CGAP CEO Greta Bull: All Humanity Can Benefit from the Digitization of Finance

Source: The Banker

"Advances in financial services delivery over the past 10 years have given governments new tools to help poor families cope during times of crisis. In Kenya, the government swiftly reached an agreement with mobile money provider M-Pesa to reduce charges on money transfers to zero, so families could receive money from relatives living far away without losing a large portion of this scarce resource to fees. The government also delivered social payments to low-income households over M-Pesa’s extensive distribution network.

The financial sector has provided a lifeline for the poor during the crisis, but it has an equally important role to play in the recovery. The challenge will be to build on the advances we have made so far in financial services delivery in a way that creates a more equitable financial sector for all going forward."