Economic and policy issues pertaining to international telecommunication/ICT services and networks that enable Mobile Financial Services (MFS) are a subject of study under Question 12/3 of ITU-T Study Group 3 (SG3).
In the past years, the number of active Mobile Financial Services (MFS) customers have increased significantly. Mobile network operators have taken the lead in the provision of these services which are becoming increasingly diversified. MFS have been instrumental in stimulating economic development as well as fostering digital, social, and financial inclusion particularly in areas with low penetration of financial services.
Poorer unbanked populations need to have access to affordable, secure, and reliable mobile financial services. In many countries, the bulk of mobile financial transactions are micropayments and low-value transactions, making it difficult to establish appropriate retail charging options, commensurate with the income level of users.
Plenipotentiary Resolution 204 and WTSA Resolution 89 both address the use of information and communication technologies to bridge the financial inclusion gap. WTSA Resolution 89
resolves to continue and further develop the ITU-T work programme, including the ongoing work in SG3, in order to contribute to the wider global efforts to enhance financial inclusion.
ITU-T SG3 is studying a number of work items under this topic of Question 12/3:
here.
Relevant publications include:
