IMF chief calls for 'financial inclusion' through digitalization

By: Mark Jessy

IMF chief calls for 'financial inclusion' through digitalization

October 18, 2023 3:27 PM

According to Kristalina Georgieva, managing director of the IMF, digitalization is "the most important way" to increase financial inclusion.

IMF Managing Director Kristalina Georgieva emphasized that digitalization is "the most important way" to scale up financial inclusion in her inaugural statement at the IMF seminar on financial inclusion in Marrakesh, Morocco. 

"It is digital that moves help to people, investment, and the ability of the economy to accelerate," Georgieva added, referencing digital cash transfers implemented during the COVID-19 pandemic in Togo. She advocated for comprehensive national financial inclusion initiatives while also reminding the audience of the financial stability dangers that typically accompany digitization.

The IMF has recently been active in its examination of required crypto rules. It proposed a crypto-risk assessment matrix (C-RAM) on September 29 for governments to identify signs and triggers of possible dangers in the sector.

In October, the "G20 Finance Ministers and Central Bank Governors Communique" unanimously endorsed the IMF's Synthesis report, which it co-authored with the Bank for International Settlements (BIS).

Instead of a broad ban, the report proposes thorough crypto supervision. Its high-level proposals include cross-border collaboration and information sharing among regulators, a desire for strong governance and risk management structures for crypto firms, and a guarantee of access to pertinent data provided by enterprises to authorities.