Thu. Jun 20th, 2024

REGULATION: IMF Director Champions Digitalization for Financial Inclusion in Africa

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IMF managing director Kristalina Georgieva says digitalization is “the most important way” to rank up financial inclusion.

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During her opening address at the IMF’s financial inclusion seminar in Marrakesh, IMF Managing Director Kristalina Georgieva emphasised digitalization as “the key driver” for expanding financial inclusion. 

Read More: Kenya’s President Says Africa Needs Financial Power Says IMF, World Bank Are Prisoners To Rich Nations.

“It is digital that moves help to people, investment and ability of the economy to accelerate,” 

Georgieva said, citing digital cash transfers in the African nation of Togo put in place during the COVID-19 pandemic. 

She called for comprehensive national strategies for financial inclusion. Remember, the IMF’s Synthesis paper — jointly prepared with the Bank for International Settlements (BIS) — advocated for comprehensive oversight of crypto instead of a blanket ban.

The paper highly recommends cross-border cooperation and information sharing between regulators, and a demand for risk management frameworks for crypto companies. 

Georgieva also recommended cooperation and information sharing among countries for effective results.

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By Tony Chimdiuto

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