In a world where the total population has soared past 7 billion, a staggering 2 billion adults do not have a bank account. The majority of these people, known as “the unbankables”, live in developing countries where financial inclusion is unfortunately not a reality for all.
However, as we are living in an age that’s more and more digital, while this large chunk of the population may not have banks, what they do have is smartphones.
In a recent article from Raconteur, they took an in-depth look at how mobile money has transformed sending and receiving payment in the developing world:
“Digital payments have drastically reduced costs and, by recording transactions in previously informal, cash-based societies, they have spurred economic growth in areas that desperately need it. The payment landscape across the developing world has been reshaped because of mobile money and the traditional banking behemoths have been bybassed. ”
In the article, CEO & Azimo co-founder Michael Kent states that,
“As other products get built on mobile money platforms – think insurance, credit, saving and wealth management – users in developing countries will be put back in control. They will be able to improve the management of their financial resources, and ultimately their lives and those of their families.”
With the help of companies like M-Pesa and Azimo, spurring on economic growth, the dream of financial inclusion for all is now not that far off. Continue reading the rest of the article about the unbankables, here.