The paradox of banking the unbankable

Neither Fintechs Nor Banks Have Cracked The Unbankable Of Africa’s Unbanked

By  |  November 20, 2020

Before “banking the unbanked” became an overused buzzphrase that probably now rings hollow, it was the favourite line of every institution or campaign with sights on deepening financial services. That and “financial inclusion.”

Ever stopped to wonder: what does financial inclusion even mean? And why does it seem like we’ve been talking about it forever? Turns out the answer to those questions is linked to another ‘Twitter feed-inspired question’ which might have an answer of its own, thankfully.

So, here’s one for pop culture: what sounds like fintech strategy but isn’t? There’s probably a number of elements that fit into that class but, perhaps, none more so than that talk of “banking the unbanked.”

Not only has it always had a pretentiously-altruistic connotation, but it now also comes off as a classic case of majoring on the minor while minoring on the major.

How so? Well, the answer to that is yet more questions: How does one go about selling the gospel of banking the unbanked to the fundamentally unbankable? What’s financial inclusion without finance?

Journalism is broken in Africa


Help us build a narrative on African Business, Startups, Tech and Economy
Join us today to empower great story telling, one story at a time

Monthly Membership

$10

(billed monthly)

Access To 1 Month WT Membership

Access To Premium Newsletters For 1 Month

1 Month Access To WT's Content Archive

Access To WT's Conferences & Events

Access To All WT's Research Reports On Africa

Access To Podcasts, Video Content & Recordings

Subscribe Now
Popular

Annual Membership

$60

(billed annually)

Access To 12-Month WT Membership

Access To WT's Conferences & Events

Access To All WT's Research Reports On Africa

Access To Podcasts, Video Content & Recordings

Access To All Premium Newsletters

Unlimited Access To WT's Content Archive

Subscribe Now

Pay Per Article

Unlimited access to this article with one time payment.

Subscribe Now

If you are a Corporate or a Student, please reach out to us for subscription at [email protected]