Financial Inclusion Insights

Financial inclusion cuts across all segments of life, it knows no boundaries in geography, age or culture. Around the world some 2 billion people are unbanked, by which we mean not having access to banking services as we know them today: a bank account, a loan and transaction services. Yet technology has broken down the barriers in banking too and now it is truly feasible to connect people to banking services in a digital or banking agency manner, through mobile microfinance services or otherwise.

Financial access is no longer enough, access does not guarantee participation in the eco system and that is why we at BPC believe in financial inclusion. Building not only point to point services between financial services providers and the unbanked communities but also coming up with new projects based on truly lateral thinking whereby we combine real life (commerce, transport, social services, payments) with digital services that act as a tangible connection to the economic society they are part of.

Interestingly enough the unbanked segments give most space for true innovation, not held back by ‘industry entitlement’, installed base commitments and investments and most importantly fixed ways of thinking. This is how we can co-create new marketplaces where banking, commerce, social security and transport meet. Because it is not about organising and replicating individual transactions and products from established practices but about facilitating the daily lives of people and businesses. Being where they are, giving instant support from devices and facilities that people are already familiar with. This requires a lot of empathy, a well-travelled team and most importantly smart thinking translated into smart solutions.

 

Related insights

Making the difference in East Africa

BPC receives yet another award! This month we received yet another award from The Banker Africa. Now, BPC is recognized in two regions as ‘the Best Payments Solution Provider’ – South and East Africa. The value that we add to our customers in these regions is through a combination of the completeness of our product…

Read More →

How to Protect Your Bank During Payments Technology Replacement

In a rapidly changing market, the financial and skills challenges connected with maintaining outdated legacy payments technology are escalating. The painful truth for many financial institutions is that replacement may be the only viable long-term option to future-proof their businesses, comply with regulation and remain competitive. Viewing the replacement of a legacy system with trepidation…

Read More →

Open Banking as an opportunity for retailers

Open banking is set to have a major impact on the financial services industry. In the last few years, open APIs have gained traction and financial institutions are revisiting their channel and partner strategies accordingly. The revised Payment Service Directive, known as PSD2, is one of the driving forces behind this evolution. The European Commission…

Read More →

Digital Wallets as a driver towards a cashless society

Even though digital mobile wallets have been around for a while, we still see new wallets being launched on a weekly basis, like Huawei Pay launching in Russia just last week. As we are taking a closer look, it is easy to see that there are significant differences between various digital wallets and those differences…

Read More →

Is there a way out of the legacy systems trap?

They have been the mainstay of payments systems around the world over the last three decades. Today, however, financial institutions (FIs) we talk to are telling us that their legacy payments systems such as BASE24 Classic can no longer support their plans for the future. Facing uncertain upgrade paths, they are confronted with difficult choices…

Read More →

Solutions for financial inclusion