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Digital Isn’t Always the Answer: Building Choice into Financial Inclusion Solutions for Smallholder Farmers
Smallholder farmers often live in remote villages, located hours away from towns and cities where they might be able to access consistent mobile networks, bank accounts or other formal financial access points. So while many farmers are curious about the idea of receiving the payment for their cash crops in digital formats, the options for them to use that digital currency are limited. Instead of pushing technology for technology’s sake, financial inclusion projects ought to seek diverse solutions that are appropriate and accessible for customers based on their needs.
- Categories
- Agriculture
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Fintech Listed as Emerging Risk to Financial Stability in Report
“Fintech risk, which was included in this survey for the first time, was acknowledged as a significant source of risk by 15 percent of respondents,” the authors wrote. “Generally recognized as holding great promise, these results demonstrate a growing awareness of potential emerging risks, highlighting the need to evaluate both risks and rewards associated with fintech initiatives.”
- Categories
- Finance
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‘Stealthy’ Saving: Building on Payroll Credit to Automate Savings
Basic savings accounts are essential to helping people build assets, and to establishing their relationship with financial institutions. But customers often fail to open or use these accounts – even when they have the money and the intention of saving it. Acreimex, a savings & credit cooperative in Oaxaca, Mexico, worked with BFA to find an innovative, "stealthy" way to introduce savings to its existing payroll loan customers. The results of their pilot program were intriguing.
- Categories
- Finance, Technology
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Live from European Microfinance Week: Watch Recordings of Friday’s Two Plenary Sessions
NextBillion is covering European Microfinance Week as a media partner, and we're planning to live-stream two plenary sessions on Friday, Dec. 1, via Facebook Live. You can watch the broadcasts on our Facebook Page at 9:00 - 10:30 AM Luxembourg Time/3:00 - 4:30 AM EST, and at 3:30-4:30 PM Luxembourg Time/9:30-10:30 AM EST.
- Categories
- Finance, NextBillion Originals, Technology
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Financial Services for Real People: Using Behavioral Science to Boost Financial Health in Latin America
Behavioral economics illustrates how we humans often fail to plan beyond the immediate future. Over the past two years, the MetLife Foundation and behavioral economics lab ideas42 have examined the behavioral barriers standing in the way of financial health for low-income people in two pilot markets, Mexico and Chile. The two organizations have designed solutions that facilitate retirement savings, short-term savings and access to credit.
- Categories
- Finance
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Sesame Street goes global to teach kids about money
The outreach has so far been a whopping success in terms of the numbers reached, Sesame Workshop concluded at a summit last month that brought together country directors. The most difficult challenge they identified was how hard it was to translate money messages across different countries and cultures.
- Categories
- Education
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Report: 52 Million People in Latin America Protected by Microinsurance
More than 8.2% of the population in Latin America and the Caribbean had at least one microinsurance policy as of December 2016, with 52.1 million people insured corresponding to USD 420 million in Gross Written Premiums.
- Categories
- Uncategorized
- Region
- Latin America
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Press release: New FICO Credit Scores Provide Lenders Opportunity to Expand Access to Credit in India for Nearly 350 Million
FICO® Score for India is based on traditional credit data available from any of the major credit bureaus in India. FICO® Score X Data India, in partnership with LenddoTM, evaluates alternative data such as that from a consumer's digital footprint (web or mobile device) to produce a score for consumers who don't have enough traditional data on file with one of the Indian credit bureaus to produce a FICO® Score for India.
- Categories
- Uncategorized
- Region
- South Asia
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