Lessons for Resilience
Consider how to adopt or accelerate measures to digitize economies to provide safer, more inclusive financial mechanisms
Topic:
Economic
Keywords:
Economic strategy
Content:
Consider:
- How digitization can facilitate capacity for longer-term economic recovery. For example, in Nigeria, Egypt, and South Africa, increased migration from cash to digital transactions has resulted in more account-to-account transfers and e-commerce sales which boosts economic activity and maintains social distancing
- The role of digital-payment platforms in increasing financial inclusion outside of traditional banking systems e.g. in Togo through cash transfers that disburse social welfare payments through mobiles
- Collaboration with banks and non-bank payments players to restructure transaction fees and limits to encourage digital payments
- Promoting easier access to digital-payment tools e.g. the Ghanaian government eased account-opening regulations
Source link(s):
-
Nigeria,
Egypt,
South Africa,
Togo,
Ghana
https://www.mckinsey.com/~/media/mckinsey/industries/financial%20services/our%20insights/how%20the%20covid%2019%20crisis%20may%20affect%20electronic%20payments%20in%20africa/how-the-covid-19-crisis-may-affect-electronic%20payments-in-africa.pdf