Leveraging Digital Payments for the Next Wave of Financial Inclusion

Synopsis: 

Digital payments were highlighted as a fundamental force transforming how SMEs operate and access financial services. Yet with only 35% of SME payments in Sub-Saharan Africa being digital, panelists emphasized the massive untapped potential. Traditional cash-based systems have excluded millions of small businesses from formal financial ecosystems, but digital payment innovations are enabling real-time cash flow management, instant settlements, and access to embedded financial services like micro-lending and insurance.

The panel explored how digital payment platforms are creating new pathways to financial inclusion - from mobile money services that allow street vendors to accept cashless payments to embedded finance solutions providing instant working capital based on transaction history. Discussions showcased practical innovations such as QR code payments, digital wallets, and instant settlement systems that improve cash flow predictability for SMEs. Speakers also shared insights on how payment data is revolutionizing credit assessment for underbanked businesses, the role of mobile money in building resilience during disruptions, and strategies to scale digital adoption among informal enterprises to drive broader financial inclusion.

Speakers:
Amira Karim, Head of Public Policy, Payments & Financial Services, Amazon
Caroline Cerruti, Lead Financial Sector Specialist, Southern Africa Region, The World Bank
Gabriel Swanepoel, Country Manager, Southern Africa, Mastercard

Moderator:
Pat Patel, Chief Executive Officer, MEA, USA, LATAM & Forums, Global Finance & Technology Network (GFTN)