ATL Standard

Clark Atlanta University's dean of Business Administration joined the Federal Reserve Bank of Atlanta’s Special Committee on Payments and Inclusion, the university said.

Silvanus J. Udoka, Ph.D. will serve as one of 14 members on the committee, which was developed to innovate financial services and find solution for cash-reliant individuals to better be connected with the economy, Clark Atlanta University said in a release. 

"The work of this committee will provide insight to inform policymakers and practitioners across all sectors of the economy. It will also heighten awareness to purposefully promote inclusiveness in financial transactions, especially for the segment of the population who currently rely on cash as their primary means of conducting transactions,” Udoka said in the release.

Rapid advances in financial technologies and payment innovations make it vitally important that society assures that whole segments of the populace are not excluded consciously or unconsciously from commerce, he said.

The committee includes private and public sector collaborations. It will work to advance universal access to efficient and safe payments for people with innovations through digital wallets, mobile payments and person-to-person payments. 

Udoka joined the committee that will conduct research on emerging issues for payment inclusion through data collection and analysis to better comprehend emerging trends of payment ecosystems to make recommendations to industries and policymakers, the Clark Atlanta University said. 

The committee is planned to be active for two years. At that point, the Federal Reserve Bank will decide if the committee should continue.