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Press release: BFA’S Catalyst Fund Initiative that Accelerates the Future of Fintech in Emerging Markets Reaches 20 “Inclusive Fintech” Companies
“Bank accounts and payment transfers are receiving a lot of attention and are growing in the number of subscribers, but they aren’t being used with the frequency that you’d expect,” said David del Ser, a Director at BFA. “We’re accelerating inclusive fintech companies whose solutions will achieve greater usage and help address the complete financial lives of these populations — there is great need and demand for these kinds of products and services in emerging markets.”
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- Inclusive Fintech
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Three Steps (and One BFF) for a Perfect Bank-Fintech Match
Finding "The One" has never been easy: you have to know what you want, set appropriate filters, determine mutual understanding, and, of course, remember to take things slow. Fintechs and banks may not seem like natural partners, but as of late they're pairing up more than ever. With so many hurdles to cross, it's only natural that they could use a little help – and that's why BFA and MetLife Foundation teamed up to play matchmaker. In this piece, Maelis Carraro, senior associate at BFA, outlines how they brought together two new fintech-bank power couples in Latin America.
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- Inclusive Fintech
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The Economic Lives of Sex Workers: Can Financial Inclusion Offer Women a Path Out of the Sex Trade?
True financial inclusion involves reaching marginalized workers, and few are more marginalized than sex workers. Like everyone, these workers have financial needs and goals - including, for many, the goal of finding a safer livelihood. Daryl Collins, CEO of BFA, walks through the revenues and expenses of a sex worker in Ghana to show how access to financial services can impact sex workers – and why mainstream providers need to see the value in this overlooked population.
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- Entrepreneurship
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Can Tech Humanize Microfinance? An Unexpected Benefit of Going Digital
Shuffling through papers while standing at a pho vendor’s street stall. Asking customers the same questions over and over again every loan cycle. CEP’s staff and clients constantly dealt with such frustrations until the Vietnam-based microfinance institution rolled out an app that digitized the loan and repayment process. Laura Cojocaru and Kelly Nguyen of BFA report on how the technology not only saves time, but helps loan officers connect on a more personal level with clients.
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- Inclusive Fintech
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The Tortoise and the Hare: India and China Put Different Paths to Digital Finance to the Test
In 2016, some US$18 trillion changed hands via non-bank digital payment transactions in China – a value larger than its GDP. Meanwhile, though its population is roughly the same, India's digital finance industry has lagged far behind. But thanks to new digital infrastructure and evolving regulations, this situation is changing fast. Like the tortoise in Aesop’s fable, will India catch up with China, which has bounded ahead at hare-like speed? David Porteous at the Digital Frontiers Institute explores the two countries' approaches and their implications for other emerging markets.
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- Inclusive Fintech, Technology
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Is Mobile Money Killing Off the Group Microfinance Model (And Would That Be Such a Bad Thing)?
SAJIDA Foundation, an NGO and microfinance provider in Bangladesh, recently took the bold step of going cashless. But shifting to mobile money meant the end of group meetings – the locus of traditional microcredit for decades. The NGO was betting on clients embracing this new approach, but after the initial rollout, it noted some troubling downsides along with the expected benefits. Ashirul Amin of BFA explores the pros and cons SAJIDA has encountered in its cashless journey, and how it is responding with a hybrid method that blends old and new.
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- Impact Assessment, Inclusive Fintech
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Two Problems, One Solution: How Fintech is Boosting Access to Banking and Insurance for Domestic Workers in Mexico
More than 2 million domestic workers in Mexico go unseen by the formal financial system – they don't pay into a pension or social security system, and remain unbanked and badly underserved. Mexican fintech startup 4UNO is serving this hard-to-reach segment with an innovative banking and insurance product delivered through their employers. BFA's Gabriela Zapata explains how 4UNO is avoiding the pitfalls traditional financial institutions have faced in working with low-income clients.
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- Health Care, Inclusive Fintech
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The Superplatforms are Coming … And They Will Transform Financial Inclusion
With their big brands, big budgets and big data, superplatforms like Google, Amazon, Facebook and Alibaba already know more about most banks’ customers than the banks themselves. As these internet giants make increasing inroads into financial services, what are the implications for low-income customers – and their existing providers? David Porteous of BFA and Olga Morawcynski of MasterCard Foundation explore how these platforms are reshaping the face of financial inclusion around the world.
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- Inclusive Fintech, Technology
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