The buzzwords have always been somewhere along the line of ‘Economic Inclusion powered by FinTech solutions.’ Okay given, the conventional means of sending and receiving money (traditional banks methods) excluded so many from the economy, especially the informal sector, which is the biggest sector especially in developing nations.
Then came FinTech solutions, innovative internet-based solutions that bridge that gap and included so many in the informal sector to participate in the economy with ease. With FinTech, one needs not to hold a bank account to transact. You only need digital wallets, from which money can be sent or received, and thus so many people who were left out before started participating in the economy full swing.
The limitations of most FinTech solutions
For all its glory, most FinTech solutions fail miserably when it comes to including people living with no internet access and/or internet enabled-devices. Such people form a significant number, especially in the developing nations.
Although mobile proliferation across African and other developing nations are quite high. A big percentage of those mobile devices are feature phones; which means they can neither access internet nor install FinTech apps.
The …read more