Africa is the world’s biggest destination for second-hand clothes, receiving over 70% of global clothes donations. The streets of almost every town are filled with colourful piles of used clothes. In Uganda, four out of every five items of clothing bought are second-hand. How do these used clothes reach African
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The personal benefits of microfinance
Microfinance is a type of banking service offered to people who normally have no access to finance. People excluded from regular banking services are farmers, the poor, and often women. Microfinance has sometimes been called ‚financial inclusion.‘ However, this is a contentious term because there is still much debate about
How investors see Africa today
Investment is a very important part of growth for an economy because it provides the resources to produce goods and services more effectively. Countries in Africa have recently been attracting larger amounts of investment from foreign companies (known as FDI). Let’s explore what it is that helps investors make decisions
What is micro insurance?
Micro insurance is one of the financial products that microfinance institutions (MFIs) offer. MFIs provide financial services to people who normally have no access to traditional finance. People excluded from regular banking services are farmers, the poor, and often women. Micro insurance is like non-micro insurance in that it helps
How banks benefit the economy and you
WHAT DO BANKS DO? Fundamentally, banks allow consumers to save their money and lend money to those who need it and can pay it back. Many people save some of their income because it provides security if the future is uncertain or they may be saving it for their children.
Economic empowerment in Africa
WHAT IS ECONOMIC EMPOWERMENT? Economic empowerment refers to the capacity of men and women that can participate, contribute or have a role to play in and benefit from the growth process of the economy. It is essentially the ability of people to feel empowered by access to the economy. This
How you make a micro loan
WHAT IS MICROFINANCE? Microfinance is a type of banking service offered to people who normally have no access to finance. People excluded from regular banking services are farmers, the poor, and often women. Microfinance has sometimes been called ‚financial inclusion.‘ However, this is a contentious term because there is still
How inflation affects the economy and you
On news websites, when you click on the business section, you might find updates on the level of inflation. But what is it and how does it affect me? Inflation is the change in the overall price level. It is usually positive. An annual inflation rate of 2% means that,
Supporting African self-sufficiency: the cotton and textile trade
Cocoa, coffee and cotton are some of sub-saharan Africa’s biggest exported goods. African countries profit from exporting products to countries such as the US and UK. It is rare that African countries get good economic deals and they are often exploited. Western countries rely on African ones, just as much
How the African Union is helping Africa’s economy
THE AFRICAN UNION’S ECONOMIC OUTLOOK The African Economic Community (AEC) is an organization under the African Union that exists to govern the economic interactions that take place within the AU. It aims to create economic stability and promote economic growth and development. This is being done through the efforts of
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