Digital Financial Services in Haiti: Key Points and Opportunities

Key Achievements

The growth of digital financial services (DFS) in Haiti has been significant since its introduction in 1996. Notable achievements include:

• MonCash: Digicel’s mobile wallet has more than 900,000 customers and carried out 7.1 million transactions in March 2018, totaling $44 million.
• Lajaon Cash: A new e-wallet product available at 39 BNC branches, providing services to over 800,000 customers.

Challenges Facing the Sector

Despite growth, there are still significant challenges facing DFS in Haiti:

• Limited access: Underserved populations have limited access to financial services.
• Regulatory framework: The legal framework governing DFS in Haiti is not fully developed, creating uncertainty and hindering expansion.
• Awareness and education: There is a need for greater awareness and education about DFS among potential customers.

Opportunities for Growth

The DFS market in Haiti has significant potential for growth:

• Mobile banking interest: An estimated 25.7% of the population is interested in mobile banking.
• Financial inclusion: Developing DFS can increase financial inclusion and improve access to financial services for underserved populations.
• Collaboration: Collaboration among government agencies, financial institutions, technology companies, and other actors can help accelerate expansion.

Lessons Learned

The success of DFS in Haiti depends on a combination of factors:

• Regulatory frameworks: A well-developed regulatory framework is essential for the growth of DFS.
• Infrastructure: Adequate infrastructure is necessary to support the expansion of DFS.
• Customer awareness: Educating potential customers about DFS is crucial for its success.

Addressing challenges and accelerating growth will require a coordinated effort from stakeholders.