Financial Services Must For Economic Empowerment

BFSI News

Financial-Services-Must-For-Economic-Empowerment Financial Services Must For Economic EmpowermentThe year 2019 is expected to bring revolutionary changes to the remote populations which either have Nil or less access to banks, for financial services with advanced financial technology (FinTech) solutions.

As per recent financial data, a whopping 1.7 billion people still are unbanked or underbanked, thus are not aware of the traditional banking services and solutions. This figure amounts to 31 percent of the global population, who’s still miles apart from leveraging a traditional bank account, i.e. the 31% of the global adult population don’t have access to banking facilities like a loan, savings account, or capital or mutual fund investments. They are completely isolated from the world’s financial system, for their economic empowerment and upliftment, but the thing that’s worse is the predatory nature of the options available to them, isolation from financial services, often forces them to trade something that has much value than the product for which they are trading it, thus they often fall prey to loan sharks and money mafias.

Today, financial services empower a wide range of people ranging from different age groups, ethnicities and gender, especially women in rural areas. Access to these services paves way for new business opportunities and is an essential tool in escaping poverty, hunger, social acceptance, and economic independence. The access to financial services balances the inequality, one may face. Financial options at hand empower women for financial decision-making and make them independent to invest in family livelihood.