BRIDGETOWN, Barbados, CMC – The inaugural DigiLab Finance Caribbean program has concluded with a senior official of the Barbados-based Caribbean Growth Financial institution (CDB) emphasizing the pressing want for micro, small, and medium-sized enterprises (MSMEs) to undertake digital options.
“Throughout our Area, far too many individuals and MSMEs stay outdoors the formal monetary system. Over 80 % of funds are nonetheless being made in money within the Jap Caribbean,” stated CDB’s Vice President of Operations, Dr. Isaac Solomon, describing it as “a barrier to progress.”
DigiLab Finance is a flagship digital transformation program led by the Worldwide Finance Company (IFC). Its inaugural Caribbean cohort was delivered in partnership with CDB and the Caribbean Affiliation of Banks (CAB).
It introduced collectively 59 professionals from 5 monetary establishments throughout the Area and was educated in instruments that promote financial resilience and innovation among the many personal sector purchasers they serve. The aim is to develop entry to monetary providers for people and MSMEs throughout the Area by leveraging digital applied sciences.
“We should empower residents—particularly youth—to navigate this new monetary panorama confidently and safely. Monetary establishments can assist to revolutionize how underserved populations can entry monetary providers and merchandise,” Solomon stated.
“Greater than ever earlier than, innovation needs to be actual, past phrases, and play a major function in figuring out the area’s growth and resilience.”
Solomon additionally reaffirmed CDB’s dedication to creating an enabling surroundings for digital finance by means of supportive insurance policies and regulatory frameworks.
“The financial institution is happy to associate with IFC and CAB. We look ahead to deepening our collaboration, not solely by means of future Digital Technique Programmes, but additionally in embedding Environmental Social and Governance ideas, advancing gender-responsive banking, and strengthening the Area’s monetary structure,” he stated.
The CDB, along with the IFC, will proceed to put the groundwork for a extra inclusive and fashionable monetary system that unlocks innovation and alternative for the Area’s entrepreneurs.
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