It’s expensive to be poor and unbanked. When a population is left out of the financial system, every transaction has to be done in person, which means walking and sometimes for hours, to pay for goods and services. And to move money, i.e. traveling in cash, from the big cities to rural areas is equally costly and even risky.
The poor with no financial access “have to spend a lot of time and energy to do their financial transactions,” says Konstantin Peric, Chair, Mojaloop Foundation, and Deputy Director, Financial Services for the Poor, Bill And Melinda Gates Foundation.
In this Spotlight Session “Enabling Financial Inclusion Through Faster, Interoperable Payment Models,” Peric and Paula Hunter, Executive Director, Mojaloop Foundation, discuss mobile money innovations that help the poor around the world access the financial system, optimize their time, and reduce the costs of transactions. “These innovations also prove that it is possible to serve the poor in ways that are commercially profitable,” says Peric.
During this session at Smarter Faster Payments Remote Connect, the pair also discusses how interoperability is the key to growth in the market. “Interoperability really is the key to opening up a market entirely by moving money fast, easily and safely, especially across borders,” Hunter says. “A vibrant digital payments market starts by making it easy for everyone in the ecosystem to interact with each other simply.”
Join Us at Payments 2022
Nashville, Tennessee | May 1-4, 2022