Photo: / courage007

Digital Identity: Accelerating Financial Inclusion During a Crisis


How relaxing Know Your Customer (KYC) requirements for mobile money accounts has helped vulnerable populations access financial services

This report describes how many people in developing countries lack an official ID, and states that this can act as a barrier to completing the necessary KYC process to access a mobile money wallet. But during the COVID pandemic, these requirements were eased to minimize the chance of transmission through cash handling and allow people to access potentially lifesaving services and benefits.

“By increasing uptake of mobile financial services, these policy changes have helped to accelerate digital transformation and national financial inclusion strategies.”

The report looks at ID policy changes in Colombia, Ghana, Jordan, Pakistan and Senegal, and provides case studies of how people’s livelihoods have been improved through these measures as well as recommendations for public and private sector stakeholders.

Access to digital ID and the provision of remote ID verification are vital to digital transformation and, therefore, to the digital and financial inclusion of underserved populations

View Article