March 3, 2016
Financial inclusion is one of the most important and complex problems that is often aimed to be solved by FinTech. As surprising as it may seem, in 2016, when the financial services industry is as hot as it has ever been, 2 billion people don’t have access to formal financial services and 50% of women globally are financially excluded. These are quite dramatic numbers for the year when FinTech is on the rise with solutions for almost anything.
We strongly believe that financial inclusion is one of the keys to a prosperous society. The developing world is the one most suffering from financial exclusion and the one with endless opportunities for the brave ones to make a change.
However, not only businesses but also the governments must take actions to facilitate financial inclusion. As it has been a widely discussed topic, there are six important pillars often mentioned to be able to significantly boost financial inclusion in the developing world.
Financial Access and Literacy
Financial literacy is extremely important for two reasons. Firstly, it boosts the usage of financial services and secondly, it all ...