Bank the Un-Banked

Strange as it may sound that there are many people in the Middle-East and North Africa region who are un-banked. According to the global fintech , 1.7 billion adults world wide are unbanked, which means they do not participate in any any primary financial product or service. According to banking services it is a critical parameter and a crucial enabler in reducing extreme poverty and boosting shared prosperity. If the banking system has failed the under privilege, at least so far technology has come to the rescue. Financial technology, more popularly referred to these as fintech, has been bringing significant value to the unbanked. and underbanked. Their solutions mostly transcend regional limitations, enable trust, and enhance efficiency. So for an agriculture worker, a wallet apps service would facilitate wage management.

An un-banked population can leave adverse fallouts in society. Besides not having easy access to financial institutions. No access to these essential services compels them to use cash and other equivalent to carry out their daily essentials. The lack of financial inclusions has a tangible impact on economic growth. Technology may not have all the answers, but it can do wonders if it develops a gender-intelligent approach over and above traditional neutral products.