ITU Blog: Mobile money and the need for coordinated convergence
Towards a robust, innovative and secure DFS ecosystem for the poor
Mobile money in Kenya has brought some 70 per cent of the country’s population within reach of financial services, up from just 15 per cent in 2007. But with around 96 per cent of the country’s payments still being made in cash, it is clear that the ‘mobile money revolution’ is only just taking root.
2015 will see ITU devote increasing attention to the role of digital financial services (DFS) in promoting financial inclusion, driven by an ITU-T Focus Group on Digital Financial Services (FG DFS) chaired by the Bill & Melinda Gates Foundation.
Watch FG DFS participants give their views on the development of the DFS ecosystem:
Setting the context of the Focus Group, an ITU workshop in December 2014 discussed the issues at play in efforts to rollout DFS in developing countries and emerging economies.
A new report, ‘Coordinating Convergence‘, summarizes the workshop’s central points of discussion, touching on the technical requirements of DFS – such as interoperability and security – and a range of questions surrounding policy and regulation, sustainable business models and consumer protection.
Building on its summary of the workshop’s discussions, the workshop report distills five common stakeholder objectives…
Read the full text authored by Sacha Polverini, Senior Program Officer for the Financial Services for the Poor program at the Bill & Melinda Gates Foundation.