In this environment, the narrow monetary aggregate M1, encompassing the most liquid forms of money, continues to be the main contributor to broad money growth. Developments in loans to the private sector continued to be shaped by the impact of the coronavirus on economic activity.
The question at hand is how to expand the digital financial services ecosystem beyond basic money transfer, savings, and micro-credit. Innovative solutions are needed to provide a range of digital financial services, from simple money transfer platforms to payment solutions, savings, micro-insurance, financial planning and access to capital markets securities. What framework would ensure that the benefit of financial inclusion are sustained?