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.

Sixth Annual SDG Business Forum

The sixth annual SDG Business Forum will take place virtually on Wednesday, 22 September 2021 from 7:00 AM to 12:00 PM, EDT in conjunction with Uniting Business LIVE, during the High-Level week of the 76th session of the United Nations General Assembly.

Co-hosted by the International Chamber of Commerce (ICC), the UN Department of Economic and Social Affairs, and the UN Global Compact, SDG Business Forum is one of the largest annual gatherings of business leaders at the United Nations.

It offers a unique opportunity to drive pivotal momentum towards achieving the Sustainable Development Goals and leveraging the power of the private sector in co-creating lasting solutions for some of the most critical issues of our times, such as sustainable and resilient recovery from the COVID-19 pandemic; climate change and nature loss; social inequality and economic exclusion. This year’s event will be closely related to the themes of several United Nations conferences in 2021, including the High-Level Dialogue on Energy, the United Nations Food Systems Summit, the Second United Nations Global Sustainable Transport Conference, while building momentum for the United Nations Climate Change Conference (COP26).

Confirmed speakers for the 2021 programme include the United Nations Secretary-General Antonio Guterres, Deputy Secretary-General Amina Mohammed, Special Representative for Sustainable Energy for All Ms. Damilola Ogunbiyi, Special Envoy for the Food Systems Summit Dr. Agnes Kalibata, HRH Princess Noura Turki Al-Saud of Saudi Arabia, the Honorable Prime Minister of Fiji Mr. Commodore Josaia V. Bainimarama and several senior ministers from Member States, as well as prominent business leaders such as Executive Chairman of Mastercard Mr. Ajay Banga, Executive Director of ITC Ms. Pamela Coke Hamilton, CEO of Alecta Mr. Magnus Billing, Chairperson and CEO of Kokusai Kogyo Ms. Sandra Wu, CEO of GIST Advisory Mr. Pavan Sukhdev, among others.

Registration

Registration for the SDG Business Forum can be accessed through the Uniting Business Live digital venue. One day access to the SDG Business Forum is complimentary. Participants from Governments, UN System, civil society organizations and other stakeholder groups also have the option to sign up for complimentary access to all three days of Uniting Business Live with the code DESAGUEST.

For more information on the event, topics, and confirmed speakers, please visit the SDG Business Forum webpage: http://sdgbusinessforum.org

____________________________________________________________________________________________

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 congocsd.wordpress.com. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org.

Youth4Climate: Driving Ambition

Convened by the Government of Italy and building on the success of the 2019 UN Youth Climate Summit, the event will take place from 28 to 30 September and provide young delegates an unprecedented opportunity to put forward ideas and concrete proposals on some of the most pressing issues on the climate agenda. The first two days will be dedicated to working groups, while the last day will feature a discussion between young delegates and the Ministers attending pre-COP 26.

Interested young people can either:

Submit an application by 14 March, detailing the ways they are working with and leading other young people to advance climate action. Experienced young climate leaders are encouraged to submit their application for a chance to be one of two young people representing their country in Milan.
Enter the #SumItUp Competition, by submitting a creative sum-up of their favorite #Youth4ClimateLive episode before the 31 March deadline. Youth with creative communication skills and digital storytelling experience are invited to enter the #SumItUp Competition, where one winner will be chosen to travel to Milan and participate in the Youth4Climate event.

The application and the competition provide young people two opportunities to be part of this historic event, whether they are experienced climate activists or just starting their climate advocacy journey. To be eligible to attend, applicants must be between the ages of 15 and 29 and, if selected, all applicants under the age of 18 must be accompanied to the event by a chaperone.

For more information about the Youth4Climate: Driving Ambition event and other ways to get involved in advance of COP26, please visit the Government of Italy’s webpage. Or, catch up on past episodes of the Youth4ClimateLive virtual event series at Youth4Climate.Live. Please direct any questions to youthenvoy@un.org.

____________________________________________________________________________________________

CoNGO Notes: For more information on the NGO Committee on Human Rights, please email the co-chairs at bobbinassar@gmail.com or bknotts@uua.org. For more information on the NGO Committee on Children’s Rights-NY, please visit childrightsny.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit ngocsdvienna.org. For more information on the NGO Committee on Intergenerational Solidarity, please email the vice chair at susanneseperson@gmail.com.

Climate Week NYC 2021: Getting It Done

Climate Week NYC, taking place September 20-26, returns for 2021 with a focus on fulfilling and increasing commitments made by businesses, governments, and organizations. It is the time and place where the world gathers to showcase leading climate action and discuss how to do more, fast.

Hosted annually by international non-profit the Climate Group in conjunction with the United National General Assembly, and in partnership with the COP26 and the City of New York, Climate Week NYC is a global opportunity to come together to accelerate climate action and assess progress ahead of COP26.

Peruse the entire Official Events Program here: climateweeknyc.org.

____________________________________________________________________________________________

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

International Day of UN Peacekeepers

2021 Theme

The road to a lasting peace: Leveraging the power of youth for peace and security

The International Day of United Nations Peacekeepers, 29 May, offers a chance to pay tribute to the uniformed and civilian personnel’s invaluable contribution to the work of the Organization and to honour more than 4,000 peacekeepers who have lost their lives serving under the UN flag since 1948, including 130 last year

This year, the challenges and threats faced by our peacekeepers are even greater than ever as they, like people around the world, are having to cope not only with the COVID-19 pandemic but also the continued requirement to support and protect the people in the countries in which they are based.

The theme for this year’s Day is “The road to a lasting peace: Leveraging the power of youth for peace and security.”

Today, tens of thousands of young peacekeepers (between the ages of 18 and 29 years) are deployed around the world and play a major role in helping the missions implement their mandated activities including the protection of civilians. And UN peace operations — in line with a series of Security Council resolutions (2250, 2419 and 2535) — are increasing their collaboration with youth and youth groups to help build sustainable peace and implement their mandates on the ground.

The first UN peacekeeping mission was established on 29 May 1948, when the Security Council authorized the deployment of a small number of UN military observers to the Middle East to form the United Nations Truce Supervision Organization (UNTSO) to monitor the Armistice Agreement between Israel and its Arab neighbors.

Since then, more than 1 million women and men have served in 72 UN peacekeeping operations, directly impacting the lives of millions of people and saving countless lives. Today, UN Peacekeeping deploys more than 89,000 military, police and civilian personnel in ;12 operations.

To mark the Day at the UN Headquarters in New York on 27 May, the Secretary-General will lay a wreath in honour of all peacekeepers who have lost their lives while serving under the UN flag over the past seven decades. And a virtual ceremony will be held at which the Dag Hammarskjold medal will be awarded posthumously to peacekeepers who lost their lives in 2020 and in January 2021. The Military Gender Advocate of the Year award will also be presented at the virtual ceremony.

To keep apprised of this year’s events and learn more about the origins of this observance, visit un.org/en/observances/peacekeepers-day.

______________________________________________________________________________________________

CoNGO Notes: For more information on the NGO Committee on Disarmament, Peace, and Security, please visit ngocdps.wordpress.com. For more information on the NGO Committee on Human Rights, please email the co-chairs at bobbinassar@gmail.com or bknotts@uua.org. For more information on the NGO Committee on Intergenerational Solidarity, please email the vice chair at susanneseperson@gmail.com.

Biden and Economic Imperialism | Biden y el imperialismo económico

Biden has been hailed as an antidote to Trump who will “restore America’s place in the world.” Centuries of US imperialism show he actually represents a continuation of neoliberal exploitation and settler colonialism.

A panel of American and global South activists will analyze Biden’s role in upholding US imperialism beyond the military, focusing on his economic policies–including around trade, investment, finance, climate, and food systems–which underpin US empire in profound ways.

Critically assessing the implications of Biden’s first 100 days, this event will engage participants around what’s at stake for our anti-imperialist activism.

We at Regions Refocus invite you to join us with your questions and thoughts, and we welcome messages at team@regionsrefocus.org.

Register here!

Panel:

US Dollar Hegemony and Special Drawing Rights | Hegemonía del dólar estadounidense y los derechos especiales de giro: Francisco Pérez (Center for Popular Economics, USA)

Biden’s Climate Plan and Green Imperialism | El Plan Climático de Biden y el Imperialismo Verde: Max Ajl (Observatory for Food Sovereignty and the Environment, Tunisia)

Agribusiness and US-India Trade Relations | Agronegocios y Relaciones Comerciales EE.UU.-India: Sagari Ramdas (Food Sovereignty Alliance, India)

Extractivism and the US-Mexico-Canada Agreement | El extractivismo y el Tratado entre México, Estados Unidos y Canadá: Manuel Pérez-Rocha (Institute for Policy Studies/ Mexican Action Network on Free Trade, Mexico)

COVID-19 Vaccine Justice | Justicia de Vacunas COVID-19: Salimah Valiani (Independent Researcher)

Moderator | Moderador: Camden Goetz (Regions Refocus, USA)

________________________________________________________________________________________

CoNGO Notes: For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the Decolonization Alliance, email lbautista@umcjustice.org. For more information on the NGO Committee on the Rights of Indigenous Peoples, please visit facebook.com/NGOCoRIP.

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.

CRNGO Climate Working Group

The regular monthly meeting of the Climate Working Group of the Committee of Religious NGOs at the United Nations will convene on Monday, April 5, at 9:00am EST.

For the first hour, members will engage in a briefing on participation at UNFCCC COP. The second hour is reserved for regular meeting business, notes and agenda available here: https://docs.google.com/document/d/1C31WT69qDQGOfkCiBFgY6zLRNmLUsSFUJsABDJwiGrs/edit

Join Zoom Meeting:
https://bic-org.zoom.us/j/94681006298?pwd=Si9JWDlWR0FWVU1sRVdBbHNOTW5kZz09

(ID: 94681006298, passcode: P95Qhq)

Join by phone
(US) +1 646-558-8656 (passcode: 841336)
(AU) +61 7 3185 3730 (passcode: 841336)

______________________________________________________________________________________________

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 Freedom of Religion or Belief, please visit unforb.org. 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.

The Role of the United Nations in the Struggle Against Racism: Past, Present and Future

In commemoration of the International Day for the Elimination of Racial Discrimination, UN Women will host a special discussion on The Role of the United Nations in the Struggle against Racism: Past, Present and Future.

Is the United Nations fit for purpose to take on the task of ending racism today? Looking at the past and present to inform the future, join the discussion, featuring:

Executive Director of UN Women, Phumzile Mlambo-Ngcuka
Trinidad and Tobago Minister Penelope Beckles (former PR to the UN)
Yumeka Rushing, NAACP Chief Strategy Officer
Cassandra Welchin, Co-Convener and State Lead of the Mississippi Black Women’s Roundtable
and others

Please click here to register in advance for this webinar:
https://unwomen.zoom.us/webinar/register/WN_vYoy7SJmTXOSqbjN46xYQw

Click here to view the flyer for the event

Condemn racism and discrimination wherever they occur: act to create racial justice and a gender-equal, inclusive world! Click here for the statement by Phumzile Mlambo-Ngcuka, UN Under-Secretary-General and Executive Director of UN Women, on the International Day for the Elimination of Racial Discrimination.

Kind regards,
UN Women

______________________________________________________________________________________________

CoNGO Notes: For more information on the NGO Committee on Social Development, please visit ngosocdev.org. For more information on the NGO Committee on Human Rights, please email the co-chairs at bknotts@uua.org or bobbinassar@gmail.com.

COVID-19, Youth Livelihood, and Mental Health: A Global Youth Voice for Resilience and Recovery

COVID-19, Youth Livelihood, and Mental Health: A Global Youth Voice for Resilience and Recovery

The COVID-19 pandemic has disproportionately impacted young people across the world. From decreased access to quality education to sudden loss of employment, young people are at greater risk of distress now. Urgent actions need to be taken immediately with better policies and practices.

Prior to COVID-19, mental health conditions already took the lives of young people worldwide. If necessary actions are not taken with better policy and practice, this public health crisis will put youth further into severe and prolonged psychological, social, and economic distress. Let’s learn from global experts and practitioners how we could address this issue best!

Register for our side event at the United Nations #ECOSOCYouthForum2021 now. Let’s together promote the positive mental health of young people!

______________________________________________________________________________________________

CoNGO Notes: For more information on the NGO Committee on Mental Health, please visit ngomentalhealth.org. For more information on the NGO Committee on Children’s Rights, please visit childrightsny.org. For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Education, Learning, and Literacy, please visit facebook.com/NGOCELLatUN.

Conference of NGOs

Recent Posts