Fliqa is integrating Open Payments and the Interledger Protocol into its open banking solutions.
This will expand its offering of instant, low-fee payment options for merchants and help support bank-to-bank transfers across 3,000 banks.
Read more:
https://interledger.org/news/fliqa-integrates-interledger-power-open-interoperable-payments
Fintech expands financial access in emerging markets using mobile networks where traditional banking infrastructure is limited.
Mobile money is fintech's key tool for reaching unbanked populations in regions with limited bank branches.
Fintech expands financial access for the unbanked by lowering barriers like distance, cost, and documentation.
Unmet demand for financial services is a key driver of fintech adoption in emerging markets. The high cost of traditional banking and limited branch access create gaps that fintech solutions address directly.
Fintech has expanded financial access to populations previously excluded from traditional banking. In developing countries, 71% of people had a bank account in 2021, up from 42% a decade earlier, according to the World Bank.
Financial inclusion is embedded in eight of the UN's seventeen Sustainable Development Goals. It is both a goal in itself and an enabler of broader outcomes, including gender equality, poverty reduction, and greater resilience in developing economies.
Fintech reduces cost and distance barriers that exclude populations from formal financial services. Digital platforms enable account access without physical branches, reaching rural areas where traditional banking infrastructure does not exist.
Financial inclusion means individuals and businesses have access to useful and affordable financial services—transactions, savings, credit, and insurance. The World Bank identifies a transaction account as the essential first step toward full financial participation.
Headlines Africa
Interledger Foundation
Kanishka Naik