Regulators Focus on Digital Banking in Developing Countries

 

Godwin Emefiele

Governor

Central Bank of Nigeria

​​Around the world, some 1.7 billion adults have never had a bank account. But 1.1 billion of them have a mobile phone.

Innovation to expand digital financial inclusion in developing countries will be in focus at the 2021 symposium of the Financial Inclusion Global Initiative (FIGI), taking place online from 18 May to 24 June.

The Financial Inclusion Global Ini​tiative (FIGI) supports national policy reforms to stimulate financial inclusion and leads research to build trust in digital financial services.

Symposium topics include financial technology (fintech) for inclusion, gender equity, consumer protection, cybersecurity and trust, digital identity, payment acceptance, and experiences reaching underserved and vulnerable populations during the COVID-19 pandemic.

Participants will also share insights on the achievements and ambitions of the FIGI community, and the symposium would welcome your views on financial inclusion priorities beyond 2021.

The conference is a meeting of the information and communication technology (ICT) and financial services sectors to identify and review the latest innovations in digital financial services and related policy and regulatory reform, sharing knowledge and expertise to expand financial inclusion.

Policymakers, ICT regulators, central banks, mobile network operators, digital financial service providers, payment system organizations, standards bodies, international organizations, and the fintech community are the focus of the event.

The opening ceremony will feature a pre-recorded keynote address from H.M. Queen Máxima of the Netherlands, United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA).

Confirmed speakers include:

Mahesh Uttamchandani, Global Manager Financial Inclusion & Infrastructure, Finance, Competitiveness, and Innovation Global Practice, World Bank Group

Magda Bianco, Managing Director, Bank of Italy

Gregory Chen, Policy Lead, Consultative Group to Assist the Poor

Emran Islam, Senior Financial Sector Expert, Monetary and Capital Markets, International Monetary Fund

Tan Yeow Seng, Executive Director, Monetary Authority of Singapore

May Abulnaga, First Sub-Governor, Technical Office of the Governor, Central Bank of Egypt

Kendrick Lee, Director, National Digital Identity, Government Technology Agency of Singapore

Jonathan Hakim, CEO, Cignifi

Kevin Butler, Associate Professor, University of Florida

Hisham El-Bihbety, Chief Information Security Officer, Bank of Canada

Abbie Barbir, Senior Security Advisor, CVS Health

Rory Macmillan, Partner, Macmillan Keck Attorneys & Solicitors

Alexandra Rizzi, Senior Research Director, Accion

Debora Comparin, Chair, Open Standards Identity APIs Initiative

Simeon Coney, Chief Strategy Officer, Adaptive Mobile Security

Eve Araduha, Senior Manager IT Client Relations & Delivery, MTN

Jami Solli, Commercial Litigation Lawyer, Global Alliance for Legal Aid

FIGI is an open framework for collaboration led by the International Telecommunication Union (ITU), the World Bank Group, and the Committee on Payments and Market Infrastructures (CPMI), with support from the Bill & Melinda Gates Foundation.

An operational work stream supports policy innovation in China, Egypt and Mexico, providing valuable case studies for other countries around the world.

knowledge work stream, enacted by three working groups, advances research in key areas of digital finance:

The relationship between digital identity and financial inclusion;

Electronic payment acceptance by merchants and their customers;

Security and trust in digital financial services.

 

Hot this week

Africa Sustainability Forum 2026: Driving Conversations on Green Growth, Shared Prosperity

TheNumbersNG.com, a data-driven and analytical online news and media...

NAICOM Refutes Report on N100bn Recapitalisation Allegation, EFCC Action

REJOINDER TO A FALSE AND MISLEADING PUBLICATION ON THE...

NAICOM, NCAA Ink MoU on Aviation Insurance, Safety, Growth

REMARKS BY THE COMMISSIONER FOR INSURANCE/CEO, NATIONAL INSURANCE COMMISSION...

NAICOM Partners ISSP to Advance Insurance Penetration, Financial Inclusion

From left: Mr. Victor Inedu, Special Assistant to the...

NLNG: Mary-Brenda Akoda Wins 2026 NPSI for GenScan AI, Becoming First Millennial Individual Winner

Dr. Sophia Horsfall (middle), External Relations and Sustainable Development,...

Topics

Global Capital Standards Finalised For AIG, 8 Big Insurers

The world’s nine biggest insurance companies will have to hold more capital under new rules just finalised by global regulators that aim to prevent taxpayer bailouts of the industry in a crisis. Regulators decided to look at the multi-trillion dollar insurance industry following the massive public rescue of insurer AIG in the United States during the 2007-2009 financial crisis.

NCC Announces Change to Fixed Lines Numbering Format

The Nigerian Communications Commission (NCC), in keeping with its...

NCDMB Unveils Procedures for Implementation of Presidential Directive on Local Content

The Executive Secretary, Nigerian Content Development and Monitoring Board...

Technology Increasingly Shaping Africa’s Financial Sector

The African financial services industry is rapidly evolving as a result of advancing technology which is fueling innovation and growth in the sector. While the sector is mature in most developed countries, it is less saturated in Africa, therefore offering many opportunities for new market entrants to challenge the status quo of how business has traditionally been conducted.

NGX, Stock Exchange of India Explore Areas of Partnership

OPENING REMARKS BY ALH (Dr) UMARU KWAIRANGA NGX CHAIRMAN...

‘Enhanced Pension for Programmed Withdrawal Retirees Leaves Life Annuity Retirees in Limbo’

  By Dr. Pius Apere (PhD/FCII) (Actuarial Scientist and Chartered Insurer) Chairman/CEO Achor Actuarial...

The Promise of Digitalisation and Insurance Penetration in Africa

One of the major challenges of insurance business in...