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.

 

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Solutions for financial inclusion