Traditional banks—many of which are around a century old and inevitably have outdated systems, cultures and product offerings—are failing millions of individuals in the world’s richest countries, and billions in the world’s poorest places. Globally there are 1.7 billion adults who do not have a bank account. One in four U.S. households are either unbanked
The Monetary Authority of Singapore(MAS) is joining the Mojaloop Foundation, the first central bank to send a director to serve as an advisor to the board of the foundation which supports financial inclusion in developing countries, primarily in Africa and South Asia. MAS is both Singapore’s central bank and its integrated financial regulator. The foundation’s
Wells Fargo launches Banking Inclusion Initiative to accelerate unbanked households’ access to affordable transactional accounts
New initiative will help unbanked Black and African Americans, Hispanics, and Native Americans have easier access to low-cost banking Wells Fargo today announced the Banking Inclusion Initiative, a 10-year commitment to help unbanked individuals gain access to affordable, mainstream, digitally-enabled transactional accounts – a meaningful entry point to fully participating in the economy and achieving
The Federal Reserve Bank of Atlanta has created a cross-industry group to bridge the gaps created between financial innovations and the underbanked. Called the Special Committee on Payments Inclusion, it will consider the unintended negative impact of smartphone-driven services like digital wallets, mobile payments and P2P apps. The committee will be active for two years.
Pakistan to Conduct Research on Developing its own Central Bank Digital Currency to Enable Greater Financial Inclusion
Pakistan is reportedly planning to carry out studies in order to potentially launch a State-backed virtual currency so that it can enhance its existing banking system, enable greater financial inclusion, and also ensure that illicit activtiies such as money laundering are not being carried out by local or foreign entities. Pakistan‘s digital currency will aim
In many parts of the world, women have had less access to financial services than men for years. The COVID-19 pandemic has exacerbated the challenge. At the onset of the pandemic, more women than men lost jobs. Sectors that absorb women workers such as tourism and personal services were hardest hit. In 2019, women accounted