{"id":2839,"date":"2023-03-13T14:40:16","date_gmt":"2023-03-13T13:40:16","guid":{"rendered":"https:\/\/vtpass.com\/blog\/?p=2839"},"modified":"2023-03-13T14:40:17","modified_gmt":"2023-03-13T13:40:17","slug":"why-fintech-is-the-key-to-financial-inclusion","status":"publish","type":"post","link":"https:\/\/vtpass.com\/blog\/index.php\/2023\/03\/13\/why-fintech-is-the-key-to-financial-inclusion\/","title":{"rendered":"WHY FINTECH IS THE KEY TO FINANCIAL INCLUSION"},"content":{"rendered":"\n
The World Bank Group considers financial inclusion a key enabler to reduce extreme poverty and boost shared prosperity. Fintech is key to financial inclusion which will open up banking services to all and sundry. Fintech has the potential to make banking services more accessible to those who would otherwise not have access to them. It can help to reduce the cost of financial transactions. It makes it easier to access credit, savings and other financial services.<\/p>\n\n\n\n
The primary goal of financial inclusion is to ensure that unbanked and underserved individuals and communities have access to useful and affordable financial products and services that meet their needs \u2013payments, collections, credit, savings and insurance \u2013 delivered in a sustainable and responsible way.<\/p>\n\n\n\n
A look at the opportunities for financial inclusion<\/strong><\/p>\n\n\n\n Financial inclusion is essential to the community’s progress as access to monetary touchpoints facilitates day-to-day living, and helps families and businesses plan for everything from short-term goals to long-term goals and unexpected emergencies. As account holders, people are more likely to access other financial services, such as credit and insurance. This is to start and expand businesses, invest in education or health, manage business risk, and weather economic shocks. This can improve their lives.<\/p>\n\n\n\n In Nigeria, financial inclusion has spread across Nigeria over the past few years. This includes job creation, Foreign Direct Investment, private sector innovation, and a push to open low-cost accounts, including mobile wallets and digitally-enabled payments.<\/p>\n\n\n\nImpact of Financial Inclusion on the Nigerian Economy in the Last Five Years<\/strong><\/h2>\n\n\n\n