Assignment 1.
Grade 7[due date 27 January]
Evaluating sources of information: digital world and FAKE NEWS.
Shega: Write an article on how fintech can help Ethiopia improve its economy.
Financial technology, or fintech, is the use of technology to improve and automate financial services.
In Ethiopia, as in many developing countries, the financial sector is underdeveloped and many people
do not have access to basic financial services such as banking and lending. This can be a major
barrier to economic growth and development. However, fintech has the potential to improve the
Ethiopian economy by making financial services more accessible, efficient, and affordable.
One way fintech can improve the Ethiopian economy is by increasing access to financial services.
Many people in Ethiopia, particularly in rural areas, do not have access to traditional financial
institutions such as banks. This makes it difficult for them to save money, borrow money, or
participate in the formal economy. Fintech can help bridge this gap by providing alternative ways for
people to access financial services. For example, mobile banking and digital payment platforms can
allow people to conduct financial transactions using their phones, even if they do not have a bank
account. This can make it easier for people to save money, pay bills, and participate in the formal
economy.
Another way fintech can improve the Ethiopian economy is by increasing efficiency in the financial
sector. Financial institutions in Ethiopia, like in many other developing countries, can be slow and
inefficient. This can make it difficult for people to access financial services and can also make it
difficult for businesses to get the financing they need to grow and thrive. Fintech can help improve
efficiency by automating processes and reducing the need for manual labor. For example, the use of
artificial intelligence and machine learning can help financial institutions process transactions more
quickly and accurately. This can make it easier for people to access financial services and can also
help businesses get the financing they need more quickly.
Finally, fintech can improve the Ethiopian economy by making financial services more affordable.
Traditional financial institutions can be expensive to use, particularly for people with low incomes.
Fintech can help reduce the cost of financial services by reducing the need for physical infrastructure
and by increasing competition in the market. For example, the use of digital payment platforms can
reduce the need for physical cash and can also reduce the fees associated with financial transactions.
This can make it easier for people with low incomes to access financial services and can also help
reduce the cost of doing business.
Overall, fintech has the potential to improve the Ethiopian economy by increasing access to financial
services, increasing efficiency in the financial sector, and making financial services more affordable.
By leveraging the power of technology, fintech can help Ethiopia achieve greater economic growth
and development.
Instruction 1. Answer the following questions. Annotate the article as intimately as you
wish digitally BOLD, italicized, underlined, highlighted, and more. Identify, purpose,
features, author, facts, claims, reasoning.
A. Who is the author of the article?
Answer: The author of the article is Shega.
B. What is fintech?
Answer: Fintech stands for Financial Technology. It can help people get
different ways of accessing technology of finance.
C. What are the major barriers to economic growth and development?
Answer: Many people lack the basic financial services including banking and
lending. This way, the economy won’t do very well.
D. “However” is used to contrast the previous statement to what followed. What
was the followed statement? BONUS: show the cause and consequence.
Answer: The followed statement before the word ‘however’ is “…many people
do not have access to basic financial services such as banking and lending. This
can be a major barrier to economic growth and development.”
Cause: The majority of people not having access to financial services
Consequence: The country will not develop fast enough and will have a hard
time growing effecting the economy.
E. What is the formal sector economy?
Answer: It refers to an economy that continues to grow using less advanced
technological processes.
F. Paragraph 2 talks about how people can conduct financial transaction using
their phone? Yes/no
Answer: Yes, because it says, “For example, mobile banking and digital payment
platforms can allow people to conduct financial transactions using their phones,
even if they do not have a bank account.”
G. Why do you think in developing countries financial institutions are slow and
inefficient?
Answer: Because a lot of the people are usually poor or don’t have access to the
technology that we usually have. The country is still developing for a reason.
H. Who do you think wrote the article? Choose one.
a. Robot/chatGPT
b. A Financial Expert
c. The Ethiopian Fintech.
Answer: I believe it’s The Ethiopian Fintech because in the passage, it is
referring to Ethiopia a lot.
I. Evaluate the article for its authenticity by going online and doing a background
check as to where the source of the article is and state it here.
Answer: When I searched up Shega, it looked reasonable that the passage was
from there.
But when I investigated their websites, it did talk about Fintech a lot, but it
wasn’t as exactly this passage. You can see the link down below.
https://shega.knovuslab.com/post/finnovation-ethiopia-2019/amp/
I couldn’t find the exact passage and that made me mysterious about it. But it has a lot
of true facts that I cannot deny.
Annotations:
Note: Please submit the soft copy of your assignment to Mr. Denekew through
[email protected]
