Addressing Financial Inclusion By Harnessing Technology

When it comes to financial inclusion, technological advancement is providing solutions that need only be harnessed to make significant progress in this regard. One such solution comes in the form of biometric payment technology, which is able to bypass many of the hurdles faced by unbanked individuals. This includes not only those who are physically or mentally challenged, but also those faced with social or geographical issues.⠀

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Biometric fingerprint authentication provides the means to link individuals to their digital fund-holding accounts which allows the opportunity to address the financial exclusion of those in rural settings who either lack the knowledge and literacy to access financial services, or who don’t have - or cannot obtain - the legal documents needed to open a bank account. This means that previously disadvantaged individuals can deposit cash into their digital accounts, and only need to provide fingerprints to access their funds and make digital payments.⠀

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