Almost 2 billion people live without access to the formal financial system. That means they have no bank account, no way to obtain low-cost credit and nowhere secure to keep savings.
This makes it extremely difficult for them to invest in their future, provide for their family’s health and education, or build a business. The only way they can make or receive payments is by cash. This is unsafe and inconvenient. It also lacks transparency for governments, companies and the individuals themselves.
When people stop using cash and have the ability to tap into digital payments, everyone benefits. According to World Bank figures, the number of adults who have an account where they can save safely – whether on mobile phones, cards or online – has grown significantly over the last three years, but more than 30% still don’t. This is a big problem to be solved. It’s also a huge opportunity.