ĠEMMA Webinar | Digital Finance: Are we leaving the Elderly behind?
Sep 30, 2021 10:00 AM
Digital finance has been found in developing countries to provide access to millions of citizens through their mobile phones when before it was next to impossible to open a traditional bank account.
In Malta, the uptake of digital banking services has been significant especially among the younger population as banks moved aggressively towards digital banking to contain costs, improve efficiency and improve their bottom line. One of the largest banks in Malta closed all its traditional branches in towns except for 4 regional centres. The other retail banks are increasing adopting convenience charging for traditional banking measures to tilt consumer to digital banking. The Central Bank of Malta has recently announced that as from 1st January 2022 cheques for less than €20 will no longer be valid.
But what of the elder generation where cash continues to be the payment medium of choice for 75% of those aged over 55 years and only 5.2% of those in their seventies using digital banking tools.
Is the pursuit of digital finance strategies leaving a vulnerable portion of the population behind?
This will be the topic of ĠEMMA’s upcoming webinar on the 30th September 2021 at 10:00 which will be discussed by a panel of experts consisting of:
– Dr Mary Vella: Commissioner for the Elderly
– Mr Victor Carachi: President – GWU
– Ms Cynthia Formosa: Manager – Active Aging Community Care
– Mr Karol Gabaretta : Secretary General – Malta Bankers Association