Empowch 2024: Reflecting on Financial Inclusion and the Road Ahead
December 16, 2024
A Year in Review: Financial Inclusion and Fintech’s Role
2024 was a pivotal year for global financial inclusion. As over 1.4 billion people worldwide remain unbanked, fintech innovators have taken bold steps to address barriers like access, affordability, and trust. Reports from CGAP, the World Bank, and the IMF underscore fintech’s potential, but they also reveal ongoing challenges—from infrastructure gaps to digital literacy deficits. At Empowch, we’ve made it our mission to tackle these challenges head-on.
Empowch’s Mission: Fintech for Good
Empowch was founded on the belief that financial empowerment should be universal. By leveraging blockchain technology, we’ve created tools that enable secure, borderless, and affordable transactions. This year, our rebranding to Shaheen as a product and Empowch as a mission-driven platform marked a major milestone.
- Shaheen evolved into a sophisticated digital wallet designed to meet the unique needs of underserved communities.
- Empowch expanded its focus to include interoperable APIs that connect disparate financial ecosystems, ensuring no one is left behind in the digital financial revolution.
Lessons Learned from 2024
Key takeaways from industry insights and Empowch’s initiatives this year include:
- Digital Accessibility: Mobile-first solutions remain critical in reaching remote areas where banking infrastructure is sparse.
- Collaboration: Partnerships with NGOs and private institutions amplify impact, making it possible to scale financial inclusion efforts.
- Trust in Blockchain: While blockchain is a game-changer, its adoption depends on user education and transparent practices.
- Mobile Technology and Migration: As 2025 approaches, a year anticipated to witness mass migration, mobile technology will be indispensable for financial inclusion. It enables people to carry their wealth safely and securely stored on the blockchain, accessible with a self-custody blockchain wallet like Shaheen, ensuring financial empowerment wherever they go or whichever border they are forced to cross.
- Interoperable Solutions: Wallet development across multiple blockchains has exploded, with each vying for supremacy but rarely communicating with others. Meanwhile, groups like BIS communicate only amongst themselves, excluding blockchain, cash rails, and the cash economy from the digital realm. The fastest path to financial empowerment is uniting these disparate wallets with the cash economy. Empowch’s Interoperable API aims to solve this challenge by creating a SWIFT and Interac equivalent for blockchain wallets.
Our Vision for 2025 and Beyond
In 2025, Empowch is doubling down on its fintech-for-good mission:
- Launching the Interoperable API: A breakthrough tool to connect wallets across banking, cash, and crypto systems, providing seamless payment experiences for everyone.
- Empowering Users: Enhancing Shaheen’s features for smoother cross-border transactions and e-commerce integrations.
- Scaling Partnerships: Expanding collaborations to drive financial inclusion globally.
- Safe and Mobile Wealth: Self-custody blockchain wallets will be the most empowering tool for marginalized individuals, allowing their wealth to travel with them wherever they go. Mobile technology remains the key to ensuring financial access during migration and beyond.
- Building Unified Rails: By bringing together fragmented payment systems, including blockchain wallets and cash economies, Empowch will lead the way in creating a truly interoperable financial ecosystem. This vision underscores our mission to ensure financial empowerment for all.
Empowch envisions a world where technology transcends borders, creating opportunities for marginalized populations to thrive. Together, we can make financial inclusion a reality for all.
Share Blog:
Empowering Peoples' Pockets
Empowch™, Empowch.com™ are trademarks of Bankey, LLC.
Copyright © 2024 Bankey, LLC
All Rights Reserved.
All other trademarks are the property of their respective.
