Financial inclusion is not a topic most developing countries in the world can deal with right now. In some regions, very few people have convenient access to a bank account. However, thanks to the boom in mobile smart devices, financial inclusion becomes easier to achieve. In fact, the countries focusing on these efforts are also seeing a significant Bitcoin growth as of late.
Financial Inclusion Matters To Many Countries
According to the statistics outlined on The Finanser, quite a few developing countries are scoring well on the financial inclusion front. While there is still a lot of work to be done, things are looking healthy in most regions. Egypt is the only “major” developing country where difficult regulation and less mobile capacity are hindering growth right now.
At the top of the list is Kenya, a country where Bitcoin and mobile payments are thriving. With a high level of mobile capacity and an easy-going regulatory landscape, financial inclusion is on the rise. A score of 84% is quite good, albeit there is still work to be done. Colombia and Brazil complete the three, although adoption of new financial technologies is relatively low in those regions.
As is to be expected, regulation has somewhat of an effect on financial inclusion. To put things into perspective, a difficult regulatory landscape can still yield high rates of adoption, such as the Dominican Republic. Easy-going regulators are no guarantee for success, though. The Philippines has one of the “best’ regulatory frameworks for financial inclusion, yet only 42% adoption rate of new technologies.
It is good to see so many countries being fully committed to financial inclusion. Uganda, India, Pakistan, and Peru are just a few of the regions dedicating a lot of effort to this initiative. For now, several countries are held back due to their mobile capacity. Egypt, Ethiopia, and Peru still have their work cut out for them in this department.
Bitcoin Thrives In The Same Regions
However, it is important to keep in mind financial inclusion comes in different forms. Having access to a bank account, or mobile financial services, is just one option. Bitcoin, while still a niche market according to most, provides financial inclusion as well. Granted, it has no ties with the traditional financial infrastructure, but that is one of its strong suits. Being able to send and receive money, without having to visit physical locations, is important to a lot of people. Bitcoin provides that option to anyone who wants to take it.
It is not surprising most of the countries seeing success in the financial inclusion department are busy areas for Bitcoin as well. Diversification is important during these uncertain economic times. Putting all one’s eggs in the same basket is not a wise strategy. That goes for developed and developing countries alike.
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