How Developed World Technologies can be applied to Financial Inclusion Problems in the Developing World

There are 2 important factors for success of financial inclusion in a country. The core technology being implemented acts as a crucial factor. But the way the overall planning for implementation is done plays a greater role itself. Majority of core technologies required for financial inclusion exist in developed nations and this is what this article is all about. Developing nations are bringing in new innovations through the way they are planning the implementation of existing technologies. African nations like Kenya, Nigeria are classic examples in this regard.

Today, more than half of the world’s population is still unbanked and this problem is even more severe in the under privileged regions where more than three fourths of the population is deprived of basic banking services. In India, only 59% of the population has bank acc ...

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