Digitization and digitalization still seem to be a task for many firms. However, I am hopeful that Japanese firms will promote digitization, digitalization, and also DX to make use of digital technology -- including cloud computing and other services -- as a tool to drive growth, and further step up the pace of actions in reforming their business structures and boosting productivity. B.
The formal institutions include banks, Microfinance Deposit-taking institutions, Credit Institutions, Insurance companies, Development Banks, Pension Funds and Capital Markets. The semi informal institutions include SACCOS and other Microfinance institutions, whereas the informal ones are mostly village savings and loans associations. Formal institutions are less prominent in rural areas than urban areas and they only serve 14% of the rural population.