Promoting financial inclusion in the Middle East and Africa
The ‘Path to Morocco’ initiative builds on the World Economic Forum’s ‘Shared principles for an inclusive financial system’ and the 2022 OMFIF-Mastercard report, ‘Evolution of payments systems: National versus international’. It continues the public-private sector dialogue on inclusive national payments systems, ensuring financial inclusion at the intersection of the future of money.
The next stage focuses on the Middle East and Africa, where policy-makers have strong ambitions to advance financial inclusion through digital innovation, gradually move away from cash and create affordable digital infrastructure.
OMFIF in partnership with Mastercard Policy Centre will host discussions, encouraging stakeholders to share views on evolving payments and necessary policy considerations for adopting next-generation options.
Events
Fostering financial inclusion through payments in the Middle East and Africa
OMFIF Live Broadcast – Thursday 31 August 2023
OMFIF’s Digital Monetary Institute in partnership with Mastercard Policy Center for the Digital Economy, continues the high-level public-private sector dialogue in line with the World Economic Forum’s report on ‘Shared Principles for an Inclusive Financial System’ and building on the joint report on the evolution of national and international payments, to explore where central bank priorities, opportunities and challenges lie for an inclusive financial system.Â
Positioning the Middle East and Africa region as a strong digital hub of financial inclusion and innovation requires an inclusive marketplace where policy-makers have strong ambitions to support the adoption of cashless transactions. Steps must be taken to have a positive impact on the welfare of citizens through efficient, innovative, safe and secure digital infrastructure. The panel will discuss the importance of deepening trust in financial services through technology, the steps needed to ensure an integrated system and market-driven interoperability and the measures in place to balance cost and sustainability within a national payments system infrastructure.
Payment innovation and secure digital infrastructure in the Middle East and Africa
Seminar – Wednesday 11 October 2023 (Marrakech)
Morocco, a country steeped in history, resolutely looks to the future, as the Middle East and Africa regions meet at the crossroads of transforming the financial system, technology and regulation. On the sidelines of the annual World Bank and International Monetary Fund meetings, OMFIF’s Digital Monetary Institute, in collaboration with Mastercard Policy Centre and select partners, is honoured to convene a high-level seminar to explore advancements in stimulating a digital ecosystem.
After hosting an expert panel against the backdrop of the World Economic Forum’s seven ‘shared principles for an inclusive financial system’, which focused on where central bank priorities, opportunities and challenges lie and building on the joint report on the evolution of national and international payments, we progress this conversation to lay out a pathway in understanding and adopting next-generation options.
We will discuss transition strategies underway to ensure financial inclusion sits at the forefront when exploring the future of payments and how financial sectors are leveraging technology solutions to digitise and grow their economies, develop new value propositions and the implications of a global payments infrastructure. We consider what policy considerations are necessary and where digital technology, including payments innovation, fintech and central bank digital currencies, have the potential to encourage a systems approach to closing the financial inclusion gap and improving payment efficiencies.
Analysis
Path towards an inclusive financial system in Middle East and Africa
Amid the global pursuit of integrated financial solutions, countries in the Middle East and Africa are making strides towards building an inclusive financial system.
Building on the World Economic Forum report, ‘Shared principles for an inclusive financial system’ and the joint report on the evolution of national and international payments, this report, in collaboration with Mastercard Policy Centre, explores the initiatives and programmes related to financial inclusion in the region.
The report examines these initiatives, using insights from a survey of financial institutions in the regions as well as perspectives from policy-makers on the topic. It delves into the policy considerations required to advance progress towards financial inclusion through digital innovation, deepen trust in financial services and create an integrated, sustainable and affordable payments infrastructure.
The report will be published in November
Evolution of payments systems: National versus international (2022)
OMFIF’s latest report, in partnership with Mastercard, explores these challenges in detail, from difficulties in promoting adoption to the growing sophistication of the tools required to combat cyberattacks and financial crime to the demand for the near global acceptance required for efficient cross-border trade.
The report features insights from several central banks with various levels of experience in researching and operating national payments systems, giving a valuable perspective on the costs and challenges they experienced.
Download the report:
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