Fintech for the Financially Excluded?

The potential for fintech to help the financially excluded populations of the world is well documented. As two billion people are still without bank accounts, savings, loans, and access to payment services, fintech is indeed a welcome innovation. Bamboo Capital Partners believes fintech can help low-income people reduce vulnerabilities, build assets, manage cash flow, and increase income, and they have invested as such: In the last couple of years, they have made four equity investments in fintech companies in Colombia, Mexico, Chile, and Tanzania, committing more than $16 million.

Investors and providers of fintech have the responsibility to identify, acknowledge, and mitigate potential negative risks on the very population they aim to serve. The microcredit industry frequently overlooks risks like over-indebtedness. This is not a call to halt innovation. Responsible fintech will be the solution to the last mile of financial inclusion.

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