wait, is repairing the damage to lives and livelihoods that covid - 19 has caused. recently, the world bank estimated that the pandemic could push up to 100 million people globally into extreme poverty. there have been significant setbacks to the implementation of the sustainable development goals ( sdgs ) particularly in health and education. how then does digitization act as the bridge to post covid - 19 recovery? first, we must put people at the centre of the global financial system. for both the public and private sector, the key question must be what are the needs of the people particularly in the context of the sdgs, and how will digitalization work for them? how do we get citizens to participate for instance in financing the health, education and other social services that are critical for their lives and livelihoods? in kenya, we introduced m - akiba in 2017, a mobile phone - based government digital bond to mobilise micro - savings of as little as usd30 to finance government. this was targeted at a segment of the population that could not participate in conventional government securities with a minimum threshold of usd500. this concept is now being replicated in other countries most notably, bangladesh. second, we must connect our citizens to the digital ecosystem. while digitalization has been a lifeline in the pandemic, we risk alienating a large swathe of the global population. over 700 million people lack broadband connectivity while over a billion lack formal identification. governments must therefore invest in digital infrastructure including basic enablers such as reliable electricity supply. investment in digital identity to connect citizens is imperative lest we leave them behind. substantial public and private investment will be required towards this end. third and perhaps most important is empowering and protecting our citizens in the digital realm. notwithstanding the significant benefits that digitalization presents, it also poses serious risks related to cybersecurity and data privacy. as many of our citizens connect to digital platforms for the first time, they may lose their hard earned funds to criminal actors in the digital arena. we must therefore equip them with the requisite skills to effectively use digital platforms while protecting their data and funds. as i conclude, i want to stress that kenya is on a journey to a digital economy and so is barbados. we are prepared to walk with you, sharing our own experiences, challenges and learning from you as well. our two countries have a common heritage and vision of the shared prosperity of our citizens. the linkages that have

few short months. but in all this doom and gloom, the resilience of the human spirit has shone through — like green shoots pushing through a fertile field. the theme of this conference, “ embracing disruption - building resilience ’ ’ is quite timely as we reflect on our collective challenges and triumphs during this period. digitalization, the theme i have been asked to focus on, has seen us through this difficult period. in the context of the covid - 19 containment measures — and particularly movement restrictions and curfews — digital platforms have enabled our citizens to access financial, health, education and medical services, entertainment, and shop online. in kenya, the digital rails built over the last fifteen years have been a saving grace as we have battled covid - 19. the starting point of kenya ’ s digital rails in march 2007 was in using mobile phones to serve a need to transfer money from urban workers back to their families in the rural areas. these p2p transfers were supported by a network of agents who facilitated cash withdrawals and cashing in. shortly thereafter, kenya ’ s long - term development plan, vision 2030, was rolled out in 2008 with the overarching objective of improving the livelihood of all kenyans through shared prosperity. financial services were identified as a key enabler, but requiring a dramatic transformation as only 26 percent of adult kenyans could access the formal financial system in 2006. this transformative imperative supported the growth of mobile phone financial services from payments to an elaborate ecosystem that includes other financial services such as savings, credit, insurance, pensions and capital markets. at the same time, the percentage of kenyans accessing financial services had tripled from 26 percent in 2006 to 82 percent in 2019. pushing further ahead, our vision is the democratization of financial services, which customers can access anytime anywhere. what were the pillars that have anchored our financial transformation journey? first, it is not about the technology but the problem at hand. it is easy to get caught up in the fanciness of technology and exotic labels — blockchain, artificial intelligence ( ai ), internet of things ( iot ). unfortunately, often times fintechs and other startups may focus on the features of the technology, and not how it solves a problem. the mobile phone in our case offered a platform to resolve distance, cost and time constraints that kenyans had faced in accessing money transfer and other financial services. the focus must be on