They just created another wallet: what really is financial inclusion?
The issue of financial inclusion in Africa has been debated for a long time, and several organizations are working on this same issue every day. The needs of a sizable portion of the population, namely people with disabilities, continue to go unmet despite the expansion of the fintech industry and the proliferation of mobile wallets.
The Hidden Challenges Facing the Visually Impaired
The struggles that many people in the community of the visually impaired experience are poignantly illustrated by my visually impaired friend's story. He became a victim of theft by relying on others to use ATMs because the machines' limited audio output, which frequently only consisted of four or five sentences, provided little guidance. Simple interactions like inserting and removing the card were manageable, but it was difficult to determine account balances, transaction information, and how to navigate the options. This regrettable reality emphasizes how urgently needed inclusive ATMs especially in economies where cash is still king.
The Present Situation: Surface-Level Financial Inclusion
Despite initiatives to encourage financial inclusion, it appears that creating new mobile applications and digital wallets is the current priority. While certain populations have undoubtedly benefited from these innovations, people with disabilities are frequently forgotten in the process. The digital revolution leaves the visually impaired, along with others facing comparable difficulties, on the periphery, furthering their financial exclusion.
Ways to Authentic Inclusion
It is crucial for fintech innovators and financial institutions to shift their focus towards creating technologies that cater to the various needs of all users in order to address the problem of financial exclusion faced by people with disabilities.
ATMs that are inclusive: Making ATMs that are actually inclusive is the key to the solution. These devices enable visually impaired people to conduct transactions independently while protecting their financial privacy and security by including voice-guided navigation, text-to-speech features, and Braille keypads.
Financial services that are adaptable: Fintech businesses must also create financial services that are adaptable to the unique requirements of people with disabilities. This could entail intuitive features that guarantee a seamless banking experience for everyone, personalized audio instructions, and user interfaces created with accessibility in mind.
Collaboration and Sensitization: To close the gap, fintech developers, financial institutions, and disability advocacy organizations must work together. Sensitization campaigns should be run to increase understanding of the difficulties faced by the disabled community, foster empathy, and mobilize people to work together to find more inclusive solutions.
Support for Regulations: Policymakers can play a significant role by advocating for regulations that place a high priority on inclusion and accessibility. Governments can guarantee that all citizens' needs, regardless of their abilities, are met by encouraging financial institutions to adopt inclusive technologies.
The fintech industry is changing quickly, but its true potential lies in developing technologies that meet the various needs of everyone. We can close the gap and bring true financial inclusion to those who have long been marginalized by embracing inclusive designs and cooperating. The pursuit of economic prosperity must put everyone's financial security and empowerment as a top priority, ensuring that no one is left behind.
Oluwaseun ADEPOJU
