Fidor Bank is a remarkable financial institution. Unlike most of its brethren, financial inclusion is a top priority for this firm. To achieve that goal, the company signed a MoU with IFC to expand digital financial inclusion. This new venture will mainly focus on developing markets, where financial access is difficult to come by.
Various regions around the world have little to no financial inclusion. Whether it is physical or digital access, the options are either limited or non-existent. This is especially problematic in developing markets. Mainly Africa and Latin America could use some more competing services in this regard.
Another big Step by Fidor Bank
It is those markets Fidor Bank wants to make an impact in this regard. Together with IFC, the firm hopes to identify opportunities in these regions. Thanks to a new Memorandum of Understanding, these options can be explored with relative ease. The venture will mainly focus on digital financial inclusion, which makes a lot of sense in this day and age.
Fidor Founder and CEO Matthias Kroner comments:
“Fidor’s business model is deeply rooted in providing fair banking in the most efficient fashion possible which aligns with financial inclusion agendas. Having access to financial services can improve people’s everyday lives in emerging markets. However, the benefits of financial inclusion are not only limited to individuals, and can help emerging countries’ economic and social development, as well as playing a significant role in empowering people and societies.”
Fidor is embarking on an interesting mission in this regard. Their approach of co-innovating by partnering with existing organizations seems to pay off. With the growing focus on digital banking, both parties can benefit from such ventures. Fidor’s white-labeled bank solution covers a wide range of aspects associated with digital banking. It will be interesting to see how all of this plays out in the coming months.
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