibility of public transportation for passengers in the Greater Beirut Area”. The World Bank continues to support Lebanon’s infrastructure. Access to the city allows individuals to travel to work. It also permits individuals to move from place to place at an inexpensive cost; this will increase accessibility to the city, which could potentially have economic benefits. Safety is also a priority within this initiative, therefore, it will also fund pedestrian bridges and crossings. Overall, the project will offer a more secure and accessible urban environment for the people of Beirut.
5. The World Bank approved the Land Administration System Modernization Project in Lebanon.
The Land Administration System Modernization Project costs about $43 million and it will make the retrieval of property rights data and land use information much easier to attain. The objective of this project is to facilitate processes related to Property Valuation and State Land Management. Ultimately, this intelligence will provide insight for all “planning and value-adding services in the nation”. This project is a victory for institutional transparency and development.
The World Bank is helping Lebanon improve their infrastructure, employment rates, political systems and beyond. It continues to better Lebanon so that it can thrive economically. Lebanon is currently facing a multitude of issues, yet The World Bank has been an important ally in their struggles. They have been a crucial ally to Lebanon in this time, as the projects above reflect.
– Diana Hallisey
Photo: Flickr
Top 10 Facts About Poverty in Serbia
Serbia officially became an independent nation in 2006, following the split of the country known as Serbia and Montenegro. Being a newly independent country, it faces the challenges of poverty and unemployment. Nonetheless, progress is being made, as these top 10 facts about poverty in Serbia are showing:
While poverty remains an issue in Serbia, action is certainly being taken to counter it, especially through joining the EU. The standards that the EU holds for its members encourage a better economy and quality of life for its citizens. In the past, most countries have seen economic growth as a result of this same process. Evidently, in these top facts about poverty in Serbia, Serbian poverty shows promise of slowing down.
– Massarath Fatima
Photo: Pexels
Updated: May 29, 2024
US Benefits From Foreign Aid to Micronesia
The U.S. benefits from foreign aid to Micronesia in many ways, including an increase in trade as well as domestic and global security.
There are four basic income levels. Level 1 is extreme poverty described as the situation in which the family can barely afford to eat and must get water from wells. Level 2 is lower-middle income meaning the family can afford decent food and shoes. Level 3 is upper-middle income that means the family can afford running water and basic appliances. Level 4 is high income- family can afford a nice house and cars.
Micronesia is a Level 2 country, whereas the U.S. is a Level 4 country. The U.S. is in a position to help Micronesia’s economy grow and has been doing so since the Compact Free Association between the two countries was signed on July 18, 1947. Under the Compact, the two governments agreed to cooperate in mutual interest. Micronesia has been benefiting from this aid immensely and from the other side, the U.S. benefits from foreign aid to Micronesia have been equally impressive, including trade and security.
Increased trade between two countries
Whether an individual or country, the more money someone has, the more goods that someone can afford to buy. Furthermore, richer countries are more willing to trade with other countries. This trade lifts people out of poverty by letting the citizens of the poorer country gain access to more markets and sell more goods to richer customers. The newly-enriched people can then buy more expensive products. Thus, people in both countries continue buying from each other and both make money in the process.
The U.S. spent $49.9 million on foreign aid to Micronesia in 2016. This money enabled Micronesians to trade with the U.S. and other countries as well. Micronesia currently exports 26.6 percent of its GDP and has a total merchandise trade value (both imports and exports) of 74.3 percent of its GDP. The export rate is stable and the increase in the merchandise trade rate shows no sign of stopping.
Increased security for both countries
As one of the key features of the Compact Free Association, the U.S. provides defensive forces to help protect Micronesia. In return, Micronesians are free to join the U.S. military. This arrangement allows the U.S. to station military personnel near the East and South China Seas, where the majority of Asian trade and one-third of global trade takes place. As a result, the U.S. has a constant military presence in the area and can keep an eye on Chinese trade transactions, as well as 50 percent of the planet’s energy commerce.
Unfortunately, Micronesia wishes to end the Compact Free Association this year, stating that it heavily favors the U.S. If the Compact were to end, Micronesia could fall under the growing influence of China. This could make Micronesia a pawn in China’s plan to secure the China Seas and keep the U.S. out of these waters, ensuring that China can accomplish its military and national goals. In addition to undoing the U.S. benefits from foreign aid to Micronesia, this would leave nearby U.S. territories, such as Guam and American Samoa, exposed and vulnerable.
Additionally, the U.S. would be cut out of a crucial trade route to Euroasia. This means that the U.S. would have to find other and possibly longer trade routes. The fact that U.S. goods would take longer to get to their trade partners would result in a higher price of those goods. The final recipients of the goods would be unwilling to pay such prices since they were used to getting these goods at lower prices. This would lead them to reconsider their overall trade relationship with the U.S.
Ways in which the U.S. benefits from foreign aid to Micronesia cannot be overstated. Giving Micronesia more money means that Micronesians can afford to buy more American goods, resulting in the increased trade. Furthermore, it increases security for both countries by strengthening Micronesia’s overall relationship with the U.S. Both of these factors motivate the U.S. to continue helping Micronesia and, ultimately, both countries are better off with it.
– Cassie Parvaz
Photo: Flickr
Girls’ Education in Guinea: Breaking Barriers
UNICEF, USAID, and other humanitarian organizations have introduced grassroots programs promoting girls’ education in Guinea. Programs include COMEF, which encourages mothers to become advocates for their daughters’ schooling. UNICEF championed the Accelerated Girls Education Initiative, which sought to increase enrollment rates but also the quality of girls’ education in Guinea. Many of these initiatives have made great strides with gender equity since Guinea is second in the region only to Ghana in terms of gender equity in the schooling system. Yet, large disparities still exist, and many young girls face hurdles in the effort to obtain an education.
Barriers to girls’ education
Perhaps the largest barrier to girls’ education in Guinea is the deep-rooted sense of tradition and culture. In the type of cultured place as Guniea is, women are often viewed as solely mothers and housemakers. Such values often outweigh the perceived benefits for girls’ educational attainment, particularly in rural regions. It is a common belief that if a girl is educated, she will leave the home and lose her morals, making marriage and reproduction more difficult. Teen marriage in Guinea is very common- between 2008 and 2012, nearly 36 percent of teen girls were married. Thus, many girls drop out of school in favor of household chores that include watching younger siblings, cooking, marriage, and childbearing.
These traditional views create a dangerous cycle of illiteracy. Illiterate mothers are less likely to become advocates of their own daughter’s schooling. Programs have been established that encourage mothers to learn more about the importance of their daughter’s schooling and help them to become champions of girls’ education in Guinea. Through this participation and self-growth, mothers can become better role models for other mothers and their daughters.
Boys’ education is viewed more favorably by local communities, often being described as a “better investment.” This deep, systemic gender bias is very difficult to overcome. Parents that face limited resources and may only send one child to school will undoubtedly choose a son. Not only is boys’ education prioritized, but boys also face fewer challenges at school, such as exploitation, violence, and sexual assault.
Problems in schools
Female students in Guinea are often subject to sexual assault, abuse, and exploitation. Instances of teachers demanding sexual favors in return for passing marks, even if previously merited by student’s academic work, are way too common. Often there are no repercussions for the guilty teacher save a slap on the wrist. To ensure that girls have a safe learning environment, there must be codes of conduct for all teachers and strict ramifications for such behaviors, including loss of job and inability to be hired at any other institution.
Girls also face a risk to security due to lack of proper sanitation facilities. According to the United Nations Children’s Fund, an estimated 10 percent of school-aged girls in Africa skip school during women’s period or drop out due to lack of adequate facilities. With a slight improvement in sanitation in Guinean schools from 1997 to 2002, enrollment rates for girls increased 17 percent. Many schools still lack proper bathrooms with many lacking separate toilets for boys and girls and others missing complete privacy measures including cracked windows and broken doors.
There is a strong correlation between the number of female students in schools and the number of female teachers at that school. In 2017, less than half of the primary school teachers and only 30 percent of secondary teachers were female. Having a female teacher not only makes young girls feel safe in the classroom but also gives them a positive role model, making them empowered and motivated to finish their own schooling.
Effects of education
Education is a powerful weapon and shield for young girls. It protects them against child labor, increases participation in the workforce, increases earning capacity, decreases early marriage, and reduces infant and child mortality while also having positive effects on child nutrition. Educated women are more likely to understand their rights and how to exercise them socially, politically and economically. Finally, girls’ education can create a positive cycle meaning that educated mothers are more likely to enroll their own daughters in school and promote higher levels of educational attainment.
While Guinea has made significant progress in terms of girls’ educational availability, improvement is still needed. Support from government officials, religious leaders, and local community leaders may help to eradicate the traditional and apathetic view of girls’ education. Protecting girls against gender-based violence and sexual abuse and securing adequate sanitation facilities will create a safe learning environment. Increased representation of female teachers will promote female empowerment. If these main barriers to girls’ education in Guinea are eradicated then enrollment and completion rates will skyrocket.
– Jessie Serody
Photo: Flickr
Top 10 Facts About Human Rights in Chile
Chile was under an oppressive, military dictatorship from 1973 to 1990. Gen. Augusto Pinochet ruled the country and used the failings of the last presidency as a justification for the regime. The dictatorship was characterized by the “disappearances” of thousands of suspected leftists in the earliest months of the regime.
Chilean courts are still prosecuting people for their abuses during the military rule. Many of the perpetrators of human rights offenses have faced reduced sentences. This has resulted in miniscule punishments in comparison to the crimes. Chile is still recovering from its period of military rule.
However, the Chilean people are demanding a change. As a result, legislation is reflecting the demands of its people.
Facts About Human Rights in Chile
Fighting years against an oppressive government, the future of Chile is looking up. Human rights issues are being acknowledged and global organizations are holding Chile accountable. These facts about human rights in Chile show areas that need improvement, as well as cases in which positive strides are being made. Cases of discrimination are being acknowledged and challenged, preventing the government and companies from continuing prejudice.
– Stefanie Babb
Photo: Flickr
Amber Heard Is Helping Syrian Refugees
The actress has always been a strong advocate for the importance of charity work and helping those who are in need. Now, through a lot of time and dedication, Amber Heard is helping Syrian refugees that need medical attention by partnering with The Syrian American Medical Society (SAMS).
The Syrian American Medical Society
SAMS is an organization that provides medical relief to Syrian refugees by working on the front lines. The non-governmental organization (NGO) prides itself on being one of the most active and trusted organizations on the ground in Syria. Its main goal is to provide medical care to every patient who needs it.
SAMS is dedicated to providing these medical services all while promoting medical education in Syria with the assistance of hard-working humanitarians from around the globe. Its vision is to strengthen the medical community for Syria’s future. In 2017 alone, SAMS worked to provide more than 3.5 million health services to vulnerable populations, serving patients regardless of religious affiliation, race, ethnicity or political affiliation.
SAMS primarily operates in Syria, Jordan, Lebanon and Turkey where it has provided support to 110 medical facilities and over 3,000 personnel. Now, its programs are quickly expanding to other countries that are facing extreme poverty. For example, in 2016, it launched SAMS Global Response (SGR) to address the medical needs of vulnerable populations in Greece.
In 2017, SAMS expanded its operation to Egypt and Bangladesh where it set up to meet the increasing medical needs of those who have no access to health care. SAMS does what is called “medical missions” where it brings in skilled health professionals from around the world to provide life-saving care free of charge.
SAMS is a leader for advocacy and works closely with policymakers both within the United States and on the global level. It advocates increasing political action to help end the crisis in Syria and allow for the voices of its workers on the ground who continue to risk their safety to save the lives of the vulnerable. It advocates for:
Amber Heard Is Helping Syrian Refugees
SAMS asked Amber Heard to join its crew on a medical mission to help assist with the 660,000 displaced Syrians in a camp. “My biggest takeaway from this trip is the indelible mark left on my soul after spending a week on the ground here…” Heard spent a week in Jordan with SAMS to visit one of the largest camps for Syrian refugees, which also doubles as a rehabilitation center for those who have been injured.
Amber Heard is helping Syrian refugees by starting a fundraising campaign. During her trip to Jordan, Heard met a 12-year-old girl named Weam, who is in desperate need of medical assistance. She suffers from a disease called thalassemia, which means she needs blood transfusions every 20 days. This is an expense her family simply cannot afford. Weam had been receiving treatments from an NGO; unfortunately, due to budget cuts, the treatment had to stop. There are 12 more children that have to live with this disease who also need help.
Amber Heard is helping Syrian refugees by partnering with SAMS to offer a trip to the Aquaman premiere as well as a meet and greet with Heard and her co-star Jason Momoa. The money raised will be used to help treat the 12 children suffering from thalassemia in Jordan.
Amber Heard is using her influence to raise awareness of the important work being done by SAMS. With her fundraiser, 12 children will get the blood transfusions they need to fight thalassemia. Medical attention for Syrian refugees is an important cause, and thanks to people like Amber Heard and organization like SAMS, some of the suffering that these refugees are experiencing can be lessened.
– Olivia Hodges
Photo: Flickr
Ending Statelessness in India
These four million people could soon become stateless, which is an issue that The U.N. Refugee Agency (UNHCR) must look to solve if it plans to meet its goal of ending statelessness in India and throughout the world at large.
Legal Status is Being Threatened in India
March 24, 1971 was the cutoff date that the Indian government chose for proving legal status in Assam. Those that could not prove that they came to the state before this date—the day before Bangladesh declared its independence from Pakistan—would not be granted legal status in India.
The origin of the register is rooted in fear of the state’s Hindu-majority being altered by Muslim migrants. Now, the updated register almost solely excludes Bangladeshi refugees of the Bangladesh Liberation War, the majority of whom are Muslims.
The NRC has granted some family members citizenship while omitting others, bringing into question the accuracy of the list and the thoroughness of the identification process. The Government of India has stated that the Registry is not final; although, many had already been detained and separated from their families even prior to the publication of this updated Registry.
Those that lose citizenship will be stripped of the right to legally own land, work and vote in India. It has been reported that Bangladesh will not accept deportees; therefore, many of those that are at risk will wind up stateless and could be held in detention camps in India.
The UN Refugee Agency is Working to End Statelessness
If these four million people are not granted legal status in any capacity, this would mark a step backward for The U.N. Refugee Agency since it aims to end statelessness by 2024. An additional four million stateless in India would represent a 40 percent increase in the number of stateless people in the world, according to Agency estimates.
There are still many intangibles to be considered before the Agency decides on a course of action. However, the formation of a sound, national, legal framework for asylum has long been needed, particularly in states like Assam. “The lack of a national refugee protections framework is an obstacle to providing effective refugee protection,” according to the Agency. Asylum legislation could be a vehicle of enfranchisement for those that otherwise would become stateless.
Previously, India had always respected The UNHCR’s mandates. Now, the Agency is considering performing refugee status determinations (RSDs) for those left off of the list as well as also looking to advocate for the individuals at risk by reaching out to civil society.
In the past, The UNHCR has looked to generate discussion and awareness about refugee issues among the common populous, Indian academics, the media, human rights organizations and other nongovernmental organizations. Changing the perceptions of and rhetoric around asylum seekers in India could prove to be the most vital intervention that the Agency could take.
The U.N. Refugee Agency relies heavily on the contributions of member states to carry out its functions. Further contributions will be needed to prevent statelessness in India and help the people of Assam and throughout the world find a stable and safe home. While the task ahead is daunting, The UNHCR has already helped an estimated 50 million refugees in the 65 years they have been operating. With the necessary resources and with the cooperation of the Indian government, their goal for 2024 is achievable.
– Julius Long
Photo: Unsplash
Transparent Hands: Providing Life-Saving Healthcare in Pakistan
A study by the World Bank reported that 100 million people worldwide are forced to survive on merely $1.90 a day because of healthcare expenses for themselves or a family member. This problem is exacerbated in developing countries where healthcare services are underfunded and understaffed. Millions of families are being pushed into poverty for less than ideal care. Poverty is both a cause and consequence of poor health, especially in developing countries, which makes finding a solution crucial to ending the cycle of poverty caused by poor health. Affordable and accessible healthcare in Pakistan can help end this cycle.
Healthcare in Pakistan
Pakistan is one of the developing countries searching for a way to alleviate poverty for its citizens. Healthcare in Pakistan needs a great deal of improvement. In June 2016, the Ministry of Planning, Development and Reform found that 39 percent of the country lived in poverty. While poverty rates in the country are declining, there are still over 70 million Pakistanis living on less than $2 a day. The majority of families living on $2 a day do not have the resources to afford expensive life-saving treatment.
The problem is compounded by the lack of adequate care for the families that can afford health expenses. Less than 3 percent of Pakistan’s domestic budget is targeted towards healthcare, which has impeded medical research and infrastructure from flourishing. The public Pakistani healthcare system has a current backlog of more than 2 million people who are waiting to get surgery due to this lack of infrastructure and funding. Affordable and accessible healthcare is almost nonexistent for poor Pakistanis. This has motivated several non-governmental organizations (NGOs) within Pakistan to work to improve health care and make it more affordable.
Transparent Hands
One of the NGOs in Pakistan is Transparent Hands. Transparent Hands seeks to make life-saving surgery more affordable and accessible for poor Pakistanis by crowdfunding expensive surgeries and building medical camps where patients can receive these surgeries. Currently, the organization has performed 342 surgeries, spent over $350,000 and developed 25 medical camps that have served 8133 patients. Each of these surgeries has had a life-changing impact on different poor Pakistani families.
A representative for Transparent Hands told The Borgen Project that “most of the patients who reach us suffer from serious health conditions due to which they are unable to even perform their household chores. After they undergo surgical treatment, not only do they become active again, they also start working and earning for their family.”
As an example, they shared the story of a patient who actualized this incredible recovery process. “There was a patient who was unable to sit and walk due to Ankylosing Spondylitis. He was dependent on his family for every little need. After the surgery, he is not only able to walk and sit, but he has also started working and is now an independent person.” This alone shows how proper access to healthcare could have a positive impact on the economy.
Affordable and accessible surgery can change someone’s life for the better. It is crucial to bolster the efforts of organizations like Transparent Hands in order to expand their impact throughout the country. Transparent Hands plans to eventually expand their operations from the province of Punjab to all provinces of Pakistan. Affordable and accessible healthcare in Pakistan will help 70 million Pakistanis escape the devastating cycle of poverty and poor health.
– Anand Tayal
Photo: Flickr
Fintech Startups in The Middle East
Fintech and The Middle East
Fintech startups aim to provide a large range of financial solutions using technology. Therefore, financial technology does not aim to replace banking systems; rather, financial technology startups aim to improve the customer experience surrounding banking and other financial services.
Often times, fintech startups address a diverse range of customer needs, whether it be educating them on the process of setting up a bank account or making investing easier to handle. While fintech startups provide differing services, one thing remains the same: fintech is using technology to make financial services more accessible to the general public.
In The Middle East, fintech startups are a new driving force to increase accessibility to the general public. With over fifty startups, fintech companies aim to foster greater financial inclusion. For example, one of the main obstacles for small business owners in The Middle East is gaining financial inclusion.
Startups, such as Ambareen Musa’s Souqalmal.com, address this need by connecting investors with small business owners. This refined database and algorithm allow small business owners to raise capital for a cheaper price while also allowing investors to gain better returns on their deals. Another fintech startup that has raised 20 million dollars in funding is PayTabs, which is an online payment processing solution that allows small businesses to add payment services to their sites.
Funding for Fintech
Funding for fintech startups is done through a combination of crowdsourcing (84 percent), allowing people with startup ideas to get funding from anywhere around the world, and government and industry support. Through crowdsourcing, startup founders can receive money faster than they would be able to from investors; as a result, their businesses can grow faster and have an impact on the public faster.
There is a 380 billion dollar market that is comprised of the world’s financially underserved consumers and businesses. Not only are there economic gains to be made through the rise of fintech but there are also large social gains. Furthermore, governments in The Middle East are contributing to the thriving fintech ecosystem by supporting regulations and initiatives such as accelerator programs.
For instance, The Bahrain Economic Development Board launched Fintech Hive in 2017, a fintech startup accelerator that funds and provides instrumental resources for fintech startups. Banks in The Middle East, particularly the UAE, have also started to adopt some of the digital solutions put forth by fintech startups.
With the public sectors of the government working together with the private sectors in the fintech industry, there is a powerful combination of forces working together to foster greater financial inclusion to those in The Middle East.
– Shefali Kumar
Photo: Flickr
Top 10 Facts About Education in Afghanistan
Facts About Education in Afghanistan
Much has improved in the last several years regarding education in Afghanistan. Hopefully, this text will inspire you, the reader, about the necessity and importance of continuing the work of groups like USAID in helping in much-needed areas and countries. With international aid and support, the gains that Afghanistan has made in recent years, in education and in other areas, will not be in vain.
– Raymond Terry
Photo: Flickr