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A Better Life Within Reach

Updated: Mar 7

Digital literacy is integral to financial inclusion and with the growing nature of the digital infrastructure in Myanmar, the shift from it being a challenge to an opportunity and finally being a way of life is being unleashed.




The message in the line by Neil Armstrong – 'one small step for man, one giant leap for mankind', possesses an essence where every little change or progressive movement can pave the way for a much greater step for humankind. Financial inclusion which can be simply defined as ensuring access of financial services to lower-income and vulnerable groups at an affordable cost, can in many ways make significant inroads in the lives of those who have not been served, thus far.

With over two billion of the world's population that still remain unbanked or underbanked, the movement to drive financial inclusion is making significant inroads. Technology has played a role and will continue to do be even more significant.

Financial inclusion inherently is purposefully linked to the idea of progress. Individuals, families and communities can have access to financial services and in effect witness, the beginnings of a future that can improve their daily lives one step at a time – be it for remittances, working capital, education for children, rainy days, retirement etc. It enables access to a better tomorrow. However, besides access, it also breaks the psychological barrier of exclusion. It drives social inclusion. It brings a sense of dignity, respect, ambition and identity. It begins to serve the belief of 'even I can' and 'I have'. There is a documentation trail of a financial history that can benefit future loans and credits. The invisibility within a social environment can finally be permanently erased.



With over two billion of the world's population that still remain unbanked or underbanked, the movement to drive financial inclusion is making significant inroads. Technology has played a role and will continue to do be even more significant. In Myanmar, for example, access to at least one formal financial product increased from 30 per cent in 2013 to 48 per cent in 2018. However, with two-thirds of the population having a mobile phone, just under 10% have accessed digital financial services. There is a huge opportunity for products and brands in technology to further grow Myanmar's financial inclusion vision. BanqIn, a recently launched instant all-in-one financial inclusion platform for micro-finance institutions; credit unions; rural and thrift banks, to reach the those who remain unbanked, has already witnessed the impact of its platform in the Philippines and other developing nations.


Digital literacy is integral to financial inclusion and with the growing nature of the digital infrastructure in Myanmar, the shift from it being a challenge to an opportunity and finally being a way of life is being unleashed. Every small step towards this direction inspires a greater impact to all of humankind.



ABOUT BANQIN


An instant all-in-one financial inclusion platform for micro-finance institutions, credit unions, rural and thrift banks to reach the billions around the world who remain unbanked. BanqIn is committed to empower financial institutions with the most cost efficient, accessible and comprehensive banking platform. BanqIn reduces risks, increases productivity and extends reach to meaningfully serve and unlock the financial opportunities for its customers.





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