Tech: Savior Where Everything Else Failed – Financial Inclusion With Microlending

May 31, 2018

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MONTHLY ANALYSIS

This is a picture of a man from Mongolia.

Usually, people like him are deprived of even the most basic financial services, so, unsurprisingly, they struggle to make ends meet. But his life is changing, and his family is now feeling much better about their future due to FinTech innovation.

It’s happening because this man can now take small loans at will. He can borrow $20 whenever he wishes and then pay it back as and when he is able to. He has had a bank account for five years, but his life truly changed when opportunity met timing in an almost fairy-tale like story.

He bought a smartphone 1.5 years ago (it’s so cheap that half of the people in the world have them) and after few months, a microlending startup offered him a product that would have ...

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