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> Posted by Center Staff

After great anticipation, three years’ worth to be exact, the 2017 Global Findex Database was officially released this morning. The Global Findex is the authoritative data source on global progress toward financial inclusion. Released every three years, the Global Findex surveys more than 150,000 adults in 144 economies to better understand how people access and use financial services to make payments, and also to save and borrow.

Since the 2014 Findex, the percent of the global population that has a bank account with a financial institution or mobile money service rose from 62 percent to 69 percent. Five-hundred and fifteen million individuals opened an account for the first time over the past three years, reducing the unbanked population to 1.7 billion adults worldwide. However, the new data also reveal critical shortcomings in progress. For instance, the financial inclusion gender gap didn’t improve. Globally, women remain 7 percent less likely to own a bank account than men.

Here are a few of the 2017 Global Findex’s high-level statistics:
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> Posted by Drew Corbyn and Sascha Brandt, GOGLA

The following post was originally published on the GOGLA blog and has been republished with permission.

The consumer is the central figure of the off-grid solar sector. Demand from consumers has inspired our member companies to provide an ever-growing range of quality off-grid solar energy products and services. It is thus perhaps not surprising the industry is now taking the lead in developing a sector-wide code of conduct on consumer protection. It has committed to develop and implement a set of principles on how off-grid solar companies engage with customers.

GOGLA will spearhead the project with support from the DOEN Foundation. Over the next few months, we will work with members, investors and partner organizations to compile a code of conduct. The Sustainability Working Group will serve as the main platform for members to develop and agree to the framework and how it is operationalized. Their engagement is vital in producing a practical and meaningful framework that serves as the de-facto standard for off-grid solar consumer protection.

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Data from InterMedia reveal stagnant progress across key financial inclusion indicators in Nigeria

> Posted by Nadia van de Walle, Charles Wanga, and Ridhi Sahai, Financial Inclusion Insights, InterMedia

The number of adults who are considered financially included in Nigeria has not improved since 2014, according to InterMedia’s Financial Inclusion Insights (FII) 2016 Annual Report and Survey Data. The survey defines financial inclusion as adults with a registered account at a full-service financial institution. Financial inclusion in Nigeria dropped slightly from 37 percent in 2015 to 35 percent in 2016 (Figure 1), lagging behind the three other African countries surveyed as part of the FII program. In 2016, FII data showed 69 percent of Kenyans, 54 percent of Tanzanians, and 40 percent of Ugandans were financially included.

InterMedia recently completed and published the 2016 Annual Report and Survey Data on the status of financial inclusion in Nigeria. The report, based on a nationally-representative survey of over 6,000 Nigerian adults, provides insight into Nigerians’ financial lives while tracking trends in attitudes, access, use and demand for financial services.

(click to enlarge)

With an economy that is large enough to account for almost a third of Africa’s total GDP, why might Nigeria be lagging its peers?

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> Posted by Sonja Kelly and Elisabeth Rhyne, Director of Research and Managing Director, CFI

The World Bank is just days from releasing the next version of its Global Financial Inclusion Index (Findex), the authoritative data source on global progress toward financial inclusion. The dataset, which tracks financial inclusion in 150 countries, is released once every three years, and we have been waiting eagerly to see how things have changed since 2014. We are confident that the numbers will show enormous progress on the World Bank’s goal of universal access to financial accounts. But we wonder whether the news will also indicate that people are actually using those accounts and whether financial services are helping them achieve financial health, gain resilience and pursue opportunity – the ultimate goals of financial inclusion.

After we high-five the World Bank team for a job well-done, here are a few things that we will be looking for when we examine the new Findex numbers:

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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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We hope reading this post is just one of many activities you undertake today that acknowledge and celebrate the achievements of women. This International Women’s Day, we turned to a few of the women of CFI to share their thoughts on the gender gap facing lower income women around the world and ways to shift the balance in their favor.
 

Deborah Drake

Deborah Drake says, “International Women’s Day gives us a chance to appreciate the hard work and sacrifice women make every day for their families. It also highlights the challenges involved in giving women the opportunity for economic empowerment and the ability to make choices, including financial decisions for themselves and their families.” (As Vice President of CFI’s Investing in Inclusive Finance Program, Deborah leads the Africa Board Fellowship Program and the Financial Inclusion Equity Council.)
 
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More investor types, more ways to invest, more emphasis on impact

> Posted by Danielle Piskadlo, Director, Investing in Inclusive Finance, CFI

The future of impact investing was the hottest topic on my recent tour of the Boston impact investing conference circuit, which included the New England Impact Investing Initiative/Building a Sustainable Investment Community (BASIC), Boston’s Net Impact Summit, and the Harvard Social Enterprise Conference. My list of all the 2018 trends discussed at these events, has 20 trends on it! Wow, that’s a busy year. This blog post is my attempt to distill these trends into four buckets (many of which are linked) and see whether CFI readers agree with this general direction for impact investing in the year ahead.

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Recommendations for how Colombia’s banks, fintechs, telcos, and government can better harness technology to boost inclusion

> Posted by Miriam Freeman

Embed from Getty Images

In Colombia, where institutional factors favor technology as a tool for development, fintech has proven helpful in promoting financial inclusion, but only through a narrow definition of inclusion—more access. If we broaden our definition of financial inclusion, the country’s progress in leveraging fintech is less substantial. What can the business community and policymakers do to advance fintech for financial inclusion in Colombia?

First, let’s take a step back. In terms of financial inclusion broadly, how does Colombia measure up?

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A breakdown on gender diversity in the digital currency industry

> Posted by Jeffrey Riecke, Senior Specialist, Center for Financial Inclusion at Accion

Embed from Getty Images

Is cryptocurrency a household word now? How about blockchain or Bitcoin? You don’t have to be immersed in financial services to regularly hear about the soaring values of digital currencies, the launch of new products and systems, and other industry developments. Just last week, for example, the Government of Venezuela announced that it was launching a national cryptocurrency backed by its petrol supply. Switzerland is doing the same. And they’re only two of a growing list of countries actively exploring alternative digital currencies.

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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.