Digital Financial Inclusion
The economic and social hardship created by the COVID-19 pandemic could be a game changer for deepening of Digital Financial Services (DFS). The shift towards Digital Financial Inclusion (DFI) has already witnessed greater benefits for many economies before the pandemic started. However, the lockdowns and social distancing are accelerating the use of digital financial services across the world. Low and middle income households and micro and small enterprises can benefit immensely from innovative business models of mobile money, fintech services, and online banking. Fostering DFI with greater access, usage and quality of services can boost inclusive economic growth and sustainable development.
DFS including those involving the use of mobile phones have now been launched in more than 80 countries, with some reaching significant scale. As a result, millions of customers are moving from exclusively cash-based transactions to DFS such as payments, transfers, savings, credit, insurance, and even securities with the help of mobile phone or other digital technology to access these services. And the picture is continuing to shift rapidly with the emergence of disruptive technologies (AI & Machine Learning, Blockchain, IOT, etc) from FinTech and other players from financial market.
Leveraging DFS to respond to global emergencies (like COVID 19) along with the prospect of reaching billions of new customers who are financially excluded (women, micro/informal enterprises, rural sector, etc.) and underserved requires a robust policy framework and operational strategies. These includes, promoting and incentivizing digital payments, secure and resilient digital payments and technology infrastructure, enabling regulations and risk management, enabling agent and merchant operations and coordination among stakeholders.
Given this perspective and to maintain social distancing, National Institute of Bank Management (NIBM) offers a complete online training Programme on “Digital Financial Inclusion”. The programme participants will learn about the emerging digital landscape, regulatory framework in which DFS operate as well as the new market players, risk & fraud management, innovative products & services, and technology that have disrupted the financial market.