Provision Of Services In The Financial Sector Essay - 7

Provision Of Services In The Financial Sector - Essay Example Most of these adults are located in Asia, Latin America, and Africa. The mobile phone device is also changing the provision of services in the financial sector. The cell phones are regarded as cost-effective. The improvement in the technology sector has enabled the use of cell phones in the financial sector. The poor individuals in the society manage a wide range of financial instruments. In most cases, the microfinance sector has several requirements including insurance coverage, loans for emergency needs, pensions and microenterprise loans among others (Dommel 13). The financial sector should address the constrictions entailed in the financial service providers in order to reduce the poverty rates in most regions. This is because most individuals will be supported to invest and also save their money for future use. For instance, the financial service providers should be able to increase access to remittances in the rural areas. They should also consider providing enhancing savings groups and increasing branchless banking.