Financial Inclusion: Startups giving the “unbanked” an alternative
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According to the World Bank, there are two million people in the world without a bank account. More than half of adults in 40 percent of the poorest households in developing countries don’t have access to formal banking. What’s more, out of these so-called “unbanked” people, the gender gap in account ownership is growing. But with the emergence of financial technology, entrepreneurs are finding ways to democratize the services that let people save, run businesses and get access to loans. In doing so, many startups are redefining and expanding the idea of finance, making it more inclusive through existing and innovative technology.
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