{"id":36615,"date":"2019-09-06T14:26:02","date_gmt":"2019-09-06T14:26:02","guid":{"rendered":"https:\/\/content.centerforfinancialinclusion.org\/?p=36615"},"modified":"2019-10-02T11:46:00","modified_gmt":"2019-10-02T15:46:00","slug":"the-next-cfi-challenge-financial-inclusion-for-sustainable-development","status":"publish","type":"post","link":"https:\/\/cfi.accion-staging.flywheelsites.com\/the-next-cfi-challenge-financial-inclusion-for-sustainable-development\/","title":{"rendered":"The Next CFI Challenge: Financial Inclusion for Sustainable Development"},"content":{"rendered":"
When I reflect on the future of financial inclusion, I find myself returning over and over to a basic question. What is the purpose of financial inclusion? Why are so many people around the world working towards it, and why do they believe that financial inclusion will contribute to a better world? What purpose have I been pursuing as leader of the Center for Financial Inclusion for the past decade?<\/p>\n
This year, in choosing a theme for our 5th annual Financial Inclusion Week<\/a>, CFI reflected this question attitude by selecting Financial Inclusion for What? as the theme. But we are not about to let that important question go unanswered. So, after posing it, the CFI staff came up with four answers<\/a> that will be explored during Financial Inclusion Week: financial inclusion for financial health, financial inclusion for equity, financial inclusion for sustainable development, and financial inclusion for the bottom line.<\/p>\n While each of these ideas is important and worthy of exploration, I\u2019d like to talk here about just one of them: sustainable development. In my view, the time is right for the financial inclusion sector to focus smartly on this set of goals. Even more emphatically, if the financial inclusion sector does not embrace sustainable development, it will soon find that it has worked itself out of a job. That\u2019s because the more basic financial inclusion challenges are well on their way to being solved.<\/p>\n In the last decade an amazing transformation has taken place in the ability of most people to move money around quickly and efficiently. Millions and millions have opened bank or mobile money accounts and gained the ability to receive income straight into an account and then use electronic means to buy things. Yes, there are gender gaps, poor country gaps and rural areas gaps. But these are rapidly closing.<\/p>\n When we can presume that basic financial infrastructure is available to everyone for routine payments and banking, the financial inclusion job will be done. Right? This is an accomplishment that everyone in the financial inclusion sector can be very proud of. Even if we are not quite there in 2019, the finish line is well in view. Put an enormous celebration emoji right here, and look for the next challenge.<\/p>\n With financial access infrastructure as a foundation, we can turn to assisting people to do what they care most about: to apply financial services toward problems in the real sector \u2013 the real world, where people earn a living, get educated, build a home, go to the doctor and much more. The Sustainable Development Goals offer a widely-accepted list of real sector challenges that financial services can help address, but I\u2019d like to focus on a slightly narrower list that highlights the activities where financial services are critical: agriculture, small business, health, education, shelter, and environment. The financial inclusion world needs to begin developing solutions that contribute directly to these sectors.<\/p>\n Back in the 1970s, the World Bank, USAID and other global development organizations were highly real-sector oriented when they talked about financial services. They provided enormous lines of credit to agriculture, fisheries, small business, and the like. These lines of credit were channeled through government development banks, who pushed them out at subsidized interest rates. Because they were seen as cheap handouts from the government, they were diverted to elites, with dismal repayment records. The development banks required constant cash infusions, either from abroad or from government budgets. And meanwhile, regular banks could not develop profitable businesses in these sectors, being out-competed by the subsidized loans. Development organizations treated banks much like communist countries treated them: as the distribution arms of central planning. Their solvency wasn\u2019t important \u2013 they were just an administrative function. This was a disaster \u2013 for the banks, for the low-income people who were intended beneficiaries, for the market economy and for the achievement of development objectives.<\/p>\n Fortunately, a band of rural finance enthusiasts at Ohio State University (and others with similar views) convinced the World Bank and USAID to turn off the money hydrants. How they did that is a saga unto itself. For our story, the important thing is that once the subsidized credit spigot was turned off, it left open space in the financial sector for the growth, first, of microfinance and then of financial inclusion. Starting in the 1980s, these movements focused their attention in the right place: building sound financial institutions that knew how to serve the poor and excluded. That institution- and model-building focus was exactly what was needed at the time, and, with a boost from technology innovation, the sector has been on an unbroken path for three decades that is taking us to full realization of basic financial inclusion goals.<\/p>\n But this focus has also meant a three-decade detour away from deep engagement with real sector challenges. We\u2019re working on payments, not mortgages. We\u2019re working on credit algorithms, not pensions. All are important, but our emphasis has been selective.<\/p>\n Now it\u2019s time to come back to the real sector and see how individuals, with their newly acquired access to financial services, can better use those services to accomplish tasks like building a business, using clean energy, getting an education and staying healthy. We\u2019re in a much better position do tackle these challenges today than in the 1970s, because inclusive financial systems exist. And, hopefully, because we won\u2019t make the old mistakes.<\/p>\n It\u2019s time to come back to the real sector and see how individuals can better use financial services to accomplish tasks like building a business, using clean energy, getting an education and staying healthy.<\/p><\/blockquote>\n To take one example, financing for shelter is a potentially pathbreaking field of endeavor for those concerned with financial services for the poor. Everyone needs a safe and comfortable place to live. But with a few exceptions, shelter has not played a role in the financial inclusion conversation for the past decade. To seriously support the acquisition or upgrading of housing, we need innovations. We already know that the thirty-year mortgage is not the answer for most low-income people around the world, but how can we promote the spread of the two-year home improvement loan that has shown promise in many areas? What models combine new financial products with new forms of construction, or land titling?<\/p>\n To develop innovations that work, financial inclusion and housing experts will have to join together in a multi-disciplinary way, and they will have to draw on the advances available through technology. A handful of organizations do combine housing and financial expertise to solve shelter problems, but many more are needed. Financial inclusion experts need to learn about construction, while shelter experts need to be open to financing methods other than scaled back mortgages. Partnerships are needed to solve barriers such as out-of-date building codes and access to water and sanitation. These challenges are often far beyond the usual concerns of banks and financial institutions, and unsolved, they can impede the development of financing solutions by making it hard to lend or by making housing unaffordable.<\/p>\n Similarly, in order to offer financial services that support health care, financial inclusion experts must learn more about how health care works and what it costs, while the health care experts must be willing to explore models other than public sector hospitals and clinics. And I could say the same about agriculture, energy, environment and education.<\/p>\n Why haven\u2019t financial inclusion specialists already moved into sustainable development in a big way? I can think of three very good reasons.<\/p>\n","protected":false},"excerpt":{"rendered":" When I reflect on the future of financial inclusion, I find myself returning over and over to a basic question. What is the purpose of financial inclusion? Why are so many people around the world working towards it, and why do they believe that financial inclusion will contribute to a better world? What purpose have […]<\/p>\n","protected":false},"author":75,"featured_media":36620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"regions":[],"series":[3590,3508],"types":[3123],"client":[],"topics":[40,3278,3477,43,3357,39],"personas":[],"institutional_partnerships":[],"clients":[],"program_teams":[],"acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2142,"filter":"raw","term_order":"0"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"As Elisabeth Rhyne prepares to step down as Managing Director of the Center for Financial Inclusion, she challenges the financial inclusion field to get its hands dirty in the real sector."},"post_default":{"description":""}},"authors":[{"ID":26525,"post_author":"1","post_date":"2018-08-20 15:28:04","post_date_gmt":"2018-08-20 15:28:04","post_content":"","post_title":"Elisabeth Rhyne","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"elisabeth-rhyne","to_ping":"","pinged":"","post_modified":"2019-09-17 11:41:31","post_modified_gmt":"2019-09-17 15:41:31","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/elisabeth-rhyne\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2018\/08\/thumb_43573C591EDB49E2884D4CE5D8D6A9D6.jpg","acf":{"title":"Former Managing Director","position":"management","social_media_links":{"email":"erhyne@accion.org","linkedin":"","twitter":""},"body":" From its founding in 2008 until retiring in 2019, Elisabeth Rhyne was the Managing Director of CFI. As senior vice president of Accion since 2000, Beth led Accion\u2019s initial entry into Africa and India, directed the organization\u2019s research efforts to develop new financial products, and managed Accion\u2019s publications and educational activities.<\/p>\n Recognized as a leading thinker and writer in the field of microfinance, Beth has published numerous articles and four books on the topic, including\u00a0Mainstreaming Microfinance: How Lending to the Poor Began, Grew and Came of Age in Bolivia<\/i>\u00a0(Kumarian Press, 2001). She was also co-editor of\u00a0The New World of Microenterprise Finance<\/i>\u00a0(Kumarian, 1994), which provided the introduction to microfinance for many of the field\u2019s current professionals.<\/p>\n Beth was director of the Office of Microenterprise Development at the U.S. Agency for International Development (USAID) from 1994 to 1998, where she developed and led USAID\u2019s Microenterprise Initiative. While there, she contributed to the founding of the Consultative Group to Assist the Poor (CGAP) and the Boulder Institute of Microfinance. Beth\u2019s experience includes eight years of residence in Africa (Kenya and Mozambique) and independent consulting on microfinance policy and operations for governments, international organizations and microfinance institutions.<\/p>\n She holds a master\u2019s and Ph.D. in public policy from Harvard University. She earned a bachelor\u2019s degree in history and humanities from Stanford University.<\/p>\n <\/p>\n","header":{"header_type":"people_aligned","people_aligned":{"description":""}},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":false,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"is_author":true,"person_name":{"first_name":"Elisabeth","last_name":"Rhyne"}},"url":"elisabeth-rhyne"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":[{"acf_fc_layout":"text_block","heading":"","quick_links":false,"heading_label":"","subheader":"1. The need for cross-disciplinary collaboration","body":" First, it takes concerted effort to learn enough about the real sector to create innovative ideas. It\u2019s easy to say, \u201cI\u2019m a financial services person. Let the agronomist or the public health specialist worry about the non-financial stuff.\u201d That won\u2019t cut it, however. In fact, the agronomist and the public health specialist often resort to a similar excuse on their side. I have seen too many financial services overtures rebuffed by a real sector person who just wants to see the money flow to the beneficiaries they love \u2013 in effect taking a 1970s view of finance. With understanding and partnerships across disciplines, such attitudes will change.<\/p>\n"},{"acf_fc_layout":"text_block","heading":"","quick_links":false,"heading_label":"","subheader":"2. Challenges in public-private partnerships","body":" Another reason for the gap is the difficulty for governments and financial institutions to develop effective public-private partnerships. For example, if a bank wants to support pensions for people in the informal sector, it may decide that linking them to the government pension scheme is the best solution, but then may find it difficult to connect with the pension overseers who are bureaucratic and occupied with other challenges \u2013 like keeping the pension system solvent. CFI Fellow Larry Reed is exploring relationships<\/a> between governments and banks to see whether government-to-person payments can provide a path to financial inclusion. Chief stumbling block he\u2019s found? The government procurement process. Similar issues come up in the health arena.<\/p>\n"},{"acf_fc_layout":"text_block","heading":"","quick_links":false,"heading_label":"","subheader":"3. Profit and scale pressures","body":" Possibly the biggest reason for the gap is the pressure for business models that feature scale, profitability, even when they are trying to reach lower income segments. It takes experimentation to develop sustainable business models for the previously excluded, and even if they start with a great idea and gifted entrepreneur, the initial models may not fulfill expectations. Room to experiment is needed. Unfortunately, with the now-dominant impact investing paradigm, this room is rarely available. Start-ups face immense pressure to break even and scale quickly. By contrast, when microfinance came along, it was given lots of room to experiment. Subsidies were offered to support the microfinance programs while they still had low scale and profitability expectations. As business models were perfected, subsidies decreased and then disappeared. Today, when a new start-up faces pressure to reach profitability and scale early on, one option is to go forward with whatever minimum viable product is at hand. Another is to pivot to a less developmental market segment. Neither of these is a good way to solve previously unsolved problems.<\/p>\n"},{"acf_fc_layout":"text_block","heading":"","quick_links":false,"heading_label":"","subheader":"","body":" Many start-up companies are engaging with the real sector in innovative ways. Small business finance is full of innovators right now. The entire PayGo movement<\/a> that helps finance solar home systems is another clear example. Agricultural insurance<\/a> is seeing many innovations \u2013 like the insurance products offered by Pula, an Accion Venture Lab investee company, which are sold through chips embedded in seed bags. Water.org provides credit<\/a> for families to hook up to whatever form of water or sanitation is available to them. I would love to see many more such ideas take off.<\/p>\n We have built a financial sector that extends its reach to people of all levels, all over the globe. As we celebrate it, let\u2019s also recognize that this enormous accomplishment lays the foundation for using financial services to solve real sector problems. The types of engagement I am proposing will not be easy, but they are necessary, and, ultimately, that is what financial inclusion is for. As it looks to its next activities, with new leadership, I hope the Center for Financial Inclusion at Accion will take up this challenge in a big way.<\/p>\n"}],"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"related_content":{"cards":[{"ID":43996,"post_author":"87","post_date":"2022-03-21 15:00:06","post_date_gmt":"2022-03-21 19:00:06","post_content":"Two years into the COVID-19 pandemic, the role of digital financial services in providing access to essential services is undeniable. Digital financial services have enabled governments and nonprofits to deliver timely social protection payments and aided families and friends of those in need to quickly share financial resources. The rise of platforms and small business fintechs allowed for new forms of commerce that have kept people employed and grown gig work opportunities, which helped customers in small villages and large cities alike to purchase goods needed for their households.\r\n From its founding in 2008 until retiring in 2019, Elisabeth Rhyne was the Managing Director of CFI. As senior vice president of Accion since 2000, Beth led Accion\u2019s initial entry into Africa and India, directed the organization\u2019s research efforts to develop new financial products, and managed Accion\u2019s publications and educational activities.<\/p>\n Recognized as a leading thinker and writer in the field of microfinance, Beth has published numerous articles and four books on the topic, including\u00a0Mainstreaming Microfinance: How Lending to the Poor Began, Grew and Came of Age in Bolivia<\/i>\u00a0(Kumarian Press, 2001). She was also co-editor of\u00a0The New World of Microenterprise Finance<\/i>\u00a0(Kumarian, 1994), which provided the introduction to microfinance for many of the field\u2019s current professionals.<\/p>\n Beth was director of the Office of Microenterprise Development at the U.S. Agency for International Development (USAID) from 1994 to 1998, where she developed and led USAID\u2019s Microenterprise Initiative. While there, she contributed to the founding of the Consultative Group to Assist the Poor (CGAP) and the Boulder Institute of Microfinance. Beth\u2019s experience includes eight years of residence in Africa (Kenya and Mozambique) and independent consulting on microfinance policy and operations for governments, international organizations and microfinance institutions.<\/p>\n She holds a master\u2019s and Ph.D. in public policy from Harvard University. She earned a bachelor\u2019s degree in history and humanities from Stanford University.<\/p>\n <\/p>\n","header":{"header_type":"people_aligned","people_aligned":{"description":""}},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":false,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"is_author":true,"person_name":{"first_name":"Elisabeth","last_name":"Rhyne"}},"url":"elisabeth-rhyne"}],"series":[{"term_id":3590,"name":"Financial Inclusion Week 2019","slug":"financial-inclusion-week-2019","term_group":0,"term_taxonomy_id":3590,"taxonomy":"series","description":"","parent":0,"count":26,"filter":"raw","term_order":"0"},{"term_id":3508,"name":"From Beth's Desk","slug":"from-beths-desk","term_group":0,"term_taxonomy_id":3508,"taxonomy":"series","description":"","parent":0,"count":11,"filter":"raw","term_order":"0"}],"personas":false,"start_date":null,"start_time":null,"end_date":null,"end_time":null,"event_timezone":null,"location":null,"host":null},"_links":{"self":[{"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/posts\/36615"}],"collection":[{"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/users\/75"}],"replies":[{"embeddable":true,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/comments?post=36615"}],"version-history":[{"count":10,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/posts\/36615\/revisions"}],"predecessor-version":[{"id":36623,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/posts\/36615\/revisions\/36623"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/media\/36620"}],"wp:attachment":[{"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/media?parent=36615"}],"wp:term":[{"taxonomy":"regions","embeddable":true,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/regions?post=36615"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/series?post=36615"},{"taxonomy":"types","embeddable":true,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/types?post=36615"},{"taxonomy":"client","embeddable":true,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/client?post=36615"},{"taxonomy":"topics","embeddable":true,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/topics?post=36615"},{"taxonomy":"personas","embeddable":true,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/personas?post=36615"},{"taxonomy":"institutional_partnerships","embeddable":true,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/institutional_partnerships?post=36615"},{"taxonomy":"clients","embeddable":true,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/clients?post=36615"},{"taxonomy":"program_teams","embeddable":true,"href":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-json\/wp\/v2\/program_teams?post=36615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}We need data, metrics, and measurement standards to better understand and move the needle on measuring resilience.<\/blockquote>\r\nThe role fintechs have played over the last two years is clear. We have data about the growth of fintechs during the pandemic, on how much capital they have attracted from investors, and many anecdotal stories about how individuals and firms using fintechs have experienced direct benefits from moving to digital solutions. But while there are many stories of the positive relationships between fintechs and their customers during the pandemic, we need data, metrics, and measurement standards to better understand and move the needle on measuring resilience.\r\n\r\nWith the support of Jersey Overseas Aid and Comic Relief<\/a>, CFI conducted research to better understand fintechs, their resilience, and the impact they have on the livelihoods of low-income customers. CFI\u2019s research on fintech resilience is the first attempt to set forth a framework and call to action to understand the interconnectedness between progress at the provider level and the implications for users. Through our research, we found that, by and large, fintechs are operationally resilient, although many early-stage fintechs did have to resort to layoffs and salary cuts, or to slowing growth plans. However, measuring resilience \u2014 whether at the level of financial institutions or customers, as well as how they influence each other \u2014 is at an early stage of research.\r\n
PACT measures resilience as a combination of abilities and access to resources across four dimensions: Preparedness, Access, Capability, and Ties (Networks).<\/blockquote>\r\nTo support our work in understanding how to measure and quantify fintech\u2019s resilience and impact, CFI developed the PACT framework. This helps us analyze the resilience of both fintechs and low-income customers, and see where and how there are direct connections between the two. PACT measures resilience as a combination of abilities and access to resources across four dimensions: Preparedness, Access, Capability, and Ties (Networks). This framework can inform investors and donors who are looking to support low-income customers.","post_title":"A PACT to Promote Resilience","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"a-pact-to-promote-resilience","to_ping":"","pinged":"","post_modified":"2022-03-21 15:00:06","post_modified_gmt":"2022-03-21 19:00:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=43996","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2022\/02\/iStock-589580906-1-e1646057151784.jpg","acf":{"types":{"term_id":28,"name":"Report","slug":"report","term_group":0,"term_taxonomy_id":28,"taxonomy":"types","description":"","parent":0,"count":128,"filter":"raw","term_order":"0"},"header":{"header_type":"post_cover","post_cover":{"description":"Using a Framework to Understand How Fintechs and their Customers Cope, Survive, and Thrive"},"post_aligned":{"description":""},"post_default":{"description":""}},"authors":[{"ID":26638,"post_author":"1","post_date":"2018-08-20 15:28:56","post_date_gmt":"2018-08-20 15:28:56","post_content":"","post_title":"Jayshree Venkatesan","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jayshree-venkatesan","to_ping":"","pinged":"","post_modified":"2021-11-16 11:38:17","post_modified_gmt":"2021-11-16 15:38:17","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/jayshree-venkatesan\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":26640,"post_author":"1","post_date":"2018-08-20 15:28:56","post_date_gmt":"2018-08-20 15:28:56","post_content":"","post_title":"Evelyn Stark","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"evelyn-stark","to_ping":"","pinged":"","post_modified":"2021-12-13 16:37:56","post_modified_gmt":"2021-12-13 20:37:56","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/evelyn-stark\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":true,"cta_button_text":"DOWNLOAD PUBLICATION","cta_media":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2022\/02\/A-PACT-to-Promote-Resilience-1.pdf","cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"a-pact-to-promote-resilience"},{"ID":44098,"post_author":"87","post_date":"2022-03-10 13:11:33","post_date_gmt":"2022-03-10 17:11:33","post_content":"
Challenges of applying for relief end up harming vulnerable people, dampen public trust in such programs, and effectively reduce the intent of G2P protection schemes.<\/blockquote>\r\nThe rapid deployment of government to person (G2P) social protection payments because of COVID-19 demonstrated the extent to which these schemes increasingly rely upon a country\u2019s digital financial ecosystem \u2014 from interoperable payments infrastructure to digital IDs, partnerships with commercial payment and financial service providers (and their agent networks), and collaboration with mobile network operators. When things went well, the payments were made seamlessly and helped ease the economic burden of the pandemic. But when things did not, it was consumers who bore the brunt. Many were unable to apply for relief because they lacked internet access, proper documents, or they had been a victim of identity theft. Long lines and illiquid cash out points, as well as hotlines jammed with calls and interminable wait times without resolution also posed challenges for those attempting to apply for relief. These challenges end up harming vulnerable people, dampen public trust in such programs, and effectively reduce the intent of G2P protection schemes.\r\n
End-to-end program design, clear accountability across multiple service providers, and consumer-friendly redressal systems are critical elements of successful G2P systems.<\/blockquote>\r\n
Online Safety and Security Risks Present Barriers for Women\u2019s Financial Inclusion<\/span><\/b><\/h2>\r\nAlthough the pandemic has <\/span>accelerated the use of digital financial services<\/span><\/a> and mobile phones provided opportunities to pivot businesses, stay connected, and continue working, <\/span>mobile ownership remained flat<\/span><\/a> among women in low- and middle-income countries during COVID. As we look to make progress on women\u2019s financial inclusion, we must also look at what is needed to help women feel safe and able to use mobile financial services.<\/span>\u00a0<\/span>\r\n\r\nSafety and security are crucial components for online gender equity. And are a necessary and first step to using digital financial services. The <\/span>GSMA Mobile Gender Gap Report 2021<\/span><\/a> reported safety and security in accessing mobile internet as the third barrier to women\u2019s mobile internet access, behind literacy and affordability. As digital financial services become commonplace, ensuring safe and secure online spaces is a crucial first step towards inclusive finance for women. However, safety and security risks present barriers to mobile adoption for many women, ultimately impeding women\u2019s access to and trust in mobile financial services.<\/span>\r\n
Why <\/span>Digital Safety and Security Are Especially <\/span>Concerning<\/span> for Women<\/span><\/span><\/h2>\r\nWhile there are risks to online environments that can make anyone \u2013 man or woman \u2013 feel unsafe, it is important to understand that these risks can often be heightened for women. <\/span>Online environments<\/span><\/a> can mimic and exacerbate risks in the physical environment that stem from offline gender norms and discrimination against women. The internet poses numerous risks \u2013 ranging from a higher potential for fraud, surveillance, and identity theft, to targeted violence, misuse of personal images and data, and sharing inappropriate content or behavior. The fear of being unable to cope with any of these \u2013 combined with the lack of redressal options and the absence of affordable legal recourse mechanisms \u2013 can lead to feeling unsafe.<\/span>\r\n
Online environments<\/span> can mimic and exacerbate risks in the physical environment that stem from offline gender norms and discrimination against women.<\/span><\/blockquote>\r\nCultural norms and ideologies<\/span><\/a> that limit women\u2019s freedom of movement often translate into restrictions in accessing the internet, or even having access to a mobile phone. <\/span>Others face consequences, or social censure from having an online presence<\/span><\/a> reinforcing norms experienced in the real world. These barriers shape women\u2019s online behavior and create significant obstacles for usage, exacerbating the mobile gender gap.<\/span>\r\n\r\nIn addition to mimicking and exacerbating risks online, gender norms in the real world can shape one\u2019s online behavior. <\/span>Research in India<\/span><\/a> showed that the very act of going online can violate expectations of a woman\u2019s behavior in society. Women are told they should not talk to men outside their family or be accused of \u201cimproper\u201d behavior. The fear of being discovered online by family or extended family forces women to minimize their online footprint and reduce their internet usage.<\/span>\r\n
In societies with hegemonic gender ideologies, the woman is almost always blamed for everything that goes wrong.<\/span><\/blockquote>\r\nFurthermore, the perception of women being more vulnerable is reinforced by a lack of clarity on recourse mechanisms, which often do not exist. If recourse mechanisms do exist, in some cultural contexts, women may be blamed for putting themselves in a compromising situation or may not have the courage to speak up. Finally, countering online harassment can be harder for women because it is often subversive, can be conducted through one-on-one interactions, and is difficult to track and trace since abuser identities are often hidden or fake. In societies with hegemonic gender ideologies, the woman is almost always blamed for everything that goes wrong.<\/span>\r\n
What Can Be Done to Support a <\/span>S<\/span>afe and <\/span>S<\/span>ecure <\/span>Online E<\/span>nvironment for <\/span>W<\/span>omen<\/span><\/span><\/h2>\r\nCreating a safe and secure online environment for women to transact will need cross-sector collaboration and will require efforts from multiple stakeholders. Below are a few ideas for ways to better support women with online and digital services.<\/span>\r\n
\r\n \t
Financial service providers or fintechs that develop apps have a responsibility to ensure that principles of necessity and <\/span><\/b>proportionality<\/span><\/b><\/a> are followed when seeking user data. <\/span><\/b><\/h3>\r\nRequesting access to photographs on phone galleries, or getting access to phone contacts should not be automatic, and must be restricted for access and use by employees of a fintech who use this to <\/span>collect overdue loans<\/span><\/a>, or follow up on payments. This can prevent <\/span>misuse and harassment<\/span><\/a> that specifically targets women.<\/span><\/li>\r\n \t
Design easier complaint processes.<\/span><\/b><\/h3>\r\nIPA\u2019s <\/span>research in Nigeria<\/span><\/a> shows that even with digital products, customers tend to resolve challenges in person. And when complaints remain unresolved, usage tends to drop. Apps should have easy-to-access safety mechanisms that can help them block calls or alert the provider through a help button, in case of an emergency. Additionally, customers who have <\/span>lower income and education levels<\/span><\/a> are <\/span>less likely<\/span><\/a> to use formal redress channels. Initiatives like \u2018<\/span>Digital Safe-tea\u2019<\/span><\/a>,<\/span> an interactive fiction game about digital safety issues, can help alert women on rules to follow in an online or digital world. Using peer learning mechanisms also could help women learn how to navigate digital environments safely.<\/span><\/span><\/li>\r\n \t
Create a conducive policy and legal environment for data rights.<\/span><\/b><\/h3>\r\n Sharing information may be crucial to enable access to digital financial services. However, FSPs, MNOs and other actors involved should have data sharing policies and be held accountable when this data is misused by their employees or agents, or when there are data breaches. When customers receive calls from people who claim they are from a specific company or have access to personal information, there should be a way to verify the information or report it to the company and a central authority that can adjudicate on the breach of rights.<\/span><\/li>\r\n<\/ol>\r\n
Women will only trust the digital environment if they feel safe enough to report online incidents and if these reports are acted upon.<\/span><\/blockquote>\r\nWomen will only trust the digital environment if they feel safe enough to report online incidents and if these reports are acted upon. Inclusion can only take place if there is a common culture that respects all customer voices. We need to better encourage women, or anyone facing abuse and discrimination, that if they see something, they need to say something. As we work to break the biases that hinder women\u2019s financial inclusion and, ultimately women\u2019s economic empowerment, ensuring safe and secure online spaces is a crucial first step.<\/span>","post_title":"If You See Something, Say Something","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"if-you-see-something-say-something","to_ping":"","pinged":"","post_modified":"2022-03-10 11:44:52","post_modified_gmt":"2022-03-10 15:44:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=44087","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2022\/03\/iStock-1309082478-1.jpg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2142,"filter":"raw","term_order":"0"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":""},"post_default":{"description":""}},"authors":[{"ID":26638,"post_author":"1","post_date":"2018-08-20 15:28:56","post_date_gmt":"2018-08-20 15:28:56","post_content":"","post_title":"Jayshree Venkatesan","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jayshree-venkatesan","to_ping":"","pinged":"","post_modified":"2021-11-16 11:38:17","post_modified_gmt":"2021-11-16 15:38:17","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/jayshree-venkatesan\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":26330,"post_author":"1","post_date":"2018-08-20 13:50:31","post_date_gmt":"2018-08-20 13:50:31","post_content":"","post_title":"Alexandra (Alex) Rizzi","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alexandra-alex-rizzi","to_ping":"","pinged":"","post_modified":"2021-03-02 17:16:39","post_modified_gmt":"2021-03-02 21:16:39","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/alexandra-rizzi\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"if-you-see-something-say-something"},{"ID":43849,"post_author":"87","post_date":"2022-01-19 17:09:48","post_date_gmt":"2022-01-19 21:09:48","post_content":"Financial capability is the capacity to make and execute financial decisions that support one\u2019s wellbeing and that fit within one\u2019s lifestyle and environmental circumstances. Yet, how can financial service providers (FSPs) help their customers build financial capability, and how can they measure customers\u2019 progress? CFI, in partnership with MetLife Foundation, launched a project in February 2018 to enhance financial customer engagement by building their capabilities. The project aims to develop and promote digital tools that FSPs can use to diagnose clients\u2019 financial health, identify gaps, and develop actionable plans to improve financial well-being. To date, the project has partnered with two FSPs \u2013 Grassland Finance Limited<\/a> and FINCA Kosovo<\/a> \u2013 to design and deploy a minimum viable product (MVP) web application aimed to build financial capability using a customer-centric and behavioral-driven approach. This post shares initial learnings from the pilots.\r\n
Background<\/strong><\/h2>\r\n
Why Focus on Financial Capability? <\/strong><\/h3>\r\nFinancial capability building<\/a> equips people with the knowledge, skills, attitudes, and behaviors (KSABs) necessary to achieve their desired financial and personal outcomes. Knowledge is a person\u2019s understanding of a subject, skills are the proficiencies a person has to apply to specific situations, attitudes are a person\u2019s general perceptions of a subject, and behaviors are the actions that a person demonstrates.\r\n\r\nBuilding customers\u2019 financial capability is good for both the customer and the FSP. While the link between earnings and a non-financial service, such as financial capability building, might not be immediately obvious, evidence exists<\/a> that financially capable customers make for a financially sound portfolio<\/a>, barring macroeconomic volatility. Financially capable borrowers are more likely to repay their loan, thus boosting FSPs\u2019 profitability by lowering the problem loan ratio. Additionally, financially capable customers are more likely to be eligible for loan renewals, and retaining customers costs less<\/a> than acquiring new ones.\r\n
Why Develop an App? <\/strong><\/h3>\r\nWhile many FSPs continue to focus on digital transformation, limitations in technology infrastructure and financial resources pose key barriers to digitalization. With these challenges in mind, CFI and MetLife created FinVenture, a mobile-compatible, browser-based web app. FinVenture aims to build customers\u2019 financial capability by presenting users with a series of relevant activities to complete in return for rewards.\r\n\r\nThe MVP app was designed with the following goals:\r\n
\r\n \t
Lessons Learned<\/strong><\/h2>\r\nThe following three key takeaways have come out of our pilots with Grassland Finance Limited and FINCA Kosovo. These pilots are expected to run until June 2022. After that, an analysis of user engagement and feedback will be instrumental in determining the future of the FinVenture platform and our partners\u2019 financial capability-building activities.\r\n
Lesson 1: Build Activities Around \u201cKSABs\u201d <\/strong><\/h3>\r\nIf financial literacy interventions have taught us anything, it is that focusing solely on improving knowledge and skills, which traditionally relies on rote memorization and lecture-based learning, is not sufficient for improving financial outcomes. With this in mind, CFI used the four financial capability components -- the knowledge, skills, attitudes, and behaviors (KSABs) -- as the launching point to design a diverse set of activity types.\r\n\r\nFollowing extensive user research, we determined a core set of activity types that offer variety while also prioritizing the need for simplicity and functionality. The table below illustrates how each activity type -- namely, quizzes based on articles and case studies, financial tracking tools, and surveys -- is expected to enhance a financial capability component.\r\n\r\n\r\n\r\n\r\n
Lesson 2: Structure the App Content to Allow for Personalization<\/strong><\/h3>\r\nTo make the content as relevant as possible for each user, the FinVenture app encourages users to begin by completing an introductory activity to measure their baseline level of financial capability. The introductory activity primes users to reflect on their financial goals and create a personalized experience based on those goals. Users are then prompted to select up to three activities to complete at a time. This structure allows FSPs to leverage user engagement data to inform the design of products and services that can best help customers achieve their financial goals.\r\n\r\nFor many customers, the breadth of financial information available can be a deterrent from thinking meaningfully about their finances. Creating an organizing structure that is based on financial goals is one way to help overcome potential information overload. We identified core financial goals \u2013 namely money management, planning, resilience, and use of financial services \u2013 to shape the FinVenture modules.\r\n
<\/h3>\r\n
<\/h3>\r\n
Lesson 3: Build Incentives to Keep Users Engaged<\/strong><\/h3>\r\nTo incentivize user engagement, FinVenture\u2019s point system (FINWALLET) contributes to internal motivation while also providing institutions the option to offer material rewards. By allowing partners the ability to choose what rewards to give, the app can be customized to encourage user engagement. One of our pilot partners, Grassland, chose to integrate FinVenture into their client education platform<\/a> and set up a rewards system in which clients can exchange FinVenture points for a variety of rewards, ranging from tangible gifts such as a reusable grocery bag to lump-sum discounts that can be applied to their loan installment payments.\r\n
Considerations for Future App-Based Financial Capability Interventions <\/strong><\/h2>\r\nAlthough the following features didn\u2019t make the FinVenture MVP development due to resource and time constraints, they are worth mentioning for FSPs that are considering developing a financial capability-building app. These features draw from our user research, behavioral science best practices, and pilot partner suggestions.\r\n
Peer Exchange<\/strong><\/h3>\r\nOne way to strengthen an app\u2019s effectiveness in shifting attitudes would be to incorporate a peer exchange functionality \u2013 for example, users could share financial milestones achieved or personal finance hacks that have worked for them. Using social media<\/a> and storytelling<\/a> has proven to be effective for influencing attitudes and changing behaviors.\r\n
Soliciting Customer Feedback to Inform Content<\/strong><\/h3>\r\nAnother way to increase user engagement would be to have customers identify where they need help. If an app provided initial recommendations of topics, these could be further refined based on users\u2019 activity engagement and performance. In addition, the FSP can leverage its established feedback channels such as social media, focus groups, or email to take requests from customers. This added feature would allow customers to better chart their own course to improve their financial capability.\r\n
Group Activities <\/strong><\/h3>\r\nFSPs can leverage peer and social relationships to encourage financial capability-building behaviors by presenting users with a series of tasks as part of a team in return for rewards. This is worth exploring for users who share financial responsibility with other household members.\r\n
Conclusion<\/h2>\r\nThis project has begun to shed light on how FSPs can use a customer-centric and behaviorally-informed app to begin building customers\u2019 financial capability. In addition to the financial benefits for FSPs that result from having financially capable clients, investing in the financial success of customers strengthens customer relationships and has the potential to further financial inclusion.","post_title":"Improving Customer Financial Capability Through a Digital App: Lessons Learned from Pilots with Two FSPs","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"improving-customer-financial-capability-through-a-digital-app-lessons-learned-from-pilots-with-two-fsps","to_ping":"","pinged":"","post_modified":"2022-01-19 17:09:48","post_modified_gmt":"2022-01-19 21:09:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=43849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2022\/01\/iStock-1160989277.jpg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2142,"filter":"raw","term_order":"0"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":""},"post_default":{"description":""}},"authors":[{"ID":26376,"post_author":"1","post_date":"2018-08-20 13:50:32","post_date_gmt":"2018-08-20 13:50:32","post_content":"","post_title":"Jacqueline Foelster","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jacqueline-foelster","to_ping":"","pinged":"","post_modified":"2022-02-11 16:29:37","post_modified_gmt":"2022-02-11 20:29:37","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/jacqueline-foelster\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":38905,"post_author":"62","post_date":"2020-06-11 12:44:06","post_date_gmt":"2020-06-11 16:44:06","post_content":"","post_title":"Henry Bruce","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"henry-bruce","to_ping":"","pinged":"","post_modified":"2022-01-11 12:49:00","post_modified_gmt":"2022-01-11 16:49:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=38905","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"improving-customer-financial-capability-through-a-digital-app-lessons-learned-from-pilots-with-two-fsps"},{"ID":43763,"post_author":"87","post_date":"2021-12-20 18:33:12","post_date_gmt":"2021-12-20 22:33:12","post_content":"The past year was one of building on what became our new reality in 2020.\r\n\r\nWhile the full impact of the pandemic remains unknown, we know that financial services play a crucial role in mitigating the continued effects on livelihoods. We know that financial services are important for changing norms to achieve women\u2019s economic empowerment. We also know that understanding data risks is needed for protecting low-income consumers against fraud and other hazards. And we know that financial services are needed for underserved customers so they can be resilient in the face of a changing climate.\r\n\r\nSo how have we advanced our learning on these key lines of inquiry in 2021?\r\n\r\nThe list below \u2013 10 pieces of selected research, analysis, and recommendations from the year \u2013 is not exhaustive: CFI published 15 publications and nearly 30 blog posts this year. But it offers a cross-section of how CFI is thinking about the biggest challenges in our sector.\r\n\r\nWe look forward to furthering our learning in 2022 and\u00a0continuing to advance inclusive financial services. We wish everyone a healthy new year with shared prosperity for all.\r\n
The Stories Algorithms Tell<\/a><\/h3>\r\nBy Alexandra Rizzi, Alex Kessler, and Jacobo Menajovsky<\/em>\r\n\r\nThis flagship publication grounds universal challenges on the use of algorithms, automated decisions, alternative data, and bias in the context of inclusive financial services to present the current state of play among inclusive finance actors. The report is based on desk research and interviews from a sample of fintechs, regulators, and other experts.\r\n
Normative Constraints to Women\u2019s Financial Inclusion: What We Know and What We Need to Know<\/a><\/h3>\r\nBy Julia Arnold, Mayada El-Zoghbi, and Alex Kessler<\/em>\r\n\r\nFinancial services design and delivery play a part in ensuring women retain control over resources. But norms are increasingly recognized as a key constraint to women\u2019s financial inclusion. This report reviews evidence on social and gender norms and financial inclusion and identifies areas for further improvement to understand and address the norms that influence women\u2019s participation in the economy and the financial system.\r\n
Green Inclusive Finance<\/a><\/h3>\r\nBy Howard Miller<\/em>\r\n\r\nThe role of financial services in helping low-income consumers respond to climate change is increasingly gaining acceptance in the inclusive finance realm as a key component of the global response to the great crisis of our time. This video and blog post map out CFI\u2019s framework for green inclusive finance and provide four distinct but interrelated pathways for understanding how inclusive finance can help low-income populations prepare for and respond to climate change while improving green outcomes.\r\n
Promoting Prosperity in an Era of Uncertainty<\/a><\/h3>\r\nBy Mayada El-Zoghbi<\/em>\r\n\r\nIn her welcome letter to Financial Inclusion Week<\/a>, CFI\u2019s Managing Director discusses the biggest trends in and challenges facing inclusive finance amid a pandemic that already has pushed an estimated 97 million more people into poverty. She provides a bird\u2019s-eye view of the measures taken to avert the crisis, noting the bright spots \u2013 rapid mobile money adoption, impressive investments in inclusive fintechs, the flowering of the platform and gig economies \u2013 while striking a cautious tone regarding the challenges ahead.\r\n
The Precarious State of MSMEs: Understanding the Impact of COVID-19 and Opportunities to Support their Recovery<\/a><\/h3>\r\nBy Shradha Modi, Katia Huayta Zapata, Lauren Braniff, and Aeriel Emig<\/em>\r\n\r\nThis brief shares how COVID-19 has impacted MSMEs over the last year and a half in four emerging markets: Colombia, India, Indonesia, and Nigeria. Backed by six waves of survey data<\/a> collected from owners and operators of micro, small and medium enterprises (MSMEs), this brief offers four areas to focus on to navigate today\u2019s challenges and build resilience for tomorrow.\r\n
Weathering the Storm II: Tales of Survival from Microfinance Crises Past<\/a><\/h3>\r\nBy Daniel Rozas<\/em>\r\n\r\nA follow up to the original report<\/a> and case studies, published in 2011 in the aftermath of the 2007-09 financial crisis, Weathering the Storm II looks at the decade that followed the original paper and shares what became of the organizations profiled within it and how they\u2019re facing the COVID-19 crisis. Nearly every type of financial institution \u2013 from NGO to bank \u2013 is included in this report that synthesizes experiences and lessons from 16 institutions in 14 countries on four continents over 15 years (including five new case studies from Azerbaijan, Bosnia and Herzegovina, India, Nicaragua, and Palestine).\r\n
Yes, COVID is the Big Bang of Digital Payments<\/a><\/h3>\r\nBy Loretta Michaels<\/em>\r\n\r\nWith over 300 million monthly active users in 2020 (up 17 percent year-over-year), mobile money has seen explosive growth. Not only is it an extremely useful tool for businesses and individuals, but mobile money has also been integral for rapid government-to-person (G2P) transfers in many countries in the first months of the pandemic. But there\u2019s still untapped potential for mobile money in a post-pandemic world, especially for governments seeking universal access to financial services.\r\n
Trust of Data Usage, Sources, and Decisioning: Perspectives from Rwandan Mobile Money Users<\/a><\/h3>\r\nBy Alex Rizzi and Tanwi Kumari<\/em>\r\n\r\nWho is fairer: loan officers or digital lenders? The publication shares highlights of a qualitative study of 30 mobile money users in Rwanda that aims to answer this question. The survey focuses on user perceptions of and opinions on consumer data in underwriting and the evolving data ecosystem.\r\n
Leveraging Digital Financial Capability to Drive Women\u2019s Financial Inclusion<\/a><\/h3>\r\nBy Julia Arnold and Marina Dimova<\/em>\r\n\r\nFinancial capability must evolve to include digital financial capability. While digital tools offer promise, there is a risk of excluding women, oral communities, and others from the formal financial system, if focus is not given to helping people gain the knowledge and skills to effectively use digital financial services. This post provides a framework for developing effective digital financial capability programs and action steps to guide the way.\r\n
Reducing Bias in Algorithmic Decisions Cannot Rely on \u201cBlind\u201d Approaches<\/a><\/h3>\r\nBy Alex Kessler and Jacobo Menajovsky<\/em>\r\n\r\nWhat happens when gender-blind credit scoring is applied to financial products and services? We see products like the infamous Apple Card, which gave women consistently lower lines of credit in what researchers call \u201cfairness through unawareness,\u201d an approach that intentionally excludes data on sensitive attributes like race, ethnicity, or sex to reduce discriminatory outcomes. 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