The ITU-T Focus Group Digital Financial Services was established by ITU-T TSAG at its meeting in Geneva, 17-20 June 2014.
The Focus Group held its first meeting on 5th December 2014 at ITU in Geneva. The meeting was preceded by the
ITU Workshop on Digital Financial Services and Financial Inclusion
on 4th December 2014.
Globally, more than 2 billion adults do not have a formal bank account, most of them in developing economies. Low levels of financial inclusion represent a barrier to socio-economic development in developing countries. 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.
The FG DFS acts as an open platform for digital financial services stakeholders – such as telecom regulators; financial services regulators; digital financial services providers, payment platform providers; mobile network operators; international organizations and industry forums and consortia – to share knowledge and lessons learned in the field with the objective of identifying the standardized frameworks needed to support the scaling up of digital financial services usage globally.
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Terms of Reference