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Exploring Digital Finance’s Real Promises and Challenges for Development

Exploring Digital Finance’s Real Promises and Challenges for Development

Join the NGO Committee on Financing for Development on Wednesday, 27 April 2022, 8:00 a.m. – 9:30 a.m. EDT for this official side event to the 2022 ECOSOC Financing for Development Forum.

Register here: https://us02web.zoom.us/meeting/register/tZ0qc-6orjsuGdFhyWHfljp7ZNxV526Onoc7

Speakers:

  • Ms. Cina Lawson, Minister of Digital Economy and Transformation of the Republic of Togo (TBC)
  • Dr. Purva Khera, Economist, International Monetary Fund
  • Mr. Johannes Ehrentraud, Senior Advisor, Financial Stability Institute, Bank for International Settlements
  • Ms. Sofie Blakstad, CEO of hiveonline and author of Fintech Revolution: Universal Inclusion in the New Financial Ecosystem
  • Ms. Anneleen Vos, Seionr Economic Policy Officer, International Rescue Committee
  • Mr. Prabhat Labh, CEO, Grameen Foundation India
  • Ms. Mercy Buku, Program Leader, Toronto Center

Moderator: Mx. Anita Thomas, Chair, NGO Committee on FfD, Representative to the UN, Women First International Fund

Co-sponsors: ManUp Campaign, Change Management Solutions, Sisters of Charity Foundation, African Development Interchange Network, IBVM

Background:

The UN Secretary General’s task force on digital finance in its report titled “People’s Money: Harnessing Digitalization to Finance a Sustainable Future,” spells out the transformational impact digital finance can have on sustainable development. Providing relief for millions around the world, supporting businesses, and protecting jobs and livelihoods, digital finance served as a lifeline during the COVID-19 pandemic. A World Bank tally of policy responses to the pandemic finds that at least 58 governments in developing countries used digital payments to deliver COVID-19 relief, of which 36 countries made payments into fully transactional accounts that were being used for saving beyond simply withdrawing cash. According to the GSMA, international remittances processed via mobile money increased by 65 percent in 2020.

Proponents of digital finance highlight its strong capabilities to reduce transaction costs, the potential of Artificial Intelligence to provide fair and equitable treatment of credit applicants, and the scalability of cloud technology, through the use of blockchain technology, to allow consumers to transact remotely and seamlessly across multiple platforms.

While the experience of COVID-19 has proven that digitalization can transform economies and lives, it needs to be shaped with both its advantages and potential risks in mind in order to bring everyone into the digital age. For technology to benefit everyone, private sector innovation must be supported by the appropriate public goods such as the public provision of foundational infrastructure, access to electricity, mobile and internet coverage.

As in the case of any disruptive technology, without combining technological advances with sound policy measures, digital technology cannot deliver on its potential to meaningfully advance financial inclusion for everyone, including the more than 2 billion unbanked people globally. Delivering on promises to advance financial inclusion can only be considered meaningful when the account holder has a fully functional account that they utilize to save, make payments, obtain manageable credit, and mitigate economic risks and is simply not utilized to withdraw cash from cash transfers from the government, which is overwhelmingly the case at this time.

By examining successful strategies that maximize digital finance’s potential while minimizing risks to the financial sector, government revenues, and at-risk populations, attendees will gain a better understanding of how digital finance can sustainably advance development objectives.

_______________________________________________________________________________________

CoNGO Notes: The NGO Committee on Financing for Development is a Substantive Committee of the Conference of NGOs in Consultative Relationship with the United Nations.

Exploring Digital Finance’s Real Promises and Challenges for Development

Exploring Digital Finance’s Real Promises and Challenges for Development

Join the NGO Committee on Financing for Development on Wednesday, 27 April 2022, 8:00 a.m. – 9:30 a.m. EDT for this official side event to the 2022 ECOSOC Financing for Development Forum.

Register here: https://us02web.zoom.us/meeting/register/tZ0qc-6orjsuGdFhyWHfljp7ZNxV526Onoc7

Speakers:

  • Ms. Cina Lawson, Minister of Digital Economy and Transformation of the Republic of Togo (TBC)
  • Dr. Purva Khera, Economist, International Monetary Fund
  • Mr. Johannes Ehrentraud, Senior Advisor, Financial Stability Institute, Bank for International Settlements
  • Ms. Sofie Blakstad, CEO of hiveonline and author of Fintech Revolution: Universal Inclusion in the New Financial Ecosystem
  • Ms. Anneleen Vos, Seionr Economic Policy Officer, International Rescue Committee
  • Mr. Prabhat Labh, CEO, Grameen Foundation India
  • Ms. Mercy Buku, Program Leader, Toronto Center

Moderator: Mx. Anita Thomas, Chair, NGO Committee on FfD, Representative to the UN, Women First International Fund

Co-sponsors: ManUp Campaign, Change Management Solutions, Sisters of Charity Foundation, African Development Interchange Network, IBVM

Background:

The UN Secretary General’s task force on digital finance in its report titled “People’s Money: Harnessing Digitalization to Finance a Sustainable Future,” spells out the transformational impact digital finance can have on sustainable development. Providing relief for millions around the world, supporting businesses, and protecting jobs and livelihoods, digital finance served as a lifeline during the COVID-19 pandemic. A World Bank tally of policy responses to the pandemic finds that at least 58 governments in developing countries used digital payments to deliver COVID-19 relief, of which 36 countries made payments into fully transactional accounts that were being used for saving beyond simply withdrawing cash. According to the GSMA, international remittances processed via mobile money increased by 65 percent in 2020.

Proponents of digital finance highlight its strong capabilities to reduce transaction costs, the potential of Artificial Intelligence to provide fair and equitable treatment of credit applicants, and the scalability of cloud technology, through the use of blockchain technology, to allow consumers to transact remotely and seamlessly across multiple platforms.

While the experience of COVID-19 has proven that digitalization can transform economies and lives, it needs to be shaped with both its advantages and potential risks in mind in order to bring everyone into the digital age. For technology to benefit everyone, private sector innovation must be supported by the appropriate public goods such as the public provision of foundational infrastructure, access to electricity, mobile and internet coverage.

As in the case of any disruptive technology, without combining technological advances with sound policy measures, digital technology cannot deliver on its potential to meaningfully advance financial inclusion for everyone, including the more than 2 billion unbanked people globally. Delivering on promises to advance financial inclusion can only be considered meaningful when the account holder has a fully functional account that they utilize to save, make payments, obtain manageable credit, and mitigate economic risks and is simply not utilized to withdraw cash from cash transfers from the government, which is overwhelmingly the case at this time.

By examining successful strategies that maximize digital finance’s potential while minimizing risks to the financial sector, government revenues, and at-risk populations, attendees will gain a better understanding of how digital finance can sustainably advance development objectives.

_______________________________________________________________________________________

CoNGO Notes: The NGO Committee on Financing for Development is a Substantive Committee of the Conference of NGOs in Consultative Relationship with the United Nations.

Sacred People, Sacred Earth { A Faith-Climate Day of Action event}

On 11 March 2021 people of faith and conscience all around the world are kicking off organizing for the biggest-ever faith-climate day of action, all at the grassroots.

In places of prayer and households around the globe, we are joining together to call for climate leadership guided by compassion, love, and justice. In Chile alone, there are more than 15 actions taking place in Santiago and around the country. Churches are ringing their bells, and other places of prayer and meditation are sounding the alarm for action on climate change.

Click here to organize or attend an event.

Our 10 Demands

  • Energy: 100% renewable, clean energy for all! Sustainable, affordable power for everyone – especially the 800 million people without access to electricity
  • Finance: Global finance aligned with compassionate values!  Increased financing – in COVID recovery and beyond – for sustainable industry, infra-structure and agriculture
  • Employment: Jobs and healthcare for all! A just transition for workers impacted by climate change through job training, living wage and universal healthcare and insurance
  • Self-Determination: Respect Indigenous Rights! A strong defense for the legal rights of Indigenous communities and all environmental protectors
  • Hospitality: Welcome for migrants! Generous opportunities for climate refugees to migrate and establish new homes
  • Restoration: No more climate pollution! Net-zero greenhouse gas emissions in wealthy countries by 2030; accelerated finance/technology transfers for global net zero before 2050
  • Biodiversity: End the planet’s desecration! No new fossil fuel exploration or infrastructure, no more deforestation; no more habitat or biodiversity loss
  • Divestment: Eliminate immoral investment! No further financing or COVID bailouts for fossil fuels and exploitative agriculture
  • Reparation: Climate reparations from wealthy countries! Initiatives by wealthy countries in climate financing and technology transfer, in recognition of these countries’ colonialist and environmental debt
  • Community: Bold faith community leadership! Sustained, united action guided by the teachings of our diverse religions, ushering in an equitable, peaceful life for all.

Click here to sign the statement and lend your support.

_____________________________________________________________________________________________

CoNGO Notes: For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on the Rights of Indigenous Peoples, please visit  facebook.com/NGOCoRIP. For more information on the Committee of Religious NGOs at the United Nations, please visit rngos.wordpress.com.

Sacred People, Sacred Earth { A Faith-Climate Day of Action event}

On 11 March 2021 people of faith and conscience all around the world are kicking off organizing for the biggest-ever faith-climate day of action, all at the grassroots.

In places of prayer and households around the globe, we are joining together to call for climate leadership guided by compassion, love, and justice. In Chile alone, there are more than 15 actions taking place in Santiago and around the country. Churches are ringing their bells, and other places of prayer and meditation are sounding the alarm for action on climate change.

Click here to organize or attend an event.

Our 10 Demands

  • Energy: 100% renewable, clean energy for all! Sustainable, affordable power for everyone – especially the 800 million people without access to electricity
  • Finance: Global finance aligned with compassionate values!  Increased financing – in COVID recovery and beyond – for sustainable industry, infra-structure and agriculture
  • Employment: Jobs and healthcare for all! A just transition for workers impacted by climate change through job training, living wage and universal healthcare and insurance
  • Self-Determination: Respect Indigenous Rights! A strong defense for the legal rights of Indigenous communities and all environmental protectors
  • Hospitality: Welcome for migrants! Generous opportunities for climate refugees to migrate and establish new homes
  • Restoration: No more climate pollution! Net-zero greenhouse gas emissions in wealthy countries by 2030; accelerated finance/technology transfers for global net zero before 2050
  • Biodiversity: End the planet’s desecration! No new fossil fuel exploration or infrastructure, no more deforestation; no more habitat or biodiversity loss
  • Divestment: Eliminate immoral investment! No further financing or COVID bailouts for fossil fuels and exploitative agriculture
  • Reparation: Climate reparations from wealthy countries! Initiatives by wealthy countries in climate financing and technology transfer, in recognition of these countries’ colonialist and environmental debt
  • Community: Bold faith community leadership! Sustained, united action guided by the teachings of our diverse religions, ushering in an equitable, peaceful life for all.

Click here to sign the statement and lend your support.

_____________________________________________________________________________________________

CoNGO Notes: For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on the Rights of Indigenous Peoples, please visit  facebook.com/NGOCoRIP. For more information on the Committee of Religious NGOs at the United Nations, please visit rngos.wordpress.com.