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 RSM 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.
In this video, Jean and Ashish discuss:
- Ashish’s upbringing in India, his career and leadership including why he is passionate about removing the barriers facing farmers in developing countries, especially women.
- The stark truth in terms of the scale of the issue and the dangers of predatory lending when vulnerable people become excluded from traditional banking systems.
- A vision for equality, financial inclusion and transparency through innovative technologies and how BanQu’s work has helped to move the dial on this important issue and create a fairer supply chain.
- How technology like blockchain can enable the unbanked and help to end poverty globally, whilst supporting wider causes such as ensuring COVID-19 supplies and vaccines reach the most vulnerable nations and communities.
Current and future challenges when it comes to eradicating financial exclusion and poverty, and his predictions for how innovations, including BanQu, will help to solve them and create more transparency.