More than two billion people - or 38% of adults in the world - do not use formal financial services. In lack of suitable options, unbanked individuals use financial services through informal channels often at high cost and risk.
Today, migrant workers account for 150 million of the world's approximately 244 international migrants. Globalization, demographic shifts, conflicts, income inequalities and climate change encourage even more workers and their families to cross borders in search of employment and security.
The unbanked, foreign workers, refugees and migrants are in need of affordable and seamless banking products, remittance and financial solutions.
Today, there are 2.6 billion smartphone subscriptions globally, and while growth has been levelling off in developed markets like the e US and Europe, it's not stalling altogether by a long shot. By 2020, globally there will be 6.1 billion smartphone users led by huge growth in less mature markets. With 6.1 billion smartphones in circulation, we will see a tipping point of sorts: smartphones will finally overtake the number of active fixed line