Developing Africa’s Financial Services

The Importance of High-Impact Entrepreneurship

Dana T. Redford

Emerald

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9781787141872

11 May 2017

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Africa is at a critical moment in its economic development. With the recent decline of commodity prices, it has become apparent that many African economies, which are resource-based, have suffered greatly. The economies of Africa cannot be lifted up only through programs of aid. Indigenous high-impact entrepreneurs are needed, as they know how to best inspire, act as role models for other Africans and serve their fellow entrepreneurs. Entrepreneurial ventures in the financial services sector hold special importance because of the role that they play in the entrepreneurship ecosystem. Financial services are an essential element in powering entrepreneurial activity beyond resource extraction, yet in most sub-Saharan African countries, the financial services sector is relatively nascent compared to developed markets. This book highlights how this is beginning to change. With contributions from leading scholars, it provides inspiring success stories of entrepreneurial financial sector ventures that are making a lasting contribution to the economic development of various sub-Saharan African countries as well as helping the reader understand larger macro-trends.

Introduction - Dana T. Redford PART 1: FRAMEWORK CHAPTERS 1. The Rise of Financial Services in Africa: an historical perspective - Grietjie Verhoef 2. High-Impact Entrepreneurship and its Importance in Sub-Saharan Africa - Dana T. Redford & Christian Wolf 3. Transforming Africa through Risk Management: Insurance Matters - Craig Churchill & Alice Merry 4. The Financial Ecosystem for High-Impact Entrepreneurship in French-Speaking sub-Saharan Africa - Colette A. Alla & Constant D. Beugré PART 2: CASE STUDIES OF HIGH-IMPACT ENTREPRENEURSHIP IN BANKING 5. Atlantico: A New Benchmark for Angolan Banking - Dana T. Redford 6. Equity Bank: From Humble Beginnings to Market Leader: A High-Impact Entrepreneurial Turnaround Story - David B. Zoogah & Christian Wolf 7: Fidelity: Ghana’s Banking Success Story - Kwaku Appiah-Adu & Christopher Boachie 8 Unico: a Unique Entrepreneurial Venture in Mozambique - Daniela Costa & Dana T. Redford PART 3: TRENDS AND DEVELOPMENTS 9. Jaiz: the Birth of Non-interest Banking in Nigeria - Vrajlal Sapovadia 10. Impact Investing: Building a Better Africa - Artur Kochinyan & Dana T. Redford 11. From Harambee to Modern Crowdfunding: The Opportunities and Challenges in Sub-Saharan Africa - Christian Wolf

Contributed by business and other researchers from Africa, the US, and Europe, the 11 essays in this volume describe how entrepreneurial financial institutions have evolved in sub-Saharan Africa. They detail background on the history of the financial services sector in Africa, the importance of high-impact entrepreneurship, managing risk in entrepreneurship and the role of the insurance sector, and currency zones in French-speaking countries; case studies of high-impact entrepreneurial banks, including Fidelity Bank, Banco Atlantico, Banco Unico, and Equity Bank; and developments and trends in the financial sector that present potential opportunities, such as non-interest banking, impact investing, and crowdfunding.
- Annotation ©2017 Ringgold Inc.

Dana T. Redford, Catholic University of Portugal, Portugal