Over a longer horizon, the entire GDP of the G7 countries will be dwarfed by the rapid development of the systemic emerging economies. Europe has to cope with a new geo-political landscape very profoundly reshaped by these emerging economies.
With the adoption of mobile financial services and agency banking, among other innovations, financial access has increased from 26.7 percent in 2006 to 75.3 percent in 2016. While this is remarkable, the question at hand remains how to expand the digital financial services ecosystem beyond basic money transfer, savings, and micro-credit.