International standards to expand access to digital financial services
Public Relations & International Affairs of TIC announced that
ITU has established a new Focus Group on Digital Financial Services to promote financial inclusion using information and communication technologies (ICT) in response to a proposal from the Bill & Melinda Gates Foundation, which is a member of ITU’s Standardization Sector (ITU-T).
Over 2.5 billion adults do not have access to a formal bank account, most of them in developing economies. Internationally standardized ‘mobile money’ platforms will increase financial inclusion to the benefit of socio-economic development worldwide. Digital financial services are capable of improving the delivery of basic financial services. Standards will drastically reduce the costs of these services to service providers and their customers, thereby opening the door to remote and underserved communities.