Page 8 - ITU-T Focus Group Digital Financial Services – Recommendations

ITU-T Focus Group Digital Financial Services
Recommendations

1 Introduction

The ITU Focus Group Digital Financial Services has prepared a set of recommendations for consideration by
in-country regulators, policy makers, and other stakeholders in the ecosystem. These recommendations will
support a DFS ecosystem that enables financial inclusion through the delivery of affordable, accessible, secure,
transparent, and robust DFS to end users.

The Focus Group members recognize that financial inclusion contributes to the development goals of poverty
reduction, economic growth and jobs, greater food security and agricultural production, and women’s economic
empowerment and health protection.

The recommendations assume a willingness by in-country regulatory bodies and authorities, including
financial service authorities, central banks, telecommunications authorities, competition authorities, consumer
protection authorities and joint bodies to collaborate to enable a DFS ecosystem to support financial inclusion.
It is also noted that the ecosystem, and the ways in which different regulators are involved with the ecosystem,
are evolving. The incremental costs and other burdens of regulation are noted: The allocation of these costs
to various stakeholders needs to be determined.
The Focus Group recommendations have been informed by the G20 High Level Principles for Digital Financial
Inclusion, the Guiding Principles stated in the CPMI/World Bank PAFI report, and the FATF Principles.

The work of the Focus Group included mapping out key roles in the DFS ecosystem. These definitions and
the related DFS glossary are provided in the published Focus Group report, “The Digital Financial Services
Ecosystem”. It is recommended that the Glossary be a "live" document within the ITU, with ongoing additions
and amendments.

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