Source: by Iyke Aru via Cointelegraph.

The universal access to and use of financial services help drive country-wide, regional, as well as global development. These services are even more crucial in the developing world, helping uplift thousands, if not millions of people out of poverty by helping them prepare for their education, businesses, and health.

To access these financial services, people need banks and Fintech companies to provide cutting-edge digital payments. Though a lot has been done in many parts of the developing world, including M-Pesa in Kenya and other mobile money services in Ghana, Zimbabwe, Bangladesh, and many other regions, research shows that a chunk of the global population is still unbanked.

Data from the World Bank’s Global Findex Report 2011–2017 shows that about 69 percent of adults now have access to some form of financial accounts — including banks, microfinance institutions, and Fintech companies. But that number is still not encouraging. Additionally, there is a sharp gap between male account holders, who make up 72 percent of the population, and female account holders, representing 65 percent.

Consequently, this puts the total unbanked population of the world at 1.7 billion adults — those without financial accounts either with a bank, a microfinance institution or a Fintech company, and who are mostly found in the developing world, with China, India, Bangladesh, Nigeria, Pakistan, Mexico, and Indonesia leading in unbanked populations.

The World Bank’s Universal Financial Access by 2020 (UFA2020)

The World Bank, in collaboration with the International Finance Corporation and 30 other partners have come together to advance financial inclusion by 2020. According to UFA2020’s message

The UFA goal is that by 2020, adults, who currently aren’t part of the formal financial system, are able to have access to a transaction account to store money, send and receive payments as the basic building block to manage their financial lives. The World Bank Group — the World Bank and IFC — has committed to enable 1 billion people to gain access to a transaction account through targeted interventions.

XinFin’s solution to global financial access

XinFin’s XDC Wallet is built to enhance global financial access. The XDC Wallet provides a platform that can hold many cryptocurrencies and fiat, allowing individuals and businesses to preserve their balances in any currency of their choice, as well as exchange their cryptocurrencies for local fiat currencies. It is also made for banks, enterprises, individuals, and financial institutions, and allows them to participate in peer to peer, cross-chain transactions across the globe.

TurantPay is another global payment solution from XinFin geared towards bringing the world’s unbanked population to the financial world. Built with XDC Protocol, TurantPay is the fastest and most dependable transaction processing system to be built in the financial services industry. It would process payments between service providers and financial institutions.

What TurantPay brings to this market is low fees, fast processing, and the eradication of bulky procedures. TurantPay claims the world’s current best bank transfer protocol, the XinFin XDC protocol, which provides better bank transfers than SWIFT’s current protocol.

Join the XinFin revolution — https://www.xinfin.org/