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Report: Account Screening Consumer Reporting Agencies Impede Banking Access for Millions
While a lack of financial education is often cited as the key reason tens of millions of people across the country don't have bank or credit union accounts, in fact, millions are shut out from the mainstream banking system because of a small group of little-known companies who manage databases used by financial institutions to determine whether or not to allow a consumer to open an account. A new report released today by the Cities for Financial Empowerment Fund (CFE Fund) and the National Consumer Law Center (NCLC) entitled "Account Screening Consumer Reporting Agencies: A Banking Access Perspective"outlines the tremendous and deeply flawed role that "account screening consumer reporting agencies" (CRAs) play in determining whether consumers can obtain an account. The report raises concerns about these companies, financial institutions' use of their reports, and offers solutions both for industry leaders and regulators.
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Banking on Refugees: Helping those affected by global conflict to establish an ID and a lifeline to financial services
For many refugees, especially those who have been forced to quickly and unexpectedly leave their homes, establishing who they are is a challenge. To raise awareness of this critical situation, the Digital Finance Institute, a think tank for financial technology, is working on a financial inclusion project called “Banking on Refugees.”
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AT Capital and Life.SREDA Leads Series B Round for Lenddo
Lenddo, the world’s leader in using non-traditional data for credit scoring and online verification, today announced it has closed a Series B investment to further support the company’s accelerated growth and meet global demand. The investment was led by new investors AT Capital and Life.SREDA, with participation from existing investors Omidyar Network, Blumberg Capital and Golden Gate Ventures.
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- credit scoring
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Investors Unwittingly Support Unethical Industries
More than two thirds of investors do not know whether the activities of industries or companies they are investing in are ethical.
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- impact investing
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5 African Microfinance Startups to Watch
The African finance sector shot into the global limelight with the success of mobile money system M-PESA, which is heralded as proof of the continent’s capacity to lead the world in innovation in the payments space. Since then, the innovation has continued, and today a raft of mobile payments companies are active across the continent. Here Disrupt Africa showcases five of the top African m-finance startups to watch.
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- Sub-Saharan Africa
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- microfinance
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India’s First Live Crowdfunding Event Hosted in Kolkata
The country’s first live crowd funding event was witnessed at Kolkata on a cruise on river Ganga last evening.
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- South Asia
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- crowdfunding
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Zimpost Extends Money Transferring Service to Nigeria
Harare- Zimbabwe’s postal and courier company, Zimpost has extended its money transfer service to Nigeria with immediate effect to allow the sending and receiving of money among citizens from the two African states, the postal company’s communications officer Anna Munembe has said.
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- Sub-Saharan Africa
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India’s Mobile Wallet Market Likely to Cross $11B Mark By 2022
Owing to increasing penetration of smartphones as well as tablets, India has emerged as one of the fastest growing mobile wallet markets in the Asia Pacific region. 6Wresearch, a global market research and consulting firm, said in a report that India's Mobile Wallet Market is projected to reach $11.5 billion by 2022.
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- Uncategorized
- Region
- South Asia
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- digital payments
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