GSMA, a non-profit industry organisation, will be sharing insights on mobile money financial literacy toolkit and how it would deepen growth of financial literacy leveraging digital financial services at the 2023 RegTech Africa Conference hosted by Nigeria.
The conference is coming at a time when the growth of digital financial services has been at the center of financial inclusion initiatives in many countries, notably in Sub Saharan Africa.
CEO of RegTech Media, Cyril Okoroigwe, said with increased usage of digital financial services over the past few years, there was need for digital skilling programs to improve financial literacy and digital literacy for all to participate in a financially inclusive economy.
“The widespread use of mobile phones has led to a rapidly growing mobile phone-based economy in which mobile platforms are increasingly used as an alternative to traditional banking and other financial systems,” he said.
He said at the conference, GSMA, which represents the interests of mobile network operators worldwide, would share insights on key research findings on digital financial literacy, especially in low and medium income countries, including Nigeria.
He said the digital financial literacy toolkit was an implementation handbook for organisations, especially smallholder farmers, women, youths and local communities to integrate either part or whole of it in their programs on digital literacy and digital financial literacy.
The toolkit covers modules on digital awareness, practical know-how, mobile phone proficiency, internet safety and mobile money usage on a mobile phones.
He stressed that mobile financial services remain the most effective contributor to global financial inclusion initiatives and particularly in developing countries, remain a key driver of economic growth by creating employment, driving business productivity and entrepreneurship and helping to formalize the economy.
Okoroigwe however noted that favourable regulatory environments and good supervisory practices have enabled significant innovation in mobile transfer services in various countries, giving rise to an entire digital financial services ecosystem offering savings, insurance, local and international money transfers, payments and credit services on mobile money platforms, to both individuals and corporate entities.
The maiden edition of the conference, held in partnership with the Bill & Melinda Gates Foundation, was hugely successful and boasts of high-level representation of businesses and regulators across key sectors such as financial services, technology, telecommunications and Venture Capital companies.
The conference has as its theme: “Elevating national policy on financial inclusion, consumer protection and cyber security” and is scheduled to hold between May 24 – 26 in Lagos.
