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Financial Inclusion in Burkina: Towards the Digitization of Financial Services

During this session, the digital tools for a good customer experience will be presented, as well as the key indicators for monitoring customer relations and the regulatory framework; the benefits, challenges, and issues of digitization of financial services in Burkina. In the opinion of the head of the department at ST/PIF, the potential for financial inclusion through digital technology is enormous.

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The Technical Secretariat for the Promotion of Financial Inclusion (ST/PIF), in accordance with the provisions of Order N°2022-171/MEEP/CAB/SP-PIF of 18 May 2022 on the creation, attributions, organization, and functioning of the Digital Finance Consultation Framework (CCFD), is holding its second ordinary session of 2022 in Ouagadougou on Tuesday, December 13th, 2022.

This session is jointly organized by the ST/PIF, the strategic steering of the SNFI and the United nation capital development fund (UNCDF) through its Clean energy for people’s resilience program (CE4PR). The objective of the conference is to encourage exchanges between actors involved in digital finance around the issue of improving and satisfying the consumer of financial products and services through digital capital.

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The advantages, challenges, and issues of digitalization in Burkina Faso will be presented to CCDF members

During this session, the digital tools for a good customer experience will be presented, as well as the key indicators for monitoring customer relations and the regulatory framework; the benefits, challenges, and issues of digitalization in Burkina Faso. In the opinion of the head of the department at ST/PIF, Kalidou Ky, the potential for financial inclusion through digital technology is enormous.

Indeed, the widespread acceptance and use of new information and communication technologies, especially cell phones, is one of the most promising ways to strengthen and accelerate access to basic financial products and services, especially for the disadvantaged. Mr. Ky pointed to the cell phone penetration rate, which is estimated at 11.69% with 25.5 million active SIM cards.

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The potential for financial inclusion through digital technology is enormous in Burkina, said Kalilou Ky

It is, therefore, in the dynamics of maintaining constant the commitment of actors to meet the many operational challenges and permanent collaboration in the field of financial inclusion that this session is held. Before closing his remarks, the head of the ST/PIF department welcomed the presence of technical and financial partners, NGOs, and private sector actors. “I would also like to make a special mention to the United Nations Capital Development Fund, UNCDF, for its technical and financial support to the establishment and operation of the CCDF,” he thanked.

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(Featured image by stevepb via Pixabay)

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First published in lefaso.net, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Desmond O’Flynn believes in minimalism and the power of beer. As a young reporter for some of the largest national publications, he has lived in the world of finance and investing for nearly three decades. He has since included world politics and the global economy in his portfolio. He also writes about entrepreneurs and small businesses, as well as innovation in fintech, gambling, and cannabis industries.