Parliamentarian Perspectives: Fostering Inclusive Open Payments in Africa
Parliamentarian Perspectives: Fostering Inclusive Open Payments in Africa
- 45min
This session will bring together four Members of Parliament from various African countries for a mainstage discussion on the role of policy and regulation in developing responsible, ethical, open payment systems in Africa to enhance digital financial inclusion.
In a world increasingly reliant on digital connectivity, access to digital financial services remains a crucial determinant of economic empowerment and social development. Unfortunately, 400 million African adults are excluded from the formal financial system. This gap has left people reliant on cash or informal providers, which is costly and risky and leaves them vulnerable to economic instability. Interledger is unlocking access to the formal financial system and digital financial services for the financially excluded through collaborations with governments, central banks, the private sector, and development institutions.
This discussion will explore the opportunities and challenges associated with adopting Open Payments, an open API standard that can be implemented by account servicing entities such as banks, digital wallet providers, and mobile money providers. The discussion will cover how Interledger-enabled Open Payments facilitate interoperability in the setup and completion of payments for various use cases that are of interest to small and medium-sized enterprises, nonprofit organizations, and individuals.
In particular, the parliamentarians will discuss (1) how and why deployments of the Open Payments standard serve the public good, (2) whether these efforts align with human rights principles as guided by the United Nations Guiding Principles on Business and Human Rights, and (3) how advancing digital financial inclusion fosters economic participation and growth in their respective country.
The parliamentarians will provide insights into recent, relevant, regional, and national political developments and explore strategies for fostering pan-African innovation in digital financial services. They will also discuss the importance of regulatory frameworks that support ethical practices and prevent human rights abuses, drawing on examples from their respective countries, and emphasize the importance of digital financial services being accessible to underrepresented groups and vulnerable populations.
Intended for a general audience, this session will provide a platform for African parliamentarians to share their perspectives on how regulatory frameworks can support the development of inclusive and ethical digital payment systems. For the broader Interledger ecosystem, this session will offer attendees insights into the regulatory landscape and policy considerations that drive the development and adoption of digital financial infrastructure.
Neema K. Lugangira, a Member of Parliament from Tanzania, will co-curate the panelists for this mainstage discussion with the involvement of the Interledger Foundation.
In a world increasingly reliant on digital connectivity, access to digital financial services remains a crucial determinant of economic empowerment and social development. Unfortunately, 400 million African adults are excluded from the formal financial system. This gap has left people reliant on cash or informal providers, which is costly and risky and leaves them vulnerable to economic instability. Interledger is unlocking access to the formal financial system and digital financial services for the financially excluded through collaborations with governments, central banks, the private sector, and development institutions.
This discussion will explore the opportunities and challenges associated with adopting Open Payments, an open API standard that can be implemented by account servicing entities such as banks, digital wallet providers, and mobile money providers. The discussion will cover how Interledger-enabled Open Payments facilitate interoperability in the setup and completion of payments for various use cases that are of interest to small and medium-sized enterprises, nonprofit organizations, and individuals.
In particular, the parliamentarians will discuss (1) how and why deployments of the Open Payments standard serve the public good, (2) whether these efforts align with human rights principles as guided by the United Nations Guiding Principles on Business and Human Rights, and (3) how advancing digital financial inclusion fosters economic participation and growth in their respective country.
The parliamentarians will provide insights into recent, relevant, regional, and national political developments and explore strategies for fostering pan-African innovation in digital financial services. They will also discuss the importance of regulatory frameworks that support ethical practices and prevent human rights abuses, drawing on examples from their respective countries, and emphasize the importance of digital financial services being accessible to underrepresented groups and vulnerable populations.
Intended for a general audience, this session will provide a platform for African parliamentarians to share their perspectives on how regulatory frameworks can support the development of inclusive and ethical digital payment systems. For the broader Interledger ecosystem, this session will offer attendees insights into the regulatory landscape and policy considerations that drive the development and adoption of digital financial infrastructure.
Neema K. Lugangira, a Member of Parliament from Tanzania, will co-curate the panelists for this mainstage discussion with the involvement of the Interledger Foundation.
