Driven by mobile, there have been $300-million in monthly transactions in Africa from 7.2-million new people using digital financial services and 45,000 new banking agents due to a financial inclusion project. The Partnership for Financial Inclusion program, run by the IFC and the Mastercard Foundation, has been operating since 2012 and has been working with 14 microfinance institutions, banks, mobile network operators, and payments service providers across the continent. In general, according to the recently published World Bank Findex survey, financial inclusion in Sub-Saharan Africa has "increased dramatically" from 23% in 2011 to 43% in 2017. The 7.2-million new digital finance users are a 250% increase from the 2012 baseline, the organisations said in a statement. "Saharan Africa is the only region where the share of adults with a mobile money account exceeds 10 percent".
Leveraging technology to drive micro finance plans in Nigeria As the pension and insurance sectors of the economy aggressively begin the process of enhancing their services to meet the 40% financial inclusion target by 2020, experts are rooting for various strategies to achieve the goal. The overall target of the revised strategy is to reduce the percentage of adult Nigerians excluded from access to financial services from 46.3% in 2010 to 20% by 2020, representing a target of 80% inclusion. Afghanistan Launches Its National Financial Inclusion Strategy In the last 18 months, Da Afghanistan Bank led the National Financial Inclusion Strategy, which aims to increase access to finance in critical areas of the Afghan economy and promote formal financial services for households and the private sector, including digital payments and services. Novel Bond Aims To Boost Livelihoods Of Women In South And Southeast Asia Low-income women in South and Southeast Asia face a series of seemingly insurmountable obstacles. Few have a formal bank account.
Financial inclusion is a priority for all modern, innovative businesses. Helping to widen the net to those, who up until now, have been unable to access services and products, and being able to make accurate decisions based on those customers' information, is an integral part of any strategic plan. When we think of financial exclusion we tend to focus, quite rightly, on those who are excluded from mainstream financial products such as credit cards and loans. To highlight how substantial an issue it is, Experian estimates there are nearly 6 million adults in the UK who are'invisible' due to a lack of, or limited, data contained within their credit report. However, financial exclusion has many dimensions and isn't just limited to those who struggle to access credit.
But AI is laying the foundations to change that. Pioneers and FinTechs, followed now by some banks, are using AI to bring financial services to the unbanked, starting from "branchless banking" models, which are one hundred percent based on digital channels and with new business models leveraged in economies of scale. These companies are using AI to improve (and also create new) processes related to communication, fraud prevention, credit scoring and financial education.