In order for any country or region to fulfill its economic potential it is crucial to integrate as much of the population as possible into the formal financial system. Financial inclusion helps governments to increase tax revenue, enables businesses to reach more clients, and creates an array of opportunities for those at the bottom of the socioeconomic pyramid who for whatever reason have previously been prevented from participating in the financial system.

This is a particularly pertinent issue in emerging markets like South America, where over 60% of the adult population does not have a bank account. Fortunately, the growing availability of affordable technology is creating new opportunities to reach more and more of these people. There is more one cell phone for every person in Brazil and several other South American countries, so the key to financial inclusion lies in utilizing their phones as mobile electronic wallets.

Brazil Leads the Way