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How partnerships are enabling insurers to profitably reach the base of the economic pyramid

> Posted by Center Staff

This post is adapted from the recently-released publication “Inclusive Insurance: Closing the Protection Gap for Emerging Customers,” a joint-report from the Center for Financial Inclusion at Accion and the Institute of International Finance, in partnership with MetLife Foundation.

Inclusive insurers cannot afford to go to market alone. They must attract and connect with new customers through distribution partners that already interact with those customers. Such partners can offer scale and cost efficiency, creating a solution that works for the insurer, distributor, and customer, even when premiums are very small.  In some eyes, this is the most critical piece of the inclusive insurance puzzle.

“Good distribution partners are by far the most important issue,” says Martin Hintz, former coordinator of microinsurance at Allianz.

As the inclusive insurance industry has bloomed over the last ten years, we’ve seen providers link with obvious distribution partners, like microfinance institutions, as well as with some surprising ones, like retailers and pawn shops.

As part of our latest report Inclusive Insurance: Closing the Protection Gap for Emerging Customers, we asked providers about their preferred distribution channels. Here’s what we found.

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> Posted by Hannah Sherman, Project Associate, CFI

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In a world of rapid change, few organizations have all the capabilities needed to accomplish every aspect of their business. This is true for commercial banks, which often find success in adapting to new opportunities through partnering. CFI’s most recent publication, The Business of Financial Inclusion: Insights from Banks in Emerging Markets, a joint publication with the Institute of International Finance (IIF), illustrates how banks use partners to adopt new technologies and reach previously underserved markets.

The report, based on interviews with the financial inclusion leads at 24 banks, shines a spotlight on the role of banks as leaders in financial inclusion and discusses their specific strategies related to technology, data, financial capability, partnerships, and other issues.

The report found that banks create a variety of partnerships. The banks in our survey partner with telcos, payments companies, insurance companies, microfinance institutions, retailers, and consumer-goods companies. They work closely with governments for G2P payments and with international development agencies and donors that provide start-up capital for new financial inclusion initiatives. They also contract with digital technology providers such as data analytics companies, back-office systems providers, digital channel providers, financial capability providers, and other fintech firms.

Among many other areas, banks often use partnerships to improve on the following:
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> Posted by Hannah Sherman, Project Associate, CFI

Last Thursday the Institute of International Finance (IIF) and the Center for Financial Inclusion at Accion (CFI) launched The Business of Financial Inclusion: Insights from Banks in Emerging Markets. Based on in-depth interviews with 24 banks in emerging markets, the report explores the challenges and opportunities banks face in reaching unbanked and underbanked customers. It shines a spotlight on banks as leaders in advancing financial inclusion and discusses specific strategies related to technology, data, partnerships, financial capability, and other key issues, and concludes with recommendations for action.

In the following video, the report’s primary author Susy Cheston interviews Dr. William Derban, Director of Inclusive Banking & Corporate Social Responsibility at Fidelity Bank Ghana and one of the 24 bankers interviewed for the report. In their informal and in-depth conversation, Ms. Cheston and Dr. Derban discuss, among other topics, why Fidelity Bank Ghana has decided to engage in financial inclusion (hint: it’s not just about CSR), their commitment to always putting the customer first, their plan to reach viability, and the benefits they have gained through technology and partnerships.

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> 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.”

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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.