According to the World Health Organization, over 1.3 million people around the world are living with severe disabilities, which is estimated to represent about 16% of the world’s population. Due to their constraints, managing their own finances as well as normal daily expenditure can be a dream for the average person with disabilities. Just as the SDG 10 posits to reduce inequality within and among countries, including by ensuring the social, economic, and political inclusion of people with disabilities. It is important to build solutions that empower people with disabilities and enhance their lives to be more fruitful. Developing inclusive financial solutions is so imperative as it enhances the livelihood of people with disabilities and makes it possible for them to live wholly.
Enhancing financial services for people with disabilities requires a lot of intentionality and thoughtful systemization. In this article we will discuss the special needs of people with disability and strategies to build smart innovation.
Financial Inclusivity for People Living With Disabilties
- Accessibility
Just like architects are advised to build structures that are acceessible or easy navigated, developers should ensure to design fintech solutions that are simple enough for people with significant disabilities. Ambiguity and vague communication should be avoided. All designs and navigation should be well clearly communicated.
2. Assistive Technologies
This include smart solutions such as screen readers, voice recognition software, and alternative input devices, to make their digital platforms like mobile apps and websites more accessible. Additionally, ensuring compatibility with assistive devices like hearing aids or screen magnifiers is important. ATMs and documents should be Braille enabled for the visually impaired.
Fintech companies should also look into building customized products that provide smart innovative solution to enhance the livelihood of people with disabilities. This might include flexible account options, affordable loan programmes, microfinance initiatives, cards in Braille or insurance products that address specific disability-related risks.
3. Financial Literacy
Educating people with disabilities is very important as it empowers them to handle their finance just like everyone else. Basic financial training on topics like budgeting, debt manabement and finance management should be made available to the people living with disabilities. Training method should also be seemless and flexible to suit the target audience.
4. Government Policy
Government needs to enhance the livelihood of people with disabiliteies by enacting laws that protect the right of people with disabilites and gives them access to financial aids. Some interesting policies to adopt includes prohibition agaginst discrimination, equal access to financial solutions and inclusive financial services across every recognized organization. These regulations would reduce the barrier to financial liberty.
Conclusion
By creating innovative products and services, financial organizations, government agencies and non-financial organizations can improve the lives of people living with disabilities. This way they are enabled to live a financially concious or aware life, access smart financial services, and improve the quality of their lives
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