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International Telecommunication Union to discuss
deliverables for future digital financial services roadmap
Washington DC meeting will unveil ITU Focus Group’s initial findings and
recommendations
Geneva, 26 April 2016 – The International Telecommunication
Union’s (ITU)
Focus
Group on Digital Financial Services (FG DFS) is set to meet in Washington
DC, 27-29 April to discuss key elements of a global roadmap it is developing to
help telecom and financial services regulators and operators around the world
use digital and mobile technologies to address the issues around financial
exclusion.
After months of research and investigation, each of the four Working Parties
will unveil their initial findings and recommendations for the Focus Group to
discuss, review and approve.
Speaking ahead of the event, Sacha Polverini, Chairman of the Focus Group and
Senior Programme Officer of the Bill & Melinda Gates Foundation’s Financial
Services for the Poor (FSP) programme said: “The work we are doing is incredibly
important. It is the first time ITU has partnered with international
organizations like the World Bank, CGAP (Consultative Group to Assist the Poor),
GSMA (Groupe Speciale Mobile Association), AFI (Alliance for Financial
Inclusion) and others to initiate a forum like this. The objective is to develop
practical tools that the sector can use to fast track international best
practices and help an estimated 2 billion people who remain either unbanked or
underbanked in a world that is becoming increasingly digitalized.”
Polverini added: “Each team is looking at the key issues which most experts
agree are the main challenges that DFS faces. We have some of the world’s top
specialists in their respective fields working alongside us.”
“Low levels of financial inclusion represent a barrier to socio-economic
development in developing countries,” said ITU Secretary-General Houlin Zhao.
“Mobile money can be a game changer for people of limited income and an enabler
for financial inclusion in developing countries. The recent growth of digital
financial services has allowed millions of people who are otherwise excluded
from the formal financial system to perform financial transactions relatively
cheaply, securely, and reliably.”
Having mapped the key issues, researched the challenges and taken evidence
from experts from around the world, each Working Group is moving towards
finalizing some of their initial findings. Key deliverables that will be put
forward for discussion in Washington include:
- Ecosystem: An analysis of the DFS
ecosystem, government-to-person (G2P) flows and merchant
acquisition. It will also be putting forward a draft standard MoU template for consideration which will provide for greater
coordination between the telco and financial services sectors.
- Consumer Experience and Protection: An
initial overview of the legal and regulatory framework for
consumer protection and a report on quality of services issues.
- Interoperability: Will present an update on
its proposed outline paper analysing the relevant layers and
building blocks around interoperability which will map the
existing environment and the ongoing development of a
recommended toolkit.
- Technology Innovation and Competition:
Provide an update on its forthcoming report on the evolution of
technologies, competition and technical requirements in digital
financial services.
Over 130 delegates from a diverse range of stakeholders are expected to
attend, including financial service and telecom regulators, central banks,
representatives from the corporate sector and leading academics.
Notes to the Editor
In 2014, ITU established a dedicated Focus Group incorporating 60
organizations from some 30 countries. The Focus Group has created four thematic
working groups covering the following areas: DFS ecosystem; Technology;
Innovation and Competition; Interoperability and Consumer Experience &
Protection. The group’s goal is to develop guidelines, principles and toolkits
based on international best practices, which will be adapted and implemented by
countries looking to capitalize on digital and mobile technologies in their
efforts to increase access to basic financial services for people that today
remain at the margin of society.
For more information or interviews with Mr Sacha Polverini, please
contact:
Sanjay Acharya
Chief, Media Relations and Public Information, ITU
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Marcus Pepperell
FTI Consulting
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