PAFIX 2020, already in its 7th round, has been a voice that has been calling on banks and financial institutions to take up digital inclusion as a means to help themselves as much as to help the under-served population of our region. But those traditional institutions moved cautiously until FinTech sounded the alarm. It was only then that the financial sector policymakers recognized the “game-changing” potential of digital financial inclusion. Now, global financial regulators have the opportunity and responsibility to set the standards for both the risks and rewards of FinTech.
Unbanked individuals are increasingly gaining access to financial services through digital channels that offer basic financial services at greater convenience and lower cost than traditional banks. New institutions and new collaboration methods are far reaching and efficient in creating the digital finance ecosystem.