Ramallah -(BNEWS)- U.S. Agency for International Development (USAID) Mission Director, Amy Tohill-Stull, launched the new Digital Financial Services Pilot Activity on December 14th. The $1 million project will be implemented over the next year by an alliance of U.S. companies called the “E-Trade Alliance” led by The Palladium Group.
Despite recent progress in the Palestinian digital ecosystem, the digital economy remains underdeveloped compared to the region. Less than 10 percent of internet users in the West Bank and Gaza used online purchasing methods in 2021 due to lack of consumer protections and digital payment options.
This Activity will accomplish two core objectives: (1) build global and local partnerships to facilitate digital payment services for small and medium enterprises (SMEs); and (2) enhance financial literacy and digital financial services adoption by Palestinian SMEs and underserved populations, including women, youth, the unbanked, and the underbanked.
“The future of financial services is digital, and the scaling up of digital services and financial literacy will unlock the potential of the Palestinian digital economy.” said Amy Tohill-Stull, USAID/West Bank and Gaza Mission Director.
USAID has invested $150 million this past year to empower Palestinians to build thriving and resilient communities and promote inclusive development. Funding for this project is part of a larger portfolio of economic growth activities that includes USAID’s Small and Medium Enterprise Assistance for Recovery and Transition Activity.