Underbanked.
The underbanked in the Middle East, Africa and Latin America will experience the strongest growth in mobile digital wallets. So says a new report from ABI Research which concluded that over the next five years the number of mobile digital wallets will almost double. ABI which estimates that mobile digital wallets will increase from a … Read more
UK-based fintech Paysend is about to launch a new payment service. It enables unbanked users in Northern Central America (Guatemala, Honduras, El Salvador) to receive instant remittances from the US to a Paysend virtual Mastercard digital card. Called Paysend Libre, the virtual card is ready to use in minutes for cash withdrawals and online purchases. It allows the millions … Read more
Rinkesh Sharma, Regional Director of PayerMax, reminded the audience at the recent Singapore Fintech Festival that six in ten Southeast Asians remain underbanked, or unbanked. He said: “Technology is opening doors to newer solutions to enable financial inclusion and we expect to see the digital transformation of banking only grow with time. The on-going payments … Read more
A record 96% of US households were banked in 2021. So says the latest national survey just released by the Federal Deposit Insurance Corporation (FDIC). Why it matters? The percentage of those unbanked in a country reflects on that nation’s willingness to provide its peoples with levels of financial inclusivity that is key to increased … Read more
The number of bank accounts in Morocco rose by 10% last year. There are now 29 million accounts, compared to 26.5 million in 2020. Why it matters. This boosts financial inclusivity in Morocco and shows its emerging status. The figures come from a recent report published by Morocco’s central bank, Bank Al-Maghrib. Round of applause? Not … Read more
The prepaid cards market, widely used in the underbanked space, will be worth US$4233.4 billion by 2028, up from US$2474.77 billion this year, almost double. So what? Prepaid cards are useful for many financial product consumers, and as the report said: “…growth in unbanked and underbanked population and emergence of new applications are expected to … Read more
Singapore-based remittance app JiPay is being wound down. CEO Dayana Yermolayeva broke the news on LinkedIn. Why it matters: You rarely get honesty like this. Read it and wonder what might have been. Yermolayeva said: “I decided to wind down JiPay. We didn’t run out of money and we weren’t struggling to grow. In fact, … Read more
Financial app Jingle Pay, a provider of money services in the Middle East, North Africa and Pakistan, has joined forces with Arab Financial Services (AFS), a digital payments solutions provider and fintech enabler in the Middle East and Africa (MEA). So what? The pair say that they can now deliver “…unique digital payments and exceptional customer experience in the Kingdom of Bahrain.” It will … Read more
Singapore is the world’s most financially inclusive market says a new index research report. It comes top in the inaugural Global Financial Inclusion Index which reflects the extent of the underbanked problem. Argentina came bottom of the new index. Why this is being flagged: Financial inclusion is key to global economic progress. The company behind the … Read more
In fintech there is a nirvana known as a ‘cashless society’. Countries given almost mythical status by the lack of transactions involving the press of bank notes in hand or counting up of coins. In Europe the Nordics take the lead of being the least cash dependent, with only 3 -4% of financial transactions taking … Read more
A US digital platfom which helps the US underbanked obtain credit for big-ticket items has just raised $18m. Kafene offers flexible lease-to-own (LTO) financing options. The Series B round was led by Third Prime and existing investors. It was back in 2021 when Kafene rasied $30m, again led by Third Prime, in a Series A … Read more
Pakistan fintech Neem has raised $2.5m in seed funding round, furthering its mission of bringing financial wellness to the country’s underbanked communities – both individuals and businesses. Neem’s ambition is to bring an embedded finance model to Pakistan with a market opportunity of $167bn. Investors include SparkLabs Fintech, leading investment house in Pakistan Arif Habib … Read more
Be Mobile, a Canadian based neobank, has launched in South Africa and will target its low fee products at the country’s unbanked and underbanked via its app. Like many companies operating on the African continent, Be Mobile is looking to boost financial inclusion via digital innovation. Nearly 25% of the South African population is unbanked … Read more
Indian public sector banks are to help the underbanked with new branch openings. Gujarat gets 38 new branches, Maharashtra 33, Jharkhand 32 and Utter Pradesh 31. The programme of new branch openings is part of a financial inclusion drive.
The Telda prepaid card is now available to underbanked Egyptians. The Mastercard scheme card is a collaboration between Egyptian fintech startup Telda and the county’s financial institution Banquet du Caire. The card allows Egyptians without a bank account to issue their own Telda card via the fintech’s app. Adam Jones, Country General Manager, MENA Central, … Read more
