Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
How Fintechs Are Tackling Financial Inclusion in Canada
Financial Inclusion | Nov 4, 2024
Image: Freepik/jcomp
A Visual Journey Into Financial Inclusion - Breaking the Cycle
Chris Skinner’s recent article “Banks make millions from the most vulnerable” shines light on the struggles people face when trying to access financial services especially during tough times (like most countries are experiencing right now including Canada). There's a significant need for effort to make financial services more inclusive. Even in today’s connected world billions of people are left out of basic financial services, limiting their ability to find stable jobs or secure housing. Below are several videos that offer a closer look at this global issue and a look at how Canadian fintechs are helping to tackle the issue of creating a more inclusive financial system.
1. "Vicious Circle" (HSBC UK)
HSBC UK's “Vicious Circle” award winning video shows how not having a stable address can lock people out of basic banking, which is often needed to find jobs and secure housing. With programs like the No Fixed Address service, HSBC aims to change this, giving homeless individuals a way to open bank accounts even if they don’t have a permanent home. HSBCs brand received a 10% lift in positive brand affinity as a direct result of this campaign.
Key Message:
"Without a fixed address, it's impossible to open a bank account. And without a bank account, securing stable employment and housing becomes even harder. HSBC’s ‘No Fixed Address’ service is a step toward financial inclusion for all."
2. "What Is Financial Inclusion?" (The Wall Street Journal)
This video breaks down what financial inclusion means in simple terms. It points out the challenges faced by almost two billion people around the world who don’t have bank accounts. The video also shows how efforts to expand financial services are helping close these gaps especially for communities that often get left out.
Key Message:
"Financial inclusion means providing affordable financial services for everyone, especially those currently underserved by traditional banking systems."
3. "What is Financial Inclusion? | Short Film" (BRAC)
BRAC’s short film highlights the real life experiences of people affected by limited access to financial services. It shows how not having financial support can deeply impact their lives. The film points out how important it is to make financial services available to the 1.7 billion people around the world who still don’t have access to basic banking.
Key Message:
"When people are unbanked, their access to economic opportunity is severely limited. Financial inclusion is not just a service – it’s a pathway to empowerment.
4. "What is Financial Inclusion and Why is it Important?" (IMF Institute)
This IMF video talks about why it’s crucial for everyone to have access to financial services around the world. It shows how governments and global organizations can build systems that make it easier for people to escape poverty and improve the economy.
See: G20’s Vision for Financial Inclusion through Digital Public Infrastructure
"Financial inclusion is not only a matter of access; it’s a catalyst for development, enabling people to participate fully in the economy."
5. "Financial Inclusion, the Digital Divide, and the Future of Money" (TED Talk by Ajay Banga)
In this remote TEDx Talk, Ajay Banga looks at how digital financial tools can help close the gap between those who have access to financial services and those who don’t. He highlights how partnerships between the public and private sectors can open up digital economies making it easier for more people to join and benefit from financial services.
Key Message:
"Digital financial inclusion is our opportunity to bring everyone into the economy but it requires collaboration and commitment from both public and private sectors.
6. "Digital Financial Services and Financial Inclusion" (UN Capital Development Fund)
The UN Capital Development Fund shows how digital financial services can help create a fairer and more sustainable future. This video highlights how digital tools make it easier for people to access financial services and provide support for small businesses, women entrepreneurs, and rural communities.
Key Message:
"Digital financial services aren’t just about convenience; they’re a bridge to economic opportunity for marginalized communities."
How Canadian Fintechs Are Addressing the Challenges of Financial Inclusion
In Canada people without stable housing often face big challenges accessing basic banking services which makes it even harder to find a place to live or a steady job. Several Canadian fintech companies are working to close this gap by creating new ways to help those without a permanent address or regular income gain access to financial services or in other ways like access to credit scores and financial literacy, no fee accounts and more.
1. KOHO Offers Accessible Accounts Without a Fixed Address Requirement
Canadian fintech KOHO is offering a no-fee spending and savings account which helps financial inclusion by reducing barriers for individuals without stable housing. KOHO requires identity verification like government ID but does not require proof of a fixed address or employment status, making it accessible for individuals experiencing homelessness. This helps those without a permanent address to access basic financial activities helping them move towards stability.
2. Borrowell is Empowering Financial Literacy and Credit Access
Borrowell is providing free credit score monitoring and financial literacy resources to help individuals with limited financial access start building a financial profile. By understanding their credit score and financial health they are better equipped to apply for loans or other forms of support once they have stable income or housing.
3. Wealthsimple is Offering Simplified Banking Services with Supportive Policies
Wealthsimple provides easy to setup savings and investment accounts with good interest rates. Although a Canadian address is needed to get started, there’s no job requirement so it's accessible for people in flexible living situations.
See: So what is financial exclusion in the era of Open Finance?
They also offer helpful tools for managing money showing a commitment to making financial services simpler and more accessible for those who might otherwise be left out, along with financial education resources.
4. Neo Financial is Offering Digital Banking Solutions with No Monthly Fees
Neo Financial provides digital banking without monthly fees. Their easy to use platform is built to support a wide range of users especially those who might struggle with traditional banking. By making banking simpler and offering helpful financial tools, Neo aims to help people stay financially secure.
5. Payfare is Providing Financial Services to Gig Workers
Payfare works with gig economy companies to give financial support to gig workers who often can’t access regular banking services. By providing quick payments and simplified digital banking, Payfare helps lower the risk of financial struggles that could lead to homelessness.
Closing Outlook
These fintech companies are showing how technology can help overcome barriers to financial access by making essential services available to people facing homelessness and financial exclusion. By removing traditional banking hurdles such as high fees and strict requirements, they’re opening doors and moving Canada closer to a future where everyone has access to financial resources.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
|---|---|---|
 |  |  |
Leave a Reply