Financial inclusion, a critical goal set by the World Bank, is a global issue that persists and plagues emerging economies. In 2011, the number of those unbanked was around 51% of the global population. A decade later, around 24% of the adult population, or 1.4 billion people, still lack access to financial services.
Nikulipe’s CEO, Frank Breuss, was recently featured in the Payments Association opinion section and discussed in-depth how Fintechs promote financial inclusion in emerging markets. He argues that Fintech innovations help increase financial product availability, provide more secure and affordable payments, and improve financial literacy.
Mr. Breauss, covers many examples that illustrate the impact Fintech solutions have made towards bridging the financial inclusion gap. Some highlights include the role Fintech has had in promoting financial education, examples of Fintech companies collaborating with traditional financial institutions to bridge the gap between the old and new banking systems to provide more comprehensive and inclusive financial services to consumers. Offering hope that Fintech has the potential to make a significant impact on the global economy by promoting financial inclusion and reducing poverty.
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