By Nkiruka Nnorom
Two key factors which separate the rich from the poor are the decisions they make about finance and access to credit.
Consequently, tools and products focused on savings, credit history, low-cost loans, ease of transaction, and options such as mortgages – all of which are elements of retail banking, are crucial to lifting people out of poverty on a massive scale.
Simple tool such as bank account means one can receive payment from anywhere in the world without wasting time to physically go collect it. This frees up more time and energy for productivity.
An active bank account means the owner, whether a farmer in a rural area or a businessperson in the city, with a healthy balance sheet can access loans to boost productivity and earn more. And a tiny app on your smartphone, or a proxy financial agent or ATM, means the end of needless hours spent in banking halls to make transactions.
