Boosting Financial Inclusion through Innovative Channels
With our clients’ best interests at heart, FINCA is finding innovative ways to reach and serve unbanked populations in Africa. Since 2013, FINCA has partnered with The MasterCard Foundation to significantly scale up financial inclusion in Tanzania, Zambia, and Malawi. We are leveraging the use of technology to facilitate our clients’ payments, reduce their travel time to bank branches, and lower the risks associated with carrying cash—such as loss or theft.
Mobile payments is one such channel, enabling FINCA customers to make their loan payments or deposit savings into their accounts directly from their e-Wallets.
“FINCA has considered our needs. They have established mobile payments, so we can repay our loans more easily” – Jane Henry George, FINCA Zambia Savings client
Simple, high-tech solutions like biometric fingerprint scanning, which allow our clients to use their fingerprints to access their accounts, offer our clients greater security while also reducing transaction costs for FINCA—savings which ultimately benefit our clients.
60% of our clients are low-income, semi-literate, and we wanted something that is easier for them to use, something that they walk-in and access their money” – Clayton Machingaifa, Head of Banking & Services, FINCA Zambia