Expanding Financial Inclusion in Developing Regions: Economic Growth through Innovations in Mobile Technology
Poor and rural communities in developing countries are often excluded from formal financial services, forced to rely on cash-based economies that offer little security and access to credit. Research shows that expanding financial inclusion can have positive effects on economic growth and poverty alleviation by helping poor people save and build their assets base. With estimates of one billion people around the world who lack a bank account but own a mobile phone, recent innovations in mobile phone technology have the potential to improve financial inclusion in Africa and other developing countries by providing basic financial services at a low cost.
On May 16, the Africa Growth Initiative at Brookings, the Central Bank of Kenya and the Alliance for Financial Inclusion hosted a discussion on how financial inclusion in Africa can be supported by innovations in mobile technology and financial services. Panelists addressed various issues surrounding the development, implementation and expansion of mobile financial services to improve the livelihoods of people in Africa.
After each panel, participants took audience questions.
Agenda
1:00 PM -- Opening Remarks
1:05 PM -- Panel 1: Mobile Financial Services, Financial Inclusion and Economic Growth
Mwangi S. Kimenyi
Former Brookings Expert
Alfred Hannig
Executive Director, AFI
Njuguna S. Ndung’u
Governor
Maria Otero
Under Secretary of State for Democracy and Global Affairs
2:30 PM -- Panel 2: Scaling-up Financial Service Initiatives
John Page
Nonresident Senior Fellow - Global Economy and Development, Africa Growth Initiative
James Bilodeau
Associate Director, Financial Services Head of Emerging Markets Finance
Michael Joseph
Fellow, World Bank
Perks Ligoya
Governor
Carlos Lopez-Moctezuma
Mexican Banking and Securities Commission (CNBV)
David Porteous
Managing Director
4:15 PM -- Panel 3: Role of Development Partners in Mobile Financial Services
Claire Alexandre
Senior Program Officer
David Ferrand
Director
Priya Jaisinghani
Senior Advisor
Mark Pickens
Microfinance Specialist
Ian Solomon
U.S. Executive Director to the World Bank
More Information
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