The information on or through this site is provided for general informational purposes only and should not be relied on as a substitute for specific advice about laws, regulations, taxes, finances, immigration or travel. For specific advice, contact a licensed attorney, financial advisor or other professional. We disclaim all liability and responsibility arising from any reliance placed on this site. We do not warrant the accuracy or usefulness of this information. This site may contain links to other sites and information provided by third parties for your convenience. We do not endorse nor make any guarantees with respect to these sites, their accessibility, the information they contain or the way they treat any information you provide to them.

How do international remittances, or cross-border money transfers, help promote financial inclusion? Improve your financial literacy by learning about budgeting and saving, personal finance.    

Learn how to send money using Ria Money Transfer, new services we offer, our omnichannel services, tips for sending money and the expansion of our network.    

Learn how international migration trends affect remittances and the impact remittances have on the individuals and communities around the world who receive them.     

Videos that feature Ria customers explaining in their own words how their experience of migration has impacted themselves, their families and their communities.     

Learn about different cultures around the world, how people celebrate, what it is like to live abroad and great travel destinations.     

What's new in cross-border payments, tech and finance? Learn about new payments methods like mobile wallets, the importance of the omnichannel experience and workplace trends.

What is Ria doing for the community? What does CSR, corporate social responsibility, mean? What's new in sponsorships at Ria?    

The Ria Blog

We use our own and third-party cookies to analyze our services and to show you advertising related to your preferences based on your browsing habits. Learn more by reading our 

We use first and third-party cookies to help us understand how you interact with the site by collecting and reporting information, such as the number of visitors or clicks. They do not allow us to collect your activity data beyond our site.

🍪 Cookies give you a personalized  experience

We use our own and third-party cookies to analyze our services and to show you advertising related to your preferences based on your browsing habits. Learn more by reading our

These cookies are essential to the basic functioning of our website. They turn on functions like page navigation, authentication, and access to secure areas.


<p>Digital financial services are expanding and evolving at an unprecedented rate. It’s almost as if every day a new app or product is hitting the market. But, moving towards a completely digital world can have its pitfalls, especially for those who are still having a hard time accessing financial services. Today, we take a look at how digital financial services can help boost financial inclusion.</p>



<p>But first things first.</p>



<h2 class="wp-block-heading">How can we achieve financial inclusion?</h2>



<p>Having access to financial services enables people to save money, invest, run their own business, send and <a href="https://www.riamoneytransfer.com/en/blog/how-to-receive-money-ria-money-transfer">receive money</a>, and apply for loans. Without this access, no amount of financial literacy can truly help individuals get ahead or even make ends meet.</p>



<p>Examples of financial inclusion include being able to apply for a mortgage or set up a business account. Having access to financial services also means being able to receive government aid in times of crisis, a need that has become more latent than ever with the ongoing pandemic.</p>



<p>But how do we achieve financial inclusion? It&#8217;s easy, straight-forward even, but it depends on several key players to make it work. Mostly, governments and financial service providers are at the helm of driving positive change. If governments can help individuals obtain proper identification and financial service providers can continue to create humane products that are simple to use and accessible to those currently underbanked and underserved, then financial inclusion can be achieved through digital financial services.</p>



<p>You can read <a href="https://www.riamoneytransfer.com/en/blog/financial-inclusion-make-it-work">more about financial inclusion here</a>.</p>



<h2 class="wp-block-heading">Why is digital financial inclusion important?</h2>



<p>At Ria, we believe in sustainable technology. That means developing hybrid products that can help customers make the leap from traditional money transfer to its digital counterparts. Slowly but surely, <a href="https://www.riamoneytransfer.com/en/blog/edge-computing-in-financial-services">financial technology is advancing</a> towards full digital experiences, leaving behind the likes of cash and retail locations. While this won’t be an overnight change, it is often vulnerable groups, such as migrants and people living in remote areas, that suffer the most with the changes in financial services.</p>



<p>Barriers to identification often keep whole communities from gaining access to bank accounts. When financial service providers downsize, perhaps closing the only physical location in a given city, whole populations are left to their own devices. Advances in fintech are helping, but digital solutions are not a one-size-fits-all. While new digital solutions such as mobile wallets can take the place of closing bank branches, barriers to identification remain a big <a href="https://blogs.worldbank.org/voices/global-identification-challenge-who-are-1-billion-people-without-proof-identity">challenge for close to one billion people</a>.</p>



<p>As we continue to innovate in the sector of financial technology, it’s imperative that we don’t create an even bigger gap between the financially savvy and the financially excluded.</p>



<h2 class="wp-block-heading">How digital financial services can boost financial inclusion</h2>



<p><a href="https://www.riamoneytransfer.com/en/blog/what-is-mobile-wallet">Mobile wallets</a>, bank deposit networks, and money transfer apps can help individuals send, receive, save, and spend money without needing travel to their nearest point of sale. That means that if we can get the underbanked onto these platforms, we could solve one of the key issues keeping people in rural areas financially excluded: distances.</p>



<p>It can be both unsafe and costly to travel to your nearest bank branch if it’s five towns over. Many banks are teaming up with money transfer operators (like Ria) to develop apps or improve their network so that customers can receive money from abroad straight to their phones. Mobile payments are becoming increasingly popular in rural Africa and Asia, where people can pay for goods and services without needing to <a href="https://www.riamoneytransfer.com/en/blog/ria-money-transfer-cash-pick-up">get cash</a>.</p>



<p>Digital services can also help people apply for government identification, or even carry a digitized version of their ID information. However, this depends on government policies, but can be a good option to help promote financial inclusion.</p>



<p>When it comes technology, the world is our oyster. Let’s make sure we use it for good!</p>



<div style="height:40px" aria-hidden="true" class="wp-block-spacer"></div>



<p class="has-small-font-size">For more info: <a href="mailto:comms@riamoneytransfer.com" target="_blank" rel="noreferrer noopener">comms@riamoneytransfer.com</a></p>


Illustration of two people interacting with their smartphones next to a large mobile device displaying a coin with a dollar sign. One person is sitting on a stack of orange coins, while the other is sitting cross-legged on the floor.

How Digital Financial Services Can Boost Financial Inclusion

About the author

Gabrielle van Welie

Related posts

What are currency exchange rates and how are they determined?

What is the role of a central bank and how does it affect you?

How to prepare for an online interview: best practices for success

Ace your job interview: 8 tips from our recruiters