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> Posted by Center Staff

In its second year, Financial Inclusion Week expanded its reach and once again displayed how the financial inclusion community is engaged and working for better services for the un- and underserved.

We are excited to share an electronic magazine which captures the Week’s vibrant conversation.  In this roundup e-zine, we hope to capture the energy and insights of Financial Inclusion Week 2016. Inside, we share event photos and videos, and dive into the conversations of the week’s events, while highlighting the client perspective.

We are excited to share insights on this year’s theme, keeping clients first in a digital world. The Financial Inclusion Week conversation covered a breadth of topics and geographies – from the role of digital media in financial literacy in Nepal to the client protection risks associated with nano-loans in Rwanda. As we listened to the many conversations, two words showed up again and again. Throughout all of the perspectives shared, we observed that many stakeholders are looking to new digital channels to help them understand and engage clients.

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> Posted by Center Staff

It has been two weeks since Financial Inclusion Week 2016 came to a close and we are excited to share a new Financial Inclusion Week Recap webpage which captures events, blogs, and insights from this year’s global conversation.

By the numbers, Financial Inclusion Week 2016 was a success. We had over 40 partner organizations in 19 countries hold events focused on the theme of keeping clients first in a digital world. Over 1,200 participants were engaged in these events worldwide. Beyond the in-person and online events, there were vibrant conversations on social media. Twenty-three #FinclusionWeek blog posts were shared by a variety of leaders in the industry and hundreds of tweets were exchanged with the week’s hashtag. We were thrilled by the breadth of the participants this year. Regulators such as the Egyptian Financial Supervisory Authority, fintech startups such as Artoo, research organizations such as Innovations for Poverty Action, development agencies such as ADA – Appui au Developpement Autonome, MFIs such as BRAC, and many more got involved.

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> Posted by Center Staff

This post is part of Financial Inclusion Week, a week of global conversation on advancing financial inclusion. This year’s theme was keeping clients first in a digital world. Throughout the week participants shared their thoughts in events and webinars, on social media, and through blog posts.

Well, that’s a wrap. Last week, the global financial inclusion community came together to explore the key actions needed to keep clients first in a digital world. Over 45 partner and contributing organizations in 19 countries drove the conversation through events, and on social media hundreds shared insights with the hashtag #FinclusionWeek.

While October 21st marked the official end of Financial Inclusion Week 2016, there are still a few Financial Inclusion Week events happening this week, including a webinar on G2P payments and an exploration of the challenges to women entrepreneurs in India. Stay tuned for event recap pages on each of the Week’s events as well as an electronic magazine highlighting the insights shared throughout the week. Additionally, visit the Financial Inclusion Week website for a full rundown of partners, events, and a social media feed.

We would like to thank all of the Financial Inclusion Week partners and contributors. You came together to make this Week a success, and we are all inspired by your commitment to advancing financial inclusion. For a full list of partners, visit the Financial Inclusion Week homepage. We hope that all who participated will continue to explore how to protect and empower clients in an increasingly digital financial ecosystem.

Here is a recap of day five. If you missed any of the other recap blog posts, you can find them all here on the CFI blog, as well as a number of thought pieces from Tilman Ehrbeck of Omidyar Network, Elisabeth Rhyne of CFI, and John Hartman of Equifax.
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> Posted by Center Staff

Financial Sector Deepening Mozambique event

This post is part of Financial Inclusion Week, a week of global conversation on advancing financial inclusion. This year’s theme is keeping clients first in a digital world. Throughout the week participants will share their thoughts in events and webinars, on social media, and through blog posts. Add your voice to the conversation using #FinclusionWeek.

It’s Friday, which means that Financial Inclusion Week 2016 is almost a wrap. We hope you’ve enjoyed all the festivities and happenings as much as we have. But before you sign off for the weekend and close the book on this year’s global week to advance financial inclusion, check out some of the activities from yesterday, day four, as well as the handful of activities that remain. And if you’re on Twitter, be sure to join our final #FinclusionWeek discussions on keeping clients first in fintech!

What’s Happening

Financial Sector Deepening Mozambique held an event focused on investment opportunities to boost small and medium-sized enterprises (SMEs) in Mozambique. The conversation was fueled by new research from the organization, and served to launch a new publication, Private Equity Investment Opportunities in Mozambican SMEs – Agribusiness Edition. The event brought together a variety of stakeholders to explore the role that private equity can play in empowering agricultural enterprises in Mozambique. Stay tuned for the release of the report.

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> Posted by Masrura Oishi, Tanjilut Tasnuba, and Isabel Whisson, BRAC

The following post was originally published on NextBillion.

It is part of Financial Inclusion Week, a week of global conversation on advancing financial inclusion. This year’s theme is keeping clients first in a digital world. Throughout the week participants will share their thoughts in events and webinars, on social media, and through blog posts. Add your voice to the conversation using #FinclusionWeek.

The integration of mobile money into microfinance operations is one of the most exciting yet challenging prospects facing microfinance providers today. Mobile money presents a fast, cost-efficient and flexible alternative delivery channel through which money can be transferred, loans can be repaid and savings can be deposited. Yet, globally, active usage of mobile money on a 90-day basis remains low, at around 33 percent.

BRAC has been gradually integrating mobile money into its microfinance operations since 2011. Among many of its microfinance clients, who are predominantly poor rural women, the prospect of transacting with money via mobile phone instead of cash at first seems suspicious and daunting. In seeking to promote responsible, confident and active use of its financial services, BRAC has introduced a number of initiatives. These have included investing heavily in client protection, customer service and financial education and developing mobile money use cases that made sense to the average microfinance client, such as using mobile money to pay deposits into monthly savings schemes.

As part of Financial Inclusion Week, which this year puts the spotlight on keeping clients first in a digital world, we spoke to one of BRAC’s clients about her experience using mobile money in microfinance. A client for more than 10 years, Maloti Rani Das has witnessed several key changes that have in turn changed her experience and view of microfinance. In a brief one-on-one interview, she took us through her journey with BRAC, from why she borrowed her first loan, her feelings when she first started using mobile money, and what has helped her become a confident user.

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> Posted by Center Staff

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Screenshot from VisionFund International’s webinar (click to watch)

This post is part of Financial Inclusion Week, a week of global conversation on advancing financial inclusion. This year’s theme is keeping clients first in a digital world. Throughout the week participants will share their thoughts in events and webinars, on social media, and through blog posts. Add your voice to the conversation using #FinclusionWeek.

On day three of Financial Inclusion Week 2016 we were excited to see conversations happen around the world, including in Rwanda, Bangladesh, and Australia. We offer a rundown of these events and the vibrant online conversation below.

The week is nearing a close but there are still plenty of upcoming events and ways to get involved. Be sure to share your thoughts on Twitter with #FinclusionWeek, join tomorrow’s webinar with Innovations for Poverty Action, or submit a client quote and photo to our collection of client insights.

What’s Happening

VisionFund International hosted a webinar (two webinars, in fact, to accommodate for different timezones) focused on the future of digital financial services. The webinar centered on how VisionFund is using technology to lend to smallholder farmers at the right level, and at the right time. During the webinar, Tom Allen and Justin McAuley, Director of Change and Programs and Director of Global Digital Architecture at VisionFund, highlighted a new application they developed which uses available geographic and market data to better extend their products to smallholder farmers and manage risk. You can watch the full webinar here.
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> Posted by Center Staff

Janautthan Samudayic Laghubitta Bikash Bank Limited event in Nepal

This post is part of Financial Inclusion Week, a week of global conversation on advancing financial inclusion. This year’s theme is keeping clients first in a digital world. Throughout the week participants will share their thoughts in events and webinars, on social media, and through blog posts. Add your voice to the conversation using #FinclusionWeek.

It is day three of Financial Inclusion Week 2016 and while we are sad to be more than half-way through, we are so excited by the conversations that have already happened! Already, Financial Inclusion Week events have taken place in South Africa, the United Kingdom, Nepal, and Tanzania, among other locations.

Before we dive into a recap of the events that happened yesterday – we encourage you to take another look at the list of webinars happening during the rest of the week and register today to participate. Additionally, we encourage you to join the Twitter conversation with #FinclusionWeek. Starting today, CFI (@CFI_Accion) will be asking a number of questions to the Financial Inclusion Week community focused on the theme, keeping clients first in a digital world.

What’s Happening

In Luxembourg yesterday, the ADA held a panel discussion exploring keeping clients first in mobile banking and microfinance. The conversation was led by Laurent de la Vaissière, Director of the Information & Technology Risk Department at Deloitte and included Devyani Parameshwar, Lead Development Manager of M-PESA at Vodafone, and James Onyutta, Managing Director of Musoni Kenya. You can watch the full conversation below.
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> Posted by Elisabeth Rhyne, Managing Director, Center for Financial Inclusion at Accion

Embed from Getty Images

This post is part of Financial Inclusion Week, a week of global conversation on advancing financial inclusion. This year’s theme is keeping clients first in a digital world. Throughout the week participants will share their thoughts in events and webinars, on social media, and through blog posts. Add your voice to the conversation using #FinclusionWeek.

A lot happens in even the simplest meeting between two people. Instantly, and without thinking, each person observes the other’s appearance and body language. As their eyes connect, they form impressions and make judgments about each other. Whether it’s a smile, a handshake, or the response to a question, the information and emotional content that passes in simple acts can be far richer than the words exchanged.

It has long been important for banking operations to ensure that when customers meet staff, whether at the teller window or in the marketplace, the interactions build customers’ trust and convince them to use the institution’s services. At the same time, crucial information about the customer would flow back to the bank.

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> Posted by Center Staff

Financial Inclusion Forum UK event yesterday at the European Bank of Reconstruction and Development (EBRD)

This post is part of Financial Inclusion Week, a week of global conversation on advancing financial inclusion. This year’s theme is keeping clients first in a digital world. Throughout the week participants will share their thoughts in events and webinars, on social media, and through blog posts. Add your voice to the conversation using #FinclusionWeek.

We are one day into Financial Inclusion Week 2016 and are so excited to already see stakeholders from across the globe coming together to discuss the week’s theme of keeping clients first in a digital world. As our global financial ecosystem undergoes a digital revolution, we are presented with great opportunities and great challenges to extending financial services in a responsible manner. At CFI, we believe that access to financial services is not enough. We define financial inclusion as “a state in which everyone who can use them has access to a full suite of quality financial services provided at affordable prices, in a convenient manner, with respect and dignity. Additionally, financial services are delivered by a range of providers, in a stable, competitive market to financially capable clients.”

Keeping clients first in a digital world requires looking beyond access to the essentials of quality services and client treatment. Financial technology has the potential to improve access, as well as the potential to improve convenience, lower prices, and build financial capability. However, fintech also has the potential to take away some of the respect and dignity present in an in-person banking transaction, and it can present new risks. We hope that this week you will explore the best ways to ensure that this digital revolution is not compromising clients, but instead further protecting them against risks and empowering them through new channels.

What’s Happening

Financial Inclusion Forum UK: Last night in London, over 200 stakeholders gathered at the European Bank of Reconstruction and Development (EBRD) for a conversation focused on “The Progress and Future of Financial Inclusion.” The three-hour event, organized by the Financial Inclusion Forum UK, consisted of a keynote and two panel discussions. The first panel discussion, featuring representatives from CDC, VisionFund, and EBRD, and moderated by Yasmina McCarty of GSMA, assessed current progress in financial inclusion. The second panel looked to the future with panelists from Financial Services for All, DoPay, Leapfrog Labs, and the Centre for the Study of Financial Innovation.

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> Posted by Tilman Ehrbeck, Partner, Omidyar Network

This post is part of Financial Inclusion Week, a week of global conversation on advancing financial inclusion. This year’s theme is keeping clients first in a digital world. Throughout the week participants will share their thoughts in events and webinars, on social media, and through blog posts. Add your voice to the conversation using #FinclusionWeek.

The digitization of the retail financial services front-end has the potential to unlock access to formal financial services for the 45 percent of working-age adults in emerging markets who are currently disconnected from the global economy. A recent McKinsey & Company study estimates that digital finance could reach the bulk of today’s excluded, mobilize new deposits and expand credit, adding six percentage points to emerging market GDP in 10 years-time, worth some $3.7 trillion. The driving force behind the digitization of retail financial services in emerging markets is the mobile phone. Already today, more people worldwide own a mobile phone than a bank account and by 2020, 80 percent of working-age adults will have a smartphone in their pocket. But to capture this opportunity, a lot still has to come together.

To begin with, the mobile infrastructure needs to be expanded. Data plans can still be very expensive in emerging markets, and low-cost smartphones have limited memory, which means people can use only a few apps. In fact, most emerging market users are connected via 2G feature phones, hindering a number of financial innovations from running on them.

But things are looking up.

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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.