Throughout low- and middle-income nations in Africa, Asia, and Latin America, this five-year project seeks to promote digital financial inclusion for 20 million people, especially women, small holder farmers (SHF), and owners of nano, micro, and small enterprises (NMSEs).

Even while adult use of digital payments in low- and middle-income nations has increased by 66% since 20141, access to the digital economy is still restricted for women, SHFs, NMSE owners, and those who have been internally displaced worldwide. Despite the fact that SHFs produce almost 30% of the world's food and that women are 20% less likely than males to own a formal bank account, most of them have limited or no access to formal financial services including credit, loans, savings accounts, and insurance.

Chiagozie Nwabuebo, Vice President of Global Growth & Social Impact at Visa, stated, "At Visa, we believe that digital payments are critical to including everyone in the digital economy by helping provide access to economic livelihood." "Together with the GSMA Foundation, we aim to empower individuals in global underprivileged communities and offer equitable access to support the development of better financial futures for everyone."

The Digital Finance for All initiative aims to enhance financial well-being by:

Provide financial literacy resources using a collaboratively created mobile financial literacy toolkit that facilitates seamless distribution and scalability across markets to support the successful use of mobile money services and their accessibility;
develop collaborative research on financial inclusion, advocacy, and product innovation for women, SHFs, NMSEs, and globally displaced people through the Visa Economic Empowerment Institute (VEEI) and the GSMA Foundation;
Digitize NMSEs and SHFs to assist in their adoption of digital financial services, which will promote their expansion and resilience; and
Encourage genuine financial inclusion and the well-being of refugees and the host communities.

The approximately 2 billion individuals who lack access to banking globally stand to benefit greatly from mobile money's revolutionary potential to promote resilience and financial inclusion. But a major obstacle to using digital financial services is a lack of knowledge about digital and financial literacy, particularly for women, farmers, and micro-merchants, according to Ashley Olson Onyango, Head of Financial Inclusion and AgriTech at GSMA. "We are thrilled to be working with Visa to support millions of users in accessing life-changing financial services and to further advance economic empowerment."