2.2.9. Upgrade Relevant IT Systems in Financial Institutions
Financial institutions depend on adequate IT infrastructure in order to track account balances, facilitate loans, secure transactions, comply with regulations, and many other essential functions. Financial institutions in developing economies may have weaker IT infrastructure, resulting in missed payments, security vulnerabilities, lack of liquidity and overall societal distrust of electronic payment transactions.Through funding IT advancement and upgrades within financial infrastructure, USAID can foster a secure and trustworthy banking environment.
- Availability of suitable training for the needs of target sector/region
- Burden of banking/finance regulations and supervision
- Quality of accounting and auditing standards and qualified accountants/auditors in target sector/region
- Transaction costs associated with originating and managing loans to target sector/region
MUST HAVE’S, CRITICAL POINTS, OR QUESTIONS TO CONSIDER