From Barcelona’s Mobile World Congress show floor, Visa’s Head of Corporate Responsibility Douglas Sabo interviews thought leaders from the public, private and NGO sectors about the impact mobile services are having on financial inclusion efforts around the world.
Next in the series, Douglas sits down with Daniel Radcliffe, Program Officer, Financial Services for the Poor at Bill & Melinda Gates Foundation.
This week, financial leaders from 38 countries are meeting in Seattle at the first ever Global Savings Forum. Hosted by the Bill & Melinda Gates Foundation, the event focuses on how technology innovations and digital currency can help bring financial services—especially savings—to the world’s poor.
Half the world’s adults do not have access to the basic financial services that many of us take for granted, such as a savings account, access to small loans and credit, insurance products or even simple and convenient ways to pay bills or buy goods. Without access to these basic tools, these individuals—known as the “unbanked” or “financially underserved”—face daily hurdles in their financial lives. The inability to plan for their financial futures and a heightened vulnerability to economic shocks such as theft, illness or natural disaster present particular challenges to the poor in their efforts to escape poverty.