Financial Inclusion
Newsletter #6
What is financial inclusion? – a 360 overview to the concept
What is financial inclusion? – a 360 overview to the concept
Think of Financial Services as a circle in which the most disenfranchised individuals are in the margins. They, consequently, have the least amount of access to financial services and instruments. Financial Inclusion is the effort to bring the financial agents in margin to the center of the focus of financial access. This is called the “Margin/Center Analysis” used by many theorists to study the access to resources granted to different agents based on where in the “circle” they fall under, and the same can be done when studying financial inclusion.
Although there has been found to be a correlation between financial inclusion and sustainable economic growth, the problem is not merely monetary. Financial inclusivity aims to solve the ethical problem of agents being excluded from financial goods and services, and to also promote financial literacy across the board!
To which sectors does this apply?
To which sectors does this apply?
It is easy to think that financial inclusion ends with unbanked population. Because if we all have bank accounts, who is there left to be included? But even banked individuals can also be excluded from financial services as “underbanked” individuals or groups which do not enjoy the same type of access to such services: think how the digital divide affects elderly people or how traditional financial services might not leave space for “new” workers of the digital economy.
Financial Inclusion goes beyond banking. Any effort that facilitates the access to financial goods and services to the disenfranchised population is considered financially inclusive and this goes far and wide.
How to build financial inclusive products? – The tools to a successful inclusive product
How to build financial inclusive products? – The tools to a successful inclusive product
Building financially inclusive products means to create an enabling environment and wide-reaching policies that promote responsible financial access, by implementing innovative products and delivery mechanisms that allow for this to take place.
The most effective tools in building a successful inclusive product are technological, for these encourage the development of low-cost, accessible and innovative financial products. And since FinTech plays a huge role when it pertains to financial inclusion, facilitating the use of innovative technologies, using non-traditional methods, is also a major tool in democratizing financial goods and services.
Hear the FTS Digital Days videos !
Fireside Chat with Matteo Rizzi & Omobola Johnson
Panel Discussion with Lázaro Campos, Dr.Estelle Brack & Konstantin Peric
Research Report
Digital financial services, powered by FinTech, have the potential to create more tailored financial services that serve disenfranchised communities, and achieve a more inclusive financial scope. The World Bank’s report on digital financial services better explores the risks and challenges of these new types of services, and how it aids financial inclusion!
FTS NEWS
Matteo & Bamboo
Matteo Rizzi, author, Fintech expert, entrepreneur and co-founder of our platform, recently took a Venture Partner role for Bamboo Capital Partners, in their BLOC Africa Fund aiming to invest in tech for impact early stage and series A startups across Africa.
Matteo has always been passionate about investing in emerging markets, like with the TimePledge Organization, and this new venture is no different, for Bamboo Capital Partners provides innovative financing solutions to businesses in developing markets.
No doubt his professional path has been highlighted with creating impact on efforts and in regions that he deeply cares about.
Congrats Matteo looking forward to new FinInc ventures!
Keeping this 360° overview on Financial Inclusion in mind – stay tuned for our upcoming releases where we will be exploring different sub-themes we believe need attention such as: senior inclusion, LGBTQ+ community, disabled individuals, unbanked and underbanked communities in emerging markets.
We also want this Newsletter to have a space for our partners and sponsors who supported the acceleration of FinTech ecosystems worldwide
