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> Posted by Hannah Sherman, Project Associate, CFI
Last month, CFI hosted the first-ever FI2020 Week, a week of global conversation to advance financial inclusion. We are pleased to announce that the week was a success, including 34 partners, over 300 participating organizations, and over 700 participants in hosted conversations, and resulting in over 100 calls to action. A new Financial Inclusion 2020 e-magazine sums up the week, with a focus on event highlights, social media activity, and calls to action.
As we synthesized the many conversations across the globe in this e-magazine, we found a few themes emerging. First and foremost, there was global recognition of the role that partnerships play in moving forward financial inclusion. Participants discussed partnerships between government institutions, between the public and private sector, between researchers and providers, between banks and fintech companies, and more as essential to reaching financial inclusion. Second, there continued to be enthusiasm about the role that new technology plays and will continue to play in accelerating financial inclusion. Finally, and encouragingly, a number of conversations underscored the importance of financial capability-building, with a focus on how clients better understand their financial lives and make more healthy financial decisions as an important part of inclusion.
> 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.”
> Posted by Center Staff
FI2020 Week is 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 are participating in more than 30 events and sharing their voices over social media, with #FI2020.
FI2020 Week is nearing its end! Today is the final day. We’re sad too, but there are still lots of opportunities to get involved, and it’s been a lively four days. Also, we’ll continue to report out on all that happened, so there’s more to come! Along with the in-person events, there are a handful of webinars today, you can submit a call to action, or take part in the far-reaching social media conversations, which we’re capturing on the FI2020 Week site, here.
Since our last recap there have been dozens of events around the world bringing together stakeholders passionate about advancing financial inclusion. Here is a quick look at a few of those events:
Nkosilathi Moyo, CEO, VisionFund Zambia
In Lusaka, Zambia, representatives from a variety of organizations, including the Bank of Zambia, came together at an event hosted by VisionFund Zambia to discuss promoting financial inclusion by leveraging savings groups and microfinance institutions. Participating stakeholders identified three major gaps for achieving financial inclusion in the country: lack of a conducive regulatory framework; poor infrastructure; and information asymmetry between different players in the market. Moving forward, the participants agreed on the importance of convening and decided that an FI2020 event should be held each year until 2020. Additionally, the participants agreed, there needs to be a stronger focus on establishing strategic partnerships between mobile network operators, financial service providers, NGOs, and government to develop cost-effective delivery channels that reach people in rural areas.
Forty-five leaders in financial capability, financial literacy, and financial health came together at a roundtable in Washington, D.C. to review a draft paper on innovations in financial capability written by the Center for Financial Inclusion in partnership with the JPMorgan Chase Foundation. The event was hosted by the Institute of International Finance. The draft paper focuses on seven principles to re-orient financial capability building toward customer needs and behaviors, with a call to action to all stakeholders—providers, governments, social sector organizations, financial capability providers, and donors—to make this shift.
> Posted by Michael Miebach, President, Middle East and Africa, MasterCard
FI2020 Week is 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 are participating in more than 30 events and sharing their voices over social media, with #FI2020.
FI2020 Week offers a good opportunity to review the findings in the FI2020 Progress Report and to consider actions the global community needs to take to advance financial inclusion. This is of particular interest to me as I work every day to expand MasterCard’s payments platform in the Middle East and Africa, and in a volunteer capacity, I also serve on the board of directors of Accion.
The report asserts that it’s not enough to “build the rails” to enable payment and transaction access, but that “providers, regulators and support institutions need to ensure that the financial services that follow provide value and quality to the passengers who climb aboard.” Here is where interoperability is essential—if last mile customers are to benefit. Banks, telcos, merchants, and governments must be connected—despite different rules and technologies—in a way that is seamless to the user. From a customer perspective, that means ubiquity, safety, and utility—the trifecta of success in financial inclusion. It won’t work if all the stakeholders are competing to create their own end-to-end solutions, or operating in silos. It won’t work if we are creating islands, where the unbanked transact with each other and where data is used in proprietary ways to support individual business models, rather than being shared as a public good.
Now, a parent in Zimbabwe sends money to his daughter studying at university in South Africa using a mobile money operator connected to the global banking system. All he needs to do is go to an EcoCash agent and top up his mobile money account. His daughter then accesses the funds using a MasterCard debit card linked to the same EcoCash mobile money account to purchase text books, and pay university fees as well as other day-to-day expenses while at university in South Africa. This is ubiquity, safety, and utility put into action.
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> Posted by Center Staff
FI2020 Week is 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 are participating in more than 30 events and sharing their voices over social media, with #FI2020.
We’re two days in! FI2020 Week thus far has been a whirlwind few days, with events all over the world, a handful of public webinars, and robust social media conversations. We hope you’ve had the opportunity to take part in the action!
To get you up to speed, though certainly not comprehensive, here’s a snapshot of what’s been happening.
In Bangladesh, BRAC conducted an internal debate about the impact and benefits of its own microfinance program. Answering tough questions like “Does BRAC risk doing more harm than good by using microfinance in its model of fighting poverty?” staff shared their perspectives, providing insights into how to improve the program. Check out some of the presented arguments on BRAC’s Twitter feed.
In Nigeria, Accion and Accion Microfinance Bank discussed financial inclusion strategies for the country. The three biggest industry gaps identified were the lack of mobile and agent banking infrastructure, human capital in the microfinance banking sector, and a spirit of collaboration and partnership among the various players. Moving forward, the discussion participants will apply greater focus on savings as a necessary service offering that can be improved.
The World Savings and Retail Banking Institute (WSBI) conducted a webinar on the lessons drawn from a six year project (2009 – 2015) carried out with 12 WSBI member banks aimed at creating usable savings services in the hands of the poor. One call to action from the webinar was the need for greater connectivity to combat the challenge of reaching clients in rural communities. As WSBI aims to add 400 million customers to its network by 2020, it will need to partner with more organizations in order to reach very remote village groups.
> Posted by Gloria Grandolini, Senior Director, Finance and Markets Global Practice, the World Bank Group
FI2020 Week is 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 are participating in more than 30 events and sharing their voices over social media, with #FI2020.
Despite significant progress and the increased technical and financial resources devoted to financial inclusion, 2 billion people worldwide still lack access to regulated financial services.
As I read the FI2020 Progress Report and cast my vote on how the world is doing on the five aspects of financial inclusion the FI2020 report covers, I’m reminded of the recent Global Policy Forum of the Alliance for Financial Inclusion (AFI), where I had rich discussions with AFI members regarding how to meet challenges to expanding access to financial services.
The successes and obstacles which AFI members shared echo many of the points identified in the FI2020 Progress report as shaping the future of financial inclusion.
These hurdles can be distilled into five main challenges:
Financial literacy and capability. Countries must develop financial capability programs to ensure people can make sound financial decisions, select financial products which best fit their needs, and know how to use related channels, such as ATMs or mobile banking. Recent World Bank Group Financial Capability Surveys in Morocco and Mozambique, and studies on remittance services among migrants in France and Italy, show that a lack of awareness prevents people from using suitable financial products and services. Behavioral insights are leading to more effective – and lower cost – financial literacy efforts, which can improve uptake of new accounts and increase savings, including through tailored SMS texts.
> Posted by Center Staff
FI2020 Week is 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 are participating in more than 30 events and sharing their voices over social media, with #FI2020.
FI2020 Week is upon us! Around the world, interactive and participatory events are underway to explore the most important steps to achieving financial inclusion. The range of events features representatives from banks, insurance companies, payment companies, telecommunication companies, policymakers, regulators, NGOs, microfinance institutions, investors, financial inclusion support organizations, financial capability experts, and fintech companies. Across events and participants, FI2020 Week’s focus is the calls to action generated from the guiding prompt: What is an important action needed in your country (or industry segment) to advance financial inclusion?
Below are some of the first comments by financial inclusion leaders. But first, here are some ways you can participate.
Join one of the 12 webinars hosted by Accion’s Channels and Technology team, Andares, AVAL, GSMA, the Helix Institute, IFMR LEAD, Innovations for Poverty Action, LeapFrog Investments, MicroSave, MIX, and the World Savings and Retail Banking Institute.
Check out the findings from the web-based FI2020 Progress Report—and see our high-level summary of messages in this new 8-minute video.
FI2020 Week is a global conversation on the key actions needed to advance financial inclusion. From November 2-6, 2015, stakeholders around the world will participate in more than 30 events and share their voices over social media, with #FI2020. In recognition of the importance of savings to financial inclusion, and with the happy coincidence that World Savings Day is on October 31, we invited Chris de Noose, Managing Director of the World Savings and Retail Banking Institute (WSBI) to help launch FI2020 Week with this post.
For more than 90 years, the World Savings and Retail Banking Institute – WSBI – and its members have spearheaded annually a day dedicated to promoting the virtue of people saving money.
Called World Savings Day, it was the first initiative of WSBI, which represents the interests of savings and retail banks in 80 countries. Celebrated at the end of October, the day remains relevant for members, who engage actively in celebrating it in their local areas. World Savings Day is etched in the minds of Europeans, including those from Germany, Austria, Spain, and Italy. It also is celebrated beyond Europe, in places like Brazil, India, Mexico, Sri Lanka, Tanzania, and Thailand, for instance.
For Brussels-based WSBI and its members, World Savings Day places focus on the stabilising role played by savings and retail banking in the overall financial system. It evokes some of the ethos of local banks: responsible partners in communities; close to the customer; serving households, small and medium-sized firms (SMEs), and local authorities.
Why saving is important
Savings are important on many levels. First, savings are important for households. People save to create a nest egg, a rainy day fund – a way to financially “smooth out” some of the uncertainty in an often uncertain world. Second, and on a macro-economic level, it provides funding to banks in the form of deposits. Those savings then can be converted into loans. Loans for SMEs, for example, when they expand or retool. Savings are also important for social entrepreneurship, finance that brings to life start ups, for example.
> Posted by Center Staff
Next week, CFI will launch the first-ever FI2020 Week. From November 2-6, 2015, over 25 partners across the globe will organize conversations exploring the most important steps to achieving financial inclusion.
FI2020 Week will bring together diverse stakeholders to conduct interactive and participatory events, each of which will produce calls to action. The range of participants will include banks, insurance companies, payment companies, telecommunication companies, policymakers, regulators, NGOs, microfinance institutions, investors, financial inclusion support organizations, financial capability experts, and fintech companies, from around the world. All of these participants will focus on the question, “What is an important action needed in your country (or industry segment) to advance financial inclusion?”
We want YOU to join us! Throughout the week, many FI2020 Week partners will hold webinars – an opportunity for those who will not be attending in-person FI2020 Week events to participate in a variety of interesting conversations. The webinars cover a full range of topics, from client protection in mobile money use, to incorporating financial capability into product design. Check them out below and register now to join hundreds of people around the world in FI2020 Week.
And for more information, check out our Storify feed of social media and blog postings on the FI2020 Week website here and follow #FI2020 on Twitter for the latest updates.
Client Protection and Technology: The GSMA Code of Conduct for Mobile Money Providers
Hosted by: GSMA
Date: November 4, 2015
Time: 9:00 am – 10:00 am EST
This session will discuss how the GSMA – the global association for mobile network operators – is working with its members to ensure that mobile money services are safe, reliable, and secure, and that customers are treated fairly. The Code of Conduct for Mobile Money Providers includes eight high-level principles addressing topics such as safeguarding customer funds, AML/CFT, training and monitoring of staff and agents, reliable service provision, security, and fair treatment of customers. This session will provide a brief background to the Code of Conduct initiative and outline the plan for implementation of the Code. It will be useful for regulators, financial inclusion specialists, consumer protection advocates, and any other stakeholders who are interested in understanding what mobile operators are doing to ensure the safety, reliability, and fairness of mobile money services.
Register now!
> Posted by Center Staff
Today, CFI announced the upcoming launch of Financial Inclusion 2020 (FI2020) Week, taking place November 2-6, 2015. During FI2020 Week partners across the globe will organize and participate in conversations exploring the most important steps to achieving financial inclusion.
FI2020 Week will bring together diverse stakeholders to conduct interactive and participatory events, each of which will produce calls to action. The range of participants will include banks, insurance companies, payment companies, telecommunication companies, policymakers, regulators, NGOs, microfinance institutions, investors, financial inclusion support organizations, financial capability experts, and fintech companies, across multiple geographies. FI2020 Week participants will focus on the question, “What are the most important actions needed in our country (or our industry segment) to advance financial inclusion?”
FI2020 Week partners to-date include the following industry leaders: AVAL Consulting, BRAC, CGAP, Fidelity Bank Ghana, Freedom from Hunger, Good Return, Grameen Foundation, GSMA, Innovations for Poverty Action, Institute of International Finance (IIF), JP Morgan Chase, LeapFrog Investments, Making Cents, MetLife Foundation, Micropension Foundation, Microsave’s The Helix Institute, Pakistan Microfinance Network, Sightsavers, the Smart Campaign, and Accion.
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