ACCESS FUNDS

Find  it easier and more affordable for individuals the poor and the rich, companies and people at rural remote areas  to make investments and transfer payments, across geographies and different types of platforms.  To find new ways to accurately assess credit-worthiness of different people and individuals, including methods that reduce bias against borrowers who have traditionally lacked equitable access to credit. Financial inclusion is important for improving the living conditions of poor farmers, rural non-farm enterprises and other vulnerable groups. Social norms constrain women's demand for financial services. Often times women are not expected or encouraged to have financial independence. Sometimes they have mobility constraints that make it difficult to engage with financial institutions.  Women are more difficult to reach through the usual channels that target men, including wage payments and remittance channels as well as savings accounts.

Access Funds -

 Financial inclusion means that all people and businesses have access to — and are empowered to use — affordable, responsible financial services that meet their needs.  Financial inclusion  (Access Funds) can be transformative for people and businesses. These services include payments, savings, credit, and insurance.The most fundamental challenge identified across regions was the need to develop a more fit-for-purpose digital infrastructure to enable the scaleable provision of digital financial services by both fintechs and financial incumbents alike. Digital financial infrastructure includes essential technological components such as mobile and broadband networks to support connectivity; as well as digital identity, data standards and protocols needed for onboarding customers, enabling transactions and protecting privacy.  

Historically, people with low incomes, women, and other socioeconomically marginalized groups have been underserved by financial institutions. Without access to formal services and the freedom and skills to use them, they have often relied on informal, unregulated financial tools.

Our solution is open to all, the rich, poor, educated and individual people, those who are working and also who are not working. Financial inclusion is the key cornerstone of not only fair, equitable society but also a thriving economy.  Boosting financial inclusion and access to finance can make crucial contributions to economic development, enabling social mobility and ensuring that the largest number of people can participate fully and effectively in economic life. We are solving a number of societal issues, such as economic growth, employment, poverty, income equality in both developed and developing countries. Access to a transaction account is usually seen as the first step towards financial inclusion by enabling people to make and receive payments, as well as save their money.

We are well equipped and also wish to see all people having access to funds.  We are against the spirit of stigma and discrimination when coming to the issue of finances, because we all work and get the same currency and to use it as freely to all areas with hinderance. The cost associated with compliance management is just one of many banking industry challenges forcing financial institutions to change the way they do business. The increasing cost of capital combined with sustained low-interest rates, decreasing return on equity, and decreased proprietary trading are all putting pressure on traditional sources of banking profitability. In spite of this, shareholder expectations remain unchanged.

This culmination of factors has led many institutions to create new competitive service offerings, rationalize business lines, and seek sustainable improvements in operational efficiencies to maintain profitability. Failure to adapt to changing demands is not an option; therefore, financial institutions must be structured for agility and be prepared to pivot when necessary.

We are 15 now.

To ensure access tools that allow everyone to take risks, plan for the future, and survive upheavals will requires tailored solutions that provide equitable. Make it easy and more affordable for individuals and small medium business to make investments and transfer payments, across geographies and different types of platforms. Provide new ways to accurately assess credit-worthiness of small medium business  and individuals, including methods that reduce bias against borrowers who have traditionally lacked equitable access to credit. Create and/or reduce frictions to scale safe personal identification methods for individuals who have been kept out of the formal financial system due to a lack of formal identification.

When countries take a strategic approach and develop national financial inclusion strategies which bring together financial regulators, telecommunications, competition and education ministries, our research indicates that when countries institute a national financial inclusion strategy, they increase the pace and impact of reforms. Welcomed new business models, such as leveraging e-commerce data for financial inclusion.  Paying attention to consumer protection and financial capability to promote responsible, sustainable financial services.

 The impact goals gives a flavour of how bringing people into the financial system spurs social and economic development and contributes to achieving many of the sustainable development goals. We as Pokwasam, we strongly believe that access to finance, from opening a bank account or savings account to taking out loans or insurance, is vital for driving economic and social development, and personal development. 

Measuring financial inclusion can help identify gaps in access and usage and inform policies and programs to improve financial services for all. It can also help monitor progress toward achieving the Sustainable Development Goals and other development objectives. However, measuring financial inclusion can be challenging due to the need for consistent and reliable data, especially in low- and middle-income countries. Measuring financial inclusion involves assessing access to financial services, such as savings accounts, credit, and insurance, and understanding how they are used.

Within inclusive financial systems, if  people are able to access, use, and afford a range of financial services then they will better manage economic assets to cope with shocks and stresses, adapt to changing circumstances, and transform their lives.  A wide range of financial inclusion programmes seek to increase poor people’s access to financial services to enhance the welfare of poor and low-income households in low- and middle-income countries. The impacts of financial inclusion interventions are small and variable.

Blockchain systems can provide transparency and data aggregation to banks’ databases, allowing clients to establish loan conditions and process their requests into contracts that are then saved on-chain. AI can also be leveraged in the banking sector in two important ways: first, to gain insights and make predictions on market conditions and customers’ needs and risk profiles; and second, to enable technologies that allow users to access financial services remotely and effortlessly.  As part of the  first application of AI, many financial institutions have adopted this technology to strengthen and simplify operations, including model creation for customer and market analysis, such as capital optimization, risk management, stress testing, and impact analysis. Additionally, Al can provide constant real-time analytics and monitoring of banking systems and send out immediate alerts if unusual activity is detected, thereby helping to prevent security breaches. Regarding the second application, AI has aided in the development of chat boxes, which allow banks to offer 24/7 financial guidance and connect those living in remote areas to their financial institutions (even if there is no banking branch nearby). Through these communications channels, banks have also been able to provide more detailed information to their users on financial health and how different services function. These initiatives are transforming the financial sector by providing more user-friendly services and also helping increase access to banking and financial services for the unbanked. 

Most organizations commit to diversity, equity, and inclusion rules  policies and practices to build a more diverse and just workplace. Organizations that  live by these values ensure they’re reflected in the products and services they offer, and in how they attract and interact with customers. For financial institutions, there could be a direct link between their  efforts and financial inclusion, which can open up growth opportunities.

Diversity: The presence of differences that may include thought, style, sexual orientation, gender identity/expression, race, ethnicity, dis(ability), culture, and experience. 

Equity: Promoting justice, impartiality, and fairness within the procedures, processes, and distribution of resources by institutions or systems.

Inclusion: An outcome to ensure those who self-identify as diverse feel and are welcomed. You meet your inclusion outcomes when you, your institution, and your programs are inviting to all.

New ideas in finance include fintech and big tech firms with digital platforms in e-commerce, search or social media. Increasingly, incumbent financial institutions are also adopting platform-based business models. Digital platforms operate in multi-sided markets, using big data to match different groups of customers (eg users and providers). This paper assesses how these models can affect financial inclusion, competition, financial stability and consumer protection. We apply insights from the theory of platform economics to the experience with digital platforms, considering their impact on policy objectives. We show that the same forces that help platforms to lower costs and enhance financial inclusion can also give rise to digital monopolies. We document the rise of digital platforms in selected financial services around the world, including both progress on financial inclusion and the new policy concerns around competition, financial stability and consumer protection. We assess three broad policy approaches to harness the benefits of digital platforms while mitigating policy risks.

Many people worldwide do not have a bank account, neither at a formal financial institution nor a mobile money account. So it is difficult for them to access funds.

The majority live in developing countries and are unable to become financially included because they have little money, there are no banks nearby, they are unable to complete the paperwork or because they aren’t aware of the available services.  People who do not have access to financial services are much less likely to save money and are therefore less likely to have the resources to keep their children healthy, safe and in school.

Structurally, rural areas are disadvantaged compared to urban regions. They face development problems such as lack of infrastructure and poor access fun ds to public services. But they also struggle to access financial services and economic opportunities. This is why the establishment of access funds is one pathway for rural people, especially young women to build up some financial resources.

Moving from access to usage of accounts is the next step. Financial access facilitates day-to-day living, and helps families and businesses plan for everything from long-term goals to unexpected emergencies. As accountholders, people are more likely to use other financial services, such as credit and insurance, to start and expand businesses, invest in education or health, manage risk, and weather financial shocks, which can improve the overall quality of their live.   Between 2013 and 2018 end gender gap in account ownership remained stuck at 9 percentage points in developing countries, hindering women from being able to effectively control their financial lives. Countries with high mobile money account ownership had less gender inequality. The impact of the COVID-19 on this gender gap remains to be seen.