Fintech is empowering society to reset how banking works, making it fairer for more people in more countries all over the world. Currently, the system lacks fairness and egality, making those who have least pay amongst the highest fees for money management.
While 2019 may not seem like a long time ago, Fintech was beginning to show how much of a difference it could make to real people, in terms of levelling the playing field. Post-pandemic, digitisation and the widespread adoption of technology has accelerated across many communities, but so too has the need to help those who are at greatest disadvantage.
The possibilities for reaching the unbanked and underbanked were becoming clearer in 2019, with ‘financial inclusion’ emerging as a buzz term in recent years. With a quest to “bank the unbanked”, progress to deliver the greatest impact for people all over the world in underway in earnest.
A recurring theme in financial sector reforms advocated by both the IMF and World Bank, financial inclusion is seen as a key advancement for Asian and African markets.
A simple concept, financial inclusion seeks to offer affordable access to regulated financial services. Supporting the concept, the World Bank and the IMF launched the Bali Fintech Agenda in October 2018. Featuring 12 high-level principles, the Agenda guides member states in policy-making to facilitate fintech banking the unbanked.
The world is evolving; making sure that progress doesn’t come at cost to the planet is fundamental. Fintech brands are equally evolved and creating their brand and their product and services with a firm eye on reaching carbon neutral status.
Zend has developed its platform and fintech solution as a direct response to the problems of the un- and underbanked. In addition to creating a financial product for those who are otherwise reliant on money lenders and the hefty fees they charge, Zend is closing the inclusivity gap to meet the needs of young people. Gen Z-ers are caught between a digital world that works for them and a banking system that works against their low account balances. It’s natural that young people will become Zenders, rising towards a brand that support them for starting out.
For Zend, it’s not just enough to provide a hands-off fintech solution that might solve the problems of traditional banking but that offers no support for their users. In creating the Zend community, the stage is set for Zenders to experience financial wellbeing through a collection of like-minded Zenders who are – or were – in the same position and have been able to stabilise their financial situation and offer support to the wider Zend community.