egypt selected as one of “model” developing countries
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Egypt selected as one of “model” developing countries

Arab Today, arab today

Arab Today, arab today Egypt selected as one of “model” developing countries

The World Bank Group
Cairo - MENA

The World Bank Group selected three different “model” developing countries – China, Egypt and Mexico – to be part of the Financial Inclusion Global Initiative.

The initiative - which is a new global program to advance research in digital finance and accelerate digital financial inclusion in developing countries - has been launched by the World Bank Group, the International Telecommunication Union (ITU) and the Committee on Payments and Market Infrastructures (CPMI), with support from the Bill and Melinda Gates Foundation.

The three-year program focuses on three different “model” developing countries – China, Egypt and Mexico – and consists of two complementary operational and knowledge work streams, according to a World Bank statement.

The operational work stream supports each country’s national authority – countries in which digital financial inclusion can significantly improve access to financial services for a large number of people without access to financial services.

The knowledge work stream is designed to advance research and develop policy recommendations in three key areas of digital finance: security of information and communication technology (ICT) infrastructure and trust in digital financial services; digital IDs for financial services; and acceptance and use of e-payments by micro and small-scale merchants and their customers.

The inter-agency working groups tackling these issues will share findings at annual symposia. The first of these is scheduled to be the Financial Inclusion Global Initiative Symposium 2017, will be held in Bangalore, India, from November 29, to December 1, 2017, hosted by the Government of India.

“We are excited to work with ITU and CPMI on this new global initiative that will enable our partner countries to better harness the potential of digital technologies for financial inclusion, and to manage associated risks,” said Ceyla Pazarbasioglu, Senior Director for the Finance and Markets Global Practice, World Bank Group.

As part of the initiative, the three model countries are also receiving technical assistance from the World Bank Group with a view to putting into practice the guiding principles set out by the CPMI-WBG report on Payment Aspects of Financial Inclusion (PAFI). In particular, the assistance will contribute to further strengthening public and private-sector commitment and improving legal and regulatory frameworks, financial markets and ICT infrastructure for financial access and inclusion. It will also focus on improving financial product design; financial literacy and awareness; diversified access points; and large-volume, recurring payment streams. The World Bank Group leads the operational work, with ITU handling activities related to telecommunications authorities.

“An estimated two billion adults are still without access to a bank account, and yet some 1.6 billion of them have access to a mobile phone, creating the potential for e-finance access,” said ITU Secretary-General Houlin Zhao. “The ITU community is excited to leverage our unique technical expertise to make e-finance a reality for millions of people through the Financial Inclusion Global Initiative, and in so doing, contribute to poverty eradication and the achievement of the global Sustainable Development Goals.”

“The Bill & Melinda Gates Foundation is pleased to support the Financial Inclusion Global Initiative, which we believe will bring digital financial services to some of the world’s most vulnerable unbanked populations as well as advance knowledge on creating a robust digital payments ecosystem,” said Jason Lamb, Deputy Director, Bill & Melinda Gates Foundation.

The three countries selected were chosen based on potential for country programmes, level of national government and private-sector commitment to financial inclusion, number of people that could be reached through digital financial services, and potential for reforms to encourage innovation and digital technologies use.

According to analyses carried out by the World Bank Group, Egypt has the potential to bring a large number of people into the formal financial sector (more than 44 million adults). These analyses found that Egypt has adequate laws, regulations and financial and ICT infrastructure, but a lack of funding to cover related reforms.

Considered a ‘last-mile’ challenge, China has an increasingly well-developed legal and regulatory environment and financial infrastructure, as well as a supportive ICT infrastructure. The People’s Bank of China has requested support from the World Bank Group for digital financial inclusion measures to reach rural people without access to financial services.

Mexico has shown a strong commitment to financial inclusion with its new National Financial Inclusion Strategy launched in June 2016, as well as a draft fintech law. Mexico has the potential to become a regional and global model for digital financial inclusion, despite relatively low levels of financial inclusion.

China, Egypt and Mexico are already part of the Universal Financial Access 2020 (UFA2020) initiative. Led by the World Bank Group, this seeks to bring two billion unbanked adults in 25 countries into formal financial systems.

The design of country programs under the Financial Inclusion Global Initiative will be informed by the same guiding principles of UFA2020 – the PAFI guiding principles – as well as the Level One guidelines for enabling payments infrastructure, and the recommendations of the ITU-T Focus Group Digital Financial Services.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

egypt selected as one of “model” developing countries egypt selected as one of “model” developing countries

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

egypt selected as one of “model” developing countries egypt selected as one of “model” developing countries

 



GMT 23:48 2017 Wednesday ,20 December

Mohamed bin Zayed, King Salman discuss regional issues

GMT 11:19 2016 Saturday ,24 September

Kerber to strengthen number one hold in Wuhan

GMT 09:54 2016 Friday ,30 December

Shoot knife-wielding Palestinian woman

GMT 22:51 2017 Sunday ,08 January

In Zimbabwe, a first lady exerts her power

GMT 02:52 2016 Wednesday ,21 December

Obama condoles with Merkel after market attack

GMT 16:29 2017 Thursday ,26 January

Prefers social TV programs to politics

GMT 16:43 2016 Saturday ,15 October

DiCaprio issues climate action call in new documentary

GMT 15:07 2016 Monday ,18 July

Riyad Bank posts SR1.15bn net profit

GMT 04:38 2018 Wednesday ,24 January

Weak eyesight no hindrance for 'Professor' Chung

GMT 02:46 2017 Thursday ,13 July

Widodo prays at Kocatepe Mosque in Ankara city

GMT 01:29 2017 Friday ,08 December

UAE condemns US decision on Jerusalem

GMT 23:57 2017 Thursday ,19 October

Google’s sister company Deepmind forms ethics unit
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday