CLEAN : IMF conference focuses on Africa's world leading use of tech

The video discusses the role of mobile banking in enhancing financial inclusion, using Kenya as an example. It highlights how technology reduces costs for both financial institutions and users, promoting broader access to financial services. The discussion also touches on the rapid adoption of financial technologies and the challenges faced in reaching underserved populations.

What is the role of mobile banking in relation to traditional banking systems?

• It replaces traditional banking systems entirely.

• It complements traditional banking systems.

• It has no impact on traditional banking systems.

• It competes directly with traditional banking systems.

Why is accessibility to financial services important?

• It is a minor factor in economic development.

• It is only important for wealthy individuals.

• It is crucial for economic growth and poverty reduction.

• It has no impact on economic growth.

What is one reason for the rapid adoption of financial technology?

• It is only beneficial for large corporations.

• It lowers costs for both providers and users.

• It complicates financial transactions.

• It increases costs for financial institutions.

How does financial technology contribute to financial inclusion?

• By excluding more people from financial services.

• By making it easier for banks to ignore poor people.

• By reducing costs and making services accessible to the poor.

• By focusing only on urban areas.

What challenge do traditional banks face in reaching poor populations?

• They are not interested in expanding their services.

• They lack the technology to reach remote areas.

• They have too many customers already.

• It is not profitable for them to reach out to poor people.