Moving from Mobile Money to Digital Financial Services
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Moving from Mobile Money to Digital Financial Services for Financial Inclusion CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES Moving from Mobile Money to Digital Financial Services for Financial Inclusion CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
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In this webinar, I shared updates on the growing shift from mobile money to broader digital financial services to promote financial inclusion. These broader services include greater integration and convergence of electronic funds transfers, debit/ATM cards, and agent banking. Over the past couple of years, a range of public and private players such as USAID, the Better Than Cash Alliance, the Bill & Melinda Gates Foundation, the Alliance for Financial Inclusion, and other groups have actively supported or focused on policy areas that promoted the use of digital financial services for greater financial inclusion. With the greater role of governments, regulators, private sector players, and more importantly, the role and perspective of clients at the base of the economic pyramid, this new emphasis on digital financial services, has a much better chance of accomplishing deeper financial inclusion than we have seen in the past. This presentation focuses on this broader approach to improving financial inclusion and shares lessons learned from a practitioner in the field point of view.
Transcript of Moving from Mobile Money to Digital Financial Services
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Moving from Mobile Money to Digital Financial Services
for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Who are the are the Movers, Shakers & Supporters?
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
http://www.mobileworldlive.com/mobile-money-tracker
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Countries with more mobile money agents than bank branches
GSMA Mobile Money for the Unbanked
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Countries with More Mobile Money Accounts Than Bank
Accounts
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Countries where Mobile Money Transactions are Significant
% Equivalen
t to Country
GDP 60 % in
Kenya 30% in
Tanzania
20% in Uganda
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Third-Party Players
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Shift to Broader Digital Financial Services: Gates Foundation
Rationale for the Better Than Cash Alliance
An alliance of Governments, Private Sector, and Development Organizations to create a global movement from cash to electronic payments;
Billions of dollars in cash payments are made every day in emerging and developing economies for salaries, to
suppliers, for pensions and social welfare, relief etc.With appropriate digitization of these payments both
payee and payer can have great benefits...
Digital money can bring five main social benefits
Cost Savings: decrease costs of cash or in-kind payments.
Transparency: increase accountability and tracking, reducing corruption and theft.
Security: typically safer and faster delivery.
Financial Inclusion: can accelerate access to financial services.
New Market Access: open doors for new business models for previously excluded people.
Partnerships Are Key
BusinessesThird-Parties Clients
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Digital Financial Services for Financial Inclusion: Key Steps in the Road Map
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Donors & the Benefits of the Collaboration Digital Financial Service Provider• Technical assistance and R&D• Work with regulators• Pilot testing of new servicesDonor Agencies• Leveraging of resources• Technical platformProject Implementation Partners• Greater Efficiency• Lower Costs• Improved Outreach
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
G2P Disbursements via Digital Financial Service Platforms
Mobile Banking andMobile money
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
The Shift from Mobile Money Alone to Integration with Broader Digital Financial
Services
Businesses: Leveraging Digital Financial Services
MTN Ghana, UT Life & MicroEnsure
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Bank or Mobile Money Agents
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Building TRUST in Digital Financial Services is Key!
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Convenience & Access are Key!
Moving from Mobile Money to Digital Financial Services for Financial Inclusion
CHEMONICS TECHNICAL PRACTICES | FINANCIAL SERVICES
Thank YouTwitter:
@jvowens
Blog:www.mobilemoneyfordevelopment.wordpress.com
www.chemonics.com
