The UK Government’s Department for International Trade has formally launched its Tech for Growth Programme.
In Brief:
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The programme is designed to help expand financial inclusion in emerging and frontier economies.
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It will champion the work of UK technology and financial services firms abroad.
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The programme will begin with a focus on sub-Saharan Africa.
What does this mean?
As DIT points out, 1.7bn people globally have no access to a bank account. Access to insurance also remains ”chronically low”, particularly in emerging economies. The Tech for Growth programme aims to take advantage of key technological developments, such as mobile penetration, in these markets, in order to boost financial inclusion for everyone.
DIT is currently looking for companies who can deliver financial inclusion for underserved markets to take part in the programme.
