Emerging markets are driving the next wave of digital finance, but growth comes with responsibility. Amelia Greenberg, Deputy Director of the Social Performance Task Force (SPTF) at Cerise+SPTF unpacks what this responsibility looks like for businesses. She shares how global standards like the Digital Financial Services (DFS) Standards are supporting ethical sustainable growth through fintechs like JUMO.

Access isn’t enough, financial inclusion needs to be responsible and empowering.

The concept of financial inclusion has become central to emerging markets and the world, as mobile money, fintech innovation, and digital financial services are rapidly expanding access to new and more accessible financial tools. Millions of previously underserved and financially excluded individuals now have access to banking, credit, and savings. But access alone is not enough. Without strong safeguards, even well-intentioned financial solutions can unintentionally harm customers, particularly those with limited financial literacy or in vulnerable economic situations.

This is where global standards for responsible lending and customer protection play a critical role. Standards provide a framework for financial service providers to operate ethically, mitigate risks, and ensure that growth in access translates into genuine empowerment. They help define what responsible digital finance looks like in practice, aligning the interests of finance providers, regulators, and customers.

The emergence of Digital Financial Services Standards (DFS)

Recognising the need for a clear, industry-wide approach, Cerise+SPTF launched the Digital Financial Services (DFS) Standards. These standards set benchmarks for responsible frameworks in digital finance, covering areas such as:

• Customer protection – ensuring products are fair, transparent, and suitable for users’ needs.
• Responsible lending – assessing risk without exploiting borrowers and avoiding over-indebtedness.
• ESG integration – aligning digital finance with social and environmental impact goals.
• Data stewardship – protecting customer information while using insights to improve financial inclusion.

By providing a common framework, DFS Standards support financial service providers as they navigate the tension between scaling rapidly and maintaining ethical practices. They also give regulators, investors, and partners a clear lens through which to assess performance and risks in vulnerable markets.

Why these standards are critical now

Global economic pressures are increasing. Rising inflation, unemployment, and cost-of-living challenges mean that emerging market consumers are more financially vulnerable than ever. At the same time, fintech adoption continues to accelerate, offering credit and digital financial services at an unprecedented scale.

Without clear safeguards, the very tools designed to support financial inclusion could inadvertently lead to over-indebtedness, misuse of data, or exclusion of vulnerable users. The DFS Standards provide a roadmap to avoid these pitfalls by embedding responsible practices directly into product design, delivery, and risk management.

JUMO: an example of standards in action

While many providers are still adapting to these new standards, some fintechs are already demonstrating their impact. For instance, JUMO, as an AI-driven financial technology company operating in Africa, was recently assessed against our DFS Standards and achieved a 92.2% score in customer protection, among the highest in the sector.

JUMO’s example illustrates how adherence to global standards can translate into tangible benefits:

• Data-driven credit scoring ensures customers can access tailored loans without traditional banking histories.
  
• Flexible microloans meet the needs of underserved populations while avoiding over-indebtedness.
  
• Customer-centered principles including access, choice, empowerment, financial value, and data stewardship, ensure that technology serves people, not the other way around.

JUMO’s experience underscores that standards are not merely a regulatory checkbox. They provide a practical framework for building digital financial services that are ethical, scalable, and socially responsible.

The broader implications for financial inclusion

Adopting global standards benefits the entire financial ecosystem. They allow regulators to set clear expectations, investors to evaluate risk responsibly, and providers to scale while maintaining trust. Most importantly, they protect the end customer, ensuring that financial inclusion genuinely empowers rather than exploits.

Emerging market financial service providers can use these standards to:

• Embed responsible lending principles at the core of their business.
• Ensure that products are designed with transparency and fairness.
• Build resilient digital ecosystems that are scalable and inclusive.
• Foster collaboration across fintechs, banks, and regulators to improve sector-wide outcomes.

JUMO demonstrates the potential of these standards in practice, but the broader message is clear: adopting and operationalising global standards is the best way to ensure that financial inclusion is safe, empowering, and sustainable.As digital finance continues to expand, the adoption of robust standards will be critical, not only to protect consumers but also to secure the long-term growth and credibility of financial inclusion worldwide.