Developing nations must be financially educated: Experts
- | Wednesday | 24th October, 2018
Financial literacy is required for every individual so that they are aware of the ecosystem.”“With the help of authentication mechanism like Aadhaar, we can create two lakh kirana points where one can provide their thumbprint and deposit or withdraw money. Visakhapatnam: Technology is going a long way in helping reach the masses. This is because people in Myanmar use the internet only for Viber and Facebook. Hence, people, especially in developing countries, need to be educated on the financial services that are being provided through digital mediums,” said, Sinha who had earlier worked with telecom operator Telenor.Srinivas Peddada, chief information officer (CIO) at Bharat Financial Inclusion Ltd, said, “Fintech needs to provide responsible financial inclusion. In a survey that was conducted in the country, it was learnt that only 3.6% of the people knew about insurance and its benefits.”Stating that Myanmar has 85% and Singapore has 76% smartphone penetration respectively, Sinha added, “Although the percentage of smartphone penetration is high in Myanmar, the percentage of digital literacy is low.
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