Carl Manlan and Adanna ChukwumaCarl Manlan is vice president of Inclusive Impact and Sustainability at Visa CEMEA.Adanna Chukwuma is senior director of Global Impact Measurement at Visa. The world has made remarkable progress in advancing financial inclusion in recent years. In the decade beginning in 2011, the share of adults with access to financial services rose a whopping 50 percent, to more than three-quarters. But we still have a long way to go in creating a truly inclusive financial system. Beyond expanding access to financial products and services, we must ensure that these products and services work for all people, including the 1.2 billion people worldwide with disabilities. The first generation of financial technology disrupted traditional banking by facilitating access for the underbanked (think mobile money and microloans). The next wave of innovation must go further, embracing “universal inclusion” as a basic design principle. Universal inclusion captures the idea that everyone deserves access to financial tools that genuinely meet their needs and improve their well-being. We already have examples of what this might look like. Consider tap-to-phone technology, which enables merchants to accept payments using smartphones — no payment terminal needed. This functionality has obvious benefits for all buyers and sellers, from convenience to safety. But it also enables blind or visually impaired individuals, who might struggle to count cash, to participate more fully in the digital economy. People with conditions affecting their mobility — such as arthritis, multiple sclerosis, Parkinson’s disease and cerebral palsy — might also rely on tap-to-phone technology. The same goes for voice-activated payments: they are convenient for all, but crucial for individuals with visual impairments, limited mobility or literacy challenges. This is universally inclusive design at its best — so practical that everyone, disabled or not, uses it. In fact, the widespread adoption of such technologies makes them even easier for those with disabilities to use. Since 62 percent of disabilities are invisible, asking for accommodations can be very difficult. But nobody will bat an eye over an “accessible” tool if they are already using it. Despite some successes, however, the prevailing approach to financial-product development does not put nearly enough emphasis on inclusivity. This represents not only a moral failure, but also a missed economic opportunity. People with disabilities, together with their friends and family, represent a staggering $13 trillion in disposable income. As lifespans increase, this group’s numbers — and spending power — are set to rise. Beyond the direct returns of tapping this large and underserved market, financial-services companies pursuing universal inclusion would become more attractive to other customers, especially younger generations. A 2018 study showed that 91 percent of millenn
Mar. Gen 7th, 2025
