Strategies for Accelerating Financial Inclusion and Digitalization: Georgieva’s Perspective
During the 2023 Annual Meeting of the International Monetary Fund (IMF) in Marrakesh, IMF Managing Director Kristalina Georgieva emphasized the role of digitalization in enhancing “financial inclusion.”
She called for an expansion of digitalization initiatives, citing their success in reaching a broader audience. Georgieva highlighted the impact of digitalization during the COVID-19 pandemic, emphasizing its ability to rapidly increase financial inclusion and reduce transaction costs. She also noted the speed and interconnectivity of the modern economy, urging the adoption of speed as a source of strength.
Georgieva outlined four key factors for accelerating financial inclusion and digitalization. Firstly, she advocated for governments to develop comprehensive global strategies to increase financial inclusion, citing Morocco’s success in expanding citizens’ access to bank accounts. Secondly, she stressed the importance of prioritizing financial integrity and stability through regulatory oversight and supervisory frameworks. The third factor involved promoting financial and digital innovations to extend the reach of financial instruments, while the fourth factor focused on obtaining more accurate financial data to assess the outcomes of financial strategies.
Clever Robot News Desk 19th October 2023