Interviews Ken Njoroge, CEO of Cellulant.
The financial inclusion agenda attempts to extend a broad range of financial services to the over two billion people around the globe who do not have access to formal financial services. This is a challenging proposition, given constraints in infrastructure, cost of service provision and lack of products to meet the needs of diverse customer segments. Digitalization promises to address at least some of these challenges by leveraging the nearly ubiquitous growth of mobile phones, thereby reducing cost, increasing efficiency and reaching new client segments. Typically, mobile money addresses a common pain point, which then sets the digital rails on which other products and services can be delivered. But traditional financial service providers and new players are grappling with how to move from gateway products, such as money transfer service or air top ups, to a wider range of service provisions.