Finance

African venture and private equity markets often fail to form not due to a simple lack of funding, but because of coordination failures where skilled managers, credible exits, and willing private investors are all missing simultaneously. Development finance institutions can play a catalytic role in resolving these failures, but must carefully time their interventions and design instruments that crowd in rather than displace private capital, supported by more rigorous evidence on what actually works.

Currency volatility in African markets shapes development outcomes by determining who can access capital and on what terms, with firms in shallow financial markets often forced to choose between expensive local-currency finance and exchange-rate risk from foreign-currency debt. Addressing this requires both better micro-level evidence on how FX risk flows through households, firms, and investors, and policies that can expand financing access without simply redistributing risk.

Kashf Foundation founder Roshaneh Zafar reflects on three decades of microfinance in Pakistan – from replicating the Grameen model to pioneering gender bonds, micro-insurance, and climate-resilient lending for over one million women clients.

Digital financial services can meaningfully support women's economic empowerment across South Asia and sub-Saharan Africa, but only when products are designed around how women already manage money – with features that enable earmarking, smooth liquid...

In India, shadow banks do not compete with traditional banks through a single mechanism – fintech lenders use superior data technology to reach underserved borrowers in unsecured markets, while non-fintech shadow banks exploit lighter regulatory cons...

China's trillion-dollar lending boom to the developing world has followed the same boom-bust pattern as past sovereign debt cycles, leaving many low-income countries trapped in a silent debt crisis with little prospect of coordinated relief.

Digital payments in Latin America have rapidly replaced cash – driven by innovation, interoperability, and policy – delivering gains in convenience, financial inclusion, efficiency, and growth, while raising complex challenges around informality and regulation.