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> Posted by Paul Breloff and Nathan Gonzalez, Managing Director and Senior Analyst, Accion Venture Lab
The following post was originally published on the Ashoka Changemakers’ blog.
We are living an exciting time for financial inclusion. The microcredit model proved it’s possible to reach the poor and underserved masses with financial services in a profitable manner and at scale.
While there is still plenty of work left to be done to expand access to basic livelihood finance, the next natural question is: what’s next? The socioeconomic base of the pyramid (BOP) needs a full range of financial tools to improve their lives, from credit to insurance to savings, transfers, and more—and traditional “status quo” models will likely not be sufficient.
Where will this disruptive technology and business innovation come from to realize the promise of full financial inclusion?
Startups can drive innovation in this space. Certain characteristics of early stage companies put them in a great position from which to experiment and develop innovative products, technology, and delivery models.
> Posted by Elisabeth Rhyne, Managing Director, CFI
The following post was originally published on the Ashoka Changemakers’ blog.
People in the developed and developing worlds manage their money differently. Although they conduct complex financial lives, they do not have bank accounts as money management hubs.
To deal with their low and uneven income streams, poor people, “keep savings at home; join savings clubs and savings-and-loan clubs; transact with family, friends, neighbors, and employers; and, where doing so is feasible and attractive, sign on with formal licensed providers.” They keep track of their finances in their heads, often assisted by what behavioral economists call heuristics or rules of thumb, such as keeping business and personal money in different pockets, or setting aside a handful of rice every day.
By contrast, most people in developed economies center their economic lives on bank accounts. With apologies, I draw on my own experience.
All my significant routine transactions pass through my account, including salary, debit card purchases, major payments (taxes, insurance, mortgage), and monthly bills. Credit card purchases are incorporated into the account via a monthly bill.
The following post by Natalie Zuniga was originally published on the Ashoka Changemakers’ blog with the title “Join @Changemakers and @G20Mexico on October 9th for a #SocEntChat about Global Financial Inclusion.”
On October 9, 2012 from 11am to 1pm EST, Ashoka Changemakers will host a multilingual (English, Spanish, Portuguese) #SocEntChatabout promising solutions to achieve full financial inclusion. Experts and social entrepreneurs working in the field will convene and answer your questions during a Twitter-based discussion. Special guests Center for Financial Inclusion (@CFI_ACCION) and FINO (@Jatinhandoo) will join the conversation.
This #SocEntChat follows the closing of the entry period for the G2012 Mexico Financial Inclusion competition, which received 257 entries from 62 countries. Visit the competition page to check out solutions from around the world and to give social entrepreneurs your feedback.
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