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Exploring the transformative power of groundbreaking financial inclusion strategies.
November 23, 2023
While everyday banking is an uneventful task that we take for granted, a disproportionate number of individuals in the US and worldwide need access to essential financial services.
According to the World Bank, nearly 1.5 billion people in emerging economies need access to formal savings and credit. They pay for everything in cash, relying on informal lenders and personal networks for credit.
We are not living in a financially inclusive society. There’s a pressing need for robust initiatives to bridge the gap and create greater financial security for all.
What is it? Mobile banking applications are user-friendly and accessible 24/7, enabling individuals to conduct financial transactions conveniently from their smartphones without the need to visit physical bank branches.
Decoding the impact:
What is it? Also known as electronic payments, digital payments involve the transfer of value from one payment account to another without using physical cash. This transaction occurs digitally or online, utilizing mobile phones, computers, or cards like credit, debit, or prepaid cards.
What is it? CDFIs are local, mission-driven financial institutions that operate in remote areas. They use public and private capital to lend money directly to borrowers underserved by the traditional banking sector.
What is it? Fintech refers to technology-enabled innovations that simplify financial transactions for consumers or businesses, making them more accessible and affordable.
What is it? Government and non-government organizations have been doing their part by launching several initiatives encouraging financial inclusion.
Technology today can serve as the foundational building blocks for financial inclusion. People are one step closer to conveniently paying, investing, and accessing credit. However, continuous innovation and collaborative efforts are imperative to bridge the remaining gaps.
Remember, we can only set the stage for a robust economy to thrive by ensuring everyone can participate fully in the financial system.
This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal or accounting advice in this article. If you would like to engage with Escalon, please contact us here.
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