Bnk603 GDB

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The people having income of less than $2.5 per day all over the world are collectively termed as Bottom of the Pyramid (BOP). The BOP is the largest, but poorest socio-economic group. This particular market is facilitated mainly by microfinance institutions, which offer saving schemes as well as micro credit. Commercial banks in Pakistan are also now becoming active in the BOP market and bringing a broader range of services including insurance and mobile phone banking. The products offered by these commercial banks are still at an early stage but looking for a dramatically broader access and lower transaction costs. Remittances through commercial banks to BOP households from overseas family members have also emerged as a significant cross-border financial flow, bringing new attention and new ways to promote economic growth.

 

Keeping in view the information provided in above scenario, you are required to explain how these financial services offered by commercial banks would impact the individuals of BOP market in the long run?

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