The promises and pitfalls of financial inclusion

7 March 2016

Billions of people around the world remain financially excluded.

Without savings, they are unable to build up the money they need to pay for their children’s education; without loans, they are unable to open and grow their businesses; and without insurance, they are constantly at risk of losing everything.

New technology — from mobile to app-based banking — now provides us with the tools we need to provide more people in ever more remote locations with financial services.

But there are also risks. Without safeguards — such as credit checking facilities and providing these people with lessons about financial literacy — there is a real risk that we could leave a whole generation of people in the developing world in debt.

That’s why last week I co-authored a column for the Financial Times with Andree Simon, my Co-CEO at FINCA, on the promises and pitfalls of the next era of financial inclusion.

Read now

Rupert Scofield


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