IGF 2024 Lightning Talk #150 Why does Digital Financial Inclusion matter?

    Interledger Foundation
    Ayden Férdeline, Interledger Foundation, Civil Society, WEOG
    Lawil Karama, Interledger Foundation, Civil Society, WEOG

    Speakers

    Ayden Férdeline, Interledger Foundation, Civil Society, WEOG
    Briana Marbury, Interledger Foundation, Civil Society, WEOG
    (As an in-person session, we confirm in-person attendance for both speakers.)

    Onsite Moderator

    Ayden Férdeline

    Rapporteur

    Lawil Karama

    SDGs

    8. Decent Work and Economic Growth
    9. Industry, Innovation and Infrastructure
    10. Reduced Inequalities


    Targets: SDG 8: Decent Work and Economic Growth - This lightning talk addresses how interoperable payment networks can facilitate more inclusive financial services, which are crucial for full and productive employment and decent work. By promoting financial inclusion, these technologies can help achieve sustained, inclusive economic growth, as more people gain access to the financial tools necessary for entrepreneurship and employment.

    SDG 9: Industry, Innovation, and Infrastructure - The focus on open, global, interoperable payment networks highlights the role of innovation in building resilient infrastructure. This aligns with SDG 9, which emphasizes the importance of fostering innovation and building sustainable infrastructure to drive economic development and human well-being.

    SDG 10: Reduced Inequalities - By discussing ways to connect disparate financial ecosystems between the Global North and South, the session directly tackles the issue of reduced inequalities. Financial technologies that bridge these divides can play a pivotal role in ensuring equal opportunity and reducing inequalities of outcome, as stipulated by this goal.

    Format

    Introduction (5 minutes):
    - Briefly introduce the topic and the importance of digital financial inclusion.
    - Outline the key questions that will be addressed during the talk.

    Main Content (20 minutes):
    - Segment 1: Interoperable Payment Systems (7 minutes)
    --- Discuss what interoperable payment systems are and how they can reduce the digital divide in financial services.
    --- Highlight examples of existing payment systems that are and aren't interoperable.
    - Segment 2: Bridging Financial Ecosystems (7 minutes)
    --- Explain how disparate financial ecosystems can be connected between the Global North and Global South.
    --- Discuss the challenges and potential solutions for creating these connections.
    - Segment 3: Broader Implications (6 minutes)
    --- Delve into the implications of these advancements for the Internet and the digital economy by 2030.
    --- Discuss how these technologies are transforming global economic structures and promoting socio-economic equity.

    Conclusion and Q&A (5 minutes):
    - Summarize the key points covered.
    - Open the floor for any questions from the audience to clarify or expand on topics discussed.

    Duration (minutes)
    30
    Description

    This in-person lightning talk provides an introductory overview of digital financial inclusion, focusing on how the adoption of open, global, interoperable payment networks can address existing barriers while leveraging opportunities to enhance financial inclusion. The session will address key questions: How can interoperable payment systems reduce the digital divide in financial services? Which payment systems exist today, and which serve domestic markets within the Global South exclusively? How can we bridge or connect disparate financial ecosystems and Global North and Global South payment networks? The lightning talk will delve into the practical benefits of seamless transactions across different networks and currencies, highlighting how such integration can provide underserved populations with better access to financial services. Moreover, the talk will consider the broader implications of these advancements for the evolution of the Internet and the digital economy by 2030. By enabling more inclusive financial practices, these technologies are not only transforming individual lives but are also shaping global economic structures, promoting sustainable growth, and enhancing socio-economic equity. The overall objective for this session is to provide audience members with foundational knowledge for understanding the strategic importance of financial technologies in driving forward the goals of economic inclusivity and development within the digital age.

    As lightning talks are fully in-person events, this will not be a hybrid session.