Mobile operators also offer money sending and receiving services.
The outcomes of increased financial inclusion in Ghana have been mixed
The government, banks and other financial organisations are now dealing with fraud by using increasingly sophisticated detection methods.
Fraud was up 25% in the UK in 2021/22.
People from NZ charities and not-for-profits told me volunteers and paid staff can spend months on basic banking processes. But just one ‘golden unicorn’ bank employee can make all the difference.
Escorts, sex workers and other adult entertainers often do not feel they have the power to challenge debanking.
Alamy/ Colin McPherson
Banks in the UK have to conduct extra checks on people more at risk of blackmail – and an easier option is sometimes just to say no to giving them and account.
A cyclist passes by the Bank of Canada building in Ottawa on July 11, 2023.
THE CANADIAN PRESS/Sean Kilpatrick
An economist explains what the Bank of Canada’s interest rate hike to five per cent means for Canadians.
Perpetrators of family violence will often use money to hurt and control their victims.
Two of Australia’s major banks have announced they will take action against financial abusers, including closing their accounts.
A halfpenny token issued by the Parys Mining Company of Anglesey in 1788. The hooded druid design was used for many years and was the first of hundreds of token designs.
A Welsh mining company was the first to issue tokens to workers as an alternative form of payment.
Mobile money operators using point of sale machines are increasingly popular in Nigeria.
More Nigerians are using mobile money but it is fraught with inherent dangers that must be tackled.
The Bank of Canada recently concluded public consultations where it sought input from Canadians about the possibility of a national digital currency.
While a digital national currency does have the potential to mitigate key financial issues, we cannot ignore the democratic risks such a currency could introduce without safeguards.
Time to press the stop button?
The Fed said it’s pausing its aggressive rate-hiking campaign as it collects more data on the impact.
Discrimination can be hard to pick up.
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New research found that Black and Hispanic people tended to give banks a pass for poor customer service.
Garnering lots of tweets can contribute to a bank’s woes.
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Social media provides both a forum for communication and a public signal about what a bank’s customers believe. That means Twitter can facilitate coordination in real time.
Another U.S. bank bit the dust.
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The cause of banking crises since the debacle in the 1980s remains unchanged. Incentives encourage executives to take excessive risks, with few consequences if bets turn bad. It’s happening again.
Democratic Sen. Elizabeth Warren of Massachusetts is a big proponent of banking reforms.
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Financial crises are inevitably followed by legislation to restructure the banking system, and the ongoing problems with bank stability are likely to be no exception.
Cashless payments have advantages, but only to those who have the means to make them.
The slow disappearance of cash has advantages, but it can also exclude the most vulnerable from socio-economic activity. It’s also a privatisation that deteriorates the symbolic dimensions of money.
As an investment bank, commodities trader and operator of toll roads, Australia’s Macquarie Group has inserted itself into most of our lives. A new book outlines some of the questionable tactics that took it to the top.
Thousands of banks failed in the Great Depression.
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Crises fueled by bank runs, starting with the Great Depression, have had something in common: Unexpected changes spur bank failures, followed by general panic and then large-scale economic distress.
A real payload.
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The failure of Silicon Valley Bank has raised questions about some of the consequences when the government steps in to protect the depositors of troubled banks.
Silicon Valley Bank, the sixteenth-largest bank in the U.S., collapsed on March 10, 2023 after customers tried to collectively withdraw $42 billion in a single day.
(AP Photo/Jeff Chiu)
The collapse of Silicon Valley Bank serves as a reminder of the importance of robust risk management, sound regulatory oversight and effective liquidity management.