Open banking could drive financial inclusion across Africa
Open banking offers the continent enormous opportunities. The Bill and Melinda Gates Foundation identified 5 key ways that African countries can include more than 400m people into the digital economy, with one of the key themes being the importance of exploring a pathway to open banking. In this article, ‘Open banking could drive financial inclusion across Africa: here is how’, the Chair of the EFSA, Karen Nadasen, CEO of PayU South Africa, explores how open banking is set to change banking in Africa, and what is already happening in that respect.
“Open banking promotes fairness, competition and innovation by facilitating the secure exchange of individual and business data commonly held by banks, with authorised third parties. This is done to facilitate secure payments, account switching, and other non-bank products and services that offer various benefits to customers.
Data sharing is done via an application programming interface (API), a globally accepted standard for securely sharing and embedding data in an online environment. In addition to strengthening customers’ rights, it includes added security enhancements designed to reduce fraud via two-factor and biometric identification for certain transactions.
Open banking could revolutionise the banking system, address unbanked and underserved statistics, and improve economic conditions. The banking system is the lifeblood of the world’s economies and is the mechanism that drives economic growth by unlocking wealth, creating opportunities, providing jobs, and facilitating commerce.
Just like every other industry in the world that has been touched by technology, the world of banking needs to evolve to serve its purpose more efficiently – and this is particularly true on the African continent, where so much potential could be unleashed with a new approach to financial services.
PayU, one of the leaders in global payments and a fintech investor, believes that the African Continental Free Trade Area (AfCFTA) could see 30 million people lifted out of extreme poverty, while raising the incomes of 68 million more – but only if the continent’s estimated 400 million people who don’t have access to digital financial services have ways to access financial services that are not tied to banks. In other words, AfCFTA’s success could depend on the roll-out of open banking across the continent.
Open banking allows financial services providers to create a broader range of inclusive products, giving unbanked and underbanked consumers access, for the first time, to private mortgages, savings systems, pension funds, insurance, investments, and credit. It also encourages informed and more responsible banking behaviours, as well as giving micro-enterprises and contingent workers access to affordable and relevant financial services and products.
Other practical benefits include overcoming a lack of documentation that puts up barriers to accessing financial products, with long-term outcomes including a reduced reliance on expensive formal or informal credit, as well as heavily indebted consumers being able to enter a debt rehabilitation service that will help them emerge from their credit quagmire.
With EY research showing that broader access to banking, savings and lending products could boost GDP by up to 14% in emerging countries, and up to 30% in frontier countries, the opportunity is clear.
With conventional – and exclusionary – banking practices focused on security and identity verification with few innovations to overcome the real obstacles in development markets, open banking pioneers have designed the system to prioritise similar, or even better, security steps, and players in the industry are self-regulating too.
For example, open banking pioneer PayU is a member of the Future of Privacy Forum. This forum brings industry, academics, civil society, policymakers, and other stakeholders together to explore the challenges posed by emerging technologies, and to develop privacy protections, ethical norms, and workable best practices.
Open banking is also subject to standards such as PSD2, the second Payment Services Directive issued by the European Union. The regulation builds on the previous directive by increasing customer rights and implementing new rules on surcharging and currency conversion. This makes it possible, through strong customer authentication, for third-party providers to access account information, in turn providing opportunities for new payment and account services.
The continent’s banks are already setting plans in motion to encourage open banking solutions. In March 2021, the Bank of Ghana set out to encourage the development of its fintech sector, including facilitating open banking.
In South Africa, Nedbank and Investec are embracing open banking, and are already making open APIs available.
An intergovernmental fintech working group (IFWG) was established in South Africa 2016, and having an innovation hub specifically to advance innovation in fintech. Collaborative in approach, the IFWG includes participation from National Treasury, the Financial Intelligence Centre, the Financial Sector Conduct Authority, the National Credit Regulator, the South African Reserve Bank, the South African Revenue Service, and the Competition Commission. It recently released its Project Khokha 2 report which built on the Reserve Banks’ distributed ledger policy (DLT), trialling the concept for interbank payments settlements and exploring tokenisation.
In Nigeria, The Open Technology Foundation created the Open Banking Nigeria initiative to drive the adoption of common API standards in that country. This was followed by the Central Bank of Nigeria issuing a Regulatory Framework for Open Banking, defining how data sharing should happen within open banking.
The Central Bank of Kenya released a five-year digitalisation plan to develop the country’s payment industry, in 2020, strongly supporting open banking and emphasising the importance of defining standards for API development. At the same time, Kenya’s National Treasury and Planning department commenced drafting a digital finance policy with the intention of developing open banking infrastructure, protecting consumers, establishing financial system regulation, and encouraging the development of the sector.
With open banking principles being in stark contrast to the historically very private nature of banking relationships, open banking could be a game changer on the African continent by making transactions more convenient and increasing the personalisation of banking services. It can give consumers new insights and ways to manage their money, as well as allowing access to new products and services that were simply not previously available to them before.”
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I’ve been seeing that in the gym with individuals who’ve switched to taking betaine
on prime of the creatine and beta-alanine, but now the analysis is supporting that.
It truly can enhance muscle development, in order that’s another amino acid that you just need
to be getting pre- and post-workout, and that is why it’s in Pre and Post
JYM. Most BCAA dietary supplements don’t present glutamine, which renders them less effective for both
reducing muscle protein breakdown or alleviating muscle soreness and fatigue from exercise.
To this point, a examine examined the muscle protein synthesis response to different BCAA supplementation protocols
in younger males. One of the protocols used 6.25 grams of whey
protein with 2.25 grams of leucine, and a second used 25 grams of whey
protein, which contained the same amount of leucine as the primary.
What makes the upkeep part outstanding is its simplicity, which requires minimal effort for significant ongoing benefits in strength, energy output, and recovery.
With Out upkeep, your enhanced creatine shops would typically return to baseline inside
4 to six weeks. For optimum outcomes, consistency proves more necessary than fast saturation methods, as sustaining elevated muscle creatine ranges over time drives the most substantial performance and physique enhancements.
There are many types of creatine supplements available on the market,
however creatine monohydrate supplementation is the undisputed gold normal and most popular
type. Whereas the advantages of creatine are well-documented,
the timing of consumption continues to spark debate amongst researchers and practitioners.
Many marvel if taking creatine pre-workout, post-workout, and even before mattress produces optimal results.
Clients discover the nutritional supplement straightforward
to mix with water and blends nicely without clumps. They point
out it’s a good supply of BCAAs and can be simply stacked with different electrolytes.
They say it tastes nice, the grape flavor is yummy, and
the pink lemonade is scrumptious.
For those that are on the lookout for a pre-workout complement that
does not include caffeine, there are some good options out there.
Here is a take a glance at the best pre-workout dietary supplements
with out caffeine. Many point out it is a good motivator
and has them hooked on the health club. Lastly,
remember that BCAA dietary supplements aren’t needed for everyone.
BCAAs are found naturally in food sources of protein, and most people get enough by way of a
nicely balanced food regimen. They can also have advantages outside of exercise
efficiency, similar to for cognitive and liver
health and for bettering cancer-induced cachexia.
However, these benefits are still being studied, and more strong proof is required.
So I really have it in your post-workout as well to replenish these ranges.
Insulin is required for creatine to get into the muscle, so you
want to be taking your creatine at a time when absorption and
uptake by the muscular tissues is maximized.
And what we now know is that post-workout that uptake could be maximized—if you’ve sufficient insulin.
If you’re taking a pre-workout that has creatine monohydrate, but it
has lower than 5g, I recommend including more creatine to it
to deliver it up to a 5g serving. Pairing your
creatine and protein powder in a protein shake is the best way to
devour these two dietary supplements.
Others might choose to take them individually at particular occasions throughout the day.
Experiment with totally different approaches to find what suits your preferences and schedule.
Some individuals could experience mild gastrointestinal discomfort when taking glutamine supplements.
While every supplement offers distinctive advantages,
there can be some overlap in their results.
Glutamine is a key energy supply for the cells lining the gastrointestinal tract.
They say it tastes good, works well, and is a
dependable supplement that provides unbelievable pumps.
It Is thought-about one of the best BCAA available
on the market with a scientifically proven ratio of high
quality supplements. Pre-workout can be used to raise your
power and heighten your focus earlier than you get to the health club.
Whereas BCAAs can provide your physique with muscle gas
and help restoration.
BCAA supplements will not be protected for all people, so be positive to talk with a healthcare professional earlier than taking any of the products listed above.
Nevertheless, the calorie content isn’t always
listed on complement labels because of different laws concerning the calorie content material of entire proteins and particular
person amino acids. If you might have questions regarding the protection of BCAA dietary supplements and whether or not you have to be taking them every
day, you’ll have the ability to speak with a trusted healthcare professional.
Hold in mind that dosing and frequency change depending on what the BCAA
complement is being used for. For instance, an athlete taking a BCAA complement to support performance
and restoration could require a unique day by day dose than somebody using
a BCAA supplement to improve a liver situation.
Some individuals choose to take creatine pre-workout, BCAAs through the workout, and
glutamine post-workout, while others could opt for completely different
combinations. The combined motion of these supplements can probably result in larger muscle hypertrophy (growth)
by providing the mandatory constructing blocks, power, and restoration support.
They say it blends properly, will get the job
carried out, and is price their time.
Yes, creatine is excellent for boosting your exercises,
but it’s also beneficial for accelerated muscle repair.
The norm is for pre-workout dietary supplements to include an entire lot of caffeine, usually
ranging from 150 mg to 350 mg in a serving. Kaged has supplied us with the best quality, patented creatine HCl on the market (unlike the generic Creatine HCl used by most brands).
This is why it is recommended as top-of-the-line creatine HCL dietary supplements and top-of-the-line bulking creatine dietary supplements.
On Staff at FeastGood.com, we now have Registered
Dietitians, coaches with PhDs in Human Diet, and internationally ranked
athletes who contribute to our editorial course of.
This includes analysis, writing, editing, fact-checking, and
product testing/reviews. At a bare minimal, all authors should be certified vitamin coaches by
both the National Academy of Sports Activities Medicine,
International Sport Sciences Association, or Precision Vitamin.
This is a great characteristic for athletes who go through routine drug testing themselves and want to ensure that the products that they
are taking are protected and contain no banned substances.
Cellucor Whey Sport uses a blend of whey protein concentrate
and whey protein isolate (similar to Nitrotech),
which supplies you a blend of each fast and medium digestion proteins, making it barely more satiating.
I would advocate staying with 1-2 scoops day by day and
spreading the 2 scoops out over the course of the day.
It is my professional opinion as a complement store supervisor and
vitamin coach, 4 scoops per day is extreme and would be
a waste of money.
It’s also higher to limit your serving of creatine to 3-8g at one time because larger doses of creatine may cause abdomen cramping, and lesser doses
haven’t been shown to be as effective. I’ll also
focus on what different dietary supplements are secure to combine
with creatine, since “supplement stacking” is becoming more popular,
and based on my experience as a nutrition coach, there is a right
and incorrect means to do that. By fastidiously considering your distinctive wants and following best practices, you also can make informed selections about mixing creatine, BCAAs,
and glutamine to support your health journey. Exploring further supplements and
personalising your regimen may help you achieve your health and efficiency objectives more effectively.
And when Taurine is used alongside BCAAs,
it has been discovered to reduce next-day muscle soreness
greater than either taken independently [8]. This pre-workout uses a wide range of ingredients to help with pumps, focus
and endurance. This pre-workout will also deliver muscle pumps and elevated focus.
“However creatine makes me puffy” is something you’ll hear many individuals say who do not actually know what the benefits
of adding creatine to your stack are. All in all, pre-workouts definitely work but be conscious of flashy promoting and
exaggerated claims. And at all times remember, pre-workouts only work should
you put out the extra effort. Well, even that isn’t entirely true as it could affect your amino
acid uptake. Regardless, so lengthy as you are not consuming copious quantities of BCAAs, you are good to go.
In fact, a amount of EAAs is what differentiates animal protein and plant protein, as most
plant sources of protein lack one or more of the 9 EAAs.
This product combines the three BCAAs with L-glutamine, an amino acid that’s concentrated
in muscle tissue and should help scale back muscle tissue breakdown when taken as a complement.
This product is packed with important amino acids, including the
three BCAAs. The more nuanced reply is you could take creatine and/or
protein submit exercise, but you don’t “have” to take either/or.
It really boils all the way down to what your vitamin and supplementation was through the hours earlier than your exercise.
Beta-alanine buffers acid levels, permitting you to push by
way of fatigue and prepare longer. All The Time seek the assistance of with a professional healthcare skilled previous to beginning any food plan or train program or taking any dietary complement.
The content material on our web site is for informational and academic functions solely and isn’t meant as medical advice or to switch a relationship
with a qualified healthcare professional. Creatine can additionally be
an excellent supplement to help enhance resistance to fatigue and tiredness,
which lets you get extra out of your health regime.
A standout ingredient is coconut water powder, rare in pre-workouts, aiding fast rehydration and electrolyte replenishment during
intense workouts, emphasizing the necessity for hydration.
Testers’ experiences with the Energy Matrix diversified;
some reported improved muscle pumps, whereas others did not discover a lot change in performance.
Nonetheless, they unanimously discovered Mr. Hyde Signature
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This reduces injuries and you’ll find a way to bounce back in your marathon training
or different activities in no time. Most dietary supplements contain completely different elements to supply ergogenic results.
When ingested together, these ingredients may go synergistically to boost numerous aspects of
exercise efficiency. The ergogenic effects of caffeine have been attributed to numerous possible mechanisms, primarily the blocking of
adenosine receptors [3,4]. Caffeine inhibits motion at adenosine receptors, which has been reported to decrease the
perception of ache and energy, leading to improved train efficiency [5,6].
More ATP means extra reps, more weight, and more muscle progress
over time. Recovery is essential for exercise and, with
out permitting your muscles to restore adequately between workouts, there may be unfavorable consequences such as muscle tears that may hamper
your course of (6). Lowered restoration occasions from creatine dietary supplements also
allow you to to push yourself further and extra incessantly.
Earlier Than you start taking BCAAs and creatine together
to supplement your health regime, you want to pay attention to what you’re
placing in your physique, what these supplements do,
and the way to improve your efficiency levels.
When mixing BCAAs, creatine, and pre-workout supplements, think about each complement’s timing, dosage, and compatibility.
It Is crucial to observe the really helpful dosages to avoid potential unwanted effects.
Some pre-workout dietary supplements could already contain creatine or BCAAs, so check labels to ensure you’re
not exceeding beneficial quantities.
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