Keynote at the UN FfD4 Preparatory Workshop, Manama
Sebastien Picard set out how underserved individuals and small businesses can be brought, step by step, into the digital economy.
A financial identity built step by step
He presented Circular Financial Identity. A person starts with a verified identity and a record of cash transactions. Each new record of digital transactions builds the identity further.
Each level opens wider access. It runs from basic services to standard and then advanced financial services.
Three conditions
Onboarding has to include people who hold no passport or national ID. Community endorsement makes that possible.
The infrastructure has to balance privacy and transparency without compromising security.
Civil society and public institutions have to work together. They reach communities, fit services to local culture and build digital and financial literacy.
Defy implements this approach with partners, including the United Nations Population Fund (UNFPA), the United Nations Industrial Development Organization (UNIDO) and Shamsaha.