Visa and the GSMA Mobile for Development Foundation have announced the launch of the Digital Finance for All (DFA) Initiative.

This initiative aims to foster financial inclusion for 20 million people, including women, small-holder farmers (SHFs), and nano, micro, and small enterprise (NMSE) owners. It will cover low and middle-income countries in Africa, Asia, and Latin America.

The DFA initiative is designed to address the pressing need for greater financial literacy. It will conduct research focused on financial inclusion, and the digitization of SHFs and NMSEs to support the adoption of digital financial services.

Ashley Olson Onyango, the Head of Financial Inclusion and AgriTech at GSMA, highlighted the transformative potential of mobile money in enhancing financial inclusion and resilience.

“Mobile money can play a transformative role in advancing financial inclusion and resilience for the nearly 2 billion people who remain unbanked globally. However, poor digital and financial literacy is a key barrier to accessing digital financial services, especially for certain population segments like women, farmers and micro-merchants,” said Ashley Olson Onyango.

“We are very excited about our partnership with Visa enabling us to further drive economic empowerment and support millions of users to access life changing financial services,” she added.

Despite the rise in digital payments among adults in low and middle-income countries, women, SHFs, NMSE owners, and globally displaced individuals continue to encounter obstacles in accessing the digital economy.

Women in such countries are 20% less likely than men to hold a formal financial account, while more than 30% of the world’s food is produced by SHFs, yet most have limited or no access to formal financial services like credit, loans, savings, or insurance.

To address these challenges and improve financial health, the DFA initiative will deliver financial education resources through a mobile financial literacy toolkit, developed jointly to facilitate easy delivery and scaling across markets.

Additionally, the initiative will conduct joint research through the Visa Economic Empowerment Institute (VEEI) and the GSMA Foundation, focusing on financial inclusion, advocacy, and product innovation for women, SHFs, NMSEs, and globally displaced individuals.

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Furthermore, the DFA initiative aims to digitize SHFs and NMSEs to support their adoption of digital financial services, enabling their resilience and growth in the digital economy.

The initiative will support meaningful financial inclusion and wellbeing for refugees and the communities hosting them.

The GSMA Mobile for Development Foundation, Inc. (The GSMA Foundation) brings together mobile operators, innovators, governments, and the international development community.

It aims to realize the positive social, economic, and climate impact of mobile technology, primarily in low and middle-income countries.

Since 2007, its programs have impacted the lives of over 220 million people. The main focus has been on digital and financial inclusion, gender inclusivity, climate action, humanitarian response, and investment in innovative digital solutions.

Chiagozie Nwabuebo, Vice President of Global Growth & Social Impact at Visa, highlighted the essential role of digital payments in ensuring inclusivity within the digital economy.

“At Visa, we believe that digital payments are critical to including everyone in the digital economy by helping provide access to economic livelihood,” said Chiagozie Nwabuebo. “Together with the GSMA Foundation, we seek to empower those in underserved communities across the world and provide equal access to help build better financial futures for all.”