Financial Literacy And Digital Financial Inclusion: Supervisory Policy and Practice

The growth of digital financial services has been at the center of financial inclusion initiatives in many countries, notably in Sub Saharan Africa and Southern Asia. Financial inclusion models involving mobile and other digital financial services can support overall economic growth and the achievement of broader development goals.

Financial Literacy has been recognized as a critical driver for financial inclusion and has become an integral part of many countries’ financial inclusion policy agendas. This Toronto Centre note recommends measures that regulators and supervisors can put in place to address some of the barriers to financial literacy, with a focus on the link between digital financial inclusion and financial literacy.