It is well known that as a result of the FinTech revolution, this saw a rise in FinTech companies and start-ups like mytalu which has led to financial inclusion being more topical in the Financial Services Sector. The goal of financial inclusion is essentially for everyone to have access to the same economic means and financial services as well as opportunities. This week’s blog post goes on to explore the global impact of it so far and what the future landscape would look like.
1. Connecting those in rural areas
FinTech mobile banking apps generally aim to target areas where diasporans can easily send money back home with ease no matter where their loved ones reside. This therefore opens more accessibility for those in rural areas to not only receive money from their loved ones but to have their own mobile banking abilities overall making it much easier to manage their finances especially when there may not be a physical bank nearby or within walking distance.
2. Providing job opportunities in rural areas
As mentioned, with more and more FinTech companies and start-ups targeting more developing countries to increase economic growth it has grown huge significance over time. This then leads them to open branches in these locations, or support remote working, which would therefore provide numerous employment opportunities for people to get into the FinTech Sector and also find financial freedom for themselves.
3. What is it capable of if achieved?
When achieved, financial inclusion unlocks so many doors in terms of opportunities. For instance, in terms of small businesses, give them more financial access than physical banks would. Another instance is the wider public having the best tools possible to be able to do their personal investments and financial planning giving them better resources to manage money when it comes to education and health matters as well as housing needs.
Will there be a more equal future?
Financial inclusion proves to be such an important global factor as when financial inclusion is being achieved it pushes out the concern of discrimination or any kind of social exclusion one may be facing. Having access to the right banking tools in order to send and receive money, as well as having easier access to loans and financial advice really does go a long way. Ultimately with financial inclusion being at the forefront of FinTech company aims, as long as the industry continues to do well there is a greater hope for financial inclusion to be achieved on a more global scale.