Fintech’: A Way Forward for Inclusive Financial Growth

Overview

This Policy Brief sheds light on the optimum and ethical use of technology solutions for greater digital financial inclusion. In this regard, it assesses the key challenges such as constraints to adoption of digital financial tools, privacy and data protection issues concerning sensitive financial data and increase in online fraudulent practices along with lack of adequate consumer redress mechanisms in this sector. For addressing these challenges the brief gives recommendations to increase digital financial literacy, adopting transparency and accountability measures in ëfintechí applications for privacy protection and to build stronger frameworks for consumers which are more cost effective and user friendly.