How We Work Technology
More than 2.5 billion people worldwide lack access to banking services. Most live in rural areas with high poverty rates where it is difficult and expensive to set up financial infrastructure. Additional barriers to financial services include high costs to users, having to travel long distances to banks and the extensive paperwork required to set up an account.
Commercial banks tend to avoid serving poverty-stricken communities because potential clients often can’t afford formal identification or read the extensive paperwork necessary to open an account.
Over the last 10 years, we have worked with carefully selected partners to use innovative technologies, such as mobile-phone banking, to reduce costs and conveniently link clients to financial services and support - regardless of where they live.
Over half of those living in poverty use mobile phones. We ensure that our programmes enable clients to repay loans or transfer funds into savings accounts from their mobile device. They can also check account balances, transfer money, pay bills, receive salary or government payments, and buy phone minutes.
Your support will help us provide access to the basic financial services we take for granted through everyday technology.