Latest progress report from Better Than Cash Alliance reinforces how digital financial inclusion, when provided responsibly and sustainably in a well- regulated environment, not only drives growth, but also enables faster progress toward many of the other sustainable development goals (SDGs).
Since the UN adopted its 2030 Agenda for Sustainable Development Goals in 2015, the pace of digitization has grown around the world, creating new opportunities for governments to make sustainable improvements on the lives of their citizens.
More people than ever have access to mobile phones, the internet, and other digital services. Inclusive digital financial services, including mobile money, online accounts, electronic payments, insurance and credit, and fintech apps are increasingly reaching the world’s unbanked and financially excluded poor and disadvantaged people.
Inclusive digital financial services mean that poor people can store and increase savings, cope with unexpected economic shocks, access social benefits more cheaply, and make investments in economic opportunities that can lead them out of poverty. Farmers are managing risks and making investments that result in higher yields and incomes. Women are gaining more control over their finances and greater economic opportunity. And businesses are accessing working capital to grow and create new jobs.