Understanding the Base of the Pyramid (BoP) and guidance for Fintech success: taking into account the 3 ws: work, women and wellbeing: evidence from Egypt

The issues surrounding the Base of the Pyramid (BoP) are well documented since the seminal paper that was introduced in 2002 by Prahalad and Hart. The BoP has evolved through 4 waves: (1) Prahalad’s initial concept and innovative solution to poverty, (2) Karnani’s criticisms of the BoP as a dangerous delusion, (3) London and Hart’s co-creation, and finally (4) London’s BoP promise: building businesses with impact and scale. This chapter will review the 4 waves of the BoP and highlight key current and pressing topics, which are labeled as the 3 Ws: Work, Women, and Wellbeing. In the midst of all BoP discussions, Fintech has recently emerged as a promising solution in many ways, for example, Fintech can enhance the offering of microfinance to the BoP. Microfinance can be more of a tailored and accessible solution for the BoP through Fintech. In order for Fintech to be an innovative solution and to contribute to poverty alleviation at the BoP, it will need to take these three Ws into account. Fintech will need to be aware of microbusinesses, which are predominately run by those at the BoP (their main form of work). Fintech will need to acknowledge the challenges that women face, particularly access to finance and gender-related issues. Finally, Fintech will need to consider the impact on the BoP’s wellbeing, which means understanding whether solutions have a positive or negative effect on those at the BoP. This can be investigated by analyzing BoP solutions according to Ted London’s Impact Assessment Framework. This chapter draws on academic literature related to the BoP, and explores the potential for Fintech and the challenges it faces, with reference to Africa and Egypt in particular.