Responsible Finance Forum


Michael Rothe, Alexander Dix and Tim Ohlenburg
22 August 2018
Source:  GIZ

The opportunities and risks presented by innovative digital finance solutions are two sides of the same coin, with digitisation holding enormous potential for advancing financial inclusion in innovative ways in developed and developing economies alike. Digital financial services (DFS) are deemed to be a huge game changer, especially in sub-Saharan Africa where the number of individuals making use of digital payments increased by 68.5 million from 2014 to 2017. With the 2030 Agenda acknowledging that financial services are an important driver of sustainable development, the digitisation of financial services are an enabling and powerful way to support the implementation of the Sustainable Development Goals. Digitisation presents an unprecedented opportunity to accelerate access to finance for the financially excluded and underserved.

This paper builds on GIZ’s 2016 discussion paper Data protection in the context of digital financial services and Big Data and on its 2017 report on Selected Regulatory Frameworks on Data Protection for Digital Financial Inclusion. It seeks to provide financial sector policy-makers and regulators with orientation in their work to develop appropriate regulatory frameworks for data-intensive financial services (DIFS) – frameworks that, in the interests of financial inclusion, should ensure to safeguard people’s privacy as well as to promote innovation.

–Foreword by Natascha Beinker, German Co-Chair G20 Global Partnership for Financial Inclusion and German Federal Ministry for Economic Cooperation and Development (BMZ)