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With 44% of UK adults facing financial vulnerability, a national strategy seeks to close the gap through policy, innovation, and education. In December 2024, HMT announced the appointment of a FinancialInclusion Committee, tasked with advising the government on developing the first-ever National FinancialInclusion Strategy.
This collaboration will support fintechs with the expertise, infrastructure, and rapid go-to-market capabilities needed to navigate the complexities of issuing cards unlocking new opportunities for financialinclusion and digital transformation.
This strategic expansion aims to boost financialinclusion by providing efficient, affordable cross-border payment solutions to one of the world’s fastest-growing economic regions. Remittances are vital in supporting households, small businesses, and local economies across Africa. In 2023, remittances accounted for nearly 1.5
Payments giant Mastercard is joining forces with Ethio Telecom , a telecommunications service provider in Ethiopia, in a move to enhance financialinclusion and wealth creation in East Africa. This extensive network positions Ethio Telecom as a major driver of Ethiopia’s digital economy.
Despite their crucial role in economic growth and job creation, nearly half of all MSMEs in Asia and the Pacific are either unserved or underserved by financial institutions. Bhargav Dasgupta “MSMEs are the backbone of economies across Asia and the Pacific, yet many struggle to obtain adequate finance.
The report highlights key milestones, insights, and the organizations transition into an independent foundation, further strengthening its ability to drive financialinclusion across the continent.
The regions strong fundamentals, coupled with a growing digital economy, promise continued growth and innovation in the coming years, a new report by Royal Park Partners (RPP), a fintech-focused corporate finance advisory firm, says. These platforms are bridging credit gaps, playing a crucial role in the supporting local economies.
To promote financialinclusion and accessibility, TerraPay , a leading global money movement company, has partnered with Yape , the superapp of Peru. Diverse Functionality: Users can immediately utilize the received funds across various app features, promoting a cashless economy and fostering greater financialinclusivity.
The collaboration will create a safe, inclusivefinancial ecosystem that bridges markets, enabling swift reliable payments across borders and offers financial empowerment tools to millions of Africans and businesses.
Despite its political unrest and economic challenges, Myanmar has shown significant progress in the fintech sector, bringing financial services to underserved populations. Agriculture, however, remains the largest contributor to the economy, accounting for nearly half of the GDP and employing two-thirds of the labour force.
The report, titled “Her Fintech Edge: Market Insights for Inclusive Growth”, explores the representation of women within fintech portfolios and the factors influencing, and examines the performance of women customers compared to overall portfolios, considering loyalty, customer lifetime value (CLV), and default rates.
The State Bank of Pakistan (SBP) has awarded Mashreq Pakistan a restricted license for pilot operations as part of the government’s strategy to unlock Pakistan’s digital potential and provide greater access to financial services to underserved consumer groups.
Cross-border payment hub, Tranglo , has expanded its footprint in Africa, now supporting payouts in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia as it continues to aim to boost financialinclusion by providing efficient, affordable cross-border payment solutions to the region. per cent in 2024.
That’s why FICO has announced the FICO FinancialInclusion Initiative , a global effort to increase access to affordable credit for consumers and businesses with limited or no credit history. Over the last 27 years, the FICO Score has brought additional gains to the United States economy. For more information: [link].
Advancing Global Economies Through FinancialInclusionFinancialinclusion is reshaping the global economy by making financial services accessible to underserved populations. Read more
Designed to serve the needs of micro and small businesses (SMEs) and freelancers, Yuze offers financial solutions that look to support local businesses and fuel growth in Indias economy. At Yuze, financialinclusion is at the core of everything we do. At Yuze we believe in financialinclusion for everyone.
Having originally launched in Mexico in February 2024, inDrive Money improves financialinclusion for gig economy workers. This is particularly impactful as freelancers have traditionally been underserved in Latin America, and Colombia is no different. This will depend on their activity on the inDrive app.
Fratini Passi, with 30 years of expertise in financial technology, strategically steers CBI’s developments. For The Fintech Times , she discusses how CBIs recent initiatives are integral in refining financial services to meet the challenges of todays digital economy, focusing on operational flexibility and enhanced security.
The goal is to improve Nigeria’s financialinclusion rate by 20 percent, bringing it to 80 percent by the end of 2020. Nigerians in underserved locations will have access to cost-effective payment services, cash-in and cash-out facilities, and savings products.”.
Paymentology , the global issuer-processor, has joined forces with Diamond Trust Bank , a tier-one East African commercial bank, in a move hoping to help drive financialinclusion in Kenya through the embedding of financial services, and deployment of Cards-as-a-Service (CaaS).
This strategic milestone underscores Mastercards commitment to supporting the country’s growing digital economy by providing innovative financial products and services tailored to the market. Mastercard has expanded its operations in West Africa with the opening of its first office in Accra, Ghana.
The teams are developing applications, products, and protocols that focus on consumer fintech solutions, OpenFI, financialinclusion, and DeFi. Consequently, this will provide a scalable and efficient solution for underserved businesses in the region. The selected teams were chosen from applications across the region.
Since Singapore launched its first digital bank in 2022, five digital banksGXS Bank, MariBank, ANEXT Bank, Green Link Digital Bank, and Trust Bankhave entered the market, challenging traditional banking models and reintroducing fintech innovation to Singapore’s financial landscape.
Championed by the Central Bank of Somalia (CBS), the initiative marks a major step in modernising Somalia’s payment infrastructure, promoting financialinclusion and enhancing economic stability. This innovation brings speed and security to daily transactions, empowering businesses and individuals to embrace a cashless economy.
Small and medium enterprises (SMEs) are the backbone of emerging economies. In many regions, they create jobs, drive innovation, and stimulate local economies. Yet, they often face financial challenges, struggling to access credit, manage cash flow, and navigate complex financial systems.
Senegal is one of many countries across the Middle East and Africa trying to diversify its economy and future-proof itself by hosting financialinclusion by employing fintech solutions. Historically, Senegals economy has centred around agriculture, particularly peanuts.
Today, we process over one billion transactions monthly, with total payment volume exceeding $22billion; enabling businesses and individuals in Nigeria to digitise their operations and thrive in its rapidly evolving economy. What challenges remain to achieving Moniepoints financialinclusion goals?
As part of this collaboration, NOW Money customers will be issued a Mastercard payment card, providing them with secure, seamless, and convenient access to their finances and enabling them to reap the benefits of the digital economy. Customers can handle payments, transfers, and other financial operations directly from their mobile phones.
Félix Pago uses blockchain and artificial intelligence (AI) to power its chat-based platform which makes financial services more accessible for those in historically underserved regions. The person sending the money tells the chatbot on WhatsApp, either in writing or by voice note, how much money they want to send and to whom.
The partnership with Visa is a testament to Pyypl’s mission to democratise access to financial services, its innovative business model and the large market opportunity – as well as highlighting Visa’s trust in Pyypl to accelerate financialinclusion.
With the support of local regulators, Pyypl can also provide access to prepaid Visa cards in other markets, fast-tracking financialinclusion across the MEA region. This not only gives them access to the digital economy, but also helps them thrive in this increasingly digital age.”
Nikhilesh Goel Nikhilesh Goel, Co-founder and Group CEO of Validus said, “By leveraging Batumbu’s unique position as the largest and only profitable digital SME financing platform in the country, we are committed to unlocking new opportunities for businesses, driving economic growth, and enhancing financialinclusion.
From digital payments to decentralised finance (DeFi), these companies are solving real-world challenges like financialinclusion and cross-border transactions, while setting new global standards for innovation. Each plays a key role in transforming how Indonesians save, spend, invest, and access financial services.
Mastercard, in collaboration with Money Fellows and Banque Misr, has launched a prepaid card in Egypt, aimed at enhancing financialinclusion and accessibility. per cent of Egyptians who are formally included in the financial system, offering features like online purchases, ATM transactions and exclusive discounts.
Improving financial access Instapay Technologies focuses on financialinclusion for unbanked workers by providing accessible and convenient financial solutions. Through its technology-driven approach, Instapay aims to improve financial access and well-being for underserved communities.
Championed by the Central Bank of Somalia (CBS), the initiative marks a major step in modernising Somalia’s payment infrastructure, promoting financialinclusion and enhancing economic stability. This innovation brings speed and security to daily transactions, empowering businesses and individuals to embrace a cashless economy.
How Agentic AI Can Transform Fintech Operations Potential Use Case Without Agentic AI With Agentic AI Customer engagement Rule-based chatbots provide scripted responses and struggle with context retention AI-driven financial assistants adapt to user behaviour, proactively offer personalised insights, and autonomously act (e.g.,
Cambodia is leveraging fintech innovations and strategic reforms to boost economic growth, financialinclusion and international partnerships, positioning itself as a key player in the Southeast Asian digital economy. Cambodia’s economy is projected to grow by 5.8 The country’s GDP now stands at nearly $1,760.
The latest to do so is PayJoy , the financial service provider to the underserved in emerging markets, as it reveals how smartphones are enabling working mothers in Mexico to have financial stability. A further 24 per cent work more than 10 hours per day.
The region has become a hotbed for embedded finance, thanks to its mobile-first economy and digitally savvy population. Financialinclusion will remain a key focus. Southeast Asia Is Blooming With Options Let’s start somewhere close to heart, Southeast Asia.
These platforms leverage blockchain technology to create open, accessible, and secure financial systems that operate without the need for intermediaries like banks. As a result, DeFi is gaining traction rapidly due to its ability to provide financial services to those who have been historically underserved by conventional banking systems.
Floris de Kort Floris de Kort, CEO of Thunes, said, “Opening our Thunes’ Direct Global Network Membership to the banking community perfectly aligns with our mission to make the global economy accessible to all.
With Oikocredit’s support, Batumbu will be better positioned to offer tailored financing solutions to underserved SMEs across multiple provinces of Indonesia, where banking presence is often thin, driving financialinclusion and fostering entrepreneurship. Together, we aim to create a lasting impact on the Indonesian economy.”
This underserved group encompasses those with minimal or no credit history, small businesses, and emerging demographics, including the youth and female populations. In Kenya, banking apps have driven a significant increase in financialinclusion from 26 per cent in 2006 to 83 per cent in 2021.
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