Underbanked

Digital banking challenger GXS has launched in Singapore. It’s first product is a savings product targeted at the underbanked, particularly self-employed entrepreneurs and gig workers. GXS gained its banking licence some two years ago from the Monetary Authority of Singapore (MAS). Grab and Singtel back the company.

The buy now pay later (BNPL) Atome Card has been launched in the Philippines. The card, which allows users to have more control over their finances, is a product of the partnership between Asia United Bank (AUB) and Singapore firms MatchMove and Atome. The deal is being heralded as a first of its kind, bringing … Read more

PalmPay has reached ten million users in Nigeria. The fintech is geared up to make digital payments more accessible. PayPalm has doubled its user base within just six months, three years after it was founded. It offers users instant financial account creation, fee-free bank transfers and cashback rewards on airtime and bill payments. It has … Read more

The Singapore based Lightnet, focussed on improving the lives of the unbanked and underbanked populations throughout Asia Pacific, has secured a $50m capital commitment from LDA Capital. Lightnet has the option to increase the $50m to a total commitment of up to $100m over the next three years. The money will be used to grow … Read more

Fintech M-KOPA has signed a deal with Kenyan company Roam to supply electric motorcycles across Africa. M-KOPA, which provides credit and digital financial services to underbanked consumers across Africa, will make possible affordable payment plans, lowering the barrier of entry for many customers. Mikael Gånge, co-founder and chief commercial officer of Roam, said: “‍We believe … Read more

The unbanked in Nigeria are being courted by the eNaira digital currency. So said Nigerian Central Bank Governor Godwin Emefiele. After the app attracted some 850,000 people who have a bank account, it’s now the turn of the unbanked. The original target for the app was eight million users, but it has fell short as … Read more

Some 32 million women in Nigeria remain unbanked. What’s more, most of these women live in the north of the country and some 15% of all adult women in Nigeria have to rely on social capital to meet their financial needs. The figures ceom from the Latest Enhancing Financial Innovation and Access (EFINA) report which … Read more

Fintech Seamless, geared towards the unbanked in South East Asia, is going public via a SPAC vehicle called INFINT Acquisition. The valuation is around $400m. Seamless helps the unbanked and migrant workers in South East Asia. One of the Seamless solutions umbrella is Tranglo. It’s a cross-border payment hubs that provides smart services not only … Read more

Nolt Finance has been granted an operating licence from the Central Bank of Nigeria to aid financial inclusion in the country. It will now deliver financial services including investments and loans to SMEs and individuals. Nolt Finance is a disruptor in the social impact banking space. Nolt CEO Babatunde Dada said: “The CBN license gives … Read more

The Nigerian Postal Service (NIPOST) has signed a deal with eGate and Visa to facilitate digital financial services to target around 38 million unbanked adult Nigerians.  This includes the issuing of payment cards and the support of financial inclusion across Nigeria. The Postmaster General/CEO of the Nigerian Postal Service (NIPOST), Dr Ismail Adebayo Adewusi, told … Read more

In an effort to make life easier for Thailand’s unbanked and underbanked, the country’s Kasikorn Bank has launched K PAY LATER. The new product is a personal loan that provides credit line for purchasing consumer goods and necessities, under the banner of Shop Now, Pay Later. To apply for the loan, which has a maxium limit … Read more

Filipinos to get help with new banking product.