As one way of promoting digital financial inclusion in the Common Market for Eastern and Southern Africa (COMESA) region, the COMESA business council on Tuesday hosted the 25th Digital Financial Inclusion Public-Private Dialogue in Lilongwe to appreciate the progress that has been registered so far, the milestones achieved and look at the operational plan that has been developed to assist in the implementation of retail payments platforms.
Speaking at the dialogue, Minister of Trade and Industry Hon. Simplex Chithyola Banda said the Malawian government has made partnerships with technology firms, stakeholders from across the spectrum as this has helped to bring innovative solutions such as mobile technology and digital wallets
Banda said his ministry has helped to revolutionise the way people market their products and services, transact and access financial services.
“These groundbreaking collaborations have proven that by harnessing the power of synergy, we can unlock the full potential of digital trade. Today, we gather not only to celebrate our achievements but also to ignite a spark of inspiration within our COMESA family. I implore each and every member state to join us on this revolutionary journey. Let us unite our efforts, pool our resources, and amplify our impact”, he said.
On behalf of the COMESA Business Council, the council’s Chief Executive Officer Teddy Soobramanien said the digital retail payment scheme will help all 21 member states to participate in more business transactions as the scheme acts as a catalyst to economic growth.
“The COMESA Digital Retail Payments Scheme represents a significant milestone in our journey towards digital financial inclusion in the COMESA region. This Payments Scheme aims to revolutionize the way we transact and interact with financial services. By fostering an interoperable, instant and secure digital payment ecosystem across our 21 member states, we envision a future where individuals and businesses can participate fully in the formal economy, irrespective of their location or financial circumstances.
The need for such a scheme stems from the glaring gap in financial inclusion within our region. According to the World Bank’s Global Financial Inclusion Database , it shows that only 25% of adults in the COMESA region have a formal bank account, highlighting the substantial gap in financial access and services. This digital divide hampers economic growth, stifles entrepreneurship, and perpetuates inequalities. The COMESA Digital Retail Payments Scheme stands as a powerful tool to bridge this gap and empower individuals, particularly the unbanked and underbanked, to access and utilize financial services”, he said.
The theme of the dialogue was “Towards Operationalisation of the COMESA Digital Retail Payment Scheme” which guided discussions and shed light on the critical steps required to bring this payments scheme to work.
