E-payment: fintech and financial inclusion

Nowadays, non-banking firms, such as mobile operators, are able to design and offer e-payment solutions. This is due to technological innovations which have given rise to the fintech sector. These developments have “made major inroads into financial services”. This means that because of the new settlement methods developed, more people are able to pay online. E-shopping facilities are not restricted to those having a bank account. Thus, the fintech industry provides unbanked and underbanked customers with more opportunities and supports financial inclusion.

Unbanked customers can use innovative payment methods