Despite all the enthusiasm surrounding fintech, there is little evidence of how fintech’s specific innovations address deficiencies in financial inclusion and also achieve scope and sustainability. A new CGAP report, “Fintech and financial inclusion: look beyond the hype and explore its potential,” identifies several early-stage fintech innovations that promote financial inclusion, based on two-year pilot projects involving 18 fintech across the world. The report also addresses the challenges that companies face in developing countries to bring these innovations to the market and attract large-scale financing.
In this webinar, the speakers highlighted fintech’s innovations and the main findings of the report. Bernie Akporiaye, the founder of the MaTontine digital financial services platform, discussed some of the challenges facing fintech: perfecting the value proposition for customers, building the right partnerships to launch innovations, and attracting large-scale financing. Yaw Mante, the investment partner at investment firm fintech Flourish, spoke about the need for creditors to broaden their horizons and look beyond payments and credit innovations and other fintech models that can improve the lives of low-income customers.