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Digital Financial Services: Regulating for Financial Inclusion

An ICT Perspective

image of Digital Financial Services: Regulating for Financial Inclusion

This report sheds light on some of the most important issues that policy makers and regulators face in accelerating the spread of mobile financial services, while ensuring that the market develops competitively. It focuses on the regulatory and competition issues that have most at stake and are the most pressing. In doing so, the report aims to help regulators support the key contribution of ICT to digital financial inclusion using mobile networks, introducing those that are unbanked and underbanked into the digital economy.

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Digital Financial Services: Regulating for Financial Inclusion – An ICT Perspective

Mobile financial services have become an important driver of financial inclusion in a growing number of countries. They are bringing finance to the ‘unbanked’, who have hitherto not had access to formal financial services – whether because they had no bank branches in their areas or services were just too expensive. Starting with mobile money wallets, used for transfers among subscribers, such services then developed to payment services, enabling bill payments by consumers to electricity, water and other utilities, schools and merchants. Innovation is enabling people not merely to store and transfer money, but even to borrow it – despite having no credit history.

English

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