SPOTLIGHT SESSION: Enabling Financial Inclusion Through Faster, Interoperable Payment Models
Faster payments, including Instant payments, are quickly gaining popularity around the world. Yet, there are more than 1.7 billion unbanked people, most with a mobile phone, that are disconnected from financial services. This session spotlights new innovation in faster payments in emerging economies like Africa. Here, Digital Financial Service Providers (DFSPs), financial institutions, microfinance and mobile money providers, are looking to provide inclusive, interoperable faster payments systems to advance financial inclusion while growing customer and transaction volumes. Take a look at how one country in Africa addressed this process.
Questions answered during this session:
1. What are some of the challenges in realizing financial inclusion through faster payments models?
2. How would an open payments platform help drive more innovation and reduce the cost of faster payments for cross-Africa services?