VANUATU"S ENERGY STORAGE REVOLUTION POWERING
Containerized energy storage solutions now account for approximately 45% of all new commercial and industrial storage deployments worldwide. North America leads with 42% market share,
Mobile-based financial services (MFS) present an opportunity to bridge some of the gaps and overcome the unique barriers to financial inclusion in Vanuatu. Various countries around the globe encounter similar challenges of communication and distance in accessing formal financial institutions such as banks.
At present, it is not possible to send money from any MFS in Vanuatu to any bank, even interoperability between the DFS providers does not work. In rare cases, it is possible to send money from a bank to a mobile wallet. The prevailing situation is directly hindering the use of MFS by the consumers.
Vanuatu's key financial challenges include limited access to digital financial services, very low usage of existing platforms, lack of financial literacy and the lack of financial resilience to external and internal economic shocks among the population. Mobile Financial Services in Financial Inclusion
Though Vanuatu graduated from LDC status in 2020, it has a long way to go to achieve financial inclusion and consistent GDP growth. MFS can play a very critical role in supporting the efforts aimed at universal financial inclusion.
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