Can we make the digital revolution work for everyone?

Technology and financial inclusion come together at Web Summit

Financial Services Improve People’s Lives

Why does access to high-quality, affordable financial tools matter? Let’s look at the life of a farmer in Kenya. She gets paid once a year — at harvest-time — and she has to make that money last for the entire year, yet she lacks a safe place to save. She lives in a cash world, which keeps her invisible to the financial system — unable to build credit that she could use someday to expand her farm or send her children to school. And her cash is easily lost or stolen. She can’t pay online or mail a check, so she has to spend hours traveling to and from a brick-and-mortar office to make a simple utility payment just to keep the lights on. Without the vital financial tools that many take for granted, her life is so much harder than it needs to be.

Technology Makes Financial Inclusion Possible

For strategic partnerships between banks and fintech companies to be effective, governments will have to help ease the way for technology that can improve the lives of their citizens. For instance, even though many people have mobile phones that could allow them to access digital services, connectivity issues could reduce how transformative phones could be. Or as Ismail Ahmed discussed during the panel, some companies may lobby regulators to suppress competition and prevent innovators from creating new or improved services. Governments could encourage innovation by improving utilities and making sure new developments don’t get caught in bureaucratic red tape or waylaid by special interests.

It’s still very early days for fintech. But with the right partnerships, guidance, and hard work, we can harness the power of technology to make sure everyone has the tools they need for a more stable and prosperous life.

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