Who Can Use Fintech – Is It Accessible to Everyone?

Financial technology, or fintech, has transformed the way individuals and businesses manage money. From mobile banking apps to peer-to-peer payment systems and robo-advisors, fintech has made financial services faster, cheaper, and more convenient. But while fintech promises inclusion, the question remains: is it truly accessible to everyone? Who can use it, and what barriers still exist?

1. What Is Fintech and Why It Matters

Fintech is the use of technology to improve, automate, or innovate financial services. It includes:

• Digital payments (PayPal, Venmo, M-Pesa)

• Mobile banking and neobanks (Revolut, Chime, Monzo)

• Investment and savings platforms (Robinhood, Acorns, eToro)

• Lending platforms (Kiva, SoFi, Upstart)

• Insurance tech (Lemonade, Policygenius)

• Blockchain and cryptocurrencies

These tools make it easier to transfer money, invest, save, borrow, and insure — often without visiting a bank branch or filling out paperwork. For many, fintech has made financial management more seamless and transparent.

2. Who Can Use Fintech?

In theory, anyone with an internet connection can use fintech. The goal of fintech is often to democratize finance — to reach people who are underserved or excluded by traditional banking systems.

However, practical accessibility depends on several factors, including:

1. Access to technology: a smartphone or computer, and internet connectivity.

2. Financial identity: a bank account, ID verification, or digital wallet.

3. Digital literacy: understanding how to use apps safely and manage online finances.

4. Regulatory frameworks: availability and legality of fintech services in each country.

These conditions vary dramatically across populations and regions.

3. The Promise of Financial Inclusion

One of fintech’s strongest claims is financial inclusion — reaching people who are unbanked or underbanked.

3.1. The Unbanked and Underbanked

According to the World Bank’s Global Findex Database (2021), around 1.4 billion adults globally remain unbanked, meaning they do not have an account at a bank or a mobile money provider. Many of these individuals live in low- and middle-income countries, particularly in Africa and South Asia.

Fintech solutions — especially mobile money — have begun to change this picture. For example:

• M-Pesa (Kenya): Allows users to store and transfer money via basic mobile phones without a bank account. It has become a model of mobile financial inclusion, lifting millions out of poverty.

• bKash (Bangladesh): Enables mobile money transfers and bill payments, even for those without traditional banking access.

• GCash and PayMaya (Philippines): Offer digital wallets accessible through smartphones, simplifying remittances and payments.

These platforms show that fintech can serve those traditionally left out of formal finance, provided that basic infrastructure (mobile networks, identification systems) exists.

4. What You Need to Use Fintech

4.1. A Smartphone or Internet-Connected Device

Most fintech tools are digital — accessed via apps or web portals. Therefore, a smartphone, tablet, or computer with internet access is the primary requirement.

• Smartphone penetration: Globally, smartphone ownership is expanding but uneven. In high-income countries, over 85% of adults have smartphones. In low-income countries, the rate may be under 40%.

• Mobile data costs: Even when devices are available, mobile data can be expensive, limiting how often people use fintech apps.

Some fintech services address this gap through USSD (Unstructured Supplementary Service Data), which works on basic feature phones without an internet connection — a key enabler for mobile money in Africa and Asia.

4.2. Identification and Verification

To comply with anti-money-laundering (AML) and know-your-customer (KYC) regulations, most fintech platforms require proof of identity — such as a national ID, passport, or phone-based verification.

This can be a barrier for people lacking formal ID, refugees, or those living in regions without strong civil registration systems. However, digital ID initiatives (like India’s Aadhaar or Nigeria’s NIN) are helping reduce this barrier.

4.3. Bank Account or Digital Wallet

While some fintech services connect directly to traditional bank accounts, others operate independently:

• Bank-linked apps (e.g., Revolut, PayPal) require a bank account or card for deposits and withdrawals.

• Standalone digital wallets (e.g., M-Pesa, GCash) allow users to load and withdraw cash via agents, stores, or ATMs without needing a bank.

Thus, fintech does not always require a bank account, but access routes vary depending on the service model.

4.4. Digital Literacy and Trust

Even with access to technology, users must understand how to navigate digital platforms safely. Scams, phishing, and misinformation can discourage first-time users. In some cultures, there is also a lack of trust in digital systems or concerns about privacy and data misuse.

Fintech companies, NGOs, and governments play key roles in building trust through education and transparency.

5. Accessibility Challenges

While fintech promotes inclusion, digital divides remain — technological, economic, and social.

5.1. The Digital Divide

• Infrastructure gap: Rural and remote areas may lack reliable internet or mobile coverage.

• Device affordability: Smartphones and computers are still expensive relative to income in low-income regions.

• Gender gap: Women are, on average, 7% less likely to own mobile phones and 15% less likely to use mobile internet globally. This restricts women’s participation in fintech ecosystems.

• Language and design: Many fintech apps use English or local major languages, excluding speakers of minority languages or those with low literacy levels.

5.2. Accessibility for People with Disabilities

Accessibility for users with visual, hearing, or motor impairments is often overlooked. Screen reader compatibility, voice commands, or adjustable text sizes are not standard across fintech platforms. Regulators and advocacy groups increasingly demand universal design to make fintech accessible to all.

5.3. Trust and Security Concerns

Data breaches and fraud cases erode user confidence. People who have limited digital literacy may fear losing money or being scammed online. Transparent security practices and user protection laws are essential for building long-term trust.

6. Inclusion Beyond Access

True inclusion is not only about access, but also about relevance and empowerment.

6.1. Serving Marginalized Populations

Fintech can empower groups that are often excluded from formal finance:

• Women: Mobile banking allows women to control finances independently, particularly in societies where men dominate financial decision-making.

• Refugees and migrants: Digital wallets enable safe remittance transfers without needing fixed addresses or local bank accounts.

• Micro-entrepreneurs and farmers: Platforms providing microloans or digital payments help small business owners grow and build credit histories.

6.2. Personalized Financial Products

Fintech leverages data analytics and AI to tailor products — for example, offering small loans to people without formal credit history using alternative data (phone usage, utility payments). This expands financial access but also raises ethical questions about data privacy and algorithmic bias.

6.3. Digital Literacy Initiatives

Public-private partnerships increasingly focus on digital education:

• Google’s Digital Skills for Africa and UNDP’s financial literacy programs train millions in online safety and mobile finance.

• Fintech companies themselves invest in in-app tutorials, multilingual support, and customer education to increase usability.

7. Fintech and Traditional Banking: Complementary or Competitive?

Fintech is not necessarily replacing banks — in many cases, it complements them.

• Traditional banks still dominate in savings, credit, and large-scale lending.

• Fintech companies fill gaps — offering faster payments, better user experiences, and lower transaction costs.

Many banks now collaborate with fintechs through open banking APIs, allowing customers to manage multiple accounts and services in one place. These partnerships can enhance inclusion by integrating fintech’s agility with banks’ stability and regulatory compliance.

8. Regulatory and Ethical Considerations

8.1. Regulation and Consumer Protection

Regulatory frameworks determine how inclusive fintech can be. Overly strict KYC rules can exclude unbanked people, while too-loose oversight can expose users to fraud. Governments face the challenge of balancing innovation and safety.

Many countries are creating “regulatory sandboxes” — controlled environments for fintech startups to test products under supervision. This encourages innovation while protecting consumers.

8.2. Data Privacy and Security

Fintech platforms collect vast amounts of personal and financial data. Ensuring that users understand how their data is used — and that it is securely stored — is vital for inclusion. Data breaches or misuse disproportionately harm vulnerable users who may lack recourse mechanisms.

8.3. Algorithmic Fairness

AI-driven credit scoring can unintentionally reproduce social biases. Transparent algorithms and explainable decision-making are needed to ensure fintech doesn’t exclude the very people it aims to include.

9. Future of Fintech Accessibility

As technology advances, new innovations may make fintech even more inclusive:

• Offline payments using NFC or Bluetooth could help users without constant internet access.

• Voice-based banking could support low-literacy users and people with visual impairments.

• Blockchain-based digital IDs could help unbanked individuals verify identity securely.

• Localized design — apps in regional languages with simple interfaces — will continue to reduce usability barriers.

Global efforts like the UN’s Sustainable Development Goal 8 (Decent Work and Economic Growth) and Goal 9 (Industry, Innovation, and Infrastructure) reinforce fintech’s potential as a driver of inclusive development.

10. Conclusion: Toward Universal Fintech Access

Fintech has already reshaped the global financial landscape, bringing banking and payments to millions who were previously excluded. Yet universal access remains a work in progress.

To use fintech effectively, most people still need:

• A mobile device or internet connection

• Some form of digital identity

• A basic understanding of how to manage money online

• Trust in digital systems and protection from exploitation

The future of financial inclusion depends on closing digital gaps — not just technological, but educational, economic, and cultural. Governments, fintech companies, and international organizations must collaborate to ensure that innovation reaches the people who need it most.

Ultimately, fintech’s true measure of success will not be how advanced the technology becomes, but how many lives it can improve by giving everyone — regardless of income, gender, or geography — a fair chance to participate in the financial world.