LendSwap Founder Says AI Tech Can Fill Lending Gaps In Emerging Markets
Recently, the World Bank estimated that there were 1.4 billion unbanked and many more underbanked people globally. The lack of access to financial services is a significant burden for underserved populations, making it harder to get loans and bridge financial gaps, which hurts personal finances and makes it harder to escape poverty.
Lack of access to capital in markets in areas such as Africa, most of Eastern Europe and some parts of Latin America, the Middle East, Russia and Southeast Asia also makes it harder for businesses in these markets to grow. According to the United Nations, “micro, small and medium enterprises (MSMEs) account for 90% of businesses, more than 70% of employment and 50% of GDP worldwide.”
Alex Vert, founder of LendSwap, says web-based solutions incorporating Artificial Intelligence (AI) can help break the cycle of deprivation, bring more people into the global financial system, and ultimately help individual businesses grow in a way that better positions growth.
“Traditional banks often find it unprofitable to offer certain services, such as …
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