How Fintech is Reaching the Poor in Africa and Asia : A Start-Up Perspective

How Fintech is Reaching the Poor in Africa and Asia : A Start-Up Perspective

This note explores the way traditional banks and financial technology companies, or Fintech’s, interact in Africa and Asia, and their ability to offer innovative digital financial services that grant unbanked individuals access to financial transac...

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Bibliographic Details
Main Authors: Alexander, Alex J., Shi, Lin, Solomon, Bensam
Format: Brief
Language:English
Published: International Finance Corporation, Washington, DC 2018
Subjects:
FINTECH
FINANCIAL TECHNOLOGY
POVERTY
DIGITAL FINANCE
FINANCIAL SERVICES
ACCESS TO FINANCE
MOBILE BANKING
FINANCIAL INCLUSION
EMERGING MARKET ECONOMIES
BANKING SYSTEM
BIG DATA
Online Access:http://documents.worldbank.org/curated/en/832341492592362552/How-Fintech-is-reaching-the-poor-in-Africa-and-Asia-a-start-up-perspective
http://hdl.handle.net/10986/30360
Description
Summary:This note explores the way traditional banks and financial technology companies, or Fintech’s, interact in Africa and Asia, and their ability to offer innovative digital financial services that grant unbanked individuals access to financial transactions. The Fintech sector is experiencing explosive growth in both continents, but while Asian banks have managed to efficiently integrate with Fintech solutions, African banks have been slower to adapt to this change. Still, the outlook for mobile banking remains positive, and its prevalence will boost the financial industry in both regions.

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