Accion microfinance bank examines the dual edge of digital lending for SMEs

Accion Microfinance Bank is set to host the seventh edition of its Financial Inclusion Seminar, focusing on the opportunities and challenges posed by digital lending for the informal sector.

Themed “Digital Lending: A Path to Financial Inclusion or a Barrier for the Informal Sector?” this year’s virtual event promises to spark critical conversations on the evolving dynamics of financial access for small and medium-sized enterprises (SMEs) and underserved communities.

Accion MfB, in a statement, underscored its commitment to advancing financial inclusion through dialogue and innovation. Since 2017, the seminar series has delved into pivotal topics such as financial literacy, digital products, and strategies for extending services to unbanked populations. This year, the spotlight is on the rapidly expanding digital lending landscape, which has become a cornerstone of global financial inclusion efforts.

“One of the most notable developments in this landscape is the emergence of digital lending. Peer-to-peer lending and other forms of digital credit are often hyped as a way to provide financial access to the informal sector, which is typically excluded from traditional banking services.

“However, as digital lending platforms proliferate, questions arise about their true impact on financial inclusion. Are they genuinely reaching the most vulnerable populations, or are they creating new barriers due to digital literacy gaps, accessibility issues, and the risk of predatory lending practices? The seventh Financial Inclusion Seminar will explore whether digital lending can fulfil its promise of inclusion or if it risks exacerbating existing financial disparities,” the bank stated.

The seminar will convene stakeholders across the financial ecosystem, including regulators, policymakers, fintech innovators, microfinance institutions, and representatives from vulnerable communities. It aims to address whether digital lending can sustainably support financial inclusion or if safeguards are needed to mitigate emerging risks.

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