At the International forum for financial inclusion in Mexico on June 26th, Christine Lagarde shows that “The merits of financial inclusion are strongly rooted in empowerment”. Worldwide there are more than 2.5 billion people living in poverty, a large number being women that do not have access to the financial network.
According to Christine Lagarde (the Managing Director of the International Monetary Fund), access to credit is a key link between economic opportunity and economic outcome. But despite the progress, poverty is still high; the Latin America region remains by many measures the most unequal in the world. There is also large income inequality on a global scale. And women are more affected by the range of barriers in access to financial services.
For the Managing Director, International Monetary Fund, technological innovation is perhaps the most promising way to advance financial inclusion and mobile banking is one innovation with dramatic potential for expanding financial inclusion. In fact, in emerging countries, mobile phone diffusion often exceeds bank network distribution like for example in Kenya or in Latin America.
However we have to be careful and consider consumer protection, which is particularly important because it ensures responsible access to credit. Policies that improve transparency in financial markets through disclosure requirements can also help by increasing information available, and making it easier to understand.
The International Monetary Fund recognizes and supports financial inclusion as a key pillar of financial development and inclusive growth.
The ambiguity of the situation is that the poorest people are those who have the least access to the cheapest services, while the wealthy have the ability to access the system that allows them to save money.
As Christine Lagarde expressed in her speech, the PAYTOO solution was made to overcome this gap between the non-accesses to services by those who need it most by lack of resources. It provides in a cost effective way, all services that a user needs in one simplified solution.
This is why PAYTOO is one of the best alternative solutions to the banking system and is in line with the request of the IMF.
Read the full article: http://www.imf.org/external/np/speeches/2014/062614a.htm
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