On September 12th, 2024, industry leaders, innovators, and changemakers gathered at Tobacco Dock in Wapping, London, for the Accion Fintech for Inclusion Global Summit 2024. The theme was both ambitious and timely: How do we provide accessible, relevant financial services to the next billion people?

As attendees, we witnessed dynamic discussions that explored the critical intersection of technology, finance, and social impact. The conversations weren’t just about innovation but about actionable solutions to some of the world’s most pressing challenges.

Bridging the Financial Gap

The summit shed light on the stark reality that two billion people remain invisible to the financial system. Michael Schlein, CEO of Accion, emphasised how low-income and underserved communities are disproportionately affected by rising prices, social unrest, and the worsening impacts of climate change. Yet, despite these challenges, there lies an immense opportunity: to use financial services as a tool for resilience and empowerment.

Jorn Lambert, Chief Product Officer at MasterCard, highlighted a significant barrier - the high cost of "touch," or reaching underserved populations. This challenge, coupled with the need for financial education and accessible products, underscores the complexity of achieving true inclusion.

Building Trust and Literacy

Trust and education were recurring themes throughout the discussions. Udayan Goyal, Managing Partner at Apis Partners, made it clear that "education of customers and building a trust relationship needs to be the cornerstone of any FinTech solution". For populations where digital and financial literacy are low, solutions must be intuitive, culturally sensitive, and built on trust to gain widespread adoption.

The summit also brought attention to how digital illiteracy and vulnerability to financial shocks - from climate events to unforeseen crises - are persistent challenges for underserved communities.

Commercial Viability Meets Scalability

Inclusivity is a noble goal, but as TS Anil, CEO of Monzo Bank, rightly pointed out, there must be a balance between affordability and commercial viability. "If an offering isn’t financially viable, it will fail over time," he cautioned. For financial solutions to make a lasting impact, they must not only serve the underserved but also have the capacity to scale sustainably.

Common Threads Across Markets

A key takeaway from the summit was the universality of financial inclusion challenges. While these issues manifest differently across regions, the foundational barriers such as access, trust, literacy, and affordability - remain the same. Addressing these barriers requires a systemic approach, leveraging the combined strengths of governments, private companies, and NGOs.

ABALOBI’s Perspective

For us at ABALOBI, these conversations were deeply relevant. Our work in empowering small-scale fishers through digital tools has shown us the critical role financial inclusion plays in creating resilient and sustainable livelihoods. Whether it’s enabling fishers to access fair markets or providing financial planning tools, the principles discussed at the summit resonate with our mission.

This summit reinforced our commitment to integrating financial literacy and trust-building into our efforts. We are inspired to continue scaling solutions that not only serve but empower the communities we work with.

Looking Ahead

The Accion Fintech for Inclusion Global Summit reminded us of the power of collaboration and innovation to drive meaningful change. The journey toward financial inclusion for the next billion people is far from simple, but the path forward is clear: it requires collective effort, bold thinking, and a steadfast commitment to ensuring that no one is left behind.