Millions of people remain trapped in a cycle of poverty that is very difficult to escape. About 1.7 billion people worldwide are excluded from formal financial services, such as savings, payments, insurance, and credit. In developing economies, only 63 percent of adults have an account. Nearly one billion are still left out of the formal financial system, and there is a 9 percent gender gap in financial inclusion in developing economies. Financial exclusion plays a significant part in this cycle. FIA global aims at bridging this gap and serving this neglected sector.
FIA global strives to make honest efforts to reach the unbanked population. Our goal is to lend the low-income strata, access to affordable financial services and products without them ever having to set foot in a bank. Most poor households operate mostly through a cash economy. This implies that they have to save in the form of cash, or physical assets, like livestock or jewellery. Now cash gets spent, animals die, and jewellery can be lost or stolen. Furthermore, these forms of savings earn no interest and can actually lose value over time. These people have to face immense hardship when they need to send money to family or others. They have to rely on couriers or friends who carry cash by bus, which is expensive, insecure, and slow. To borrow money in an emergency, they have no choice but to turn to moneylenders who charge exorbitantly high interest rates. Without formal financial and credit histories, people are also cut off from potentially stabilizing and uplifting opportunities like building credit or getting a loan to start a business.
FIA Global’s strategy is to help drive the development of digital payment systems. This can lead to widespread use of digital financial services quickly and result in accelerated progress for the poor. The objective of our banking correspondent services is to aim for digital financial inclusion and support that facilitate growth in digital financial services and provide oversight and accountability. We also make people get acquainted with other livelihood models. We work tirelessly at developing effective last-mile distribution network, technology for mobility and online payment solutions, to encourage economic and social inclusion.