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What is Peer to Peer (P2P) lending?

  Kwami Ahiabenu ll Before banking or financial systems, individuals provided either cash or an item to another individual within an arrangement that the borrower would return said cash or item to the lender with or without interest in the future. Peer to Peer lending occurs when a lender and borrower transact business without the role of any intermediary. P2P lending differs from traditional lending whereby a financial institution serves as an intermediary, mobilising capital from its client base and lending.The fast-paced fintech innovation has driven peer-to-peer lending. According to  The Business Research Company,  global P2P lending is valued at US$143.64billion in 2023. Peer-to-Peer lending is categorised into: Informal P2P lending  — wherein an individual within a circle of friends or colleagues requests a loan, usually through face-to-face interaction or phone call. The transaction is usually undocumented and trust-based — on the network’s ability to influence the behaviour of
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What is a Robo-Advisor?

Kwami Ahiabenu ll Investment is not an easy journey. The complexity of investment instruments, coupled with multiple investment offerings means a typical investor is faced with a maze to navigate when it comes to the decision-making process in terms of what investment options to consider, duration of the investment, risk analysis, types of investment portfolio and opportunities to consider. Traditionally, investment advisors play a crucial role in helping prospective investors make decisions on investment options which can lead to optimum investment decisions. In a fast-growing digital age where innovations in the financial sector are the norm, coupled with the rise of emerging technologies, especially big data, artificial intelligence and machine learning have given birth to Robo-advisors. A Robo-advisor can be described as a computer application that is based on an automated analytics processing system that combines algorithms, including machine learning, with big data to generate a

Unpacking Central Bank Digital Currency (CBDC) Implementation Challenges and Risks

Kwami Ahiabenu, Global Centre for FinTech Innovations, Canada abstract  This chapter outlines the risks and challenges involved in implementing central bank digital currency (CBDC). Interest in CBDC is currently growing, with a number of central banks paying it serious consideration, and a number of countries are implementing or piloting CBDC. Although CBDC holds a great deal of promise, its implementation is not without difficulty. This chapter highlights the major implementation issues, such as CBDC contributing to financial exclusion, technology risks, CBDC’s inability to work in an offline environment, lack of privacy, and confidential consideration, since anonymity is difficult to achieve. The chapter concludes by highlighting the need to deploy CBDC with greater attention paid to societal, economic, and political factors instead of a purely technocratic approach. Read more at  https://www.igi-global.com/gateway/chapter/full-text-html/319798 To cite :  MLA Ahiabenu, Kwami. "U

How Generative AI Can Improve Aid Outcomes

Our first in-person Technology Salon DC in three years convened on January 25, 2023, to pose the question:  Can Generative Artificial Intelligence Technology Improve Aid Outcomes?  Thought leaders and decision makers across the international development space shared their optimism, skepticism, and uncertainty regarding generative AI and its consequences as we move closer to the  uncanny valley . The moderated and free-flowing discussion was informed by four experts in artificial intelligence uses for humanitarian aid: Craig Jolley , Data Scientist, USAID Kwami Ahiabenu II , Co-founder, Penplusbytes Prasanna Lal Das , Digital Policy Consultant, DIAL ChatGPT , Generative AI Chatbot, OpenAI What is Generative AI and Why Does It Matter? Generative artificial intelligence  uses AI and machine learning algorithms in order to generate new content such as text, images, audio, video, simulations, and code. ChatGPT—short for Generative Pre-trained Transformer—is one of the most well-known exampl

What is a Robo-Advisor?

Investment is not an easy journey. The complexity of investment instruments, coupled with multiple investment offerings means a typical investor is faced with a maze to navigate when it comes to the decision-making process in terms of what investment options to consider, duration of the investment, risk analysis, types of investment portfolio and opportunities to consider. Traditionally, investment advisors play a crucial role in helping prospective investors make decisions on investment options which can lead to optimum investment decisions. In a fast-growing digital age where innovations in the financial sector are the norm, coupled with the rise of emerging technologies, especially big data, artificial intelligence and machine learning have given birth to Robo-advisors. A Robo-advisor can be described as a computer application that is based on an automated analytics processing system that combines algorithms, including machine learning, with big data to generate a wide range of auto

What is low code or no code product development?

Coding is the power that enables a lot of tech driven services to function. Coding can be described as a process of using a computer language to develop software services or a product that works in software development environments based on specific deployment processes and testing protocols.  A computer code performs the function of communication; creating a set of instructions which tell a computer software what to do and how to do it in a fast and efficient manner. Coders or programmers or developers are persons who acquire specific skills in writing code using either one or a combination of several programming language. Through coding, a number of software are created for a wide range of use and without coding, we cannot have websites, online platforms or mobile apps. In terms of classification, we can characterize codes into three types; low-level, high-level and object-oriented coding languages. Low level languages are dissimilar to human language and require in-depth knowledge a

3rd Fintech and Innovations Course ends in Accra

Ghana’s fintech space can accelerate its rate of Fintech innovations if there is a deeper collaboration between educational institutions, research entities and businesses, this assertion came to light during a two-day hybrid Fintech and Innovations course organised by Knowledge Innovations, Ghana Fintech and Payments Association in partnership with Global Centre for Fintech Innovations, providers of course certification. The course topics includes financial technologies and digital transformation, Fintech key trends and applications, technologies and innovations driving Fintech; FinTech Legal and regulatory framework; fintech and Innovation; The Ghanaian Perspective, understanding cyber security risks in fintech; Emerging technologies driving Fintech and Innovation Strategy; Developing Your Fintech strategy. The participants were taken through practical steps on how to apply key lesson learned in their day-to-day work activities. The course was facilitated by leading experts in Ghana’s

Fintechs must invest heavily in financial compliance mechanisms – Experts

Experts have called on the fintech industry to invest in compliance, especially ensuring adequate adherence to anti-money laundering rules and other relevant regulations. This call was made when the Ghana Fintech and Payments Association, in partnership with the e-Crime Bureau, organised a highly informative session on strategies for Fintech actors to ensure compliance with anti-money laundering (AML) rules. During this forum, the presenters took participants through some vital discussions and shed more light on issues in the fintech ecosystem pertaining to compliance and anti-money laundering issues in Ghana and on the international stage.  The event was attended by participants from banks, microfinance institutions, fintech startups and companies, tech law firms and the business community. Martin Kwame Awagah, President of the Ghana Fintech and Payments Association, moderated the session which saw a tech innovations consultant and scrum-master, Dr. Kwami Ahiabenu II of Global Centre

Strategies for improving liquidity for mobile money agents

Mobile money is now the most preferred digital means of payment in Ghana. The simplicity of mobile money services is one of the reasons for its popularity. Anyone with any type of phone can consume mobile money services by registering a mobile wallet, which serves as a store of value. Mobile money users can also send and receive money, make payments and consume myriad services including insurance, pensions and loans from the mobile phone. Mobile money service is organised around several players, namely the money phone provider, typically Mobile Network Operators (MNOs) who are licensed as Electronic Money Issuers (EMIs) by the Bank of Ghana. MTN Ghana, Airtel Tigo and Vodafone Ghana are all MNOs offering mobile money services. Furthermore, Ghana Pay is offered by a consortium of banks in Ghana, while G-money is a service by GCB Bank, and Zeepay, a Fintech company. These six companies are serving over 27 million registered mobile money accounts, with MTN holding the title of market lead