Banking for all: BaaS drives financial inclusion

TLDR:

• Traditional banks have excluded billions of people globally from financial services.
• Banking as a Service (BaaS) partnerships between banks and fintech companies are driving financial inclusion.

The article discusses how the traditional banking system has left over 1.7 billion adults unbanked due to high fees and lack of access. However, with the rise of fintech, Banking as a Service (BaaS) partnerships are revolutionizing financial inclusion. BaaS allows fintech companies to leverage banks’ infrastructure to provide tailored financial services to the unbanked and underbanked populations, promoting ease of access and affordability. Through mobile apps, customized solutions, embedded financial services, and scalability, BaaS is making financial services accessible to all. The article also highlights the growth and challenges of BaaS, as well as the potential regulatory implications. Overall, BaaS represents a powerful model that combines traditional banking strengths with fintech innovation to drive financial inclusion globally.