As technology and digital services continue to ingrain themselves into more aspects of our lives, the financial sector has not been immune. New technology has given way to new services and with new services comes disruption of the old.
Whether it’s services such as M-PESA, TIGO PESA, AIRTEL MONEY; or digital banks such as SIM BANKING’s “First Direct,” digital transformation of the financial industry is ongoing. Customers are gravitating more towards digital experiences and digital products. At the same time, providers within the industry are rethinking the playbook.
Microcredit is a common form of microfinance that involves an extremely small loan given to an individual to help them become self-employed or grow a small business. These borrowers tend to be low-income individuals, especially from less developed countries (LDCs). Microcredit is also known as "microlending" or "microloan."
Microcredit is a method of lending very small sums to individuals to start or expand a small business.
Microcredit borrowers tend to be low-income individuals living in parts of the developing world; the practice originated in its modern form.
Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.
The COVID-19 virus affects different people in different ways. COVID-19 is a respiratory disease and most infected people will develop mild to moderate symptoms and recover without requiring special treatment. People who have underlying medical conditions and those over 60 years old have a higher risk of developing severe disease and death.
Financial inclusion is where individuals and businesses have access to useful and affordable financial products and services that meet their needs that are delivered responsibly and sustainably. Financial inclusion is defined as the availability and equality of opportunities to access financial services.
Those that promote financial inclusion argue that financial services can be viewed as having significant positive externalities when more people and firms participate.