Empowering the Underserved: Fintech's Path to Financial Inclusion
Financial inclusion, the ability of individuals and businesses to access and use affordable financial services, plays a crucial role in promoting economic growth and reducing poverty worldwide. Unfortunately, a significant portion of the global population, especially in developing countries, remains underserved by traditional banking systems. The emergence of financial technology, commonly known as fintech, has shown promising potential in bridging this gap and empowering the underserved population with better financial access. Understanding Financial Exclusion Millions of people around the world lack access to formal financial services, making them financially excluded. These underserved populations often face challenges like limited access to banking facilities, lack of credit history, and inadequate documentation. Such barriers make it difficult for them to save, invest, or secure loans for personal or business purposes. Additionally, these individuals are more susceptible to preda...