In the interconnected world we live in, the economic disparities and social inequities faced by underserved communities around the globe remain a stubbornly persistent problem. According to the World Bank and the World Health Organization,Women and the global majority have been historically excluded from accessing financial services. The wealthiest 10% of the global population, while the poorest half owns just 2%.
The emergence of neobanks, mobile banking, crowdfunding and microlending has begun to revolutionize financial inclusion, offering new hope for those previously excluded.With a smartphone and an internet connection, neobanks are enabling more people to gain access to financial platforms. From 2011 to 2021, the rate of account ownership worldwideGSMA’s 2023 Mobile Economy report
The transition of the global economy from one-to-one individual transactions through legacy remittance systems to one-to-many in crowdfunding disrupts existing systemic economic imbalances, creating unprecedented market potential for people around the world to support friends and family with small amounts of money in real time. Crowdfunding can help provide necessary funding while potentially validating business ideas, building a customer base and raising market awareness.
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