Market in Marrakesh, Morocco by Sim Br Flickr
Increased government-to-person payments help pave the way for a growth in mobile payment accounts
>> See WSBI piece on FinDev blogsite
BRUSSELS, 16 September 2020 – The following piece, first published on 14 September 2020 on the FinDev blogsite, was written by WSBI's Scale2Save Programme Director Weselina Angelow and Programme Manager Céline Stevens.
As COVID-19 has severely limited travel and made it harder for people to visit bank branches, the quest for digital financial inclusion has become more important than ever. Many developing countries with strong cash cultures are now receiving support from governments as they take action to accelerate the move from cash to digital. During the last few months, governments have set up government-to-person (G2P) payments to send much-needed financial support to low-income families and small businesses, outside of the usual social protection mechanisms. This growing interest and need on the part of governments to invest in digital payment channels is providing a unique opportunity to advance digital financial inclusion.
Scale2Save’s project in Morocco, in partnership with Al Barid Bank and its payment institution subsidiary Barid Cash, has taken advantage of this opportunity to further our work digitizing G2P payments and developing a mobile payment ecosystem. >> Read rest of blog at the FinDev
The Scale2Save programme is a partnership between WSBI and Mastercard Foundation to establish the viability of small-scale savings in six African countries. >> Learn more | >> Video: Scale2Save programme in Morocco