Arab Financial Inclusion Prize encouraging FinTech to help the unbanked

Although there have been many exciting advancements to further financial inclusion in the Arab world in the last 15-20 years, 60% of the adult population in the region’s developing countries remain unbanked, and serving this population is essential for strong economic growth as well as to help resolve ongoing social issues such as inequality, unemployment and civil strife. To help solve this, the Arab Financial Inclusion Prize was created. With the goal of getting business-minded, forward-thinking people to start considering how to provide financial services more efficiently and in a way that reaches more people, the Prize stresses the importance of using FinTech’s seemingly endless possibilities. Prize creators hope that this initiative will inspire FinTech growth in every sector within the Arab world, resulting in increased financial inclusion and reduced costs of services. Moreover, they hope that FinTech innovations will also serve as a catalyst for revamping government regulations and bringing them in line with modern realities.