Description
Connecting Global Payment Networks to Advance Financial Inclusion
Interoperable Instant payments systems (IIPS) are taking off across the globe, not just in Canada. As this new version of payment systems develops, it is crucial to be able to link them together to advance financial inclusion. Immigrant populations in Canada should eventually be able to send money to their families through Canada’s Real Time Rails to the destination country’s IIPS. But the destination country is likely to be served by non-banks, so this global IIPS network needs to be designed more inclusively. In fact, according to the United Nations, remittances to the African continent have doubled over the last decade. In Africa and Asia, more people are served by wallets, mobile money, credit unions and microfinance. If we want to include everyone, we need to include all of these financial service providers (FSPs) as equal participants. Even in more highly banked societies like Canada, not everyone uses a big urban bank. Even Canada needs to think about keeping costs down and including smaller financial institutions and fintechs.
Mojaloop Foundation Director, Market Development & Partnerships, Steve Haley, will be speaking on this panel. To learn more, visit the event website.
