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DIGITAL FINANCIAL SERVICES & FINANCIAL INCLUSION - Coggle Diagram
DIGITAL FINANCIAL SERVICES & FINANCIAL INCLUSION
In developing countries, less than 1 person out of 5 has access to banks
and even fever use their accounts regularly
Yet, to build a
more stable, sustainable and inclusive future, more people need access to financial services - and need to use them
Why? Because having an account
helps people pay what they need, send and borrow what they must and save what they can
AND THE OTHERS?
They are all caught in a cash trap and they hide, spend or borrow cash at considerable cost
HOW CAN WE ENCOURAGE THE FNANCIAL INCLUSION OF THESE PEOPLE?
MORE THAN HALF
the population in developing countries
own a mobile phone
At the very least,
most have access to one
through friends, relatives or local businesses
Which means,
financial services can be brought to where people need them
Digitally, fast and cheap
using mobile networks
YET LESS THAN A THIRD USE THEM
and when they do its mostly to send money.
more true for women and people in rural areas
for it to work fully,
the services have to become MORE RELEVANT
THAT MEANS , MORE AVAILABLE
for people in rural areas
MORE AFFORDABLE
for people who think its only for the affluent and rich
MORE FLEXIBLE
for people who have money today and maybe not tomorrow
Its not enough to
bridge the physical distance
using wireless as we need to look
to bridge the usage gap by providing services that people need
DIGITAL FINANCIAL SERVICES WORK WHEN WE ALL WORK TOGETHER
#LDCsForward
FINANCIAL TECHNOLOGY (Fintech)
huge range of products and technologies
cashless payment
crowdfunding platforms
Robo advisors
virtual currencies
changing the way we pay and borrow money
2 billion people worldwide no bank accounts