Financial Inclusion Insights

Did you know on average women in the UK need to work 19 years longer than men to bridge the pensions savings gap? This was highlighted by findings from the Pensions Policy Institute earlier this year. The gender pension gap is a serious issue, particularly for women in midlife and beyond. Many women are forced to leave the workforce early due to health concerns like menopause, and at retirement, women’s pension pots are £136,000 short of men’s, leaving many to face financial insecurity. Also, 37% of women in the country do not engage in investments beyond their workplace pension, whereas this figure is 24% for men -- in part due to having less disposable income available for investment -- according to Aviva, a UK pension provider. The pandemic made things worse, with women over 65 struggling to bounce back from job losses. Gender pay gaps, ageism, and caregiving duties further compound these challenges, particularly when viewed through an intersectional lens. In the UK, women are almost three times more likely than men to retire early to care for a family member. All together, from the gender pension gap to caregiving duties, these findings paint a stark picture of the challenges midlife and older women face in the workplace. Yet, organisations are lagging. Despite Europe’s median age climbing, less than 10% of companies factor age into their diversity strategies. Older workers are often overlooked, but the skills they bring are invaluable. We need to prioritise flexible work, carer’s leave, and menopause support. Some companies are making strides by integrating age-inclusive practices—but more must follow suit. It’s time to close the pension gap and give older and midlife women the recognition, financial security and pension parity they deserve. Learn more about gendered ageism in one of our most recent blogs: https://lnkd.in/eEurQvKJ And read more about the gendered pension gap: https://lnkd.in/eNRxk2gu #GenderEquality #GenderEquity #EDI #DEI #ThreeBarriers

Private markets are booming, but the average retirement saver is stuck watching from the sidelines. At Principal Financial Group, we believe it’s time to explore how alternatives like private credit and real estate might be thoughtfully incorporated in employer-sponsored retirement plans. Our latest research with Cerulli Associates and DCALTA - Defined Contribution Alternatives Association examines the opportunities and challenges—like liquidity, education, access, affordability, and regulatory clarity —that must be addressed to make this possible. Read the full report: https://lnkd.in/gzXiCac2

𝐒𝐭𝐚𝐠𝐞𝐝 𝐖𝐚𝐥𝐥𝐞𝐭, 𝐭𝐡𝐞 𝐏𝐚𝐭𝐡 𝐭𝐨 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐈𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧🙌🏽   Recently, my attention has been drawn again to the concept of staged wallet. In this ever-changing digital era, the continuous technological evolution leads the industry to explore boundless possibilities and opportunities, amongst which the digital wallets and their unique approach to financial transactions💪🏽.   Staged digital wallets have gained particular attraction in the Middle East and African regions. They have emerged as an instrumental tool to achieve financial inclusion for many people in these regions where access to formal traditional banking systems are fairly inaccessible or limited.   𝗟𝗲𝘁'𝘀 𝗲𝘅𝗽𝗹𝗼𝗿𝗲 𝘁𝗵𝗶𝘀 𝗳𝘂𝗿𝘁𝗵𝗲𝗿...   ➡️Staged wallet breaks down transactions into two distinct stages, namely the funding stage and the payment stage.   ➡️During the funding stage, users can load their wallets with funds through various channels, such as linking bank accounts, credit cards, or mobile money services📱.   ➡️The magic happens in the payment stage, where the staged wallet takes on the role of a trusted intermediary between the purchaser and the merchant.   In the context of financial inclusion, staged wallets leverage the mobile phones infrastructure, telecom providers, financial institutions, and fintech companies to bridge the gap between the unbanked and the formal financial system. Unlike traditional mobile wallet applications that require downloads and installations, staged wallets can be accessed directly through mobile devices using existing features such as SMS messaging, USSD technology, or even web browsers. Additionally, staged wallets can facilitate cross-border transactions and international remittances, further promoting financial inclusion and connectivity across geographical boundaries.   This accessibility has been a game-changer, as it eliminates barriers to entry for users with limited access to smartphones or limited data connectivity and extend the reach of financial services to remote and underserved communities.   According to FXC Intelligence latest report, the e-wallet market in the MEA region continues to be favourable for mobile money e-wallets as mobile phone ownership far outpaces bank account ownership in this region:   👉 54% of the African population is unbanked and mobile phone ownership is at 61%.   👉For the Middle East, mobile phone penetration is at 81%, but bank account ownership is even less mature than in Africa, at 38%.    Link to report in comments   𝙋𝙖𝙮𝙢𝙚𝙣𝙩𝙨 𝙚𝙭𝙥𝙚𝙧𝙩𝙨, 𝙖𝙣𝙮𝙩𝙝𝙞𝙣𝙜 𝙩𝙤 𝙖𝙙𝙙?🎤   ---- 𝙇𝙞𝙠𝙚 𝙩𝙝𝙞𝙨 𝙘𝙤𝙣𝙩𝙚𝙣𝙩?   Follow Paypr.work [Consultancy • Training • Content Strategy]   ☑️Comment/Repost/Tag experts🤓 ☑️Become a Member https://lnkd.in/euRg2jF9💫 ☑️Collect a FREE ebook: https://learn.paypr.work 🚀   #paymentsinfographics #payprwork #fintech #payments101 #payments #stagedwallet #financialinclusion #mobilemoney

40% of Americans have no retirement savings account. That’s not just a financial planning problem. That’s a distribution problem. An access problem. And, frankly, a failure of the banking industry. Banks and credit unions were built to help people prepare for the future. Yet millions of working Americans—especially younger, lower-income, and minority households—aren’t being reached, served, or empowered. This isn’t about “financial literacy.” It’s about financial systems that are too complex, too exclusive, or too tied to employer access. If 4 in 10 Americans can’t build retirement savings, it’s time to stop blaming consumers. It’s time for financial institutions to innovate, collaborate, and meet people where they are—digitally, behaviorally, and emotionally. Financial wellbeing is the next competitive advantage. Who’s building it? #Banking #CreditUnions #FinancialWellbeing #Retirement #Fintech #FinancialInclusion #Strategy

TymeBank (South Africa) and Moniepoint (Nigeria) have achieved unicorn status with valuations of $1.5 billion and over $1 billion, respectively, by blending digital banking with physical touchpoints. This hybrid model caters to Africa’s 90% cash-based economy and unbanked populations, overcoming barriers like unreliable internet and low trust in online-only systems. Together, these fintechs now serve over 25 million users, redefining what scaling financial inclusion looks like in emerging markets. SO WHAT TymeBank's partnership with supermarkets like Pick n Pay has enabled the deployment of over 1,000 kiosks and 15,000 retail points across South Africa, allowing it to grow to 15 million users. Moniepoint’s 200,000 agents, acting as human ATMs, bridge the gap in Nigeria, where only 16 ATMs per 100,000 adults exist, supporting over 10 million users. Both companies are expanding into Asia and broader African markets, leveraging $360 million in recent funding rounds to replicate their models. A digital-only strategy, like that pursued by Kuda (valued at $500 million), may be more scalable in regions with higher internet penetration and digital trust. However, it risks limiting market reach in areas where 43% or fewer have reliable connectivity. Think about it this way: the hybrid model embraces complexity to unlock growth in underserved regions. Could a hybrid approach redefine banking for other industries or regions, or is this model uniquely suited to Africa’s fintech challenges? What’s your take on scaling such a model sustainably? #fintech

Nigerians Will Now Have Credit Scores Starting August 2025, Nigeria will become the first country in Africa to implement open banking which is a significant development for both consumers and businesses. ✅ But what is open banking? Open banking allows banks and financial institutions to securely share your financial data with licensed fintech companies, but only with your permission, using technology called APIs (Application Programming Interfaces). This gives you more control over your financial data and opens access to better financial products. ✅ Why Should Nigerians Care? For the first time, many Nigerians will have a real credit score, based not on job titles or bank balances, but on how they manage money. This is important because it means: 1️⃣ Access to credit: More people will qualify for loans and credit based on their financial behavior. 2️⃣ Better financial products: Banks and fintechs can offer savings tools, flexible payment options, and credit limits tailored to your needs. 3️⃣ Improved financial inclusion: People without strong banking histories (like digital wallet users) can now be part of the credit system. What Does This Mean for Fintech Founders? 1️⃣ Personalized services: Real-time financial data will allow fintech companies to create more personalized, data driven products. 2️⃣ Smarter credit decisions: With better risk assessments, fintechs can offer loans with confidence. 3️⃣ Reaching underserved markets: Fintechs can now cater to underserved groups, including young people and small business owners, who are often overlooked by traditional banks. ✅ Why This Matters Open banking is more than just a technological shift, it’s a step toward a more inclusive, digital financial system in Nigeria. If used wisely, it could unlock opportunities for millions of Nigerians who’ve previously been excluded from financial systems. If credit scores become a reality in Nigeria, how do you think it will change the way people borrow, spend, and save? Let’s talk in the comments!

I spent 2024 studying four disruptive African fintechs—Turaco, Pesapal, Kopo Kopo Inc and Chumz.io—and found common patterns in their success. These companies aren’t winning by copying Silicon Valley. They are winning by truly understanding Africa’s unique needs and solving real problems for millions of unbanked and underserved people. Here are the three patterns I found: 1. They deeply understand their customers Rather than forcing Western ideas into the market, they design solutions that fit local realities. Turaco saw that traditional insurance was too expensive for most people. So they created an affordable alternative offering coverage for as little as USD 2 a month, with claims paid in just two business days. That’s a game-changer in a market where insurance payouts takes weeks. 2. They believe in partnerships These fintechs know they can’t do it alone. Collaboration is part of their DNA. Pesapal partnered with Oracle Hospitality to simplify bookings and payments for hotels and restaurants. Chumz.io teamed up with Nabo Capital to allow users to earn interest on their savings. They make financial services more accessible by working with trusted, established names. 3. They solve real African problems These companies are building for the local markets. Kopo Kopo Inc has helped over 20,000 small businesses in Kenya processs digital payments. They recognize that small businesses are the backbone of African economies, yet they are often overlooked by traditional banks. Even their entry points reflect local realities. Chumz.io allows people to start saving with as little as KES 5. Their focus is helping people take their first step toward financial security by starting and keeping a saving habit. Fintech success in Africa comes down to understanding the market and building products that solve real, everyday problems. When you focus on serving people’s actual needs, growth happens naturally. These companies are changing how millions interact with money. And that is the kind of innovation that moves entire economies forward. PS - Follow me Ben David for more finance industry insights.

In the U.S., sending money means Zelle®, Venmo, or Apple Pay In much of Africa, it means Mobile Money — and it’s even more powerful. 📲 With just a basic mobile phone (no smartphone needed), millions of people in Côte d’Ivoire, Kenya, Ghana, and Senegal can: - Send & receive money instantly - Pay bills and school fees - Save… and even invest All without ever opening a traditional bank account. Over 60% of adults in West Africa are unbanked, but they’re not excluded. Mobile money has filled the gap — fast, cheap, and deeply embedded in daily life. Now imagine when that infrastructure connects to digital investment tools. That’s where Daba comes in. We’re helping anyone — including people that were financially disconnected as well as the diaspora abroad — access stocks, bonds, mutual funds and more… all with the tools they already use. 🌍 Africa isn’t copying legacy systems. It’s leapfrogging them — straight into mobile-led financial inclusion. The opportunity is massive. And it’s happening now. Daba is proud to power this transformation. We’re not just enabling access to capital markets — we’re helping build a new generation of African investors. 👇🏽 Curious how it all works? Let’s talk about mobile money, investing, and why Africa is the growth story of the decade. #Fintech #InvestInAfrica #MobileMoney #FinancialInclusion #DabaFinance #AfricaRising #EmergingMarkets #InclusiveGrowth #orangemoney #mtn #orange #Moov #wave

In many parts of Africa, millions of micro-businesses and individuals remain financially excluded—not because they lack ambition, but because traditional financial systems aren’t built for them. One of the fintechs I am banking on to be part of the solution to that problem is Regxta. Led by Rukayat Kolawole-Bello, I became fully aware of the ambitions of the business when I heard Rukayat pitch at an event in Lagos, Nigeria. And it was a compelling narrative. Regxta is a digital platform tackling the problem of financial exclusion head-on by providing instant underwriting and loan disbursement to the unbanked. With a simple agent-driven model, Regxta enables small business owners to open accounts, access microloans, and build financial records. All within 24 hours or less. Those outlined steps are often taken for granted but remain out of reach for many. During a recent deep dive into the company—speaking with the founders, visiting their operations, and testing their product—it became clear to me that Regxta is more than just a fintech startup. It is a bridge to economic empowerment for people who are otherwise overlooked by traditional banks. In my view, these are a few things that make Regxta unique: 𝐀𝐈-𝐃𝐫𝐢𝐯𝐞𝐧 𝐂𝐫𝐞𝐝𝐢𝐭 𝐀𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭𝐬: By leveraging alternative data sources—including mobile money transactions, repayment behaviour, and local trust networks—Regxta has achieved an impressively low default rate far lower than many traditional microfinance institutions. 𝐀𝐠𝐞𝐧𝐭-𝐋𝐞𝐝 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧: Regxta’s network of agents ensures that even in the most remote areas, people can access financial services with minimal friction. 𝐒𝐜𝐚𝐥𝐚𝐛𝐥𝐞 𝐈𝐦𝐩𝐚𝐜𝐭: In just the past 18 months, Regxta has provided over $3.5 million in microloans to 50,000+ small businesses, many of which previously had no access to formal credit. 𝐅𝐚𝐬𝐭 𝐋𝐨𝐚𝐧 𝐃𝐢𝐬𝐛𝐮𝐫𝐬𝐞𝐦𝐞𝐧𝐭: Unlike traditional microfinance institutions that take days or weeks, Regxta disburses approved loans in under 5 minutes. With a strong founding team, a scalable approach, and a mission deeply rooted in financial inclusion, Regxta is not just filling a gap—it is reshaping the financial landscape for Africa’s last-mile customers. That’s why I’m banking on Regxta—𝘯𝘰𝘵 𝘫𝘶𝘴𝘵 𝘢𝘴 𝘢 𝘧𝘪𝘯𝘵𝘦𝘤𝘩, but as the future of banking for those who have been left out for too long.

I had the opportunity to speak on News Central TV about Nigeria’s fast-growing Buy Now, Pay Later (BNPL) market, a market projected to hit $1.62 billion this year. At VeendHQ (Techstars '23), we’ve seen firsthand how #BNPL can drive financial inclusion, increase merchant sales, and improve access to credit for consumers who otherwise have limited options. However, we must also be clear-eyed about the risks: defaults, regulatory gaps, and over-indebtedness can quickly erode trust and sustainability if not managed carefully. We built Vida, our AI-powered decision engine, to help #lenders and #merchants assess creditworthiness responsibly and offer BNPL in a fast, safe, and inclusive way. With tools like income verification, credit profiling, and repayment automation, we're enabling a new era of responsible digital credit in Africa. I believe BNPL can be a game-changer in Nigeria and across Africa, but only if we prioritize consumer protection, education, and transparency. #digitalcredit #Fintech #FinancialInclusion #Nigeria #CreditInnovation #AI #Veend #Vida #Ecommerce Perpetua Fasanmi-Peter Lekan Onabanjo Resilience17 First Circle Capital