All in FinTech
Lloyds, the world's leading specialist in the Insurance market. Estimated the insurance opportunity in developing countries to be between 1.5 to 3 billion policies.
In 2017 according to the insurance information institute, there was a total of 280 million people with at least one microinsurance policy or 5% of the potential market. Premiums were valued at US$2.4bn. With annual growth rates of 10% or higher in some countries.
Digital transformation, across other industries, exposed consumers, to the convenience, and ease of use of tech enabled digital products. SME’s and consumers, of retail finance products, expect the same level of immediacy and customisable products and services.
Payments represent the sum of consumer experience on a microscopic level. Digital transactions reflect what consumers can afford, their ever-changing desires and the richness, and level of sophistication of the trading environments, represented by the cities that consumers reside within.
The nearly universal adoption of mobile devices is driving the adoption of mobile payment solutions and the growth of non -cash transactions.
Presently, 30% of the world’s adult population is unbanked, 80% of SME’s worldwide have no access to formal financial systems and 90% of the adult population in developing countries do not have access to a credit card. The International Finance Corporation (IFC) reported a funding gap of more than US$ 2 trillion for (SME’s) in emerging markets. Hence the World Bank and the G20 are collaborating to solve this challenge.
