How Non-banks are Boosting Financial Inclusion and Remittance

This chapter explores financial inclusion and economic empowerment through non-bank alternatives to traditional financial services providers such as retail banks. Specifically, we will explore two technology-based solutions for money transfer and payments: 1) mobile money: the provision of financial services via mobile phone; and 2) applications of blockchain technology and digital currency in the remittance industry. The author notes that these technologies hold the potential to significantly reduce barriers to access to financial services for under-or unbanked populations given the right conditions: consumer adoption; availability of mobile and internet connectivity; and a favorable regulatory environment.