Many households and small businesses in emerging markets have no or very limited access to formal financial services. Even in developed countries, they only have access to a limited menu of cost-effective products from financial institutions for addressing their financial needs. Over two billion unbanked adults in the world, representing 38 percent of all adults globally, lack access to basic financial services and another 57 percent have basic accounts but do not have access to diversified investment and savings options, low-cost payments systems, core household and business insurance, or credit. 

This report by the IFC, our member CreditEase and the Stanford Graduate School of Business highlights some of the central frictions that prevent greater financial inclusion and financial well-being, and associated technological innovations that are fostering creative new approaches to mitigating these frictions for individuals and small businesses globally. 

At the end of this report, the authors provide a list of 100 Fintech companies globally that are supporting ‘Financial Inclusion in the Digital Age’ across four main verticals of impact: payments, lending and related ecosystem, savings and financial planning, and insurance. These 100 companies are mission-driven but are also focused on providing attractive risk-adjusted returns to their investors.