Addressing Predatory Lending Apps: Lessons From the Regulatory Response in Indonesia, India and the Philippines
Digital lending apps have provided financial inclusion to many in emerging markets, but complaints about predatory practices have been surging over the last two years. Financial inclusion and consumer protection consultant Hema Bansal explains how misleading marketing, inadequate disclosure of pricing, terms and conditions, and inappropriate collections practices have led to new regulatory responses in Indonesia, India and the Philippines. She shares which of these steps have proven effective — and where there is still room for improvement.
Malian insurtech startup OKO, which aims to provide smallholder farmers with financial security, has raises US$1.2 million in seed funding for expansion into more African countries.
- Sub-Saharan Africa
Combating Cybercrime in Emerging Economies: The Case for Regional Cybersecurity Centers to Protect the Finances of the Poor
Cybercrime is growing in emerging economies, threatening progress toward inclusive finance. And the poorest people tend to be the most at risk – and the least able to afford losing money. Though government and industry bodies have struggled to address the problem, David Medine at CGAP explains that solutions exist – including the formation of regional cybersecurity resource centers.
Cash Transfers in the U.S. are Exploding: Here’s How to Make them Effective, During COVID-19 and Beyond
The U.S., like over 130 countries around the world, has deployed direct cash transfers to mitigate the hardships of COVID-19. But as Sheida Isabel Elmi and Rachel Black at the Aspen Institute Financial Security Program point out, many U.S. households were financially insecure even before the pandemic began. They argue that cash transfers should be an ongoing response to these vulnerabilities, and share research on how to leverage these programs for the fullest benefit.