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A Digital Bank for Financial Inclusion

Banking for all! It sounds pretty basic, but unfortunately, access to financial services isn’t a given for everyone. Therefore, far-reaching financial inclusion remains an ideal that we strive for.

Financial inclusion is the “means to having universal access to reasonably-priced financial services, provided by sound and sustainable institutions” – according to the Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1, 2018.

In other words, there are still many people around the world who don’t have access to good financial services at a reasonable price. 

If you’re thinking about a remote country with no bank branches, you’re right. However, there’s much more to being “underbanked” than this. Anyone in a low-income family will not be able to get a loan without a struggle or the burden of unfair interest rates. In addition, formerly incarcerated people find themselves excluded from many services. Someone who went through bankruptcy in the past isn’t going to secure funding or potentially even open an account. And an adult who had poor spending habits 20 years ago and still has a poor credit score, as a result, is going to be turned away. Even someone without a permanent address is out of luck.

So, if you’re underbanked or unfairly served, take a deep breath. You are definitely not alone. Traditional financial institutions unfairly serve millions and millions of people.

You know as well as anyone that you can’t get much done in a money-centric society or move ahead without access to reliable banking. And, we’re sorry to say that money under the mattress has never qualified as safe savings or financial stability.

Quppy believes everyone should have safe, appropriately-priced digital banking services, and to us, that’s the definition of digital financial inclusion.

Why you should hold more than one currency

“Don’t put all your eggs in one basket.”

  • Someone Smart

Not every country has the luxury of running on a relatively stable currency. Countries where there is hyperinflation or a lack of trust in the local currency, are two examples. The latter sentiment explains why the US dollar has long been seen as a reserve currency in countries around the globe. People are looking for financial stability.

How can you get more stability in your wallet? Diversification is a smart bet even for people who do have easy access to stable currencies. For the same reason, people invest in the stock market or hold money in a foreign currency. It’s just good thinking to have a backup. 

And let’s go digital for a moment. Many people, for example, believe that cryptocurrency is the future, so they hold reserves in Bitcoin, Ethereum or numerous Altcoins. 

So financial inclusion gives everyone worldwide access to a wider variety of stable fiat (traditional) and digital currencies and the peace of mind they provide.

Speaking of cryptocurrency… blockchain has been the key to financial inclusion for years

Lower-fee transfers

Cryptocurrencies have been used to send money to friends and family at a very low cost among people who cannot open a traditional bank account or for people who don’t want to pay exorbitant fees at a traditional bank or through using other payment services.

P2P Lending

Peer-to-peer, or P2P, lending is when an online service lets individuals or businesses borrow money. It doesn’t involve a traditional bank, and therefore, borrowing costs are typically much lower than borrowing from a bank. P2P lending often involves borrowing fiat currency, but there are also decentralised services available for borrowing cryptocurrency. There are a lot of services putting borrowing back into the hands of people, which provides underbanked populations with the opportunity to borrow and so begin their next project. 

P2P lending means you can borrow money without needing to go to people in your network to start living on your own terms financially. And it’s already a widely used service, but it’s going to explode. The Center for Financial Inclusion estimates the US market alone will grow to as much as one trillion dollars by 2025. Talk about a disruption in traditional banking!

More financial stability

And, of course, the cryptocurrency world is volatile, but compared to some national currencies, it may be seen as safer or more profitable.

What is important to you?

Banking can help you do so many things. It can give you the capital to make a down payment or invest in starting or growing your own business. It can help you send money back home or receive money when you need it most. And it can help you grow and plan your future.

The earlier you start thinking about what you want, the easier it will be to achieve your goals. Quppy is a decentralized digital bank that allows you to hold multiple currencies, buy and sell cryptocurrency, and send and receive money with ease, no matter your current situation. All you need is the app and a solid internet connection to get started. There will be a brief check on your identity but, don’t worry, we aren’t going to interrogate you about your credit history. 

Putting power back into your hands

Quppy is growing each year on its way to reaching its goal of being the best all-in-one digital banking app. That means, as a Quppy customer, you’ll soon have access to a host of new services, including P2P lending and Quppy’s AI mentor, which will recommend steps to take to reach your personal financial goals.

It’s time to start living your life with a money app that suits your lifestyle. Get things done and start planning the future you want with Quppy. Sign up for our newsletter to stay in touch