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> Posted by David Porteous and Gavin Krugel, Chair and CEO, the Digital Frontiers Institute (DFI)

We have each been involved in the field of payments in some way or other for fifteen years at least. One of us (David) started through the design of a new credit card program for a bank; but soon had the opportunity to experience some of the earliest mobile payment schemes then emerging in Africa from 2003 and thereafter to be more engaged in the policy and strategy issues of mobile money. The other (Gavin) started as lost card call center clerk from where his payment career developed through new product design, delivery and management to being one of the early pioneers of mobile money.

In the early days of mobile money, there was no foundational training available which would have enabled us better to understand the height and breadth of the journey on which we were embarking. Both of us learned ‘on the job’—sometimes from other people more experienced than we were, and sometimes just through having to work through the issues ourselves. Learning on the job in a new field can be fun; but it also is slower. Today, we view as self-evident a range of issues which were anything but in the early days. We certainly had little idea at the outset that payments was a field in itself, worthy of our professional focus. If anything, we first experienced payments as an outgrowth of banking, done mainly by banks, for banks, for the purpose of collecting their loans, for example.

How the field has grown since then! Technological change has swept up and down the payment value chain. The number and nature of payment providers has exploded. So has the scale of related ambition to accelerate it further. In 2015, the World Bank President Kim launched the goal of Universal Financial Access by 2020, which means every adult on the planet having what amounts to a payment account—a safe store of value to and from which digital transfers can be made.

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> Posted by Center Staff

Last week, FI2020 Week created a global conversation on the key actions needed to advance financial inclusion, grounded in the findings of the recently launched FI2020 Progress Report. From November 2-6, 2015, stakeholders around the world participated in more than 30 events and shared their voices over social media, with #FI2020. As part of the week, global financial inclusion leaders offered calls to action. We started to provide highlights, but found that every single contributor had an important perspective to add, so this post includes all of their voices.

If there were any doubts about the potential to achieve global financial inclusion, it would be dispelled by the passion and sense of opportunity in the calls to action that were posted last week as part of FI2020 Week. A visionary tone was set by the inaugural posting by Ajay Banga of MasterCard, who declared that “financial inclusion is both economic and social inclusion and necessary for the future well-being of our planet.” Jean-Claude Masangu Mulongo, former Governor of the Central Bank of the Democratic Republic of the Congo, draws the link between financial inclusion, economic growth, and poverty reduction, while also—appropriately, given his role–noting the link to financial stability. Yves Moury of Fundación Capital heightens the urgency by stating that “poverty is the greatest scandal of our times,” and Martin Burt of Fundación Paraguaya adds that “poverty elimination must be the endgame of all financial inclusion strategies.”

This strong sense of social mission comes out in a call from Dr. William Derban of Fidelity Bank Ghana to “leave no one behind” in the march toward inclusion. Michael Miebach of MasterCard also talks about meeting the needs of all members of society, including women, and Bindu Ananth of IFMR Trust mentions smallholder farmers as another group that is often excluded. In light of breakthroughs in technology, Sonja Kelly of the Center for Financial Inclusion urges us to reach out to those who are traditionally excluded from technology, and not just early adopters. As Larry Reed of the Microcredit Summit Campaign puts it, “We need to approach the challenge with the end in mind, designing a system that can sustainably reach clients in the most remote areas and who transact in the smallest sums.”

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> Posted by Center Staff

Will microfinance continue to be relevant in 2020 and beyond? Should regulators or the industry lead on client protection? Will data analytics replace traditional credit reporting systems?

A new Financial Inclusion 2020 e-magazine explores these three essential questions debate-style, tapping industry leaders from around the world to weigh in with their perspectives.

Microfinance as a development strategy has in the past few years been eclipsed by the excitement around financial inclusion. This transition reflects the recognition that people need a full range of financial services. What does the future hold for microfinance institutions and other players like traditional banks and new fintech companies? Bindu Ananth, Chair of IFMR Trust and IFMR Holdings, Dean Karlan, President of Innovations for Poverty Action, and Liza Guzman, Vice President of Accion share their views.

The ideal balance in client protection is often conceived as a three-legged stool in which regulators, providers, and consumers work at equal levels of responsibility. Globally, regulators have often taken the lead, but initiatives such as the Smart Campaign prove that there is room for providers to move beyond compliance. Is a balanced three-legged stool realistic? Among the debaters are Alok Prasad, Principal Advisor of RBL Bank, Sanjay Sinha, Managing Director of M-CRIL, and Isabelle Barres, Director of the Smart Campaign.

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> Posted by Center Staff

Impact investing in East Africa has grown strongly over the past five years with over $9.3 billion disbursed, more than 1,000 deals, and roughly 150 investors managing about 200 active investment vehicles. These are among the findings outlined in a new report from the Global Impact Investing Network and Open Capital Advisors, which provides a state of the market analysis for impact investing in the East Africa region. The report examines the supply of global impact investment capital, the demand for investment resources, challenges and recommendations, and the country-level markets. What was found?

Here are a few of the report’s key messages:

  • Kenya dominates impact investing in the region, accounting for more than half of its deployed impact capital and having more than three-times the in-country fund staff of any other country.
  • Uganda ranks a distant second in capital received at 13 percent of that of the region, receiving support from its favorable business and regulatory environments.
  • Despite its GDP being 50 percent bigger than Uganda’s, Tanzania claims about 12 percent of the region’s impact capital, owing its stature in part to its low population density, weak transportation infrastructure, and relatively unpredictable government interjections.

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Apis Partners and Accion Frontier Investments Group publish an operational framework for measuring impact in inclusive financial services investing

> Posted by Apis Partners and Accion Frontier Investments Group

A key aspect of investing for social impact is being able to effectively measure impact, which has always been challenging. Whilst there have been several well-informed attempts to create uniform standards to address this challenge (such as IRIS and GIIRS Ratings), these have largely been intended to compare impact investments across multiple industries. This can be a valuable exercise for multi-sector fund managers, but the approach invariably leads to a trade-off: using the same scale to measure impact across a number of diverse industries leads to a lowest common denominator analysis. These standards seek to measure impact across industry sectors, but they do not provide information about the nature of social change created within each industry. At the other end of the spectrum, several fund managers have developed bespoke systems to measure the impact of their own portfolios. These systems have been tailored for insurance at the base of the pyramid or poverty alleviation progress, and they do a good job of accomplishing those goals. Unfortunately though, they are often too specialized to allow for any comparison across impact managers.

Therefore, the most optimal approach to impact measurement is that which: (1) surfaces the specific nature of impact created in a sector, (2) remains broad enough to allow for some objective comparison across managers, (3) but does not seek to compare the incomparable. Such an approach only seems possible when impact measurement is focused on specific industries.

It is with this approach that Apis Partners and Accion Frontier Investments Group have chosen to operate. Apis and Accion are fund managers investing specifically in inclusive and innovative financial services for the un- and under-banked. Like other impact focused investors, we have a dedicated mission to provide social as well as financial return on investments, which requires the measurement of social impact in a real, quantifiable way.

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> Posted by Center Staff

Good morning! It’s the start of another week, which means there’s a new issue of the Financial Inclusion 2020 News Feed, our weekly online magazine sharing the big news in banking the unbanked. This week’s issue includes stories on the Islamic Development Bank supporting the Sustainable Development Goals (SDGs), the Bill & Melinda Gates Foundation’s research on bitcoin and blockchain technology, and the Reserve Bank of India (RBI) creating a new financial inclusion committee. Here are a few more details:

  • Last week the Islamic Development Bank’s Chief Economist asserted the importance of Islamic finance in achieving the SDGs and the Bank pledged over $150 billion over the next 15 years towards achieving them.
  • An interview with CoinDesk highlights the Gates Foundation’s recent research on how blockchain technology might be helpful as a means of settlement between payment systems and in international remittances.
  • The RBI created a committee to devise a five-year measurable action plan for financial inclusion covering areas such as payments, deposits, credit, social security transfers, pensions, insurance, and consumer protection.

For more information on these and other stories, read the sixth issue of the FI2020 News Feed here, and make sure to subscribe to the weekly online magazine by entering your email address in the right-hand menu so you can be notified when the latest issue comes out.

Have you come across a story or initiative you think we should cover? Email your ideas to Eric Zuehlke at

> Posted by Center Staff

We may be in the heart of the summer season here in the United States, but the world of financial inclusion is hardly slowing down. Released today, the fourth issue of the Financial Inclusion 2020 News Feed shares the big news in banking the unbanked. Among its stories are recent findings on the financial performance of impact investing, an appeal from the United Nations to commit to the cooperative business model, and the launch of a national financial inclusion strategy in the Philippines. Here are a few details:

  • Comprehensive analysis conducted by Cambridge Associates and the GIIN found that private impact investment funds recorded financial returns in-line with a comparative group of non-impact investing funds.
  • In celebration of the International Day of Cooperatives, on Saturday United Nations Secretary General Ban Ki-moon asserted the importance of cooperatives for financial inclusion and sustainable development.
  • The Bangko Sentral ng Pilipinas (BSP) signed a memorandum of understanding on a national financial inclusion strategy last week, which provides a framework for the government and private sector to take action.

For more information on these and other stories, read the fourth issue of the FI2020 News Feed here, and make sure to subscribe to the weekly online magazine by entering your email address in the right-hand menu so you can be notified when the latest issue comes out.

Have you come across a story or initiative you think we should cover? Email your ideas to us at

> Posted by Andrew Fixler, Freelance Journalist

Atikus, a new financial inclusion-focused enterprise, is gearing up to launch an underwriting platform and a credit insurance product in Rwanda for micro, small, and medium enterprise (MSME) credit. The insurance product is designed and brokered by Atikus, and ultimately backed by a local insurance company. I recently sat down with Kate Woska, co-founder and CEO of Atikus, to discuss financial innovation and her company’s work.

Microfinance has long benefited from careful experimentation and innovation. Initiatives that are targeting the base of the pyramid tend to be consumer-focused (e.g. micro health insurance or mobile payments development); however, according to Woska, these initiatives may be populating an industry that also suffers from institutional and market-level inefficiencies.

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> Posted by Center Staff

What are the most important questions that need to be researched in the financial inclusion arena?

The Center for Financial Inclusion at Accion will soon launch a fellows program to support research and thought leadership in financial inclusion – and we are calling on you to help! The purpose of this program will be to encourage independent researchers and analysts to examine some of the most important challenges in the financial inclusion arena. We plan to select a few priority research topics for fellows to examine.

Here’s where you come in. Below is a list of research topics that members of our Financial Inclusion 2020 team believe need answering. We’re checking in with you – our blog audience – to find out which topics you think are the most important to investigate. Please consider this list a starting point. Give us thumbs up or down on the topics listed, and propose topics of your own. Once we select the top priority questions, we will issue a call for proposals. Meanwhile, we offer this list to provoke a broader conversation about research needed in the financial inclusion field.

You can respond either in the comment block below, or by email to

Technology-related topics

  1. Impact of ubiquitous internet access on the business models for financial inclusion. By 2020, the vast majority of the world’s people will have access to internet through smart phones and tablets. Internet access could transform the way financial service providers and customers interact and facilitate a richer interface with customers. What scenarios are possible and are providers ready to respond?
  1. Under what conditions do “on-ramps” lead to deeper inclusion? With the World Bank’s commitment to Universal Financial Access focused on connecting people to transaction accounts, the next question is how (and whether) such connections lead to active account usage or access to additional products. What are the cases of successful access expansion that have led to deeper inclusion and why did they succeed?

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> Posted by Center Staff

What’s the current state of impact investing? It’s expanding and diversifying across sectors and geographies, and recent years have yielded better impact measurement practices, quality of investment opportunities, and support stakeholder involvement. Need more specifics? This week GIIN and J.P. Morgan released the results of their fifth annual impact investing survey, Eyes on the Horizon, offering data and industry insights on these and other areas.

The survey serves as an annual pulse-taking for the growing industry, consulting with investors around the world on their performance, as well as their perceptions on progress and what’s ahead. The 2015 survey tapped 146 impact investors – fund managers, banks, development finance institutions, foundations, and pension funds. Together the cohort committed $10.6 billion in impact investments in 2014, with plans to increase this figure by 16 percent in 2015. The 82 organizations that participated in the survey last and this year reported a 7 percent increase in capital committed between 2013 and 2014.

Along with previous survey topics, like types of investors and number and size of investments, this year’s assessment also covered loss protection, technical assistance, impact management and measurement, and exits.

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Credit Suisse is a founding sponsor of the Center for Financial Inclusion. The Credit Suisse Group Foundation looks to its philanthropic partners to foster research, innovation and constructive dialogue in order to spread best practices and develop new solutions for financial inclusion.


The views and opinions expressed on this blog, except where otherwise noted, are those of the authors and guest bloggers and do not necessarily reflect the views of the Center for Financial Inclusion or its affiliates.

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