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Avoiding the Downside of Instapay: Five Behavioral Science-Based Principles to Make Paycheck-on-Demand Benefit Low-Income Users
There are numerous apps and employers that allow employees to cash out their paychecks on demand, rather than waiting until their usual payday. But while this may seem like a dream come true for people who need quick cash to deal with financial distress, "instapay" also comes with tradeoffs. Analysts at Common Cents Lab discuss these downsides – and some behavioral science-based solutions.
- Categories
- Coronavirus, Finance, Technology
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The Power of Local Women: An Innovative Social Capital Model Addresses Rural Financial Inclusion in India During COVID-19
To reduce the economic impact of COVID-19, the Indian government has transferred money into women’s bank accounts. But as Prabhat Labh at Grameen Foundation India and Sourajit Aiyer at South Asia Fast Track Sustainability Communications point out, the rural population often struggles to access those funds. They explore how the Grameen Mitra model leverages a network of village-based women to get cash transfers to where they're needed most.
- Categories
- Coronavirus, Finance
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From Cauliflower to Unicorns: Five Lessons from Five Years as a Startup
As the Digital Frontiers Institute (DFI) celebrates its fifth birthday, it recently announced that it's merging with CGAP’s Gateway Academy to form a "stronger, more refined new identity at the frontier of capacity building." DFI's co-founder and CEO, Gavin Krugel, discusses five lessons the organization has learned about running a social enterprise startup.
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Four Key Challenges Facing India’s Local Energy Enterprises During COVID-19 – And 16 Ways Funders Can Help
COVID-19 has had a devastating impact on last-mile energy companies. SELCO Foundation recently conducted surveys and conversations with 33 local Indian energy enterprises about the challenges they're facing. Sarah Alexander explores what these businesses shared about how governments, investors, philanthropies and other stakeholders can support them.
- Categories
- Coronavirus, Energy, Finance
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Overthrowing the King: Could Central Bank Digital Currencies Replace Cash in Post-COVID-19 Africa?
Despite advances in digital technology, cash has remained the undisputed king of payments in sub-Saharan Africa. However, as Michaella Allen and Christine Hougaard at Cenfri explain, COVID-19 has placed a stigma on cash and led governments across the region to actively encourage digital payments. They explore the implications of this shift, and whether it could make central bank digital currencies a viable alternative.
- Categories
- Coronavirus, Finance, Technology
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Cash Is King: An Overlooked Way for Foundations to Multiply the Impact of their Investments
The top 1,000 U.S. foundations alone have over $31 billion in cash deposits – and according to Catherine Berman at CNote, that money could be used to amplify their impact. She argues that foundations could drive massive change – and advance their missions – by moving these funds out of traditional accounts and into community development financial institutions and credit unions.
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Why It’s Time for Africa to Adopt a Regional Digital Financial Identity
Over 1 billion people globally lack any form of officially recognized identification. According to Nkosinathi Ncube at FinMark Trust, this is a significant obstacle to financial inclusion and other development efforts – but overcoming it is no easy task. He explores some of the challenges to expanding access to formal identity in Africa, and explains why an effective solution will require regional action.
- Categories
- Finance, Technology
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Building Back Better: How the COVID-19 Crisis Could Lead to an Integration of Health Care and Finance
Since COVID-19 started, the health care world has been talking about finance, trying to lessen the economic damage of lockdowns. And the financial world has been talking about health, launching new products that address the challenges of the pandemic. Chris Wolff explores how the two industries can use their combined response to rebuild in a way that leaves the world in a better place than it was before.
- Categories
- Coronavirus, Finance, Health Care, Technology