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> Posted by Jeffrey Riecke, Communications Assistant, CFI
Town of Ollantaytambo, Peru
Peru is widely recognized as one of the best environments for microfinance and financial inclusion in the world. In fact it ranked first in this year’s Microscope on the Business Environment for Microfinance, out of 55 countries. But the prime movers of financial inclusion in the country are not satisfied. At a recent CFI-Oikocredit event they gathered to consider a new CFI-Oikocredit report, Opportunities and Obstacles to Financial Inclusion in Peru. The report shares insights from surveys and interviews with service providers, investors, policymakers, and other players working to advance inclusion in the country.
What’s the biggest opportunity for advancing financial inclusion in Peru? David Alvarez, an international consultant, lead author of the report and co-organizer of the event, asked the audience this question. Thirty-seven percent of the audience responded with financial education, while 30 percent chose mobile money – responses that confirmed the report study’s responses. When David polled the audience on the biggest challenge to inclusion in Peru, the top response was limited understanding of client needs, chosen by 30 percent of people, followed by financial education with 24 percent.
> Posted by Merene Botsio, Financial Inclusion 2020 Project Coordinator, CFI
The Financial Inclusion 2020 campaign at the Center for Financial Inclusion at Accion is building a movement toward full financial inclusion by 2020. Accordingly, this blog series will spotlight financial inclusion efforts around the globe, share insights coming out of the creation of a roadmap to full financial inclusion, and highlight findings from research on the “invisible market.”
Huddled in the crowded lobby of the Sheraton Arlington hotel at the annual SEEP Network Conference, we listened intently to Syed Mohsin Ahmed as he elaborated on Pakistan’s new Microfinance Credit Information Bureau (MF-CIB). We scribbled in our notebooks, taking down points for the Financial Inclusion 2020 Credit Reporting and Client Information Analytics Experts’ Working Group, of which he is a member.
> Posted by Mildred Callear, Executive Vice President, SEAF
This post is part of the Center for Financial Inclusion’s Expert Exchange: Building A Movement Toward Financial Inclusion by 2020, cultivating conversation around the goal of reaching full financial inclusion by 2020. For further questions about this series, write to , Fellow, Center for Financial Inclusion at ACCION International.
In the current political climate, and particularly at this time of year, it is rare that anyone speaks in favor of paying taxes! And when we think of financial inclusion, being included in the ranks of taxpayers is usually not the first item on the list.
But for those who operate primarily in the informal economy, NOT paying taxes can be the very thing that keeps them out of the formal sector and denies them a fair shot at real growth. Formal financial services are critical to breaking out of a subsistence level of business, yet even when informal firms have the choice to access such financial services, they may choose to stay out of the formal economy to avoid paying taxes and incurring other costs. Read the rest of this entry »
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