Why payment systems matter to financial inclusion? The unbanked is estimated to exceed 2.5 billion customers worldwide. For banks, this is a massive opportunity to serve a new demographic and tap into the previously untouched wallets of the unbanked across Asia Pacific, Africa, Middle East, Europe and the region. This is precisely why innovative payment solutions is a means for greater financial inclusion and therefore there is an urgent needs to promote responsible financial inclusion and supporting payment systems expansion as well.
Financial Inclusion is defined as delivery of banking services at an affordable cost to the vast sections of unprivileged and low income groups living in rural parts of country. It is essential that availability of banking and payment services to the entire population without discrimination is a priority. As such, financial inclusion is one of the top most policy priorities of the Government across Asia Pacific, Africa, Middle East, Europe and the region and the prospect of bringing more than 2.5 billion customers worldwide into the formal financial system would certainly would enrich and strengthen the global economy. Against this backdrop, International Summit on Financial Inclusion & Payment System is a timely platform for policy makers, central bankers and industry players across Asia Pacific, Africa, Middle East, Europe and the region, to discuss how to build more financially inclusive economic systems, to optimise financial inclusion as well as promoting responsible financial inclusion and a risk-based approach to support mobile financial service and innovative payment solution expansion. Key issues to be discussed including:
- How should banks
define financial inclusion?
- Should banks
approach financial inclusion as one broad segment or develop more tailored
models?
- Is it possible to
run such an initiate profitably?
- Financial
inclusion strategy to bank the unbanked
- How to deliver
products such as ATM kiosks, internet and low cost technologies to region
that have little or no electricity?
- How can banks
promote innovation and develop an integrated approach to tap the full
rural banking revenue pool?
- Converging
payments and what’s next in mobile financial services and financial
inclusion
- How can policy
makers help private operators extend their outreach to the remotest
regions across Asia Pacific, Middle East, Europe and the region?
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