> Posted by Center Staff
Yesterday, in a piece on Huffington Post, Mary Ellen Iskenderian of Women’s World Banking and Joe Saunders of Visa Inc. announced a new partnership between Visa, Women’s World Banking, Diamond Bank and Enhancing Financial Innovation & Access. The partnership will focus on advancing financial inclusion for women in Nigeria and transforming the lives of women in emerging markets.
The post begins:
A growing chorus of voices is calling for a shift away from cash-based economies in the developing world. For governments, non-governmental organizations and companies focused on expanding financial access to the underserved, it is fast becoming a top priority. Not only is it too costly and unsustainable to reach people who rely solely on cash-based financial services, but relying solely on cash severely limits economic and social growth.
Nearly 2.5 billion people — almost half the world’s adult population — do not have access to formal financial services. Without basic payments and savings accounts, money is often kept in cash under the mattress then moved around from person to person, drastically increasing the risk of theft or loss. Even a task as simple as paying a bill — in person and via cash — can be unsafe, costly and time-consuming. The implications of this financial exclusion are significant and far-reaching, reinforcing the cycle of poverty and slowing economic progress.
To read more, click here.
Image credit: blog.visa.com
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