Transforming Financial Inclusion Using Behavioural Science
From Financial Access - to Financial Health
By Sakhile Mabena, CEO, OFIN, a fintech startup specialising in Behavioural Data Analytics, Financial Process Automation, Behaviour-based Financing and SME Behaviour Nudges
There is currently a revolution in the space of financial inclusion, with around 70% of people worldwide now having access to financial services, up from just 50% a decade ago, according to the World Bank. One of the key drivers behind this phenomenon is the huge increase in mobile phone usage among people of all income levels, allowing institutions to deliver services more easily and cost-effectively to the underbanked.
But, does access automatically translate into usage? While it is commonly thought that financial access should lead to financial prosperity, a recent...