ChamsAccess Tag

The financial sector is constantly coming up with useful and innovative ways of providing its services to the population. The advent of fintech (the use of technology in the financial industry) has provided a way for all entities to have access to financial products and services at a reasonable rate. Although these services have included more people in the money sector, thereby disrupting the financial world, there is still a huge portion of the world population which is largely unbanked. Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way- (worldbank.org). According to a survey by Enhancing Financial Innovation and Access (EFInA), about 40.1 million or 41.6 percent of Nigerian adults are financially excluded, and 48.6 percent are financially included, while 58.4 percent are said to be financially served. This shows the sheer amount of people without access to financial services. In Nigeria people have found ways to have access to financial services and become financially inclusive; either by getting a job (their salary is paid through a bank account) or starting a business (open an account to obtain payments or credit). They then become increasingly financially inclusive by growing to having insurance, a credit account, a brokerage account, and mortgage etc. The way financial services are delivered has changed tremendously in the past century. These changes are underscored by transaction costs, which have evolved based on changes in communication and computing technology. The developments in communication and computing technology have contributed significantly in bringing...