Sub-Saharan Africa : financial sector challenges / Anne-Marie Gulde, Catherine Pattillo, and Jakob Christensen, with Kevin Carey and Smita Wagh.

Includes bibliographical references (pages 47-49).

Financial sectors in low-income sub-Saharan Africa (SSA) are among the world's least developed. In fact, assets in most low-income African countries are smaller than those held by a single medium-sized bank in an industrial country. The absence of deep, efficient financial markets seriously challenges policy making, hinders poverty alleviation, and constrains growth. This book argues that building efficient and sound financial sectors in SSA countries will improve Africa's economic prospects. Based on a review of the key features of financial systems, it discusses the main obstacles and challenges that financial structures pose for SSA economies and recommends steps that could address major shortcomings in implementing the reform agenda.

Key characteristics. Institutional coverage and ownership -- Soundness and efficiency -- Markets, instruments, and market infrastructure -- Operating environment -- Economic challenges. Limited access to financial services -- Insufficient financing of the economy -- Implementation of monetary policy -- Financial sector reforms. Microfinance -- Enterprise financing -- Nonbank financial institutiions -- Improving the operating environment -- Elements of a forward-looking reform strategy.