By Ian Lilleby,  CTO and CISO at Crown Agents Bank
By Ian Lilleby, CTO and CISO at Crown Agents Bank

The role of digital technologies in improving financial inclusion in frontier markets

According to the Global Findex Database, about 1.7 billion adults remain unbanked - meaning they do not hold an account at a financial institution or through a mobile money provider, the rise in digital technology in Africa provides opportunities for expanding financial inclusion

According to the Global Findex Database, about 1.7 billion adults remain unbanked - meaning they do not hold an account at a financial institution or through a mobile money provider. Globally, this equates to 31% of adults and a disproportionate number are concentrated in the developing world. A key example of this is Sub-Saharan Africa where a staggering 66% of Sub-Saharan Africans did not have a bank account as recently as 2014. It is important to facilitate capital flows in hard to reach territories and markets previously underserved, and the rise in digital technology in Africa provides opportunities for expanding financial inclusion The cross-border landscape and the digital solution The past five years have brought about incredible change in the cross-border payments landscape. McKinsey’s Digital Commerce Benchmark revealed that, of the top 200 US merchants, over 60 percent do business in at least two cross-border markets. Africa, in particular, has witnessed a rapid growth in...continued

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