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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.

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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.

Decreased Access to Safe Water in Asia: Challenges to Human Security

The Christian Conference of Asia (CCA) will organise a webinar on ‘Decreased Access to Safe Water in Asia: Challenges to Human Security’ in conjunction with the World Water Day–2021.

Scheduled to be held on 22 March 2021 from 12 PM to 2 PM (Bangkok time), the webinar will highlight the importance of access to water as a human right and its challenges to human security and will focus on the problems related to the right to safe and clean water and challenges to human security.

The panelists of the webinar will include representatives of UN agencies, NGOs working in the field of water, sanitation, and hygiene issues, as well as church and ecumenical organisations.

Those who are interested in participating in the webinar, kindly register using the link below:
https://us02web.zoom.us/meeting/register/tZwrdO6qpjwpGdTg_D6dlkhiGiUzSqPJBhnp

For more details, please refer to the Background Information note here.

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CoNGO Notes: For more information on the Committee of Religious NGOs at the United Nations, please visit rngos.wordpress.com. For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Spirituality, Values, and Global Concerns-NY, please visit csvgc-ny.org.

Covid-19 Vaccination: How churches can ensure that stateless people are not left behind

Covid-19 vaccination: How churches can ensure that stateless people are not left behind

Link to join the webinar on Monday 15 March @ 13:00-14:30 CET: oikoumene.org/live

As any virus, Covid-19 is an invisible threat which has changed our lives and affected our economies a great deal. The current Covid-19 pandemic has been a good reminder that the right to health is a universal right, as enshrined in the Universal Declaration of Human Rights (article 25). It is a right that every individual is entitled to, irrespective of his or her legal status.

The pandemic is also a reminder that we need to work together as a global family to escape this global health crisis. This means that vaccination should be accessible to all, ideally as soon as possible before the virus mutates and becomes resistant to existing vaccines.

In these times of health crisis, governments have been confronted with difficult decisions to make, including avoiding economic disaster while at the same time finding a decent response to the pandemic. It is almost natural that their primary concerns are their nationals. Yet, there are many individuals living on the margins in their territory, such as undocumented migrants, refugees, and stateless people.

Stateless people, i.e. people with no legal identification, have been in most cases overlooked and forgotten. Invisible, yet living in our midst.

How can governments ensure that an invisible threat like Covid-19 does not disproportionately affect people and communities who have been always been overlooked and treated as invisible in other times? The pre-existing vulnerability of stateless people, i.e. their invisibility, put them at greater risk of being left behind when national public health campaigns (such as vaccinations) are planned.

How can churches and ecumenical bodies ensure that the vaccinations are accessible to all, including stateless people and other people undocumented people living on the margins during this time of pandemic?

The current pandemic is an important reminder that we are all equally vulnerable in the face of the current pandemic: Covid-19 does not discriminate, but our responses to it does.

Speakers include (alphabetical order):

  • Mr. Amal de Chickera, Co-Director, Institute of Statelessness and Inclusion
  • Dr. Ronald Lalthanmawia, Programme Coordinator for Prophetic Diakonia, Christian Conference of Asia (CCA)
  • Ms. Mira Neaimeh, Regional Executive, World Student Christian Federation – Middle East
  • Ms. Marcella Rouweler, Legal Officer, UNHCR Statelessness Section
  • Mr. Gorden Simango, Director, All Africa Conference of Churches (AACC)

The webinar will be moderated by Rev. Prof. Dr Cornelia Füllkrug-Weitzel, member of CCIA.

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CoNGO Notes: For more information on the NGO Committee on Migration, please visit ngo-migration.org. For more information on the Committee of Religious NGOs at the United Nations, please visit rngos.wordpress.com.

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