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In another development, several bottlenecks are affecting the free flow of accessing credit facilities from traditional banks by these local traders. Therefore, most local traders find themselves isolated from the whole financial inclusion process. On the other hand, traditional banks do not have the luxury of time and flexibility to reach out to these low and mid-income traders. Whereas FinTechs tend to be more agile, yet possess the flexibility to reach the unbanked and the underserved. Furthermore, there are so many advantages to serving local businesses as most of their locations are fixed, legally registered with the government, and enjoy consistent transactions daily. In this article, I itemized and discussed what seems to be like the 6 leading financial challenges for local traders, yet an opportunity for FinTechs.
- Microfinance Services
- Point of Sales Service
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- Rotating Savings And Credit Service
- Insurance Services
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