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Financial Inclusion in Latin America; A Look at Fintech Up ‘n’ Comers in Egypt

Financial Inclusion in Latin America; A Look at Fintech Up ‘n’ Comers in Egypt

The Road to Greater Financial Inclusion in Latin America

This week’s Finovate Global Reports takes a look at the drive for financial inclusion in Latin America. BN Americas this week featured a research survey conducted by Peruvian financial services company Credicorp and research firm Ipsos. The study queried approximately 8,400 households in seven Latin American countries: Bolivia, Chile, Colombia, Ecuador, Mexico, Panama, and Peru.

The key takeaways from the study underscored both the need for more aggressive efforts to boost financial inclusion, as well as the concern that those most in need of financial services are also those who are the most marginalized in society overall. The survey highlighted special challenges when it comes to better engaging women, seniors (people over the age of 60), as well as people living in rural locations and those with “limited education and income” in the mainstream financial ecosystem.

Credicorp Head of Corporate Affairs Enrique Pasquel said that promoting financial inclusion was a critical component of improving the business climate in Latin America. “If Latin America continues to have societies where not all enjoy the same benefits,” Pasquel said, “it’s difficult to see how a business can be viable in the long term.”

Education is one of the tools Pasquel sees as especially valuable in driving greater financial inclusion in the region. Many of the study’s respondents who had low levels of engagement with their country’s financial system pointed to a number of issues – from a lack of interest to an inability to see the benefits to a sense that the services available were not necessary to them – as chief obstacles.

Nevertheless, Pasquel believes that the benefits of financial inclusion – such as the increased safety in enabling individuals to reduce their use of cash – are significant enough to overcome many of these reservations. He called on the private sector to play a greater role in financial inclusion efforts.


Checking In on Fintech Innovation in the Middle East

IBS Intelligence took a look at the fintech industry in Egypt and highlighted a quartet of companies – Fawry, MoneyFellows, Paymob, and Yomken – that it believes represent the pinnacle of fintech in North Africa’s most populous country.

The article noted that recent changes in the financial services industry in Egypt are likely responsible for what has made fintech one of the fastest-growing sectors in the country. The Arab republic passed major new banking legislation in 2020 that, in addition to mandating new minimum capital requirements for Egyptian banks, also provided new guidance for both the Egyptian banking sector, as well as for the country’s growing population of e-payments startups, fintech companies, and cryptocurrency firms.

With a tip of the hat to the four major Egyptian fintechs noted by IBS Intelligence, this week’s Finovate Global Lists is sharing eight other fintechs from the country that have made recent Finovate Global headlines. While not as well known as the quartet highlighted above, we think the eight Egypt-based fintechs below are worth keeping an eye on in the months and years to come.

  • Cassbana: Helps underserved communities obtain financial identities via micro-lending and an AI-powered, behavior-based scoring system.
  • Dayra: Provides financial services to un- and underbanked gig economy workers and micro-businesses.
  • Flextock: Offers technology-enabled, fast, and affordable fulfillment solutions for businesses.
  • Hollydesk: Provides a SaaS platform for SMEs that supports daily expense and accounts payable management.
  • Khazna: Serves underbanked communities in Egypt with a solution that provides convenient and secure smartphone-based financial services.
  • MoneyHash: Offers a single platform to enable access to payment and financial services across the Middle East and Africa.
  • Telda: Provides a P2P payment service designed for Egypt’s Millennial and GenZ population.

Here is our look at fintech innovation around the world.

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific


Photo by Abd Elrahman Elokby from Pexels