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Digital Financial Inclusion: Insights and Opportunities from the Caribbean

Focusing on social protection beneficiaries, this report explores Digital Financial inclusion. The study analyzes the financial landscape and identifies barriers and opportunities to financial inclusion.

The WFP Caribbean Multi-Country Office presents three reports exploring Digital Financial inclusion focusing on social protection beneficiaries in Dominica, St Lucia and Jamaica (forthcoming). The studies analyze the financial landscape in each country and seek to identify barriers and opportunities to financial inclusion for the most vulnerable. In each study, interviews were conducted with key stakeholders to analyse the ecosystem and supply sides of financial inclusion, while focus groups discussions were held with beneficiaries of social protection programmes to better understand the demand for digital and financial services. These studies have been published in the context of the emergence of multiple digital financial solutions across the region, digitization of some components of social protection systems, and efforts by governments, with support from WFP, to test the use of digital payment solutions for social protection payments in Jamaica, St Lucia, and Belize. Based on the research findings, these reports recommend strategies to improve the delivery of social protection payments, promote financial inclusion, enhance financial literacy, and develop user-friendly digital financial solutions in each country.