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The Digital Path to Citizen-Centric Finance

Summary:
Global finance has become detached from people’s needs and preferences. But by harnessing the disruptive potential of digital technologies, the world can create a fairer, more inclusive financial system that propels sustainable development. NEW YORK/JOHANNESBURG – Today, “mobile money” – a service enabling people to send, receive, and store money on a cellphone – allows a market trader in Kenya to borrow a modest amount at sunrise to buy her stock, and then pay it back at sunset from her daily earnings. This seemingly simple micro-level exchange has the power to support livelihoods, increase access to health and education, and improve the lives of people in every country. And the digital revolution in financial

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Global finance has become detached from people’s needs and preferences. But by harnessing the disruptive potential of digital technologies, the world can create a fairer, more inclusive financial system that propels sustainable development.

NEW YORK/JOHANNESBURG – Today, “mobile money” – a service enabling people to send, receive, and store money on a cellphone – allows a market trader in Kenya to borrow a modest amount at sunrise to buy her stock, and then pay it back at sunset from her daily earnings. This seemingly simple micro-level exchange has the power to support livelihoods, increase access to health and education, and improve the lives of people in every country. And the digital revolution in financial technology, or fintech, is extending the reach of finance in into many other new domains.

By the end of 2020, one billion people worldwide will use mobile money,with Sub-Saharan Africa having the highest penetration rates. But fintech also underpins multi-billion-dollar carbon markets, plays an...

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