FinTech for Financial Inclusion: A Framework for Digital Financial Transformation

Four pillars for a staged and progressive approach

The full potential of FinTech for financial inclusion may be realized with a strategic framework of underlying infrastructure and an enabling policy and regulatory environment to support digital financial transformation. Drawing from experiences in a range of developing, emerging and developed countries, this research suggests that the best approach is staged and progressive, focused on four main pillars:

  1. Building digital identification and e-KYC systems to simplify access to the financial system.
  2. Digital payment infrastructure and open electronic payments systems.
  3. Combining the promotion of account opening and access with the electronic provision of government services, particularly for public transfers and payments, to scale up the use of digital finance and related services.
  4. Design of digital financial markets and systems.

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