Algbra finds the formula for a more inclusive fintech world

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These payments are often sent to countries suffering from national emergencies, where families need financial assistance to survive in war-torn cities or areas ravaged by natural disasters. Moreover, the importance of remittances extends far beyond individual households, as several developing economies are highly dependent on this foreign financing. Jamaica, for example, relies on remittances to constitute 24% of its total GDP.

Similarly, more than a tenth of the annual GDP of emerging countries is made up of remittances.

Fintech companies need to improve their diversity to connect with members of diaspora communities who regularly send remittances. Currently, too few members of these communities are aware of the opportunities offered by Fintech. It has been repeatedly pointed out that companies with greater diversity attract significantly better engagement from the diaspora. Unfortunately, only 3% of people working in the fintech industry are black, which is a barrier for fintech companies trying to reach these communities.

Algbra, a purpose-driven fintech, aims to improve diversity in the industry. However, 1.7 billion people worldwide are still unbanked, meaning they cannot access a bank account or mobile money provider. Therefore, education is crucial to making Fintech more inclusive, and Algbra outlines its goal of improving the financial literacy of groups. This involves producing content that “celebrates and reinforces diverse identities and cultures”.

It’s just one part of Algbra’s mission to make fintech more socially conscious while working hard to provide users with tools to facilitate ethical banking. In addition to offering a sustainable payment card, through the Algbra app, users can keep tabs on their carbon footprint and easily donate to various charities. The company also commits to working with industries it deems unethical, such as gambling, tobacco, and weapons.

Nizam Uddin OBE, Algbra’s Chief Strategy Officer, underscores the company’s ambition to drive social change, “We must recognize the interconnected nature of climate change and diversity – we cannot tackle one without the other. Through Algbra and our collaborations, we work hard to ensure that our financial system is the most inclusive and environmentally friendly network of its kind.In doing so, they demonstrate that it is not necessary to view profitability and the responsibility of being socially conscious as opposites: Algbra strives to accomplish both in tandem.

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