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A small personal loan can be a quick, convenient option to pay an immediate expense, like a medical bill or car repair, if you don’t have emergency savings or alternative ways to cover the expense. Here are 5 things to know before you take out a loan, so you know if it’s the right decision for you.

1. Why you need the money?

One of the consequences of living in a consumer society is the need to buy things that are not always necessary for us. Knowing why you need to borrow money, to begin with, is the most critical factor you need to consider before…

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The level of innovation and development has pushed the region to what’s been characterised as ‘a digital war’ between traditional banks and those leading the way in the development and deployment of new technologies. The boom began in 2010 in the e-commerce sector. .Over the last few years, the focus has shifted to FinTech — with some pretty exciting results.

Total of $3 billion was invested in startups in Southeast Asia in 2015 and the first half of 2016. Of this, $345 million went to FinTech companies, which is an incredible 21.6% of all funding. More than $2 billion was…

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Over the last two centuries, free markets and globalization have had a positive effect on aggregate economic growth, contributing to better living conditions and the reduction of extreme poverty across the world. Yet this is far from the only important socioeconomic change and moreover, the last two centuries have not been all about ‘free-market capitalism’.

Based on current projections, the world will not end poverty by 2030. Poverty will likely be lower by about 200 million people, but 438 million people, or 5 percent of the world’s population, will still live in extreme poverty. …

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India has traditionally been an under-banked country. The existing banking system doesn’t work for the less fortunate and those in remotely located areas because most transactions are conducted in cash and ‘brick and mortar’ outlets make services expensive.

India has significantly improved financial inclusion over the past four years. According to Findex, 53 percent of adults had accounts in 2014. By 2018, that number had jumped to 80 percent — a remarkable addition of 300 million accounts in just a few years. Importantly, traditionally excluded groups shared in these gains.

Private-sector banks accounted for just 9.9 million of the 317.3…

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Africa is the global leader in mobile money, which has become an important component of Africa’s financial services landscape. Mobile Network Operators (MNOs) have dominated mobile money services in Africa for the past decade. More recently, fintech startups have established a solid footing in the market, and a number of banks are beginning to compete aggressively for the mobile banking customer.

South Africa and Kenya are the fastest growing smartphone markets in the world.

As per 2015 research statistics, 88% of Africans didn’t have a bank account, but they did have smartphones. In 2015, 183 million people in Africa had a mobile wallet. That was 3 times the number of digital wallet users…

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The Asia micro-finance sector is undergoing transformational change. It has seen rampant growth, as innovations in the financial sector help micro-finance institutions (MFIs) boost their outreach and develop more diverse product offerings.

Asia has the most micro-finance institutions (MFIs) among the world’s six developing regions (Africa; East Asia and the Pacific; Eastern Europe and Central Asia; Latin America and the Caribbean; the Middle East and North Africa; and South Asia). Yet, only a tiny portion of the total demand has been met.

The high number of extremely poor and the wide gap between supply and demand call for a significant…

Pocket Money

Technologies for Financial Inclusion

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