Public Policy Analysis, Science & Technology, Social Impact

Social Impact: Financial Inclusion

2 billion people around the world are still unbanked according to recent estimates published by World Bank. This is about 38% of adults worldwide mostly in Asia and Sub Saharan  Africa and the majority of the unbanked population are women. One of the more successful ways of addressing financial inclusion especially in Africa has been through digitizing payments. The Global Findex Database 2014 by World Bank and Bill & Melinda Gates Foundation estimates that more than 400 million adults—receive wages or government transfers in cash. Converting private sector wages from cash to digital payments could bring 280 million unbanked adults i.e. 14 percent of the global total into the financial system. In many ways, the rise of Fintech industry has helped immensely in proliferating financial inclusion in Asia and Africa. To be continued…