Accion, a non-profit that seeks to boost financial inclusion around the world, has announced the “Inclusive Fintech 50” list recognizing Fintechs that are helping to accomplish the goal of inclusion. The project has been completed in partnership with the MetLife Foundation, Visa, and the IFC.
Accion states that the winners reach a combined 8 million customers with approximately 30% of the winners provide credit products to underserved segments including MSMEs, and approximately 25% percent offer infrastructure solutions like biometrics software that enable financial institutions to expand access to previously excluded groups.
Fintech is frequently touted as providing advanced financial services to the underbanked – or the non-banked – segments of society. Increasingly, everyone in the world has a smartphone. These mini-personal computers are capable of being the platform to a wide array of financial services previously unattainable for the masses. Accion says there are about 3 billion financially underserved people globally.