How financial inclusion is evolving to make payments easier for all

Abstract

This paper looks at how financial inclusion impacts marginalised communities, focusing on Africa and Asia predominantly, and how the evolution of digital financial services has helped advance the progression of financial inclusion. The paper considers the lessons learned from previous financial inclusion initiatives and provides examples of where some of the risks associated with these initiatives have been mitigated through the use of Big Data to access underserved rural communities or overcome obstacles such as gender bias when designing financial products and services. The paper will also look at options for future activity that could help to overcome some of the challenges created by financial exclusion. The paper will look at specific case studies from mobile money in Africa to female empowerment initiatives globally, including how the COVID-19 pandemic exacerbated existing problems for vulnerable communities but also acted as a catalyst for new and appropriately responsive activity. From working in collaboration, to improved regulation, the need for increased equality across access to digital financial services and the relevant literacy training required, this paper seeks to review what the previous landscape of financial inclusion technology looked like and how it can evolve.