Since the discovery of money, it remains the most significant element for social and economic growth. It has even necessitated the coming of facilities that regulate how it circulates. Most of these facilities are under the watchful eye and strong control of the dominant political elite. Thus, public financial institutions lack a strong competitor to offer the required environment. It, therefore, follows that privatized banking, if encouraged, will bring the right changes.
Public funds are mostly controlled by public arms, which are in turn controlled by the government. In essence, the political class forms a class of individuals with the power to decide how the money circulates, when to circulate it and for how long. This is a dangerous tendency in business, especially in view ailing economies. Thus, allowing such funds to be controlled by licensed individual investors will greatly cut down cartels.
Individually owned institutions that offer better services will arguably improve the gloomy situation that is maintained by the politicians. So, it will take the push of the people and the nod of politicians to create an environment that allows a healthy competition. In effect, this industry will undergo an overhaul that it needs to create the right conditions for development.
It will enhance access to loans for development by individuals and groups of people. Since the element of competition will certainly reshape the industry, more people will be able to get the money they require for the setting up of businesses, which they can pay back at improved interest rates. As a result, societies will begin to rise and develop themselves from the grass root levels.
The finance sector is one of the biggest employers in most countries. This is so if credit cooperatives, insurance companies, mobile money transfer agents and many other such players are added to the list of known big players. Thus, the regulation of operations, which will allow more individual investors, will see many people being employed due to the rise of other players.
There will be reduced dependence by the people. Due to the improvement of the sector, largely brought about by a competitive environment, independence of the majority will be a reality. As the situation remains now, many people are depended on the choices of a few individuals who have the power to shut down development in their respective nations or regions. This is risky because it makes the individuals appear as demigods.
Corruption remains the worst kind of cancers that are affecting operations in this sector. Lack of transparency and even the will to account for actions taken in the public entities have a direct effect on the allocation of tenders. Nepotism and partisan activities have clouded the operations for a long time. This needs to change and can change with the introduction of required laws allowing more players.
In the end, these changes will begin with the enactment of relevant laws. These will ensure a level ground where all the players will have equal chances to offer their services and benefit the people. If done well, it will be the cure that many countries require for their ailing states.
Public funds are mostly controlled by public arms, which are in turn controlled by the government. In essence, the political class forms a class of individuals with the power to decide how the money circulates, when to circulate it and for how long. This is a dangerous tendency in business, especially in view ailing economies. Thus, allowing such funds to be controlled by licensed individual investors will greatly cut down cartels.
Individually owned institutions that offer better services will arguably improve the gloomy situation that is maintained by the politicians. So, it will take the push of the people and the nod of politicians to create an environment that allows a healthy competition. In effect, this industry will undergo an overhaul that it needs to create the right conditions for development.
It will enhance access to loans for development by individuals and groups of people. Since the element of competition will certainly reshape the industry, more people will be able to get the money they require for the setting up of businesses, which they can pay back at improved interest rates. As a result, societies will begin to rise and develop themselves from the grass root levels.
The finance sector is one of the biggest employers in most countries. This is so if credit cooperatives, insurance companies, mobile money transfer agents and many other such players are added to the list of known big players. Thus, the regulation of operations, which will allow more individual investors, will see many people being employed due to the rise of other players.
There will be reduced dependence by the people. Due to the improvement of the sector, largely brought about by a competitive environment, independence of the majority will be a reality. As the situation remains now, many people are depended on the choices of a few individuals who have the power to shut down development in their respective nations or regions. This is risky because it makes the individuals appear as demigods.
Corruption remains the worst kind of cancers that are affecting operations in this sector. Lack of transparency and even the will to account for actions taken in the public entities have a direct effect on the allocation of tenders. Nepotism and partisan activities have clouded the operations for a long time. This needs to change and can change with the introduction of required laws allowing more players.
In the end, these changes will begin with the enactment of relevant laws. These will ensure a level ground where all the players will have equal chances to offer their services and benefit the people. If done well, it will be the cure that many countries require for their ailing states.
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