Financial Crime World

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FISF Program Report: Promoting Financial Inclusion in Developing Countries

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The Financial Infrastructure for Development (FISF) program is a comprehensive initiative aimed at promoting financial inclusion in developing countries. This report highlights the various activities and outputs of the program under six streams.

Streams of the FISF Program

1. Digital Inclusion Acceleration

  • Focuses on promoting electronic payment adoption among small retailers
  • Estimated global market opportunity: USD 19 trillion

2. Leveraging Technology for Financial Inclusion

  • Explores the potential of digital technologies in financial inclusion, including:
    • Smart contracts
    • Digital savings
    • Fast payments
    • Retail payment systems

3. Creating an Inclusive Financial Sector for Women

  • Examines issues contributing to the persistent gender gap in financial inclusion
  • Reports and studies published on:
    • Pakistan
    • Trade finance for women entrepreneurs in East Africa

4. Addressing Consumer Risks in Digital Finance

  • Aims to better understand new consumer risks posed by digital finance
  • Outputs include:
    • Notes on suptech (supervisory technology)
    • Consumer risks in fintech
    • Role of consumer consent in open banking

5. FISF Program Implementation Knowledge

  • Documents insights and learnings from country programs under FISF
  • Outputs include:
    • Blogs
    • Reports
    • Dissemination events

Key Achievements of the FISF Program

  • Over 500 participants attended global and regional forums to present findings on electronic payment adoption and digital savings.
  • A synthesis report on fast payments was published, along with a corresponding blog soliciting public comments.
  • Reports were published on:
    • Suptech solutions for market conduct supervision
    • Consumer risks in fintech
    • Role of consumer consent in open banking
  • The FISF Learning Series held several webinars on topics such as:
    • Consumer risks in fintech
    • Suptech innovation
    • Digitizing government payments
    • Retail payment system governance

Conclusion

This report demonstrates the progress made by the FISF program in promoting financial inclusion and digital finance in developing countries.