Trends impacting financial inclusion in 2015

Smartphone Penetration Rates Reaching a Tipping Point

For several years, people have been waiting for smart phone adoption to start to offer a better range of financial services that are more intuitive. Smartphone penetration rates have dramatically increased in 2015 and will create new opportunities and challenges, especially in markets where mobile payments have been set up to operate largely on feature phones. This is providing new opportunities and challenges for mobile banking and mobile payments that have a profound impact on the types and variety of digital financial services.

Global Payment Providers Focusing on Financial Inclusion

New developments and investments by global payment providers like Visa and MasterCard are now providing opportunities for governments and more players to offer payment services including microfinance institutions and credit cooperatives. Both players are also making significant investments in financial inclusion such as MasterCard Center for Financial Inclusion and continued focus of Visa on the area of financial inclusion.

With all the excitement around digital financial inclusion, There are many significant trends in the market.

Agent Banking Expanding in Other Regions

While agent banking has been around for several years in Latin America, it will expand quite a bit in other regions, especially Africa, Asia and the Pacific Islands. In the past couple of years we have seen 17 new Maya Declarations by central banks and policymakers around the world focusing on agent banking regulations and targets.

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