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> Posted by Khadija Ali, Social Analyst, Pakistan Microfinance Network

The Pakistan Microfinance Network (PMN) – a national association of over 50 microfinance providers (MFPs) – has supported its members in conducting third-party client protection assessments using the Smart Campaign’s Smart Assessment tool. To date, 18 assessments have been conducted, covering over 60 percent of the market in terms of overall outreach to active borrowers. These assessments have been made possible with funding support from the State Bank of Pakistan (SBP) through the UK Aid-sponsored Financial Inclusion Program (FIP). The assessments provide a unique opportunity for PMN to observe the state of practice in client protection among member MFPs. For participating MFPs, the assessments provide an opportunity to evaluate their practices in comparison with globally accepted standards of client protection, and seek recommendations for institutional improvements to better comply with the standards. They also indicate whether an institution is ready to pursue Smart Certification, a designation recognized across the global market that an institution successfully integrates the Client Protection Principles into their practices. After undergoing an assessment and acting on its results, Kashf Foundation (KF) recently became the first microfinance institution in Pakistan to achieve Smart Certification.

The Pakistan Microfinance Network, a strategic partner of the Smart Campaign, sat down with Roshaneh Zafar, Managing Director of Kashf Foundation, to talk about the certification experience.

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> Posted by Center Staff

Over the past year, financial inclusion leaders and advocates have bolstered airtime for banking the unbanked. In August, The Guardian launched a hub for financial inclusion content. In recent months, The New York Times produced an extensive reporting series on the consumer ills of the U.S. subprime auto loan market. In January, U.S. President Obama publicly commended and partnered with India in its robust inclusion efforts. Also in January, Bill Gates spoke about mobile money on The Tonight Show Starring Jimmy Fallon. Today, The Wall Street Journal added its considerable weight with the launch of Multipliers of Prosperity, a micro-site sponsored by MetLife Foundation that explores the challenges faced in advancing financial inclusion.

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> Posted by Center Staff

Happy International Women’s Day! We hope you were able to partake in the worldwide celebration yesterday. If you missed out on the action, not to fear. Plenty of activities are still underway. And of course, acknowledging the achievements of women and advancing the movement for gender equality are practices best executed every day.

To spotlight the importance of financial inclusion for women, here’s a snapshot of recent research in this area. To follow are ways that you can join groups, including the United Nations and Grameen Foundation in getting involved.

In honor of International Women’s Day, last week Gallup shared global statistics on how women view their lives – graded on a 10-point scale from suffering to struggling to thriving. About a quarter of all women questioned view themselves as thriving, while the rest chose either struggling or suffering. The two areas cited most often as important for improving their lives were jobs and personal safety. While the latter is a shocking finding, this post starts with jobs, though ultimately we will see connections to personal safety as well. Global estimates pin men as almost twice as likely as women to be in full-time formal employment. In Mexico, for example, less than 50 percent of women are part of the labor force, compared to 85 percent of men.

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> Posted by Jeffrey Riecke, Communications Associate, CFI

Coinciding with this week’s Mobile World Congress in Barcelona, GSMA’s Mobile Money for the Unbanked (MMU) program released its fourth annual ‘State of the Industry Report on Mobile Financial Services.’ I talked with Jennifer Frydrych, Insights Coordinator for the MMU program and one of the authors on the report, about the project’s findings. The conversation touched on new markets, shifts in the mobile payments mix, successes with products beyond payments, the main hurdles facing mobile money ecosystems, and more.

1. The mobile money industry has grown rapidly in recent years. Can you bring us up to date with some of the growth figures and dynamics?

In the past five years, mobile money services have spread across much of Africa, Asia, Latin America, and the Middle East. At the end of 2014, there were 255 live mobile money services across 89 markets, 36 more than in 2013. Mobile money is now available in 61 percent of developing markets globally. In terms of adoption and usage growth, 75 million additional mobile money accounts were opened globally in 2014, bringing the total number of registered accounts to 299 million. Importantly, account activity increased faster than account registration in 2014, and the total number of active mobile money accounts is now 103 million (up from 73 million in 2013). An increasing number of services are reaching scale: 21 services now have more than one million active accounts.

2. As of the last State of the Industry report, half of all live mobile money deployments were in sub-Saharan Africa. How has this distribution changed? What were some new or emerging markets of the past year?

There were 22 new services launches in 2014, of which half occurred in sub-Saharan Africa. The mobile money industry in sub-Saharan Africa continues to grow, and the region still accounts for just over half of all live services globally, and 60 percent of all active accounts. Much of this success can be attributed to East Africa; however we are now seeing exciting growth in mobile money uptake and active usage in West Africa.

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> Posted by Maria May, Senior Program Manager, BRAC

Babita Akhtar, BRAC customer service assistant, Kawalipara branch, Bangladesh

Babita Akhtar, BRAC customer service assistant, Kawalipara branch, Bangladesh

Even when introducing herself, Babita’s enthusiasm is contagious. “Maybe you think that you can’t change how you manage your money. It’s too hard. Well, I used to think that I could never get up in front of a group of people and give a presentation. But here I am. BRAC taught me how. So if I can do this, then you can do anything.”

Babita Akhtar is one of 900 women recruited by BRAC as a customer service assistant. She greets every person who walks into the branch office—people coming for loans, seeking support from BRAC’s legal aid clinics, teachers or community health promoters coming for training, and even visitors. Before loan disbursement begins, she runs a short orientation session for all borrowers that covers important information about the loans, BRAC’s services, and good financial practices. The branch manager comes in at the end to answer any questions and greet the clients personally.

The messages provided in this orientation are timed for maximum impact. Pranab Banik, who heads BRAC’s Financial Education and Client Protection Unit, said, “The time when clients are waiting at the branch to take a loan seems the best moment to deliver basic financial awareness at scale and cost effectively. Our pre-disbursement orientation is an integral precondition for comprehensive client protection; it is intended to empower all clients to better understand their options and manage their finances responsibly.”

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(click to enlarge)

> Posted by Sonja Kelly, Fellow, CFI

Since the release of our paper, Aging and Financial Inclusion: An Opportunity, I have been considering the challenge of market segmentation using the life course. This is not unexplored terrain at the Center for Financial Inclusion. Beth Rhyne articulated a life course approach during our Looking Through the Demographic Window project, which we have captured in the infographic embedded at right. I have been hearing from microfinance institutions that some efforts are underway to segment clients by their life stage, though this remains a relatively untouched area in the industry. For a great example of segmentation, however, I only had to look to the spam filter on my email.

Most of the emails that get caught in my spam filter are about body image. I receive messages advertising dieting pills, on the one quick fix to reduce belly fat (you won’t believe which celebrities use it!), and how to get toned abs within a week. This makes sense—I work out regularly, and I (try to) watch what I eat. The emails are tailored to me.

In chatting with my colleagues, I find that they also receive targeted emails. Some women in our office who are older than me receive emails for walk-in tubs. Singles get emails that point them to dating websites. Some of the younger men in our office get emails that refer to “satisfying” their girlfriends. And the spam filters of older men in our office collect emails about (ahem) performance-enhancing pills.

These are, of course, gross generalizations—the life course cannot possibly be reduced to dieting, walk-in tubs, and bedroom performance. But why is it that the email caught in my spam filter is more skilled at customer segmentation using the life course than my financial institution’s product line? Even more than being successful at segmenting a potential client base, spam marketers are successful at moving this potential client base to action, according to MailChimp. They have a simple message and a call to action. Their “click rates,” or the rate at which people click on links, are higher than average.

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> Posted by Sonja Kelly, Fellow, CFI

Participants in a workshop on aging and financial inclusion, organized by the Center for Financial Inclusion at Accion and HelpAge, held last week in New York City at MetLife.

When we wrote about the topic of aging in our recently-released paper Aging and Financial Inclusion: An Opportunity, I have to admit that I was skeptical that any stakeholders would be motivated to action — regardless of how compelling the paper was. Aging, I thought, is something people feel uncomfortable talking about, whether because they worry about their own old age, or that of their parents, or because they consider older people an uninteresting market segment. Whatever the reason, I was worried that our effort to call attention to this issue would fizzle out and fade into the internet abyss.

I was thrilled to be proved wrong.

Last week, discussing the new paper in our various meetings in Washington, D.C. and in New York City and in a global webinar, we learned that much more is happening in this area than we had initially known, and that more people are willing to consider what aging may mean in their own work than we expected.

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> Posted by Jeffrey Riecke, Communications Associate, CFI

Last week global leaders across industries gathered in the tiny mountain town of Davos, Switzerland for the 2015 World Economic Forum (WEF). (Though you probably already knew that, given the annual event’s ever-swelling stature and press.) The WEF fosters strategic dialogues in the hopes of developing ideas, insights, and partnerships around the most pressing issues and transformations reshaping our world. This year’s WEF included sessions from Jack Ma of Alibaba on the future of commerce, German Chancellor Angela Merkel on global responsibilities in a digital age, IMF Director Christine Lagarde on global monetary policy, former Israeli President Shimon Peres on political affairs affecting the region, and Bill Gates on sustainable future development. Of course we were following the topic of financial inclusion, and the action that got underway made it a week worth noting. Here’s a snapshot of some of the financial inclusion happenings at Davos.

In the “Inclusive Growth in a Digital Age” session held on Wednesday, a panel, which included MasterCard CEO Ajay Banga, considered how our age of digitization can confront income and wealth inequality, support investments in education and work-based training, and address vulnerable employment. Among the points of discussion was mobile phone penetration leveraged for financial services access. A full video recording of the session is available, here.

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> Posted by Joshua Goldstein aka Mr. Provocative

Last week some Democrats blasted conservative U.S. Senator Rand Paul for saying that many people who receive Social Security disability benefits are gaming the system. “What I tell people is, if you look like me and you hop out of your truck, you shouldn’t be getting a disability check. Over half of the people on disability are either anxious or their back hurts — join the club,” he said, drawing a few laughs from the audience. “Who doesn’t get a little anxious for work every day and their back hurts? Everybody over 40 has back pain.”

Hyperbolic and a little mean. Okay, a lot mean. And Rand Paul’s opposition to the Senate’s ratification of the Convention on the Rights of Persons with Disabilities is an outrage, but we should not overlook that on this issue of fraud and waste in the Social Security disability system, there is a lot of truth to what he says – and the system is in need of reform.

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> Posted by Bobbi Gray, Research and Evaluation Specialist, Freedom from Hunger

The day after the closing of the Microcredit Summit in Merida, Mexico, conference participants were also invited to join in a day-long discussion about integrating health with microfinance. Half of the day was spent discussing a set of health indicators that are currently being tested in India, Peru, and the Philippines as part of Freedom from Hunger and the Microcredit Summit Campaign’s Health and Microfinance Alliance. Alliance data from several participating institutions was presented, with the goal of the discussion to identify the most appropriate combination of indicators to track changes in client well-being over time and identify aspects of health that can be effectively addressed by financial service providers (FSPs).

The goal of these pilots is to provide the financial services industry with a set of standardized, comparable, relevant, and reliable health indicators that they can add to the existing poverty measurements they are using to assess the impacts of their services for clients. To be most effective, these indicators must also resonate for health sector actors to promote real, active collaboration and appreciation for our respective competencies in improving health outcomes.

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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.

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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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