According to the World Bank’s 2021 Global Findex Database, 1.4 billion adults around the world remain unbanked.
At the same time, data from GSMA shows that over 5.4 billion people own mobile phones. While many people lack access to traditional banking, they are already connected through mobile technology.
Fintech companies are well-positioned to close this gap by designing solutions that meet people where they are, on their phones.
In many developing regions, traditional banks have not been able to reach everyone. Physical branches are costly to maintain, and account opening requirements often exclude people without formal employment, stable income, or proof of identity. For low-income earners, high banking fees and minimum balance rules act as further barriers.
The banking system, built for salaried workers and urban dwellers, does not work well for informal workers, farmers, and rural populations.
Fintech companies have begun to change this. They are providing access to payments, savings, and credit using mobile phones. But offering services alone is not enough.
Financial inclusion must go beyond access—it must include affordability, education, trust, relevance, and long-term usability. Fintech firms must think differently, using their flexibility and data capabilities to serve people who have long been left out of the formal financial system.
To truly expand financial inclusion, fintech companies should adopt the following key strategies:
1. Expand Access Through Mobile and Digital Platforms
Mobile phones are now the primary gateway to financial services in many regions. Fintech firms should prioritise mobile-first solutions that work on basic phones and require no internet access.
USSD technology, for example, allows people to make payments, check balances, and receive funds using simple codes. Services should be easy to access and require minimal documentation, reducing the burden on those without formal IDs or residential proof.
2. Develop Affordable and Appropriate Financial Products
Many people avoid financial platforms because of high or unclear charges. Fintech companies should create transparent pricing structures and consider tiered fees that reflect users’ income levels.
For example, offering free basic accounts with low charges for extra services can increase trust and usage. Products must also reflect real financial lives, supporting micro-savings, emergency loans, or insurance that covers daily risks.
3. Promote Financial Literacy and Education
A large number of unbanked adults do not understand how digital finance works. They worry about making mistakes or losing their money.
Fintech firms need to invest in financial literacy using local languages, voice messages, and in-person training.
Working with schools, religious centres, and community leaders can help spread knowledge and build trust. Educated users are more likely to use financial services consistently and responsibly.
4. Leverage Data to Design Inclusive Products
Traditional credit scoring often excludes those without formal income or bank history. Fintech companies can use mobile phone usage, payment behaviour, or utility bills to assess risk.
By understanding user behaviour, companies can offer loans, savings, and insurance that fit each person’s needs. For instance, seasonal farmers may need credit that aligns with planting and harvest periods, while market traders may want short-term emergency loans.
5. Build Strategic Partnerships for Greater Reach
Fintech companies cannot achieve inclusion alone. Partnerships with telecom providers, regulators, and government agencies can ensure wider access and smoother operations.
Telecom operators can support mobile money services in remote areas. Governments can provide digital ID systems that make onboarding easier. Regulators can help by creating flexible policies that support innovation while protecting consumers.
6. Focus on Usage, Not Just Access
Getting people to sign up for digital services is just the first step. Fintech firms must ensure that services are reliable, easy to use, and valuable.
Offering useful services like savings, credit, and insurance encourages regular use. It also helps users build financial habits that improve their stability over time.
7. Design for the Underserved
Women, rural dwellers, and informal workers face unique challenges. Some may not own phones or may share them with others.
Others may not trust digital services. Fintech firms should research the needs of these groups and create services that match. This could mean working with women’s groups, recruiting local agents, or offering voice-based services for those who cannot read.
8. Ensure Regulatory Compliance and Consumer Protection
Working with regulators helps fintech firms create trust. Simplified Know Your Customer (KYC) processes, data protection, and clear terms of service are key to long-term success.
Regulation should support innovation while preventing fraud, misuse, or over-indebtedness.
Financial inclusion is not only a business opportunity; it is a path toward economic participation and growth.
Fintech companies that build services for the excluded today will lead tomorrow’s financial markets. By focusing on simplicity, trust, and local needs, they can help millions save, borrow, and build better lives.
*Precious Ekezie is the MD of Airvend Payment Services Limited, a leading FinTech company providing innovative payment solutions through products like Airvend, Airpay, *174# USSD, and Airgate. With an MBA in AI from Nexford University and a background in tech entrepreneurship, he has led strategic partnerships, secured CBN licences, and driven digital transformation across the company.
