Six things I learned last week about reaching rural areas with financial services
Last week in Maputo three events challenged us to consider innovative, disruptive ways to distribute financial services to currently excluded Mozambicans. The events focused mainly on agency banking and mobile money. These distribution techniques are collectively referred to as digital finance, and they enable banks and other providers to reach into territories beyond the grasp of traditional bricks and mortar bank branches. In short, these models leverage corner stores, gas stations, and other neighborhood outlets that help providers get closer to clients and reduce the high distribution costs that make most rural customers prohibitively expensive to service.