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How mobile loan platforms have lured Kenyans into debt trap
Just as a sluggish economy in which exports have underperformed has forced Kenya to arrange for another credit to settle a loan that was maturing, tough economic times such as poor business performance, lay-offs, or delayed salary have seen digital borrowers struggle to repay their loans.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Failure to Thrive: Nigeria’s Digital Financial Services Industry is Struggling – Can These Policy Solutions Help?
Nigeria leads all other emerging economies with 21 licensed mobile money operators. But high levels of unbanked and underbanked citizens have led to poor adoption rates for digital financial services. The Sustainable and Inclusive Digital Financial Services (SIDFS) initiative of the Lagos Business School has been studying ways to improve customer access and product development. In recently published research, Olayinka David-West and Ubukun Taiwo, both of LBS, reveal six policy recommendations for regulators that could help DFS to thrive in Nigeria.
- Categories
- Finance, Telecommunications
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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 $110 million of impact investments in Africa, Asia and Latin America, Acumen has expanded its focus to include the United States. Amon Anderson and Sarah Willis discuss how Acumen America, through its financial inclusion portfolio supported by MetLife Foundation, aims to build a future where low-income Americans enjoy stability, protection and prosperity.
- Categories
- Finance, Investing, Social Enterprise, Technology
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The Demonetization Crisis May Be Over, but the Time for Tech Upgrades in Indian Microfinance Is Now
India's 2016 banknote demonetization sent shockwaves through the country's microfinance sector, causing MFIs to write off US$ 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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WASH Away Inequity: Lack of Access to Safe Water is the Most Crippling Obstacle Limiting Human Potential
On World Water Day, consider that 844 million people (nearly 1 in 9) lack a drinking water source that is accessible within a 30-minute round trip from their home. But though this problem can be solved by installing a tap or rain harvesting system, the upfront cost of up to $200 is often prohibitive for people living in poverty. Water.org co-founder and CEO Gary White highlights the power of the poor, when given affordable financing, to provide their own solution to the global water crisis.
- Categories
- Environment, Investing, WASH
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Egypt on the Precipice: Can Fintech Pave the Way for a More Inclusive Financial System?
Financial inclusion in Egypt has persistently lagged behind similar economies for decades. But the country now has all the hallmarks of a market ready to leapfrog: a young population, an enthusiastic embrace of social media, and more mobile subscriptions (110 million) than its population. Sarah Willis of MetLife Foundation and Mayada El-Zoghbi of CGAP lay out four criteria that Egypt must meet to bring meaningful financial services to its low-income communities.
- Categories
- Finance
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Gap Inc. Sets New Goal For Apparel Suppliers To Pay Garment Workers Digitally By 2020
More than 60 percent of Gap Inc.’s supplier factories already provide digital payments methods, such as online transfers to bank accounts or mobile wallets. The new goal will help scale this progress across the company’s global supply chain and positively impact the lives of more than one million garment workers.
- Categories
- Finance
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