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That question is at the crux of a different kind of emergency savings fund. A “f*ck off fund” is savings you can leverage when you need to break away from your current situation – say, when you need to leave a harmful relationship or a problematic job. The term was coined a few years ago and has become popular, in recognition of its distinctiveness from other types of savings and its importance especially among women.

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On a daily basis, consumers fall victim to issues like lack of grievance redressal, misleading ads, and outright frauds and scams

> Posted by Sola Salako Ajulo, President and Founder, Consumer Advocacy Foundation of Nigeria (CAFON)

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In fewer than twenty years, our concept of a market has evolved from a strictly physical location of commercial activity, to also include intangible, real-time e-locations. Research shows that up to 12 percent of all global commercial transactions now take place on the Internet – within and between countries, often across multiple currencies, and with little or no physical contact between seller and consumer.

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A look at why #FinHealthMatters in the region

> Posted by Allyse McGrath and Jeffrey Riecke, CFI

This year on Financial Health Matters Day, we at the Center for Financial Inclusion at Accion are taking a look at the new Global Findex data and what it says about the financial health of respondents around the world. Because of our recent work on financial health in Eastern Europe and Central Asia, we decided to take a closer look at the Findex numbers from the region.

The 2017 Global Findex shows a substantial increase in account ownership between 2014 and 2017, from 62 percent to 69 percent of adults. However, one indicator that has decreased across this same period is the Findex’s proxy for financial health – the resilience question. This metric measures a person’s ability to come up with emergency funds in the amount of 1/20 GNI per capita in the next month (for reference, this is a little less than $3,000 in the U.S. context, and a little less than 700 dinar in Serbia). Isolating Eastern Europe and Central Asia, the percentage of people who said they could come up with this amount actually decreased slightly from 64 percent in 2014 to 61 percent in 2017.

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Designing a mobile money product that meets client needs while bringing tangible benefits to the financial institution

> Posted by Habiba Balogun, Habiba Balogun Consulting

The following is part of a blog series spotlighting views from participants in the Africa Board Fellowship (ABF). For more from Habiba, an interview with her can be found here.

With over 160 million mobile phones in use in Nigeria out of a population of 180 million, high mobile penetration is a major factor in the country in achieving seamless payments.

In 2016, at Accion Microfinance Bank (AMfB) in Nigeria, where I serve as a board member, we introduced a mobile banking product called Brighta 143. The product is USSD (unstructured supplementary service data), so it runs on both basic and smart phones, and it has shown great potential to expand financial inclusion as well as bring benefits to our institution.

But of course, rolling out a successful mobile money product is hardly straightforward.

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Organizations that collectively serve 80% of Australia’s population are working together to advance financial resilience 

> Posted by Good Shepherd Microfinance

If financial inclusion is looked at as a problem of access, Australia is doing very well. Over 98 percent of the adult population has access to at least one financial service. By comparison, the average level across high-income countries is 91 percent, and the average across low-income countries is 28 percent, according to the Global Findex. But scratching the surface finds many people who are struggling with financial hardship.

3.3 million Australian adults (almost 18 percent of the population) lack access to financial products and services that are considered safe, affordable and appropriate for their needs, and 2.4 million experience severe financial vulnerability, based on research on financial resilience conducted by the Centre for Social Impact (CSI).

Recognizing that collaborative action is needed to improve financial inclusion and resilience for the millions of Australians who are left behind, 30 organizations have joined forces to co-design the Financial Inclusion Action Plan (FIAP) program. Led by Good Shepherd Microfinance on behalf of the Australian Government in partnership with EY and CSI, this program helps participating organizations (Trailblazers) understand their role in advancing financial inclusion and resilience, and take practical actions to realize this potential, for their own clients, employees, suppliers and community partners.

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Athletes at the 2018 Winter Olympics face barriers to financial health

The following post was originally published on the Accion blog.

Nearly 3,000 top athletes from 92 countries are converging on PyeongChang, South Korea to ski, skate, sled, and curl their way to Olympic gold and glory. In addition to medals, some athletes will walk away with lucrative sponsorships. But others will return to part-time jobs, unemployment, modest stipends, and other financial situations that don’t make it on the front of a Wheaties box.

Unfortunately, gold, silver, and bronze don’t always translate to enough green for athletes to stay solvent. While medals often come with cash prizes — a gold medal will net a U.S. competitor $37,500 — these awards are only for a handful of individuals in each sport, and they pale in comparison to the funds needed to become a world-class contender. The prices of training, equipment, travel, healthcare, and other expenses add up for those competing at a global level. The high costs become particularly pronounced when you consider the increased likelihood of injuries, the difficulty of holding a full-time job while on a rigorous training schedule, and the fact that most sports only have a narrow window of time when athletes can compete in their prime.

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Country-specific scores across regulations that enable, promote, and prevent financial inclusion

> Posted by Liliana Rojas-Suarez and Lucía Pacheco

The following post was originally published on the Center for Global Development’s blog and has been republished with permission.

The most recent World Bank data on financial inclusion shows that by 2014, only 54 percent of the adult population in Latin America had an account at a financial institution. This compares to an average of 62 percent of adults worldwide and 70.5 percent for those countries with a similar level of income per capita (the region’s peers). In developed economies, 94 percent of adults have an account at a financial institution.

Many factors could be cited for the low ratios of financial inclusion in Latin America, but in a recent paper published at BBVA Research, that also came as a CGD working paper, we focus on the potential role of financial regulation. We assessed and compared the quality of the policies and regulations that impinge on financial inclusion in eight Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, Peru, and Uruguay). Peru and Mexico came out on top, with what appear to be the best regulatory frameworks for promoting financial inclusion. But even in these top performers, there is room for improvement.

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Insights from a global seed-stage investor in fintech for the underserved

> Posted by Amee Parbhoo, Director of Investments, Accion Venture Lab

The following post was originally published on the Accion blog.

We’re in the middle of a fintech boom that could change the world. As a seed-stage investor in fintech for the underserved, Accion Venture Lab continues to see innovative startups increasing access to, reducing the cost of, or improving the quality of financial services for underserved individuals and small businesses around the world.

As we kick off a new year, we’re particularly excited about seven areas of startup-led innovation.

Digital neobanks

SmartMEI is a digital neobank serving small businesses in Brazil

In the last few years, we’ve seen the emergence of a number of digital neobanks. Neobanks offer a user-friendly digital interface and a platform for financial services without maintaining their own banking licenses. With a focus on user experience and digital applications, neobanks stand to offer faster and better service to the underserved. Moving forward, neobanks will need to provide both a compelling product for a targeted customer segment and a suite of offerings that go beyond basic accounts or credit cards to retain customers and improve unit economics. Innovators in this space include NOW Money, which offers migrant workers in the UAE a platform to more efficiently transfer remittances and access to other products and services over time, and SmartMEI, which offers small businesses in Brazil a free tax tool and access to a broader set of financial services.

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> Posted by Anisha Singh and Suraj Nair, Senior Research Associate and Research Manager, IFMR LEAD

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Patel, 62, father of two, spends an hour learning how to use mobile money wallet A from his daughter. The interface, navigations and services offered are all quite new to him. The next day, he tries to pay for a taxi but finds the taxi provider only accepts mobile money wallet B. He’s quite confident he should be able to use wallet B as the knowledge of how to use A is still fresh in his mind. However, he struggles with navigating the new platform and is unable to locate certain payment options. He’s also apprehensive to try out different keys as he wants to be careful not to transfer money incorrectly. Giving up, Patel pays in cash and waits for his daughter to return home to teach him how to use mobile money wallet B.

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> Posted by Ana Ruth Medina Arias, Lead Specialist for Latin America and the Caribbean, the Smart Campaign

“The risk is to regulate by anecdotes and not by evidence.” – Mariela Zaldivar, Deputy Superintendent, the Superintendency of Banking, Insurance and Private Pension Fund of Peru (SBS Peru)

In recent years, Peru has called for our attention not only for being at the top of the Global Microscope’s international country rankings for the most conducive environment for financial inclusion, but also for its historic collaborative effort to establish a fully-interoperable nationwide digital payments platform (Bim) to support the supply of financial services. But buckle up, there is more.

The country’s regulator, the Superintendency of Banking, Insurance and Private Pension Fund of Peru (SBS Peru), has taken client protection very seriously, and despite already having very robust systems (on grievance redress and dispute resolution, for example), it continues to lead with groundbreaking policy changes based on evidence and research to ensure that regulation is aligned with the needs and capabilities of the end client. The Smart Campaign is proud to have collaborated with the SBS on these policy changes.

Client Voices was a research project of the Smart Campaign that directly asked clients in four countries (Peru, Benin, Georgia and Pakistan) about their experiences with financial providers and what they thought constituted good and bad treatment. In Peru, the project was made possible through strong support from the SBS, which was involved from the very beginning, providing substantive inputs to all project phases. However, their engagement did not stop there. The SBS is also committed to implementing the client protection recommendations arising from the project.

Here is how the SBS turned the major findings of the research into an opportunity for policy improvement in the area of financial consumer protection.

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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.