This research was conducted by Caribou Space for the International Partnership Programme, a five-year, £30 million per year initiative run by the UK Space Agency. This report outlines why and how the space industry has a role to play in addressing challenges within the finance sector in developing countries. It is part of a series of five sector-focused reports, including disaster resilience, agriculture and forestry.
Globally, 1.7 billion adults remain unbanked and virtually all live in the developing world. About 5% of the adult population of Africa has insurance, and 9% of adults in developing countries have borrowed from a formal financial institution. Without access to financial services, the ability to smooth consumption and access opportunities to improve welfare is reduced. The report draws on examples of space solutions for finance supported by IPP and organisations outside of IPP. Finance products include payments, savings, credit and insurance. There are several organisations using space technology, in particular Earth Observation (EO) and Global Navigation Satellite System (GNSS), to enable greater access to financial services in developing countries.