Financial inclusion is the access of equally distributed financial services to individuals and businesses worldwide, no matter the level of their income and social status.
Although the World Bank has agreed about the fact that financial inclusion is an important key asset in diminishing poverty and enhancing prosperity in any country, we can still see that more than half of the world’s population have been deprived of their availability to financial services. In fact, according to The Startup, it is has stated that about less than 15% of citizens in many countries in Africa and Asia are the only people who own a bank account.
Some of the most common needs that have to be met for the population who require financial assistance include transacting, saving, insurance, making and getting payments, and credit on time. Once these resources are available to target individuals or businesses, they will be able to meet their financial goals.
The Affects From Lack of Financial Inclusion
Developing and underdeveloped countries consist of the largest population of people who are operating within an informal economy. Thus, there have been significant negative effects on their lives and the economy.
One of the most common struggles that these poor populations have to deal with is the lack of reliable means of making and receiving their daily payments- leading towards an inability that disturbs their chances of gaining and making full potential of their mobility. Consequently, these countries are always forced to be dependent on external sources who can help them obtain financial services through most often unethical means.
Additionally, they are also deprived of credit, so most of the population in emerging countries tend to be working within the informal sector. One part of the population grows crops and maintains animals; the other serves as artisans who sell their crafts to the population. And the rest of the people simply sell basic necessities such as food to their local consumers. Even though they have the potential to make further progress in their small-scale business, lack of credit denies them the opportunity to make the most out of their business endeavors.
Consequently, all of these factors lead to them being unable to make any savings for themselves or their businesses. Being able to save up on money helps people improve their life or business conditions, such as buying more products to enhance business revenue.
However, we have been witnessing a change within developing countries such as Bangladesh due to the relentless efforts being made by Tanvir A Mishuk.
As a Bangladeshi Fintech entrepreneur, Tanvir A Mishuk believes that in order for Bangladesh to improve its economic condition, they would need to have access to a stable stream of financial services for their business or personal projects. Hence, after being a part of the fintech industry for many years, he started investing his time and efforts towards entrepreneurship. One of his many accomplishments includes serving as the founder and Managing Director of Nagad in 2017. His progress with Sigma Telecom Limited and Sigma Group has aided in radically changing the International Telecom Gateway (IGW) business has made it easier for people to communicate over the internet.
Furthermore, by integrating technology with finance, he was able to give them an opportunity to attain financial inclusion which has significantly improved the socioeconomic structure of Bangladesh.
This Canadian Entrepreneur Tells Us The Highs and Lows of Running A Successful Hemp Company
East of Toronto lies a Canadian hemp company called The Hemp Spot which offers over fifty plus products.
CEO and founder, Jacob Moore started the company in 2018. Moore’s interest in hemp began when he was looking for a healthier protein product that would help with recovery and pain remedy. Moore has an autoimmune disease called Ankylosing Spondylitis, which can cause some of the small bones in someone’s spine (vertebrae) to fuse. This can cause less flexibility and can result in someone having a hunched posture.
His discovery of hemp protein helped with the pain however, he realized there were not a lot of Canadian hemp products readily available. Knowing there might be others who were also suffering from joint pains or who were looking for safer, healthier options to help with recovery, Moore created The Hemp Spot.
“We are your local one-stop-shop for all things Canadian hemp. We have a variety of Canadian hemp products supplied by various Canadian hemp farmers and small Canadian hemp businesses,” said Moore.
Even though Moore found a natural product that would help many Canadians, he faced
numerous obstacles to get his business started. Banks gave Moore a hard time because of the misconceptions and stigmas surrounding hemp. Banks deemed hemp as marijuana. Although growing industrial hemp has been legal since 1998.
“When hemp was grouped in with marijuana it was declared an illegal substance. Slowly people began to ignore the benefits for the environment and for themselves. Till this day many people believe hemp is marijuana and has a high amount of THC,” said Moore.
To clarify, hemp comes from the same species of plant as cannabis however, it has lower levels of tetrahydrocannabinol (THC) compared to cannabis. The first license to grow industrial hemp for commercial purposes in Canada was issued in May 1998. Unlike its sister plant (cannabis) hemp takes around 90-120 days to grow, compared to four to eight months growth time for cannabis.
Moore continues to have problems advertising his company online because social media platforms such as Facebook bundle hemp with marijuana under their advertising regulations. As of 2019, Facebook has made some adjustments to their advertisement laws, which allows hemp companies in the U.S. to promote their businesses, as long as they’re promoting non-ingestible hemp.
“It may say hemp companies can advertise on Facebook/social media but hemp companies (in Canada) like myself are not allowed to promote, even when we try to promote our Hemp Face cloths. I’ve been flagged for selling illegal substances. I wish we were allowed to advertise however, we’re not able to,” said Moore.
Similar to advertising companies, Moore had to prove to banks that hemp was not a marijuana product. Nonetheless, Moore’s resilient spirit has allowed him to mount a thriving business and also to educate the public.
His company has helped many Canadian hemp farmers. Hemp expels four times more carbon dioxide than trees, and helps reduce greenhouse gases in the air. “We want everyone to experience hemp for all that it is; to utilize it as a food supplement, to clothe ourselves, to help transportation grow, and to help shelter families,” said Moore.
- Why Healing Yourself is the Gateway to Helping Your Clients Heal November 30, 2021
- How to Make Your Name as a DJ November 30, 2021
- This Canadian Entrepreneur Tells Us The Highs and Lows of Running A Successful Hemp Company November 28, 2021
- Moving Pods – How Beneficial Are They for a Business Move? November 27, 2021
- Requirements and Criteria for Different Types of Residence in Cyprus November 26, 2021
- How I Went From a Wheelchair to a 6-figure Online Business From Home November 25, 2021
- Revealed: 3 Ways To Attract More Money in 2022 November 25, 2021
- Challenge To Triumph: Advice To Overcome The Entrepreneur Roller Coaster November 25, 2021
- Big Vision for Big Success: Jerry Vanleeuwen November 25, 2021
- Here’s What Makes Esdorado The Best In E-Commerce For Hi-Tech & Electronics Products! November 25, 2021
Tech8 months ago
Effuel Reviews (2021) – Effuel ECO OBD2 Saves Fuel, and Reduce Gas Cost? Effuel Customer Reviews
Tech2 years ago
Bosch Power Tools India Launches ‘Cordless Matlab Bosch’ Campaign to Demonstrate the Power of Cordless
Lifestyle2 years ago
Catholic Cases App brings Church’s Moral Teachings to Androids and iPhones
Lifestyle10 months ago
East Side Hype x Billionaire Boys Club. Hottest New Streetwear Releases in Utah.
Tech3 years ago
Cloud Buyers & Investors to Profit in the Future
Lifestyle1 year ago
The Midas of Cosmetic Dermatology: Dr. Simon Ourian
Health3 years ago
CBDistillery Review: Is it a scam?
Entertainment2 years ago
Avengers Endgame now Available on 123Movies for Download & Streaming for Free