More than 73% of the world population is unbanked and more than 200 million formal and informal micro, small and medium enterprises (MSMEs) in developing economies are either unserved or underserved in terms of their financing needs. It is rapidly improving, but still a massive opportunity!
One of the most wonderful things about 2015, especially as we look forward to the rest of 2016 is that these days FinTech has reached the capability to serve not only the need of the most powerful ones but also to make the world a better place to live for those deprived of advanced financial opportunities. Life in a developed country may differ (for most people) from the obstacles certain regions face when it comes to financial services. Having 3 credit cards is normal in one place while not having a bank account is normal in another. According to the World Bank, there are around 2 billion working-age adults globally (38%!) that do not use formal financial services.