Payment innovation and secure digital infrastructure in the Middle East and Africa

Morocco resolutely looks to the future as the Middle East and Africa meet at the crossroads of financial system transformation, technology and regulation. At the World Bank and International Monetary Fund annual meetings, OMFIF’s Digital Monetary Institute, in collaboration with Mastercard’s Policy Center for the Digital Economy, convened a high-level seminar to explore advancements in the digital ecosystem.

Building on discussions with experts about the World Economic Forum’s seven ‘shared principles for an inclusive financial system’ and OMFIF’s evolution of national and international payments report, this event layed out a pathway to understanding and adopting next-generation options.

We discussed transition strategies for ensuring financial inclusion is central to the future of payments. Speakers examined how financial sectors are leveraging technology solutions to digitalise and grow their economies, develop new value propositions and understand the implications of a global payments infrastructure. We delved into policy considerations and the potential of digital technology, including payments innovation, fintech and central bank digital currencies, to encourage a systems-based approach to closing the financial inclusion gap and improving payment efficiencies.