The European Commission, together with the Organization of African, Caribbean and Pacific States (OACPS), has signed today a new initiative of €14.5 million with the United Nations Capital Development Fund (UNCDF) to unlock the potential of digital finance to benefit more than 600,000 women, youth and entrepreneurs across African, Caribbean and Pacific countries.
Mobile money is the provision of financial services through mobile technologies. It allows paying bills and getting money by using mobile apps. It also creates new opportunities for businesses and individuals while growing in all regions of the world, both in urban and rural communities. Nevertheless, there is a long way to go as 1.7 billion adults remain unbanked, especially women and youth. This represents 46% of adults in the developing countries. Thanks to this EU funded initiative, UNCDF will support key policy reforms for digital transformation as well as create inclusive financial services tailored to the needs of women and youth, including innovative savings products and credit.
The joint action will be implemented in different countries in Africa (Gabon, Niger, Malawi and Ethiopia) as well as in the Caribbean (Trinidad and Tobago and Eastern Caribbean States) and in the Pacific region (Vanuatu, Samoa, Timor Leste, Tonga and Fiji).