Roughly 2 billion individuals and tens of millions of enterprises around the world lack access to basic financial services. For the 50% of poor households who are “unbanked,” this represents an incredible economic barrier that prevents them from accessing the credit, savings and insurance services essential to the well-being of their families and businesses. For small and medium enterprises (SMEs) who struggle to secure capital, this creates critical obstacles to their own growth, as well as the economic and employment potential they represent.
The global community is increasingly aware of the critical role financial inclusion plays in reducing poverty, promoting economic prosperity and catalyzing enterprise, and has made notable strides in promoting access to finance around the world. However, large scale innovation is still needed to ensure products, services and capital are available, accessible and appropriate to the needs of underrepresented individuals, enterprises and communities.
The challenge for this track is to propose novel products, services, tools or mechanisms that either address unmet needs of the financially underserved, or help extend existing services to populations at the unbanked “last mile.”
The challenge for this track is to propose novel products, services, tools or mechanisms that either address unmet needs of the financially underserved, or help extend existing services to populations at the unbanked “last mile.”
Examples of proposals include (but are not limited to):
