Enabling the community to embrace digital payments as the new normal after the COVID-19 pandemic
Since the onset of the pandemic, the low- and moderate-income (LMI) segment had a direct impact on their day-to-day life. We reflect through Kabita, an LMI customer in Bangladesh, on the barriers LMIs faced during the pandemic and how DFS nudged them towards building resilience.
LMI client impressions from Bangladesh and Vietnam
Various socio-economic dimensions drive the financial needs, aspirations, and behaviors of low- and moderate-income (LMI) customers. Customers from Bangladesh and Vietnam, through these snippets, describe their challenges and how the i3 Program helped them overcome these challenges.
Given the government’s push towards a cashless economy by 2020, we may expect technology-driven and innovative solutions to emerge in Vietnam through active collaborations between fintechs and incumbent financial service providers.
Fintech players in Bangladesh, primarily led by the MFS players, have a huge potential to address the key constraints that hold back financial inclusion and to facilitate the integration of underserved segments into the formal financial services sector.