About 2.6 billion people, 70% of the population in the developing countries, are
disenfranchised from the financial system. This clarifies that banking is simply not a mass market proposition (World databank, 2011).
Mobile Financial services on the other hand is one of the cutting-edge movements to bank the unbanked for financial inclusion.
As part of our services as an Impact Investment Firm, the organisation came up with an initiative known as FIBOP to reach the unbanked in the country first of all, to also make financial services easily accessible in the rural areas and also to serve as a form of employment for people (especially women).
This project known as Financial Inclusion for the Base of The Pyramid (FIBOP) has the intention of;
- Reaching out to the other 65% of the population who have been financially excluded and make these financial services accessible to them. Thus, members of the society who otherwise do not have access to banks and other major financial institutions (such as in the more rural areas) will now have easier access to financial services including savings, insurance and remittances.
- Helping individuals especially women who intend to open their own outlets to run mobile financial, insurance and remittance services by processing their documents and other necessary requirements.
- Serving as a link between banks and telecommunication providers and the population at the base of the pyramid.