Key Takeaways from the Financial Inclusion Summit 2017

Youtap is a sponsor at the Seamless East Africa event this week in Nairobi, Kenya. On Tuesday, experts gathered for the Financial Inclusion Summit 2017. Youtap’s Shaun Morgan, VP of Sales – Africa, was a featured speaker. The delegates’ presentations led to exciting deeper conversations. Here are some highlights we collected.

Financial inclusion for women rural customers

Jennifer Nkuene Riria, CEO of Kenya Women Holdings, said 1.3 billion women and $23 trillion are excluded from the formal economy. While mobile money is more accessible than ever, there is still an opportunity to reach underserved segments of the population, particularly rural customers and women.

The Consultative Group to Assist the Poor (CGAP) said one of the biggest reasons for financial exclusion in Kenya is lack of access to a valid ID, preventing Kenyans from being able to use financial services.

Helping refugees integrate faster

The United Nations High Commissioner for Refugees (UNHCR) discussed how fast ID, de-encampment, business licences and access to credit can help refugees integrate faster. The Foundation for Sustainable Development highlighted the importance of providing financial assistance to refugee communities and said that for every $1 injected into a refugee community, $2 is generated in the local economy. Digital transfers can increase traceability and help in the effort to combat money laundering and terrorism financing.

Government support for digital transactions

The Kenyan government’s focus on creating an electronic payments economy is contributing to Kenya’s growth. Visa suggested that to further this growth, governments could create lower or flat tax rates for smaller merchants to help them accept more e-merchant payments.

Bridging the gap

Youtap’s Shaun Morgan spoke on merchant payment solutions that bridge the gap between mobile money and the point of sale. He explained how Youtap is helping to make solutions that support every mobile user, regardless of their mobile device – not just solutions for smartphone users. He also showed how our solutions are being used for biometric authentication for remittances and other transactions in challenging markets like Afghanistan.

We look forward to another day hosting guests and demonstrating solutions at our stand at Seamless East Africa.

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