Just Coded: What are the Digital Financial Services and How They Impact The Emerging Economies

by Mojaloop Foundation on July 13, 2020

Categories: In the News

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Did you know that online purchases, mobile payments and personal wallets are not available for the majority of people in Mexico, Brazil, India or Nigeria?

According to UBS, almost 1B people in emerging markets don’t have a formal bank account.

Those who are not excluded from the digital finance services (DFS) industry typically have access to basic functions. It leads to a significant amount of cash in circulation and high fees, and individuals can’t reap the benefits of personal investments and have limited access to loans.

The adoption of mobile digital financial services (DFS) might be the first step to solve the problem. For example, money wallets available at fingertips are to help citizens in developing countries eliminate theft-related risks and make effective investments.