International Finance Corporation (IFC) on February 28 hosted a regional conference to promote digital financial services, including e-money, Internet and mobile banking in Central Asia.
According to press release issue dby IFC, the event, which is part of a larger World Bank Group effort to help people and small businesses access financial services, which is key to combating poverty and driving economic growth, took place in the Kazakh city of Almay.
The event, titled Electronic and Digital Financial Services: A Joint Path to Success reportedly brought together over 130 executives from regional financial institutions, technology companies and financial technology firms. It provided a platform to discuss innovations, challenges, and opportunities in the digital finance industry.
Across Central Asia, many people and small businesses are currently shut out of the formal financial system because they are often far from financial institutions which are concentrated in urban centers. Digital financial services are key to helping them pay bills, open savings accounts, and secure loans.
The demand for digital services is expected to rise in the coming years. As the costs of smartphones fall, 60 percent of people in developing countries are expected to access the internet over their mobiles by 2020, up from 44 percent in 2015. The conference will focus on how financial institutions can leverage digital services to expand their customer base and how countries can support financial inclusion by encouraging the development of digital financial services.
The event is part of IFC’s Electronic and Digital Financial Services Project implemented in Azerbaijan, Kyrgyzstan, and Tajikistan. The project is supported by the UK’s Department for International Development and the State Secretariat for Economic Affairs of Switzerland.
The World Bank Group is one of the world's largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world.
SECO is Switzerland’s competence center for all core issues relating to economic policy. SECO’s economic development cooperation strives to achieve inclusive sustainable growth and poverty reduction. Its activities aim to create more and better jobs, to enhance trade and competitiveness, to support effective institutions and services and to foster climate resilient economies.
The Department for International Development (DFID) leads the UK’s work to end extreme poverty. It is tackling the global challenges including poverty and disease, mass migration, insecurity and conflict.
