How to Create a More Diverse – and Inclusive – Fintech Landscape
9 May 2019
According to the most recent Global Findex data, 1.7 billion people worldwide are currently underserved by the financial sector. But fintech companies from China to India to Silicon Valley aren’t just challenging the status quo; they’re upending it. As a result, many of these companies are generating record levels of buzz and excitement in the commercial and impact sectors alike.
Those of us who care about financial inclusion for the poor must ask if this excitement is translating into real change for those who are, and have historically been, underserved. As Greta Bull, CEO of CGAP, wrote in a recent essay: “Poor people…remain central to the story but are easy to lose sight of in the excitement around technology and innovation.”
How, then, can we channel the excitement around fintech to drive not only innovation, but inclusive innovation, which delivers real value to the poor and underserved? It’s a complex challenge.