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New Financial Inclusion Initiative Aims to Reach 60 Million Nigerians with 500,000-agent Network
Known as the Shared Agent Network Expansion Facilities (SANEF), the initiative entails an aggressive roll out of 500,000 agent network to offer basic nancial services, such as Cash-in, Cash-out, funds transfer, bill payments, airtime purchase, government disbursements as well as remote enrolment on BMS Infrastructure (BVN) to an estimated 50 million Nigerians that are currently under-banked.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Tackling Poverty Close to Home: Why Acumen is Boosting Financial Health in the U.S.
More than 40 million Americans live below the poverty line, and a majority live paycheck to paycheck. That's why, after nearly two decades and over $110 million of impact investments in Africa, Asia and Latin America, Acumen has expanded its focus to include the United States. Amon Anderson and Sarah Willis discuss how Acumen America, through its financial inclusion portfolio supported by MetLife Foundation, aims to build a future where low-income Americans enjoy stability, protection and prosperity.
- Categories
- Finance, Investing, Social Enterprise, Technology
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Impact investor Quona Capital plans to raise $150-200 million Fund III
While fintech remains the broader theme for Quona going forward, the company plans to broadbase its investment portfolio across sectors that can leverage fintech to deliver everyday needs in areas such as education, healthcare and insurance and small business.
- Region
- South Asia
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SimbaPay launches AI-powered chatbot that enables global money transfers via text
Digital money transfer provider SimbaPay has launched an AI-powered chatbot service which enables its customers to make international money transfers with just a text.
- Categories
- Finance
- Region
- Sub-Saharan Africa
- Tags
- digital payments, fintech
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Press release: Alipay Expands Global Footprint Into Mexico Through Partnership With Openpay
Alipay, the world’s leading digital payments platform, operated by Ant Financial Services Group, today announced that it is further expanding its footprint in the Americas through a partnership with Openpay in Mexico. Now, Alipay’s more than 600 million active users in China will be able to use Alipay to make purchases from Openpay’s affiliated businesses in Mexico. Alipay is China’s leading payment provider and the primary means of online and mobile payment for Chinese consumers.
- Categories
- Finance
- Region
- Latin America
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One of UK’s biggest banks is going digital in Africa for a share of the mobile money market
UK bank, Standard Chartered, is making a play for the mobile financial services market in Côte d’Ivoire—where it has no physical presence—with the the launch of its first digital-only retail bank. The bank will offer digital services allowing users make transfers and pay bills.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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The Demonetization Crisis May Be Over, but the Time for Tech Upgrades in Indian Microfinance Is Now
India's 2016 banknote demonetization sent shockwaves through the country's microfinance sector, causing MFIs to write off US$ 1.1 billion in bad loans. In response, cash-dependent MFIs stepped up investment in fintech – but now that the crisis has passed, so perhaps has their sense of urgency. Elliot Rosenberg of Awaaz.De argues that the need to embrace tech is as strong as ever.
- Categories
- Finance, Investing, Technology
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How Incorporating Behavioral Science into Cash Transfer Programs Is Changing Lives
More than $200 million in direct cash payments is distributed daily to fight poverty in over 120 developing countries. Evidence shows that the programs are working – but there is new pressure on them to enhance their effectiveness. Josh Martin and Laura Rawlings discuss how ideas42 and the World Bank, with funding from the Global Innovation Initiative, are leveraging behavioral science to help families make the most effective use of cash payments to achieve their goals.
- Categories
- Finance, Technology
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