CAF and Millicom devoted to digital and financial inclusion in Latin America and the Caribbean

CAF—development bank of Latin America—and Millicom, a leading provider of fixed and mobile telecommunications services in nine Latin American markets, signed today a collaboration agreement to develop projects in the areas of financial inclusion, digital expansion and accessibility, and development of regional integration.

The collaboration between both parties focuses on joining efforts to bridge the gaps in connectivity and financial inclusion in the region.  In Latin America, around 94 percent of the population is covered by a mobile network, which is proof of the investments of operators over the past decade. However, about 31 percent of the people covered still does not use mobile internet, as they face barriers other than coverage. There are also financial inclusion challenges, as 360 million adults do not hold a bank account. The investment challenge is also significant, with the region investing only a quarter of the money that OECD countries invest, in per capita terms.

“This partnership with one of the world’s leading technology companies reflects the commitment of the private sector and multilateral organizations to fast-track a development agenda that closes the socioeconomic gaps in Latin America and the Caribbean. The work we will conduct with Millicom is set to help make the region more inclusive, digital and respectful of the environment,” said Christian Asinelli, Corporate Vice President of Strategic Programming at CAF.

“Expanding connectivity and improving the factors that favor its use, such as accessibility, financial inclusion, digital literacy, and the safe and productive use of technology, are key for our countries to connect with the world, grow and thrive,” said Karim Lesina, Executive Vice President of Corporate Affairs and Institutional Relations at Millicom. “Articulating this agreement with CAF is a powerful way to catalyze economic development and boost the talent of our countries, thus positively impacting the prosperity of nations and the well-being of the people,” Lesina added.

This partnership confirms the need and importance of multi-sectoral collaboration. The opportunities for the region will grow exponentially, as the public, private sector, cooperation agencies and civil society come together to enhance them.

The partner will also promote the exchange of experiences, information and knowledge and the design of pilot programs to boost connectivity and close gaps in rural areas, mobile payments, microcredit and environmental sustainability in Latin America and the Caribbean.