Digital Transformation and Finance: Issues & Risk Factors


Imagine the person in a rural area winning back the time spent traveling many miles on foot or by bus to a cash agent, and being able to work instead. Think of how many more small businesses might expand if they had access to credit. Picture the smallholder farmers who can finally get loans to buy the seeds, fertilizer, and farming tools needed to improve crop yields and boost incomes. Digitizing finance will be a multiyear effort for many countries but the sooner they start, the faster the rewards will come, in the form of higher growth, greater innovation, and more inclusion. Economic development is usually a long journey, but digital finance solutions can radically speed the progress, and at a relatively affordable cost. The digital infrastructure needed already exists and is being further improved. Billions of people across emerging economies possess the mobile handset that can connect directly into the national payments system. They are just waiting for governments and businesses to wire up the infrastructure and create the products they need. In this paper we discuss as to how the digital era is transforming the world and making finance easier and more reliable.

Keywords: Finance, Business, Digital, Era, Mobile, Development

for full page click here