4.6 Technology as a Tool to Increase Youth’s Access and Usage of Financial Services

Financial institutions are increasingly turning to technological solutions to enhance access to financial services in hard-to-reach markets and to reduce the costs of doing so. Equity Bank in East Africa, FINCA DRC, Freedom from Hunger in Ecuador and ShoreBank and UBL in Pakistan are experimenting with different types of technologies including mobile and agent banking, Points of Sale (POS), smart phones, and social networking to increase access to financial services and financial literacy of younger markets. Lessons learned from these organizations’ technology experimentation include the following: