Technological innovation impacts the cost and access equation – making it economically viable for financial service providers, to reach poor people, with a wider range of products and services. Innovation also extends to new institutional approaches.
Increasing numbers of countries with large unbanked populations are pioneering policy and regulatory innovations that opens space for “banking beyond branches” with new approach to the delivery of formal financial services. This is allowing previously excluded customers the much needed access to an increasing range of basic financial services.