GSMA to share insights on digital financial literacy toolkit at RegTech conference

GSMA, a non-profit industry organisation that represents the interests of mobile network operators worldwide, will be sharing insights on mobile money financial literacy toolkit and how it would deepen growth of financial literacy leveraging digital financial services at the 2023 RegTech Africa Conference.

Scheduled to hold between 24th – 26th May, 2023 in Lagos-Nigeria, with the theme: ‘Elevating National Policy on Financial Inclusion, Consumer Protection and Cybersecurity’ the maiden edition of the conference, held in partnership with the Bill & Melinda Gates Foundation, was hugely successful and boasts of high-level representation of businesses and regulators across key sectors such as financial services, technology, telecommunications and Venture Capital companies.

The conference is coming at a time when the growth of digital financial services has been at the center of financial inclusion initiatives in many countries, notably in Sub Saharan Africa.
Mobile financial services continue to play a primary role in financial inclusion in developing countries by providing access to financial services for the previously unbanked segment of the population.

Mobile and other digital platforms have become a primary channel for increased cashless transactions, including government transfers during the COVID-19 pandemic, reinforcing the importance of all citizens – women and men – having access to financial services.

At the conference, GSMA will share insights on key research findings on digital financial literacy, especially in low and medium income countries of Africa.
The digital financial literacy toolkit is an implementation handbook for organizations, especially smallholder farmers, women, youths and local communities to integrate either part or whole of it in their programs on digital literacy and digital financial literacy.

The toolkit covers modules on digital awareness, practical know-how, mobile phone proficiency, internet safety and mobile money usage on a mobile phones.

Financial literacy has been recognized as a key driver for financial inclusion, and has been incorporated as an integral part of the financial inclusion policy agenda of many countries.

However, despite this success, many countries still face challenges in reaching large segments of their unbanked populations. In particular, the lack of financial literacy has been highlighted as a primary barrier to financial inclusion.

According to Cyril Okoroigwe, CEO, RegTech Media, “with increased usage of digital financial services over the past few years, there is need for digital skilling programs to improve financial literacy and digital literacy for all to participate in a financially inclusive economy”.

“The widespread use of mobile phones has led to a rapidly growing mobile phone-based economy in which mobile platforms are increasingly used as an alternative to traditional banking and other financial systems”, he said.

He stressed that mobile financial services remain the most effective contributor to global financial inclusion initiatives and particularly in developing countries, remain a key driver of economic growth by creating employment, driving business productivity and entrepreneurship and helping to formalize the economy.

Okoroigwe however noted that favourable regulatory environments and good supervisory practices have enabled significant innovation in mobile transfer services in various countries, giving rise to an entire digital financial services ecosystem offering savings, insurance, local and international money transfers, payments and credit services on mobile money platforms, to both individuals and corporate entities.

Regtech Africa Conference is the premier Conference on regulatory services innovation and excellence with focus on Africa. It provides the platform for regulators, regulated and key industry stakeholders to engage, collaborate and share knowledge around new technologies and practices that support better regulations.

GSMA is a global organisation unifying the mobile ecosystem to discover, develop and deliver innovation foundational to positive business environments and societal change. Their vision is to unlock the full power of connectivity so that people, industry, and society thrive.