Figure 2
The diagram shows a conceptual framework with a triangular structure on the left, three vertically arranged text boxes in the center, and one text box on the far right, all connected by labeled arrows. On the left, a large triangle represents the economic pyramid. The lower portion of the triangle is separated by a horizontal line. It is labeled “Unbanked adults with unmet needs at the bottom of the economic pyramid”, with a circular marker labeled “1” placed beside it. The upper portion of the triangle is labeled “A higher level in the economic pyramid”. In the center of the diagram, three rounded text boxes are arranged vertically. The top text box is labeled “Quality of financial decision making”. Below it, a text box labeled “Social networks” appears and contains the texts “Policymakers”, “Elected representatives”, “Influential people”, “Community leaders”, and “Government authorities”. The bottom-most text box is labeled “Anti-social actions” and contains the texts “Economic sabotage”, “Self-isolation”, “Fraud”, “Violent demonstrations”, “Resentment towards elite”, and “Theft, stealing, vandalism, et cetera”. On the far right, a vertically oriented text box labeled “Financial service providers” appears, containing the texts “A T M s”, “Bank branches”, “Mobile money services”, “Fintech apps”, “Microfinance”, “Loan and mortgage”, “Insurance”, “Digital payments”, “Savings”, and “Bank accounts”. From the text box “Quality of financial decision making”, a leftward arrow labeled “7 b” points to the upper section of the economic pyramid, with the text written along the arrow stating “Banked adults making sound financial decisions will, over time, transition to a higher level on the economic pyramid”. Another leftward arrow labeled “7 a” points from “Quality of financial decision making” to the lower section of the pyramid, with the text “Banked adults making bad financial decisions will remain at the bottom of the pyramid”. From the lower section of the pyramid, an arrow labeled “5, 6” points upward to “Quality of financial decision making”, with the text “B O P segments continue to use financial services to meet their needs” written along the arrow. A rightward arrow labeled “2 a” emerges from the lower section of the pyramid and points to the “Social networks” text box, with the text “Unbanked adults inform their social networks about lack of access to financial services”. From the “Social networks” text box, a leftward arrow labeled “3 b” points to the lower section of the economic pyramid, with the text “Social networks communicate request denial to B O P segments”. From the top of the “Social networks” text box, a dashed rightward arrow labeled “4 a” points to the “Financial service providers” text box, with the text “Request granted”. A solid leftward arrow labeled “4 b” points from “Financial service providers” toward the lower section of the economic pyramid, with the text “Financial service providers and social networks collaborate to provide financial services to B O P segments”. A rightward arrow labeled “2 b” points from “Social networks” to “Financial service providers”, with the text “Social networks will urge financial institutions to provide financial services to B O P communities”. A leftward arrow labeled “3 a” points from “Financial service providers” to “Social networks”, with the text “Request denied”. Finally, a downward arrow labeled “3 c” emerges from the lower section of the pyramid and points to the “Anti-social actions” text box, with the text “B O P segments begin to build incentives to undertake anti-social actions”.Illustration of the mechanisms of the BOP theory of financial inclusion. Source: Author's own work