Fintech Feminists

CHAPTER SIXMAKING FINANCE WORK WORLDWIDE

When I first arrived in New Delhi, India, the streets were filled with a chaotic mix of motorcycles, taxi cabs, overcrowded buses, and even the occasional wandering cow. Bicyclists and small businesses sold various goods, including chai tea, spices, jewelry, paintings, and fabrics. I noticed that many of these businesses were run by women, and they played a significant role in driving the local economy. However, even though money was changing hands right outside the doors of the banks, the vast majority of India’s 104 million entrepreneurs, or approximately 11.5% of the adult population,¹ have difficulty accessing traditional financial services due to their inability to meet the criteria required by conventional banks. This paradox became increasingly apparent to me during my three-week travels across six different cities in India.

With a population of 1.4 billion, India is home to many individuals without bank accounts who rely solely on cash transactions.² The limited access to traditional banking services has left most people with no option but to operate in cash despite having access to mobile phones. However, this has also created an opportunity to tap into an overlooked customer base waiting to embrace digital financial services. Mobile payments have emerged as a proven way to boost financial inclusion for the unbanked and underbanked adults in India, as showcased by the popularity of fintech products like Paytm. Despite this, ...