What will it take to achieve a state of full financial inclusion? In 2011, the Center for Financial Inclusion asked this question in a global survey, and over 300 practitioners gave their perspectives on the key opportunities and obstacles to financial inclusion.
Based on the responses, the Center identified five priority focus areas that are key to achieving financial inclusion. We are using these five areas as the basis for a broad consultative process toward a Roadmap to Full Financial Inclusion. Over the course of 2012 and 2013, this process will engage dozens of experts and industry participants in developing an action-oriented blueprint for reaching new and underserved markets. The five focus areas are:
- Clients and Products, chaired by Consultative Group to Assist the Poor (CGAP), focuses on deepening our understanding of client needs and translating that knowledge into practice while expanding the range of financial services available to underserved markets
- Technology, chaired by Visa, analyzes the potential of new technology-intensive channels to reach new customers, lower operating costs, increase security, and diversify financial products available to low-income clients.
- Financial Capability, chaired by Citi, focuses on empowering clients to know their rights as consumers, and have the skills, attitudes, aspirations, and confidence to exercise those rights.
- Client Protection, chaired by the Smart Campaign, outlines steps to deepen the implementation of client protection measures for the benefit of consumers and stability of markets.
- Credit Reporting, chaired by International Finance Corporation (IFC), promotes extending credit reporting systems in order to expand access for new clients while managing risk for financial institutions.
Each of the five working groups will craft a roadmap that asks: What is the vision for this topic? What stands in the way of achieving the vision and where are the greatest opportunities? What are the enabling actions and corresponding actors who can advance the vision? The resulting roadmaps will be synthesized, shared with multiple industry participants and reviewed in the Financial Inclusion 2020 Global Forum October 28-30, 2013, in London. Stay tuned for continuing updates and new resources.
Working Group Members
Financial Capability |
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Jasmine Thomas, Citi Foundation (Chair) Anita Gardeva, Center for Financial Inclusion (Facilitator) Monique Cohen, Microfinance Opportunities Sarah Gordon, Center for Financial Services Innovation Martin Hintz, Allianz Solana Cozzo, MasterCard Worldwide |
Richard Hinz, World Bank Russia Financial Literacy and Education Trust Fund Claire Innes, U.K. Department for International Development Ida Rademacher, The Corporation for Enterprise Development Robyn Robertson, Microfinance Opportunities Beniamino Savonitto, Innovations for Poverty Action Andrea Stiles, Banco Solidario |
Product Range, Informed by Client Needs |
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Alexia Latortue, Consultative Group to Assist the Poor (CGAP) (Chair) Anita Gardeva, Center for Financial Inclusion (Facilitator) Brian Branch, World Council of Credit Unions Asad Mahmood, Global Social Investment Funds, Deutsche Bank Roy Hynes, MasterCard Worldwide |
Olga Morawczynski, Grameen Foundation Camilla Nestor, Grameen Foundation Evelyn Stark, The Bill and Melinda Gates Foundation Dörte Weidig, Internationale Projekt Consult GmbH /Supervisory Board of ProCredit Bank Congo Graham Wright, MicroSave Nicole Zimmerman, Western Union |
Technology-Enabled Business Models |
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Bill Gajda, Visa Inc. (Chair) Loretta Michaels, HMS Wireless Consulting (Facilitator) Claire Alexandre, Vodafone Mireya Almazán, The Bill and Melinda Gates Foundation Arjuna Costa, Omidyar Network Seema Desai, Mobile Money for the Unbanked, Groupe Speciale Mobile Association
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Thor Hauge, Western Union Sal Karakaplan, MasterCard Worldwide David Porteous, Bankable Frontier Associates Stephen Rasmussen, Consultative Group to Assist the Poor (CGAP) Narda Sotomayor, Central Bank of Peru John Staley, Equity Bank |
Credit Reporting |
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Tony Lythgoe, International Finance Corporation (Chair) Syed Mohsin Ahmed, Pakistan Microfinance Network Joachim Bartels, Business Information Industry Association Cecilia Bouras, Western Union |
Fredes Montes, World Bank Neil Munroe, Association of Consumer Credit Information Suppliers/Equifax Cornelio Pimentel, Brazil Michael Turner, The Policy and Economic Research Council |
Client Protection |
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Elisabeth Rhyne, Center for Financial Inclusion (Chair) David Grace, U.S. (Facilitator) Clorinda Alleyne, Barbados Public Workers Credit Union Michael Burbano, Banco Solidario Michael Chapman, Organisation for Economic Co-operation and Development Johanna Jaeger, World Bank |
Brigitte Klein, Deutsche Gesellschaft für Internationale Zusammenarbeit Ashok Narain, India Karen Niederkohr, U.S. Andrew Pospielovsky, Egypt Cliff Rosenthal, U.S. Consumer Financial Protection Bureau |
Outreach partners
Cherie Blair Foundation for Women • Child and Youth Finance International • Making Cents • Microcredit Summit Campaign • Microinsurance Network • SEEP • United National Capital Development Fund
FI2020's Roadmap to Inclusion is generously supported by Visa, Inc.
