insurance

Digital and Financial Inclusion: Pathways to promote an inclusive Post-COVID-19 socio-economic recovery

Virtual side event during the 2021 ECOSOC FfD Forum on Financing for Development

Date & time: April 12 from 1:15 pm – 2:45 pm EST

Register in advance for this meeting (by 5:00pm EST on April 11): https://us02web.zoom.us/meeting/register/tZwpcOGopj4tE9OFujGTOC3FTT_-z2aMJ0Sr

World Bank data (September 2020) indicates that 212 countries have planned, introduced, or put in place 1179 safety net payments and other social protection measures for the most vulnerable populations. But reports also show that digital exclusion and lack of access to a bank account, in the form of a transactional or savings account or a digital wallet, continues to pose immense challenges for those in marginalized communities, especially women youth, refugees, and migrant workers in the informal sector, to recoup benefits from government relief measures such as cash transfers and subsidies, the very measures intended to help tide them over, in a quick and timely manner. Women continue to face widespread barriers to financial inclusion. Globally, of the 1.7 billion people that remain unbanked, meaning they do not hold an account at a bank or a mobile bank provider, approximately 1 billion are women and in developing countries. The 9% gender gap that existed over the last decade continues to persist.

While businesses are increasingly offering consumers the option to transact through online and mobile platforms, two major barriers prevent consumers from adopting these digital options: lack of internet connectivity (digital exclusion) and or lack of a bank account to receive or make payments (financial exclusion). In addition, Micro Small and Medium Enterprises (MSME) face considerable challenges in accessing digital financial services and credit, inclusive insurance schemes and online payment systems and retail platforms that will be keys for their survival in the post-COVID era.

Digital financial inclusion is ever more critical for marginalized communities, especially women, youth, refugees and informal migrant workers, to recover from the crisis and to ensure the survival and sustainability of MSMEs. Long-term risks and barriers of entry, including lack of access to Smartphone services due to marginalized populations’ inabilities to engage in contracts, complex lending practices, especially among women, poor digital literacy and financial literacy and numeracy skills, and lack of valid identification for refugees forced to leave all personal possessions behind, to name but a few, are significant obstacles that could cause more harm than good if not effectively managed. The Global community must act now to bridge the gaps and barriers restricting the world’s most vulnerable populations from meeting their financial needs.

Implementing appropriate regulatory measures in a timely manner is essential for consumer protection and to ensure the funds reach those whom it is intended for. In the July 1, 2020 Special Series Notes on COVID-19 of the International Monetary Fund, experts noted that while the need for social distancing has put a spotlight on digital financial services, scaling up too fast in times of crisis without appropriate regulatory mechanisms could pose a risk to stability and integrity.

The panel will explore the interlinkages between financial and digital inclusion, innovative advancement in fintech and digital infrastructure to advance last-mile connectivity and address the challenges to financial inclusion faced by marginalized communities and MSMEs, as well as propose measures to address regulatory challenges, and disparities in broadband connectivity.

Panelists:

  • Member State representative (TBC)
  • Ms. Lois, Bruu, Vice President, Humanitarian and Development, Master Card Speaking on innovative initiatives to advance digital financial inclusion for marginalized communities, especially women, and MSMEs and recommendations to address financial, economic, structural, and regulatory barriers to advancing financial inclusion for all
  • Ms. Purva Khera, Economist, International Monetary Fund Interlinkages between digital and financial inclusion, financing challenges and advancement in fintech to address the challenges faced by MSMEs and marginalized communities, including women
  • Mr. Jon Frost, Senior Economist, Innovation and the Digital Economy unit, MED, Bank for International Settlements Risks and emerging concerns around digital finance that could work contrary to goals to help marginalized communities
  • Representative from civil society speaking on an innovative initiative/s to ensure reliable broadband connectivity for advancing digital financial services, including last-mile connectivity (TBC)
  • Ms. Lydia Charles, Founder and Executive Director, Her Initiative, Tanzania Challenges to financial and digital inclusion at the grassroots level, especially for women, and steps to take to address these challenges.

Moderator: Anita Thomas, Representative to the UN, Virginia Gildersleeve International Fund (DBA Women First International Fund); Chair, NGO Committee on Financing for Development

Co-sponsors:

Virginia Gildersleeve International Fund, Sisters of Charity Federation, Institute of the Blessed Virgin Mary – Loreto Generalate, Global Foundation for Democracy and Development, New Humanity for the Focolare Movement, Salesian Missions Inc, Change Management Solutions, Startnoo

______________________________________________________________________________________________

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 Sustainable Development-Vienna, please visit ngocsdvienna.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org

Digital and Financial Inclusion: Pathways to promote an inclusive Post-COVID-19 socio-economic recovery

Virtual side event during the 2021 ECOSOC FfD Forum on Financing for Development

Date & time: April 12 from 1:15 pm – 2:45 pm EST

Register in advance for this meeting (by 5:00pm EST on April 11): https://us02web.zoom.us/meeting/register/tZwpcOGopj4tE9OFujGTOC3FTT_-z2aMJ0Sr

World Bank data (September 2020) indicates that 212 countries have planned, introduced, or put in place 1179 safety net payments and other social protection measures for the most vulnerable populations. But reports also show that digital exclusion and lack of access to a bank account, in the form of a transactional or savings account or a digital wallet, continues to pose immense challenges for those in marginalized communities, especially women youth, refugees, and migrant workers in the informal sector, to recoup benefits from government relief measures such as cash transfers and subsidies, the very measures intended to help tide them over, in a quick and timely manner. Women continue to face widespread barriers to financial inclusion. Globally, of the 1.7 billion people that remain unbanked, meaning they do not hold an account at a bank or a mobile bank provider, approximately 1 billion are women and in developing countries. The 9% gender gap that existed over the last decade continues to persist.

While businesses are increasingly offering consumers the option to transact through online and mobile platforms, two major barriers prevent consumers from adopting these digital options: lack of internet connectivity (digital exclusion) and or lack of a bank account to receive or make payments (financial exclusion). In addition, Micro Small and Medium Enterprises (MSME) face considerable challenges in accessing digital financial services and credit, inclusive insurance schemes and online payment systems and retail platforms that will be keys for their survival in the post-COVID era.

Digital financial inclusion is ever more critical for marginalized communities, especially women, youth, refugees and informal migrant workers, to recover from the crisis and to ensure the survival and sustainability of MSMEs. Long-term risks and barriers of entry, including lack of access to Smartphone services due to marginalized populations’ inabilities to engage in contracts, complex lending practices, especially among women, poor digital literacy and financial literacy and numeracy skills, and lack of valid identification for refugees forced to leave all personal possessions behind, to name but a few, are significant obstacles that could cause more harm than good if not effectively managed. The Global community must act now to bridge the gaps and barriers restricting the world’s most vulnerable populations from meeting their financial needs.

Implementing appropriate regulatory measures in a timely manner is essential for consumer protection and to ensure the funds reach those whom it is intended for. In the July 1, 2020 Special Series Notes on COVID-19 of the International Monetary Fund, experts noted that while the need for social distancing has put a spotlight on digital financial services, scaling up too fast in times of crisis without appropriate regulatory mechanisms could pose a risk to stability and integrity.

The panel will explore the interlinkages between financial and digital inclusion, innovative advancement in fintech and digital infrastructure to advance last-mile connectivity and address the challenges to financial inclusion faced by marginalized communities and MSMEs, as well as propose measures to address regulatory challenges, and disparities in broadband connectivity.

Panelists:

  • Member State representative (TBC)
  • Ms. Lois, Bruu, Vice President, Humanitarian and Development, Master Card Speaking on innovative initiatives to advance digital financial inclusion for marginalized communities, especially women, and MSMEs and recommendations to address financial, economic, structural, and regulatory barriers to advancing financial inclusion for all
  • Ms. Purva Khera, Economist, International Monetary Fund Interlinkages between digital and financial inclusion, financing challenges and advancement in fintech to address the challenges faced by MSMEs and marginalized communities, including women
  • Mr. Jon Frost, Senior Economist, Innovation and the Digital Economy unit, MED, Bank for International Settlements Risks and emerging concerns around digital finance that could work contrary to goals to help marginalized communities
  • Representative from civil society speaking on an innovative initiative/s to ensure reliable broadband connectivity for advancing digital financial services, including last-mile connectivity (TBC)
  • Ms. Lydia Charles, Founder and Executive Director, Her Initiative, Tanzania Challenges to financial and digital inclusion at the grassroots level, especially for women, and steps to take to address these challenges.

Moderator: Anita Thomas, Representative to the UN, Virginia Gildersleeve International Fund (DBA Women First International Fund); Chair, NGO Committee on Financing for Development

Co-sponsors:

Virginia Gildersleeve International Fund, Sisters of Charity Federation, Institute of the Blessed Virgin Mary – Loreto Generalate, Global Foundation for Democracy and Development, New Humanity for the Focolare Movement, Salesian Missions Inc, Change Management Solutions, Startnoo

______________________________________________________________________________________________

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 Sustainable Development-Vienna, please visit ngocsdvienna.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org

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.