ENP Newswire -
Release date- 03092014 - The fifth annual
Focusing exclusively on the use of technology to provide financial services and products for the poor, the Forum enabled participants to share specific approaches that private and public sector actors can take to address emerging risks from the expansion of digital financial services.
Participants noted that unreliability of digital financial services and inadequate customer recourse mechanisms can dampen the trust in such services among the poor and thus limit their uptake and usage. Results from a global survey taken ahead of the Forum revealed that a majority of respondents believed that global principles, standards and codes of conduct for responsible digital finance are needed. There was broad consensus among the participants at the
'Digital technology offers tremendous opportunities to expand access to formal financial services. But it is important to also consider and address its risks in order to ensure that it benefits the customers, especially the poor,' said
Over 2.5 billion adults worldwide lack access to formal financial services and digital finance is widely recognized for its potential to significantly expand financial inclusion and thereby improve the livelihoods of the poor. While the use of digital technology, such as mobile money or electronic payments, can improve access to formal financial services for the unbanked, these new business models and delivery channels can also carry new risks for consumers and small businesses. Against this backdrop, the discussions at the
'Low-income consumers can be particularly vulnerable to the risks that arise when financial products and services are delivered digitally,' said
'The Responsible Finance Forum provided a starting point from which to develop umbrella principles to advance responsible digital finance. These high-level principles could inform more specific standards and codes for financial services providers, mobile network operators, and technology companies providing services, as well as influence policies and regulations of financial and telecommunications regulators,' stated
'The Forum was an important milestone in bringing digital finance to the forefront of responsible finance and reinforcing the importance of the private sector for fostering innovation for responsible financial inclusion,' said
The Forum also marked the launch of the live web-platform, a one stop shop for sharing and accessing knowledge, discussing and collaborating on responsible finance. The RFF Platform will provide a central space for stakeholders and practitioners to advance responsible finance and move towards the goal of full finance inclusion by 2020, responsibly.
The Responsible Finance Forum V was followed by the
Organizers of the
Most Popular Stories
- Pickup Discounts Boost September Auto Sales
- Kurdish Militia Still Lack Weapons, Training
- Lexus Luxury Compact Sedan Wins Buyers
- Review: Pay by Phone or Just Keep Using Plastic?
- Ebola Victim Was Sent Home by Dallas Hospital
- Group Offers Online Help for College Students
- N.Y. Ups Awards of State Contracts to Minorities
- Dallas Parents Fear Students Exposed to Ebola
- Why the Bond Market Isn't as Safe as You Think
- Baker Hughes to Disclose Fracking Chemicals