Agency:

The International Labor Organization is a United Nations agency whose mandate is to advance social and economic justice by setting international labour standards. The ILO’s standards are aimed at ensuring accessible, productive, and sustainable work worldwide in conditions of freedom, equity, security and dignity.

Context:

The ILO is working with the financial sector, the governments, workers’, and employers’ organizations to promote and adopt policies, programmes, and practices that address the impact of digitalization in the financial sector and unleash the potential of digital technology innovations to foster sustainable enterprises and achieve decent work. ILO’s work is based on the recognition that digital adoption can boost innovation and entrepreneurship, and support the just transition to a low-carbon economy while ensuring access to financial services, especially for micro, small, and medium-sized enterprises and low-income workers.

Objective:

To review good practices, initiatives, and policies, in the financial sector, which showcase the potential of digital technologies while addressing and mitigating the risks of digitalization on the financial sector enterprises and their workers. The study will also look at strategies at the enterprise or sectoral level that have used digital technologies to facilitate access to financial services for MSMEs and individuals and other digitalization initiatives promoting a just transition to environmental and social sustainability within the sector and for other sectors.

Intervention:

Conducted triangulated study comprising – Desk Research and Literature Review, Online Survey research with financial sector stakeholders, employers and workers organizations, and Key Informant Interviews with financial institutions and staff.

Outcome:

A comprehensive landscape report with case studies highlighting best practices and initiatives. The report has been published by the ILO and can be found here.

Impact:

The findings from the study will inform ILO in the design of specific interventions in this area.