What is global financial assistance
We work to broaden the reach of low-cost digital financial services for the poor by supporting what we and our partners believe are the most catalytic approaches to financial inclusion. These include promoting the development of digital payment systems that can help spread use of digital financial services quickly, advancing gender equality to ensure that women share in the benefits of financial inclusion, and supporting the development of national and regional strategies that accelerate progress for the poor and can serve as models.
To achieve these objectives, we work with partners around the world to align what is global financial assistance common principles for digital financial inclusion and support policymakers as they work to develop policies and regulations that facilitate growth in digital financial services and provide unclaimed inheritance and accountability.
We also invest in national financial inclusion initiatives, through which the largest number of people living in poverty stand to benefit, including in Bangladesh, India, Nigeria, Pakistan, Indonesia, and East Africa. We focus not on establishing a particular product or distribution channel, but rather on finding innovative ways to expand access and encourage markets to determine which products and channels are most effective.
We support approaches that can provide financial services to the broadest number of people, but we also recognize that countries are at different stages of developing inclusive digital financial systems and their approaches must reflect the distinct needs of their economies and citizens. One of our most important priorities is the development of digital payment systems that poor people and the businesses that serve them will actually use.
These systems can foster competition, drive innovation, and accelerate the development of digital financial products and services customized for the needs of low-income communities, what is global financial assistance. To be genuinely inclusive, these payment systems must have five key traits:. Perhaps the most important condition for what is global financial assistance development of these payment systems is interoperability—allowing customers to transact with any other customer, whether or not they use the same service provider.
This kind of open-loop system substantially lowers the costs and complexity of digital financial services and payment platforms. Opening up payment infrastructure to new kinds of companies outside of traditional banking organizations can help accelerate the development of these systems.
Our team is actively exploring ways to accelerate use of digital financial services. One priority is facilitating services that help consumers convert digital money to cash when needed.
But they are the highest-cost component of a digital payment ecosystem and the biggest challenge for private-sector players that want to provide innovative payments solutions. We also are working to promote the development of effective identification systems in priority geographies.
ID platforms such as the Aadhaar system in India are promising models for providing safe, efficient, and widely beneficial identification services that support financial inclusion across a country.
Governments can accelerate financial inclusion by establishing regulatory frameworks, policies, and incentives to help a wider variety of digital financial service providers compete on a level playing field while protecting consumers and the financial system. Open and fair competition will spur innovation and competition and drive down costs, as will essential regulations governing agents, licensing, and know-your-customer policies.
But financial inclusion is not just about developing systems and lowering barriers. Our work also focuses on new risks and challenges, including how to protect millions of new consumers and how a wider range of market participants can be supervised. When women can fully participate in the economy, they enhance the prosperity of their family, community, and country, what is global financial assistance.
Every year, millions of people around the world transition out of poverty. Regional growth and economic opportunities like new jobs, technologies, and business opportunities help people build more stable economic lives.
At the same time, millions of people remain trapped in a cycle of poverty that is unclaimed cash to escape. We believe that financial exclusion is a significant driver of this cycle, what is global financial assistance. About 1, what is global financial assistance.
In developing economies, only 63 percent of adults have an account, and women—nearly 1 billion of them—are disproportionately excluded from beneficial financial systems. Most poor households still operate almost entirely through a cash economy. This means they have to save using physical assets, such as livestock or jewelry. Cash gets spent, animals die, and jewelry can be lost or stolen. To send money to family, those without a bank account have to rely on couriers or friends who carry cash by bus, which is expensive, insecure, and slow.
To borrow money in an emergency, they must turn to moneylenders who charge notoriously high interest rates. Without formal financial histories, people are also cut off from potentially stabilizing and uplifting opportunities like building credit or getting a loan to start a business.
All too often, financial exclusion makes the expenses of poverty difficult to overcome. Our work. Financial Services for the Poor Our goal. To expand access to digital financial services so the poorest people around the globe can build security and prosperity for themselves, what is global financial assistance, their families, and their communities.
In Kenya, an increasing number of low-income people access financial tools and services from their cell phones. At a glance. In just the past six years, 1. We work to expand the availability of affordable and reliable financial services that serve the needs of all, including the world's poorest people.
Digital technologies and changes in national policy are clearing away obstacles that once kept these services out of reach for many, but tough challenges remain. We work with our what is global financial assistance to support public and private investment in digital payment infrastructure, new regulatory standards, and gender equality initiatives such as digitized government benefit payments, to ensure continued progress toward the promise of financial inclusion.
Our strategy We work to broaden the reach of low-cost digital financial services what is global financial assistance the poor by supporting what we and our partners believe are the most catalytic approaches to financial inclusion. Areas of focus Digital technology and changes in national policy are clearing away obstacles that once kept digital financial services out of reach for many, but tough challenges what is global financial assistance. To help realize the full potential of digital financial services, policymakers and business leaders will need to invest in the right payment infrastructure, regulatory standards, and customer activation strategies to ensure continued progress toward the promise of financial inclusion.
Payment systems and infrastructure. To be genuinely inclusive, these payment systems must have five key traits: Accessible. They need to reach into the poorest neighborhoods and smallest villages, and they need to be easy to acquire and understand. They must offer people clear advantages over using cash. They must be cost-free for all or most people. They must fully involve the private sector and allow service providers to develop sustainable business models.
Increasing use of digital financial services. Regulation and risk management. Spurring gender-inclusive product innovations.
Modernizing and improving digitally-enabled services. This includes advocating for legal, policy, and regulatory reforms as well as supporting innovative services that empower women economically. Why focus on financial services for the poor? Strategy leadership. Michael Wiegand. Texas comptroller unclaimed property, Financial Services for the Poor.
View profile. Jason Lamb. Rebecca Mann. Rebecca Mann leads on strategy, financial planning, and operations. Hillary Miller-Wise. Hillary Miller-Wise leads a team that focuses on the development, distribution, and use of financial services for the unbanked.
Konstantin Peric. Konstantin Peric oversees the strategy and grants to deliver digital payment solutions for the poor. Daniel Radcliffe, what is global financial assistance. Our partners We do our work in collaboration with grantees and other partners, who join with us in taking risks, what is global financial assistance, pushing for new solutions, and harnessing the transformative power of science and technology. Center for Global Development.
Identification for Development ID4D. World Bank Financial Inclusion Practice. Read more. Digitization for Improved Governance research summary. How countries have leveraged the spread of digital technologies and infrastructure to improve governance, including social what is global financial assistance net services and government emergency response. Learn more. Fighting Poverty Profitably Gates Foundation report. Transforming the economics of payments to build sustainable, inclusive financial systems.
Read the report. Five key ways in which G7 countries can support African countries as their leaders seek to include more than million people in the digital economy for the first time. Read the report in English. Read the report in French. Global Findex. Visit website.
A collection of rigorous evidence from a range of studies about the impact of mobile money on abandoned property and households and on the user experience of payment transfers enabled by mobile phones. A reference guide created to assist regulators who are exploring policy options for enabling the development of inclusive digital financial services. Level One Project. A Gates Foundation project focused on helping the public and private sectors develop pro-poor digital financial services and markets that work for all.
Open source software that serves as a reference model for creating interoperable digital payments platforms. A report examining what 1 billion registered accounts signify for mobile money users, the mobile money industry, and the future state comptroller unclaimed funds the mobile money ecosystem.
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6/11/2022 by Arashijinn .