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Payments giant Mastercard has been busy forging three new partnerships in the UAE, with Al Etihad Payments , the payments infrastructure provider and subsidiary of the CentralBank of the UAE ; LikeCard , an e-commerce prepaid card platform; and credit-as-a-service platform CredibleX.
Armenia Population: +2,967,000 Capital, financial hub and largest city: Yerevan Gross domestic product (GDP) per capita: +$8,500 Access to a formal financial account (adults): 52.3 per cent CentralBank of Armenia (CBA) Armenia’s growth has been driven in part by its young, tech-savvy population. per cent in 2021.
The country hosts eight banks, with the domestic state-owned bank, the Bank of Maldives (BML), accounting for 51 per cent of total assets. In fact, in 2016, only one-third of the population had access to a bank branch and less than half of the entire population had access to an ATM outside of Male.
According to the World Bank , the country has a gross domestic product per capita of around $2,389 – while its economy is reliant on energy resources in the Timor Sea. Tackling these challenges Despite these challenges, the fintech industry could certainly play a role in improving financialinclusion for citizens of Timor-Leste.
They encourage innovation, attract investment, and increase financialinclusion. The CentralBank of Kenya introduced regulations enabling mobile money systems like M-Pesa to thrive. This regulatory flexibility allowed non-banking institutions to offer financial services.
To make sure more people have access to these services, the government of Papua New Guinea has been putting a focus on financialinclusion. It was established to act as the industry’s apex organisation for coordinating, advocating and monitoring all financialinclusion activities in the country.
Back in 2012, Sri Lanka had the highest financialinclusion rate in South Asia with two-thirds of its population having access to formal financial accounts. It was also exploring the idea of public input on the prospect and thoughts on open banking. Could fintech be the catalyst it needs to see a revival?
After successfully raising $14million in 2023, myZoi , a UAE-based fintech focused on financialinclusion and financialliteracy for the underbanked, has launched its first inclusive digital wallet. myZoi seeks to support six out of 17 UN’s Sustainable Development Goals.”
Not so many years ago, Filipinos had to visit bank branches or ATMs to transfer money and manage their accounts. A complex set of geographic and institutional barriers, including the fragmentation of Filipinos across over 7,000 islands, and low levels of financialliteracy, are also hampering the use of financial services.
Holistic inclusion, beyond financialinclusion Holistic inclusion is another key theme in the financial sector. Holistic inclusion goes beyond financialinclusion, focusing on participation from women, persons with disabilities, and providing opportunities across the rural and urban demographics.
The 18 finalists have been selected based on solutions to challenges in credit access, financialliteracy, cross-border payments, and personalized protection, among other areas. KaiOS empowers individuals and communities with accessible education, turning financial wellness into a sustainable reality.
NymCard , a leading embedded finance services provider, today announced a strategic partnership with CWallet , an award-winning fintech startup with Payment Service Provider (PSP) licensed from the Qatar CentralBank. Aligned with UN ESG Sustainable Development Goals, CWallet aims to become Qatar’s first licensed neo-bank.
The first event was the introduction of the Unified Payments Interface (UPI) by the National Payments Corporation of India (NPCI), a nonprofit organisation backed by India’s centralbank and leading banks. In 2014, only 53 per cent of adults in India had bank accounts, but by 2021, this figure had risen to 78 per cent.
PYMNTS recently spoke with Wilobank’s president, Guillermo Francos, and systems director, Mariano Durán, about how the bank ensures the trustworthiness of its customer base and how it is promoting financialinclusion. . “We We were born because the old system is dying,” Francos said. “If
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Through Musaffa Academy , we offer tailored courses in financialliteracy andIslamicfinance, equipping our users with the knowledge to make informed decisions. These tools are designed not just to help Muslims invest, but also to empower them to understand and take control of their financial journeys.
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