UN launches program to support Benin’s poor

The United Nations Capital Development Fund on Tuesday officially launched the Mobile Money for the Poor (MM4P) program in Cotonou, a UN source told Xinhua.

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Benin
Benin

“The key objective of the MM4P program is to increase the active utilization of digital finance services in Benin from 0.2 percent in 2014 to 12 percent among the adult population by 2019,” the representative of the coordinator of United Nations System in Benin Gilbert Poumangue said.

Benin
Benin

The senior UN official said digital finance using mobile telephones had become the most rapid means for increasing financial inclusion and reducing poverty.

“These financial operations, especially those using mobile phones, will enable the poor to cheaply transfer or receive money from their close relatives to address their fundamental needs in terms of education, health and also invest in income generating activities,” he said.

He however regretted that despite Benin having a 92 percent mobile phone penetration rate and financial inclusion being evaluated at 20 percent, only two mobile phone operators have accepted to offer limited electronic money services.

“Only two out of five mobile phone operators in Benin have agreed to provide digital finance services. Consequently, in 2014, only 0.2 percent of Benin’s adult population was actively using digital finance services,” he lamented. Enditem

Source: Xinhua

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