GHSC FinTech - A social inclusive FinTech

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To contribute meaningfully to the industry-wide efforts of building an inclusive payment ecosystem in the Underdeveloped World, leveraging open standards to ensure wider adoption and long-term sustainability through lower transaction costs and reduced technology operational overheads.

To provide digital-friendly alternative payment instruments and services, opening new avenues for financial services access, penetration and usage in the most financially included areas of the world like the Underdeveloped World.

“If executed well with a wider stakeholder engagement and support, this initiative can potentially empower individuals and businesses, fostering a sense of optimism and hope for a brighter financial future.”

Provide a digital instrument with modern payment rails to support the Underdeveloped World financial inclusion efforts with a solution that:

• Effectively addresses the first and last payment challenges faced by under-served people and Micro, Small, and Medium Enterprises (MSMEs), providing a much-needed solution in the market.
• Provide Micro, Small, and Medium Enterprises (MSMEs) with an escrow facility to improve business trust and promote trade within and across the borders of Underdeveloped World.

Provide advanced technical integration expertise to enable financial institutions to participate in the innovative and fast-evolving world of digital payment powered by open payment standards such as Inter ledger, W3C open payment APIs, ISO20022, PSD3, and more to be introduced in the future.

1. Digital Payment Instrument for people and Micro, Small, and Medium Enterprises (MSMEs) covering various use cases such as P2P, B2B, P2B, G2P, G2B, B2G, Escrow, Merchant Acquiring and more local and cross-borders.
2. Payment integration services enable digital financial services in the Underdeveloped World to participate actively in open payment schemes such as ISO20022 Payment Switches, ILF Rafifi, Ripple, and other Blockchain-driven Payment systems.

1. Provide a simplified and universal payment instrument (First mile and Last mile features) that meets the needs of people and businesses in the region.
2. Build a transparent payment model that provides clear information on payment costs and its ecosystem of players.
3. Ensure the benefits of the fast and instant payments being deployed or planned in the region, including the GHSC FinTech Retail Payment System, are realised. 
4. Build trust through consumer protection and data privacy.
5. Provide various choices for accessible and usable payment services.

See the DPI Map (https://dpimap.org/) and the Africanenda State of IIPS (https://www.africanenda.org/en/siips2023)  for details on the instant payment projects