Financial inclusion is not good in itself. We value financial inclusion as a means to an end. We value financial inclusion because we believe it will increase the well-being, dignity and freedom of poor people and people living in remote areas, who have never had access to savings, insurance, credit and payment services. It is therefore important to ensure that the way in which financial services are delivered to these […]
Many regulators need to address innovations that could advance financial inclusion without incurring major risks. Regulatory sandboxes have emerged as a tool that has potential. A regulatory sandbox is a framework set up by a regulator that allows FinTech startups and other innovators to conduct live experiments in a controlled environment under a regulator’s supervision. Regulatory sandboxes are gaining popularity, mostly in developed financial markets. With a few exceptions, the […]
This post originally appeared on The Financial Brand website on August 23, 2017. Back in the Old Days, you used to have to hire a bunch of mathematicians to crunch numbers if you wanted to extrapolate insights from your data. Not anymore. These days, computers are so smart, they can figure everything out for themselves. But the uncensored power of “self-driving” AI presents financial institutions with a whole new set […]
“Information wants to be free.” This was the powerful motto that made hacker culture mainstream in 1984. Then the internet happened. What if, as with information, transactions want to be free? Could we expect a new internet-like moment for retail financial services if everyday users were given the ability to move money instantly across providers for free? Let’s entertain this idea for a moment. What would it take to accomplish? […]
Ever since M-Pesa caught the world’s attention in 2007, East Africa has been ground central for companies offering services that can be paid for using mobile money to the bottom of the pyramid. Pay-as-you-go (PAYGo) solar providers have reached upwards of 800,000 households in Kenya, Tanzania, and Uganda — markets where customers are able to repay the loans for their solar devices through mobile money. But what happens when PAYGo […]
G20 Leaders have acknowledged the importance of financial inclusion as multiplier for poverty eradication, job creation, gender equality and women’s empowerment and expressed support of the work of the Global Partnership for Financial Inclusion (GPFI). In their Communiqué, G20 Leaders explicitly welcomed the updated G20 Financial Inclusion Action Plan and the ongoing work on improved access to financing to help SMEs to integrate into sustainable and inclusive global supply chains. […]
IFC’s Digital Finance Partners Meeting 2017 brought together over 150 senior-level executives from leading financial institutions, technology companies and FinTech firms from around the globe. The meeting was hosted by IFC’s Financial Institutions Group and provided a platform for Singaporean, global and regional leaders to share experiences, meet influential and innovative “distruptors” who are redefining financial services today, and discuss challenges, opportunities and solutions in the digital financial industry. We […]
Last month, the government of Bhutan hosted the Bhutan Economic Forum for Innovative Transformation (BEFIT), which brought together a range of experts to discuss innovative solutions that can lead to the betterment of Bhutan’s 800,000 people. The challenge of improving access to finance for the underbanked in Bhutan was the inaugural topic for the biennial summit. Co-hosted by the Royal Monetary Authority and the IFC, the summit brought together key […]
Public-private dialogue paving the way for inclusive insurance markets The second Inclusive Insurance Asia Public Private Dialogue (PPD) and Learning Sessions closed on 16 March 2017 in Hanoi, Vietnam. Around 70 attendees from 10 countries, including high level representatives from the insurance industry and regulatory authorities of the six MEFIN-member countries (Indonesia, Mongolia, Nepal, Pakistan, Philippines and Vietnam), discussed market development strategies to improve access to insurance. A rapidly growing […]
When Syria native Ronaldo Mouchawar and four friends decided to launch a small auction website in 2005, the effort seemed futile. Only 10 percent of the people in the Middle East and North Africa were online. Internet shopping was almost nonexistent. But Mouchawar, who was based in Dubai, believed the Internet could transform the region, which is home to more than 300 million people. “There was a massive need for […]