Financial Inclusion: Empowering Economies and Transforming Lives
Financial inclusion is a critical aspect of economic development, aiming to provide everyone with access to useful and affordable financial products and services. These include transactions, payments, savings, credit, and insurance, delivered responsibly and sustainably.
On the 26th of June 2024, we launched NDASENDA PAY, a digital transforming technology aimed at enhancing financial inclusion in Zimbabwe.
The Importance of Financial Inclusion
1. Empower Individuals with access to financial services: NDASENDA PAY gives individuals access to a multitude of financiers and merchants for registered users.
2. Promote Equality: Financial inclusion helps bridge the gap between the wealthy and the poor, promoting social and economic equality. With NDASENDA PAY, individuals can also get the desired services on a ‘buy now and pay later’ basis with flexible payment terms.
3. Stimulate Economic Growth: Inclusive financial systems support economic growth by providing businesses with access to credit and enabling individuals to participate in the economy more effectively. On NDASENDA PAY, financiers are willing to help merchants grow their businesses through credit sales growth.
Benefits of Financial Inclusion
1. Improved Living Standards: Access to credit and savings can improve individuals' ability to invest in their futures. This is very possible with a wide range of service providers to choose from on the NDASENDA PAY platform.
2. Innovation and Entrepreneurship: Access to financial services can spur innovation and entrepreneurship, particularly among small and medium-sized enterprises (SMEs). We have financiers coming on board to finance the small-medium business sector.
The Role of Technology in Financial Inclusion
Fintech Solutions: Fintech companies are creating innovative solutions to provide financial services to underserved populations. This has been the vision in the creation of NDASENDA PAY.
The Way Forward
1. Public-Private Partnerships: Leveraging the strengths of both sectors to expand financial services. NDASENDA is calling out to all players in both sectors to come together as a force to drive financial inclusivity.
2. Financial Education: Promoting financial literacy to ensure people can make informed decisions.
3. Innovation and Investment: Encouraging investment in fintech and other innovative solutions.
SINCE THE NDASENDA PAY LAUNCH:
NDASENDA PAY Statistics
1. Registrations - 64% increase
2. Merchants - 29% increase
3. Financiers - 75% increase
4. Loan Applications - 63% increase
5. Paymasters - 13% increase
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