October, 2018
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Posted by Money Mall Team on 13/10/2018
MoneyMall aims to drive financial Inclusion in MEASA region
MoneyMall aims to drive financial Inclusion in MEASA region,
Recent selection as Finalist by DIFC’s for its prestigious FinTech Hive accelerator program’ MoneyMall’ s plan to disrupt consumer finance in the middle east for better has got the speed it needed.
A recent DIFC report said almost 50% of all financially excluded and underserved individuals are currently situated in the MEASA region. An average of 48% of the working adult population owns a financial account compared to a global average of 69%, and conditions across MEASA continue to constrain access to both traditional and digital financial services for the currently financially excluded population.
According to a report on Khaleej Times which argues that Financial inclusion is key to the development.
To be consistent with the actual use of the financial services on the population, the financial inclusion rates in the Arab world are as follows:
- > Banked population: 8 per cent of the adults
- > Underbanked population: 23 per cent of the adults
- > Unbanked population: 69 per cent of the adults
In UAE, More than 40% of Expat Population is underbanked, there is an urgent need to cater that.
MoneyMall is now moving very quickly to launch its new innovative technology platform in Q1 2019. This platform will empower consumers by giving them access, coaching, choice and control over their finances with easy-to-use tools.
We at MoneyMall, believes that everyone should be able to achieve financial well-being and want to have an impact on our users’ lives, on financial product providers, and on the world of financial management in UAE.
We are focused on sorting finance out – not just for the affluent but for everyone and on a mission to help our users achieve better financial wellness.
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