IRVINE, CA / ACCESSWIRE / October 5, 2022 / Despite the technological and social progress humanity has made over the last century, poverty and inequality remain significant challenges for national leaders around the world. Fortunately, various digital solutions have accelerated the pace of financial inclusion, which the World Bank calls “a cornerstone of development”. The crucial importance of financial inclusion is also highlighted by the fact that it is a prominent element in eight of the 17 Sustainable Development Goals that the United Nations aims to achieve by 2030. “Globally, around 1.4 billion people remain unbanked, most of them in developing countries,” notes Nick Kohlschreiber, founder of debt resolution platform AcuFi. “With the advent of financial technology (fintech) in the 21st centurySt century, there is great hope that emerging economies will benefit from improved access to financial services and reap all the benefits associated with it.”
Fintech is a disruptive force that holds the promise of dramatic change across developing regions, according to Nick Kohlschreiber. The global pandemic gave a huge boost to the use of digital services, creating powerful ecosystems that have supported financial inclusion. Due to the rise of fintech, the share of account holders in developing countries has risen to 71% compared to 42% a decade ago, according to the World Bank’s Global Findex 2021. As a result of this expansion, the people of these nations have benefited from new economic opportunities and improved households’ resilience to economic shocks. In addition, fintech has helped reduce the gender gap in account ownership.
“While certain barriers to adoption remain, there is no doubt that developing countries can make huge gains by embracing fintech,” says Nick Kohlschreiber. “The key issues now are reaching the rural population, educating people about the benefits of alternative financial services, implementing effective regulatory frameworks and guaranteeing consumer and data protection. Strong fintech adoption has profound implications for people’s economic and social well-being in developing regions. Financial inclusion plays a central role in reducing poverty, creating jobs, driving economic growth, improving health, promoting equality, promoting innovation and promoting sustainability.”
A study by the McKinsey Global Institute supports the case for widespread fintech adoption and its resulting impact on financial inclusion in developing countries. As the report notes, “Digital finance has the potential to provide access to financial services for 1.6 billion people in emerging economies, more than half of them women. It could increase the volume of loans provided to individuals and businesses by 2.1 trillion dollars and allow governments to save $110 billion per year by reducing leakage in spending and tax revenue.Financial service providers will also benefit by saving $400 billion annually in direct costs while increasing balance sheets sustainably by as much as $4.2 trillion Overall, we calculate that widespread use of digital finance could increase the annual GDP of all emerging economies by $3.7 trillion by 2025, a 6% increase compared to a business-as-usual scenario.”
Nick Kohlschreiber is an entrepreneur with a passion for innovation and solutions that improve lives. His latest business venture is AcuFi, a debt resolution platform that aims to help people achieve financial freedom. The company’s team of certified debt consultants uses a personal approach that ensures optimal results for all clients.
AcuFi: http://acufi.com
Nick Kohlschreiber, Founder of AcuFi, Explains the Future of AI in FinTech: https://www.yahoo.com/now/nick-kohlschreiber-founder-acufi-explains-130600362.html
AcuFi (@theacufi) – Instagram: https://www.instagram.com/theacufi/
Contact information:
Nick Kohlschreiber
AcuFi
[email protected]
949-992-2834
http://acufi.com
SOURCE: AcuFi
