Digital Financial Literacy
Digital technologies play a key role in financial inclusion, as demonstrated by the meteoric rise of mobile money across emerging markets in recent years. Yet we still see a significant gap between access and usage; simply launching a financial service does not mean it will be widely used.
Digital financial literacy (DFL) – loosely, the application of digital literacy and financial literacy to enable the use of digital financial services – is increasingly being seen as the solution for addressing women’s limited use of Digital Financial Services (DFS). However, what we mean by DFL is not always commonly understood. To further complicate matters, there are a number of related market barriers that need to be addressed simultaneously or in advance of any DFL initiatives to ensure its success.
Literacy, numeracy, design, access, social norms and consumer awareness all play a significant role in women’s DFL, they are enablers or minimum conditions that need to be in place for DFL to have an impact on women’s uptake and use of financial services. If we don’t take these enablers into account, we run the risk of applying a literacy solution to a design or social norms problem and perpetuating myths around women’s financial wants and needs that are not based in women’s digital reality.
Over the next three weeks, FinEquity will host a #DgroupsDialogue under the Technology Working Group. (Find Dgroups instructions, including how to sign-up, here.)
This e-discussion seeks to:
- Unpack what we mean when we discuss DFL
- Better understand what are the key enablers and barriers to women’s digital finance usage
- Explore how DFL can take into account these different enablers to the uptake of DFL and drive women’s usage of DFS
We will allocate two days for each of the six enablers following the schedule below. Each of these conversations will be moderated by experts from the sector, along with your contributions – a community of over 1,500 organizations and people across the globe.
- Enabler 1: Literacy with Matt Wallace of ONOW Myanmar, May 26 - 27
- Enabler 2: Numeracy with Brett Mathews of My Oral Village, May 28 - 29
- Enabler 3: Social Norms with Louis Graham of Busara, June 1 - 2
- Enabler 4: Design with Alexandra Fiorillo of Grid Impact, June 3 - 4
- Enabler 5: Access with Mariana Lopez of GSMA Connected Women, June 8 – 9
- Enabler 6: Consumer Awareness with Mary Griffin of CGAP, June 10 – 11
Mark your calendars and get ready for a conversation about how DFL intersects with women’s financial inclusion pathways.