Digital Finance

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Digital Finance is a powerful means to expand access beyond financial services to other sectors, including Agriculture, Water, Health, Transportation, Education and Clean energy. Digital solutions and new technologies offer great potential to overcome massive development challenges and will contribute to the World Bank Group achieving goal of universal access to financial services by 2020. With 2.5 Billion people in developing countries deprived of access to formal financial services and more than 200 Million small businesses lacking of access to the financing they need to grow, expanding access to finance remains a challenge. The benefits of Digital finance extend well beyond conventional financial services. This can also be a powerful tool and engine for job creation in developing countries.

Digital Finance is already an everyday realty for Tanzanian, Kenyan and Rwandan customers who are using Mobisol Solar Home Systems. Paying for solar power in small instalments through mobile money is already a norm for commercial transactions by those at the bottom of economic pyramid.
Digital finance also plays important role for small businesses. It not only provides them with access to financing but also to electronic payment systems, secure financial products and a chance to build a financial history.

The opportunity to accelerate inclusive growth could be aggressed rapidly and without the need for major investments in costly additional infrastructure. Mobile phones are the game changer that make this all possible. Almost 90% of people in emerging economies have access to network and the share of those with 3G and 4G coverage is growing.

To capture the opportunity, Businesses and Government leaders will need to make a concerted and co-ordinated effort. Three building blocks are required -
- Widespread Mobile and Digital infrastructure,
- a Dynamic Business environment for financial services,
- Digital Finance products that meet the needs of individuals and small businesses in ways that are superior to informal financial tools they use today.


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