Digitalization of Informal Economy in Global South

Nowadays, many people do not participate in ecomonic processes due to various reasons. They do not have bank accounts, they do not use insurances and quite often they do not pay taxes. Most of these people satisfy their needs on financial services and products by using informal financial relations. On one hand that helps the government to provide the needed services to its population, on the other hand, it cannot control the processes happening in informal economy. Thanks to the Forth Industrial Revolution that we are facing now, we have an opportunity to create new products and services that would satisfy people’s need more effectively. The digital technology will be able to make informal financial relations to reach a new level. All the advantages will of informal financial relations will stay but almost all the existing problems will be solved.