New ITU resolution on the use of ICTs to bridge the financial inclusion gap
The International Telecommunications Union (ITU) Member States have approved at new resolution that consolidate ITU’s mandate on matters relating to digital financial inclusion, reports ITU.
The except of the news can be read below
“Two billion adults worldwide do not have a bank account, but among them, 1.6 billion have a mobile phone.
Developing countries are capitalizing on the widespread use of mobile phones and information and communication technologies (ICTs) to bring all people within reach of financial services and out of poverty.
Digital financial services show great potential to give previously ‘unbanked’ people the ability to save, make payments and access credit and insurance — allowing them to manage an irregular income stream, plan for the future, recover from economic shocks and natural disasters and find new ways to earn a living.
As such, efforts towards digital financial inclusion are contributing towards the achievement of United Nations Sustainable Development Goal 1, which is poverty eradication.
In the new resolution, Member States resolved that ITU will: continue studying the topic of digital financial services in order to increase the financial inclusion in developing countries; encourage collaboration between telecommunication regulators and financial services authorities to develop and implement standards and guidelines; and encourage the use of innovative digital tools and technologies, as appropriate, to advance financial inclusion.
The Resolution also invites Member States to develop and implement national strategies to address financial inclusion as a matter of priority and to encourage new regional initiatives on the issue.”