Record number of US households banked

banked

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

Bank accounts rise in Morocco by 10%

bank accounts

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

Prepaid cards market almost to double

Prepaid cards

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

JiPay throws in the towel

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

Jingle Pay joins forces with AFS

Jingle Pay

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 most financially inclusive market

Hands linked

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

Kafene raises $18m as it boosts US underbanked

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

Neem raises $2.5m in seed money to help Pakistan underbanked

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 targets South African unbanked and underbanked

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

Fasset and Mastercard to drive digital payments for Indonesian unbanked

Fasset Technologies, a global digital asset gateway in the Middle East, is to collaborate with Mastercard to expand financial capabilities in Indonesia. Fasset and Mastercard will co-develop solutions to support and expand financial and digital capabilities across the country. This includes Mastercard leveraging its domestic and global insights to drive local adoption of new technologies … Read more

Chivo digital app becomes popular as dollar debit app

El Salvador’s Chivo digital wallet has largely failed as a digital wallet for cryptocurrency, but it just might succeed as a dollar debit app for unbanked citizens. So says US based think-tank The National Bureau of Economic Research (NBER). It calculated that just 20% citizens continued to use the country’s Chivo digital wallet after receiving … Read more