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As BaaS evolves, it is helping fintech innovation reach new markets and underserved communities; which has the potential to greatly improve financialinclusion across the globe. BaaS means these businesses can focus on what makes them unique and inclusive.”
The report, titled “Her Fintech Edge: Market Insights for Inclusive Growth”, explores the representation of women within fintech portfolios and the factors influencing, and examines the performance of women customers compared to overall portfolios, considering loyalty, customer lifetime value (CLV), and default rates.
Advancing Global Economies Through FinancialInclusionFinancialinclusion is reshaping the global economy by making financial services accessible to underserved populations. Education and support are crucial in building financialliteracy, empowering users towards financial independence.
In recent years, fintech apps have become pivotal in shaping financialliteracy among Millennials and Gen Z. These innovative platforms, often mobile-first and user-friendly, simplify complex financial topics. Traditional methods of financial education often failed to engage younger audiences effectively.
April is FinancialLiteracy Month, when the nation is focused on spreading financialliteracy education to help consumers understand how to better manage money. During our Spring Conference earlier this month, we held a session called, "Faster Payments: Accelerating FinancialInclusion."
This move aligns with NOW Money’s mission to offer inclusivefinancial solutions to underserved communities and improve the financial well-being of its users across the GCC. Customers can handle payments, transfers, and other financial operations directly from their mobile phones.
It means our product strategy consistently aligns with key challenges and opportunities in Africa, addressing issues like financialliteracy, seamless and safe transacting, fragmented payment systems, and the high cost of infrastructure upgrades in traditional banking.
These include the provision of financial education resources via a mobile literacy toolkit, joint research efforts focused on financialinclusion, the digitisation of smallholder farmers and small enterprises to facilitate their use of digital financial services, and support for financialinclusion among refugees and their host communities.
We often explore how fintechs are changing the banking and payments landscapes, and sometimes look into how their solutions are supporting financialinclusion and helping people develop healthy financial habits. This democratisation of credit access fosters economic growth and resilience. Are fewer people falling into debt?
We often explore how fintechs are changing the banking and payments landscapes, and sometimes look into how their solutions are supporting financialinclusion and helping people develop healthy financial habits. “A fintech for good embeds purpose into its core. “This can change.
This achievement highlights the program’s substantial impact on financialinclusion for women across the state. We are dedicated to enhancing financialliteracy and access for women across Maharashtra. Among these, 3.57 lakh accounts are linked to the Direct Benefit Transfer (DBT) system, with 2.75
This has significantly increased financialinclusion, empowering millions who previously had no access to banking services. In Ghana, MTN Mobile Money has become a vital financial tool. Similarly, in Southeast Asia, mobile money platforms like GCash in the Philippines are transforming the financial landscape.
In Asia Pacific, the lack of a skilled workforce and poor digital and financialliteracy were also factors, however this trend can also be observed globally. The commitment to financialinclusion remains a cornerstone of the fintech value proposition.
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.
We often explore how fintechs are changing the banking and payments landscapes, and sometimes look into how their solutions are supporting financialinclusion and helping people develop healthy financial habits. The key solution to ensuring underserved communities are empowered by fintechs is making their technology open-source.
Both firms were dedicated to not just building products to serve the underserved, but building them in a way that helps customers gain access to all the benefits of credit cards – credit building, interest-free credit when paid on time, fraud protections and convenience – while at the same time teaching them financialliteracy and providing the opportunity (..)
They encourage innovation, attract investment, and increase financialinclusion. This regulatory flexibility allowed non-banking institutions to offer financial services. Consequently, Kenya witnessed a surge in mobile payment adoption, improving financial access for underserved populations.
“SteelWave Digital can further bridge the financial accessibility gap by expanding its strategic partnerships with global liquidity providers to enhance capital flows into underserved markets. These technologies need to be modern, not outdated. “In the world of finance, technology should and can serve people.
Many fintechs and financial institutions often make big claims that they can enhance support to the previously underserved, positively impact the environment, or improve peoples lives in many other ways. But often, firms fall short of these claims.
This five-year initiative aims to advance digital financialinclusion for 20 million individuals, including women, small holder farmers (SHF), and nano, micro and small enterprise (NMSE) owners across low- and middle-income countries in Africa, Asia and Latin America.
These awards highlight companies and individuals whose fintech initiatives have contributed to advancing financial technology, promoting financialinclusion, and improving service delivery. RCBC also launched RCBC Barangayan (village/community) Banking, blending human touch with digital finance to reach underserved communities.
Financialliteracy However, a significant challenge persists – financialliteracy, particularly regarding concepts like savings. Addressing this challenge is crucial for promoting financialinclusion and stability across the region. Examples include EasyEquities in South Africa, boasting over 1.4
This innovation not only promotes financialliteracy but also opens doors to new economic opportunities for underserved communities. UPI Circles impact goes far beyond convenienceits a catalyst for accelerating Indias financialinclusion How does UPI Circle Work?
The initiative addresses the serious challenges facing emerging economies globally in financialinclusion. These underserved communities also deal with such issues as workers sending money back home and being hit with unfair charges as high as 6.8 per cent. .
Yabx has been on this journey to build this credit infrastructure ground up and enable financial access for the underserved. Our platform leverages alternate data sources, enhanced digital journeys, and real-time decisioning to drive responsible growth in the financial sector. million consumers and MSMEs through the platform.
According to WiseWage, which is owned by non-profit Reinvestment Partners and — similar to SOLE Financial — focuses on servicing underbanked employees, the decision to collaborate with SOLE is an effort “to move from advocacy to action in the financialinclusion space.”.
By leveraging modern technology, alternative data, and advanced analytics, we can build an equitable finance ecosystem where everyone can access the financial services they need to thrive. Solving the identity challenges of underserved populations is not only an economic imperative, but a moral one.
At Prosper, financialinclusion is at the heart of our business and by utilizing FICO’s reliable and predictive scores as an input to our models, we are able to identify and offer access to affordable financial solutions to improve consumers’ financial health as they move across the credit spectrum.”
As of April 2023, there were 1,000 active fintechs in Latin America (LatAm) with a vast majority focusing on financialinclusion, tackling the issue of 70 per cent of the population not having access to formal financial services. million users in 2019 to 29.3 million in 2022.
Founded in 2016, Akulaku provides digital banking, financing, investment and insurance brokerage services, targeting financialunderserved demographics. Founded in 2018, Ajaib is an online wealth management solution that allows users to buy and sell financial products including stocks, exchange traded funds (ETFs), and mutual funds.
According to Lee Li Meng, Razer’s chief strategy officer, the intention of the consortium is not to compete with banks for existent banking customers; rather, it will leverage its already young-skewing customer base to pursue the currently underserved youth market in Singapore. We’ve thought about this long and hard,” Lee said. “We
The mobile phone allows workers to manage their funds in a digital platform, set up online bill pay, and access resources to improve their financialliteracy. The debit card, meanwhile, quickly connects professionals to their earned wages without having to open a bank account or go to a check cashing service or risk losing a check.
Revolut also aims to boost financialliteracy among students. By bringing debit cards directly to students, Revolut aims to simplify financial management and encourages responsible spending habits, particularly among those under 21 who may be underserved by traditional banks.
Jessica echoed these sentiments, adding that the true potential of open banking lies in its ability to create a more inclusivefinancial ecosystem. Open banking could drive significant advancements in financialinclusion across underserved markets. This approach fosters deeper customer relationships.
We often explore how fintechs are changing the banking and payments landscapes, and sometimes look into how their solutions are supporting financialinclusion and helping people develop healthy financial habits. Another significant challenge is implementing sustainable practices and commitment to financialinclusion.
We often explore how fintechs are changing the banking and payments landscapes, and sometimes look into how their solutions are supporting financialinclusion and helping people develop healthy financial habits. For instance, clear communication and fair pricing are a must.
With the rise of digital banking and mobile payment platforms tailored to the needs of Muslim consumers, financial services are now reaching communities that were previously underserved. This has opened up opportunities for growth and inclusion on a global scale. Education is another cornerstone of our mission.
Based in Cairo, the company’s approach centres on using its proprietary API First Core Banking platform to provide accessible financial services to underserved communities. Now the seventh-largest financial institution in Egypt, MNT-Halan holds over 25 per cent of the country’s microfinance market.
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