Financial institutions and governments have been working for years to leverage digitized G2P for women’s financial inclusion and economic empowerment. COVID-19 has increased the stakes, as governments look to use G2P programs to strengthen women’s resilience. New research from Women’s World Banking offers insights on Indonesia’s PKH program, the country’s largest conditional cash transfer. Originally published on the Women’s World Banking website.
Development funders are increasingly embracing the potential of digital financial services (DFS) to promote financial inclusion. As these funders – bilaterals, multilaterals, development finance institutions and private foundations – continue to look for ways to respond to emerging crises and opportunities, the support for digital finance and the ecosystem around it is increasing in prominence. However, until now, we have not had a systematic way of understanding how much funding […]
Many emerging market and developing economies (EMDEs) have made a significant amount of progress in the areas of digital finance in terms of usage of digital payments in everyday life, bringing people into the formal economy, and also as a key contributing sector to GDP. In the ninth FSI Brief, Nana Yaa Boakye Adjei compares pandemic-induced measures taken by authorities worldwide to boost digital payments and looks at how they […]
The paper studies the effects of the COVID-19 pandemic on African economies and household welfare using a top-down sequential macro-micro simulation approach. The pandemic is modeled as a supply shock that disrupts economic activities of African countries and then affects households’ consumption behavior, the level of their welfare, and businesses’ investment decisions. The DSGE model is calibrated to account for informality, a key feature of African economies. We find that […]
Digital financial services have expanded opportunities for millions of women across the globe. More than 240 million more women now have an account with a financial institution or mobile money service, compared to 2014. Through this increased engagement in the formal economy, women’s resilience to financial, economic and health shocks is improving. However, there remains much work to do to achieve gender equality in financial services. Approximately one billion women […]
This report includes overall financial literacy scores, as computed following the OECD/INFE methodology and definition, and their elements of knowledge, behaviour and attitudes. Patterns of product awareness and holding are reported as an illustration of financial inclusion. A comprehensive section on the outcomes of financial education explores elements of financial resilience and presents a novel score of financial well-being. Originally published on OECD’s website.
Mobile money taxation is a controversial subject. On the one hand mobile money has been something of a development success story in those countries where it has taken hold. On the other, developing countries face a range of issues when it comes to raising sufficient revenue to fund public services. In this paper, we take a fresh look at the subject of mobile money taxation through the lens of taxation and development. With […]
Customer outcomes approaches are emerging as a promising consumer protection paradigm where the regulatory focus shifts from provider compliance with prescriptive check-the-box rules to customer results or outcomes achieved through provider actions. This shift is highly relevant to emerging markets where unserved and underserved customers are targeted with a range of digital financial services that may expose them to new risks, and where vulnerable customers are disproportionately affected by global […]
Restrictions put in place by governments around the world to stem the spread of COVID-19 have significant short and long-term economic consequences which are affecting everyone, albeit unevenly. The rapid pace of change in the fight against the virus, as well as the differential impacts on local economies, reinforces that there are no simple narratives during such a pandemic. Using information collected from 22 Mercy Corps country programs, this market […]
The COVID-19 pandemic has, with alarming speed, dealt a heavy blow to an already-weak global economy, which is expected to slide into its deepest recession since the second world war, despite unprecedented policy support. The global recession would be deeper if countries take longer to bring the pandemic under control, if financial stress triggers defaults, or if there are protracted effects on households and firms. Economic disruptions are likely to […]