8th Digital Finance Working Group (DFWG)

On March 16th, 2017,  Bank of the Lao PDR (BOL) hosted the 8th Quarterly Digital Finance Working Group.  Dr. Akhom Praseuth, Director General of the Financial Institution Supervision Department, BOL chaired the event focusing primarily on DFS Distribution and Agent Management.

The Working Group also hosted Mr. Abhinav Sinha as a guest presenter. Mr. Sinha is the Co-founder and COO of Eko India Financial Services Pvt Ltd.  Eko is a leading e-money provider in India with more than 15,000 agents in the network.  Eko is adding more than 2000 Agents per month and has developed a strategy of management that relies on the agents being maintained on a daily basis through regular support interactions.  Eko has ambitions to have over 1 million Agents in 3 to 4 years. Mr. Sinha made a specific point to the group that, “Eko has stopped thinking of our offering as a service or product –  we now consider Eko to be a tool that  helps Agents to manage their businesses better.”

There were also significant updates from current and near term DFS Providers, BCEL and Unitel.  BCEL spoke of their plans to launch a phase 2 of the BCOME service in the next several months which will include account opening at  Agents as well as withdrawals.  Unitel updated on their progress with rolling out of their mobile wallet project, known as u-money which they proposed to launch in Q2. 

The 2016 semiannual report was also provided for the participants noting the progress and status of DFS industry in Lao PDR in the previous year.  All presentations and Lao PDR’s DFS semiannual report linked below.

170302 DFS Lao PDR -semiannual report Jan2017

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