While some 91 percent of postal outlets worldwide already offer some form of financial services, there is still work to do when it comes to bringing more unbanked people into the formal financial system.
The UPU's Financial Inclusion Technical Assistance Facility (FITAF) will provide Posts with the means necessary to fill this gap through the development of digitized postal financial services.
With funding from the Bill & Melinda Gates Foundation and VISA Inc., the UPU plans to support 20 Posts in the launch of national digital financial service projects for financial inclusion through FITAF by 2020.
FITAF will provide selected Posts with support on several fronts, including:
- Digital Financial Services (DFS) Assessments
- Software acquisition
- New financial services
- Capacity building
- Expertise
Through FITAF, the UPU will also carry out broader research on postal financial inclusion, and will share new insights and resources for UPU members and stakeholders, such as case studies, a readiness guide and the organization of workshops.
Assistance will be provided according to need, based on requests from designated operators following the required process as detailed in the relevant call for projects.
Criteria for selection include:
- Commitment from the Post's management and from government leaders
- The existence of a legal and regulatory framework to enable the Post to deliver financial services, including digital financial services
- Evidence of innovation
- Impacts on financial inclusion
- Willingness to co-fund 20 percent of costs
Countries can apply for assistance through the UPU's call for projects. All current calls for projects will be posted on this page.