Karandaaz Pakistan published a blog post on the use of prepaid cards in Pakistan. Among the needs discussed was a clear framework for the KYC requirements governing Pakistan’s prepaid market. That regulation arrived earlier this week.
Human-centered design (HCD) is a methodology that has existed for a while but began to resemble its current form in the early 1990s. More recently, the development sector has begun to adopt it in various sectors including the field of financial inclusion.
Borrow a relative’s credit card. Have a friend pay. For those excluded from the formal financial system, paying online is more often a matter of finding the right proxy than finding the right tool. Innovations such as mobile wallets continue to expand access to electronic payments.
No-frills - or basic bank accounts - are another tool in the arsenal of central banks and financial service providers that are interested in promoting universal financial inclusion. They traditionally have two defining characteristics.
Included in the targets of 7 of the 17 Sustainable Development Goals that were finalized in 2015, financial inclusion is seen as both a key solution to some of the most pressing development problems that our world faces today, and a core development goal in its own right.
In 2014 2 billion people in the world didn’t have an account at a financial institution. While this number represents a 20% decrease in the unbanked population since 2011, globally a significant number of individuals still remain outside the formal financial sector.