Financial technology or fintech companies are easing the process of transactions and unbundling banks. However, their benefits as of now seem to be limited to the developed world, but not reaching billions of potential unbanked customers in the developing countries. Sings are emerging that this trend is getting rectified by some innovative players. There are three major challenges that all fintech companies will need to find a way out to work best in the developing world. One of them is the infrastructure is missing especially with limited cloud services. Flutterwave in Nigeria has created a solution to deliver payment and banking facilities by bypassing these shortfalls. Secondly, people in these countries do not have the digital footprint that is more common in the developed countries. So SERV’D has developed an app to crate simple but formal contracts for previously unorganized sector workers like nannies, drivers and cooks to provide online payments. Similarly Credit Fix from Pakistan and Sidian Bank of Kenya are conducting data warehousing operations for scores of drivers so that solutions can be provided to them to eventually become independent. Another Pakistani player called Cowlar is tracking the ideal temperature and other conditions for cows by inserting a wearable device around them. Malako in Uganda has developed flexible credit channels using mobile phones to rectify the third major challenge of people leading chaotic lives around a cash based economy.


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