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Channel VAS leading position on financial inclusion hailed in global press
1 September 2022Channel VAS’s commitment to providing financial inclusion, especially through these unprecedented pandemic times, was the source of inspiration and thought leadership for various prestigious global press outlets reporting on the value and future of Fintech. The importance of offering financial inclusion to the unbanked was highlighted by our founder and CEO, Bassim Haidar in his recent opinion piece on globalbankingandfinance.com. Especially, during this current conjuncture, efforts are more crucial now than ever, Mr Haidar noted, in the last of a series of articles that hosted his views, acknowledging the company’s leading role, expertise and thought leadership.
At Global Banking and Finance, Bassim Haidar outlined the fintech landscape and the challenges created by the spread of the pandemic. While acknowledging the significant difficulties that will arise for several companies, Mr Haidar was very optimistic for the industry, especially in emerging markets. “The fintech industry as a whole, however, has a strong record of resilience and plays a more important role now than ever before in ensuring that isolated people have access to their finances” he said, highlighting the important role fintech services play, that of financial inclusion for the unbanked population.
In his article, Mr. Haidar noted the challenges the industry faces, as well as some of the most significant trends, such as handset loans (an area in which Channel VAS has huge experience and knowledge) and the rise of online remittances. A key point for Bassim Haidar is the change of the regulatory framework in a way that it will promote fair outcomes for customers. “Currently, however, regulators seem to be trapped in a ’90s mentality’ that deters them from realizing the new reality, and the potential fintech conveys,” he said, adding “the need for fintech providers, regulators, banks and mobile network operators to work together to provide optimal value for the customer”.
“Despite the global uncertainty surrounding the current situation, the aforementioned trends show that the sector will not only survive but also thrive through the business opportunities that will inevitably arise in the aftermath of the pandemic, as the world will shift towards a new reality”, Mr Haidar concluded.
A few days earlier, fintech-alliance.com requested Bassim Haidar to share his views on how fintech companies are adapting to the new environment of remote working. A new normal, which Channel VAS had adopted since mid-March, as the health of its people is of its highest concern. Mr Haidar noted that companies of all sizes have had to adapt to change, but with the right tech it should be possible at any scale. “While even the largest tech firms are likely to have no plans in place for a disruption of this magnitude, companies of all sizes are doing what they can to ensure business continuity. Having a robust and comprehensive yet flexible continuity plan will be key”, he added.
In another leading opinion piece for Business Chief, Mr. Haidar was asked to explain how the fintech industry is bridging the gap for the unbanked and digitally excluded in Africa. He argued that it is unacceptable that a large portion of the population remains unbanked (according to World Bank 1.7 billion adults around the world are unbanked) and while for some this is a significant challenge, for Channel VAS it is an important opportunity. An opportunity that stems from the fact that fintech services work as a bridge between the unbanked and the financial inclusion those people deserve.
The importance of providing robust solutions in uncertain times is a strong leadership factor for companies of any field, and this certainly shows for Channel VAS as more and more business media highlight the company’s response and offerings.
