According to the World Bank, there are hundreds of millions of people who cannot gain access to a bank account. They have become labelled ‘the unbanked’. For some, this notion may be hard to imagine but it is the reality for many.
In 2021, the World Bank found that only 55% of adults in Latin America had an account with a financial institute, with this figure rising considerably in certain countries. In El Salvador for example, 70% of adults are considered unbanked. In Southeast Asia, it has been reported that 70% of the adult population also have no access to a bank account.
This financial exclusion undermines the quality of life for millions, stifling entrepreneurs looking to grow their business, and negatively impacting economies.
However, there are companies today that are making a long-lasting, positive impact on society, and through innovative technology, opening the door to new possibilities for the unbanked.
Recognising the extent of this global problem, US entrepreneur, Ashish Gadnis, created BanQu, the first ever non-crypto blockchain supply chain sustainability platform.
The ground-breaking software helps people out of extreme poverty by connecting them to global supply chains as well as the brands, organisations, and governments that power them.
In this thought-provoking discussion between Jean Stephens, CEO of TIIN International, and Ashish, he shares his personal story and why he’s on a mission to empower and lift people out of poverty in developing countries through his innovation.
