<p>Inclusive Fintech 50 identifies promising early-stage fintechs driving financial inclusion around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services. Applicants are assessed on the degree to which their target market includes underserved people or businesses, and whether their innovation offers a new value proposition, shows early-stage traction, and can have a noticeable impact on the more than 3 billion financially underserved people globally. Inclusive Fintech 50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The initiative is managed by the Center for Financial Inclusion (CFI). Learn more at www.inclusivefintech50.com.</p>
<p>Media contact: Lauren Braniff, Vice President, Strategy and Communications, Center for Financial Inclusion: lbraniff@accion.org<strong> </strong></p>


Press Release

<em>WASHINGTON, D.C., October 17, 2022 – </em>The Center for Financial Inclusion (CFI) announced today the fourth cohort of the global Inclusive Fintech 50 (IF50) competition, which recognizes 50 early-stage, inclusive fintechs that aim to advance financial inclusion. IF50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The 2022 winners exemplify the power of fintech to reach underserved individuals and businesses with products and services designed to meet consumers’ needs, preferences, and resources.

The 2022 winners were selected from a pool of 257 eligible applicants with headquarters in 79 countries, with Sub-Saharan Africa representing 40 percent of candidates. The winning startups represent a range of product categories, including credit, digital financial infrastructure, insurance, savings and personal financial management, and payments and remittances. Credit remains the most common type of product offering, with 32 percent of applicants offering a credit solution. The digital financial services infrastructure category displayed the most growth, increasing from 16 percent of applicants in 2021 to 23 percent in 2022.

An independent panel of 35 expert judges with expertise in venture capital, technology, and financial services evaluated the applicants based on their inclusivity, innovation, traction, and scale potential.

The IF50 competition offers winning startup fintechs exposure among investors and media, and provides access to exclusive networking activities, the opportunity to pitch their innovations, and connections to expert support and training provided by IF50 sponsors and supporters. IF50 winners from the past three years have collectively increased their funding by $620 million in the year following their win. This year’s IF50 winners will also gain exposure during CFI’s <a href="https://financialinclusionweek.org/" target="_blank" rel="noopener noreferrer">Financial Inclusion Week</a> event, running virtually October 17-20. Winners will be announced by category throughout the week, culminating in a global plenary session discussing insights from this year’s competition.

Visa, an IF50 sponsor, provides winners access to <a href="https://practicalmoneyskills.com/" target="_blank" rel="noopener noreferrer">Practical Money Skills</a> and <a href="https://www.practicalbusinessskills.com/resources/about" target="_blank" rel="noopener noreferrer">Practical Business Skills</a>, digital platforms created by Visa to empower individuals and micro and small businesses with financial and business knowledge needed to manage and grow. These tools, together with the networking and publicity that IF50 provides, serve as an invaluable opportunity for startups at the earliest stages of their journeys.

The winners are listed below by main operating region. Full profiles of the 2022 winning fintechs can be viewed at <a href="http://www.inclusivefintech50.com/2022-cohort" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com/2022-cohort</a>.
<h3></h3>
<h3><strong>East Asia &amp; the Pacific</strong></h3>
Brick

Digicro

LTS Ventures

Salary Hero

SentBe Inc.

wagely

&nbsp;
<h3><strong>Latin America &amp; the Caribbean</strong></h3>
AkinTec

Finaktiva

Imix Latam

Paisa

Prestamype

Quipu Bank

Sofi

Yapu Solutions

Zenda.la

<strong> </strong>
<h3><strong>Middle East and North Africa</strong></h3>
Cassbana

<strong> </strong>
<h3><strong>North America</strong></h3>
Kaoshi Network

Restart Financial

Sunny Day Fund

<strong> </strong>
<h3><strong>South Asia</strong></h3>
Aloi

ARTH

Bimaplan

KarmaLife

Probus

Revfin Services Private Limited

Vitto – Microfinance.AI

Yuva Pay

<strong> </strong>
<h3><strong>Sub-Saharan Africa</strong></h3>
BezoMoney

Boost

Crop2Cash

DMA Limited

Ensibuuko

FIC Exchange Plc (Financial Inclusion Centers)

FlexPay LLC

Flow Global

FX Kudi

Infibranches

Jamii.one

Joovlin

Lipa Later Limited

Malipo Circles Limited

MarketForce

Moja Ride

SATIS FINTECH SA

Shecluded

SuiTch SAS

Touch and Pay Technologies Inc

Ukheshe

Umoja Labs

Umojalands Private Limited

Inclusive Fintech 50 Announces the 2022 Winners

An independent panel of expert judges will select 50 early-stage fintech startups leveraging data and digital technology to advance financial inclusion.

<span data-contrast="none">WASHINGTON, D.C., USA – The Center for Financial Inclusion (CFI) today announced the launch of the fourth annual Inclusive Fintech 50 (IF50) Competition, a global initiative that competitively selects 50 early-stage, inclusive fintechs with innovative business models that aim to advance financial inclusion.</span>

<span data-contrast="none">The theme of the 2022 IF50 competition is “Making Digitalization Count.” Rapid advances in the digital economy, further accelerated by COVID-19, are changing the financial services landscape and creating opportunities to drive further inclusion and impact for underserved populations. Early-stage, inclusive fintechs are leading the way by leveraging data and digital infrastructure to deliver valuable products and services to low-income consumers, especially women. </span><span data-contrast="auto">“As digitization rapidly increases, underserved individuals and businesses are at risk of being left behind. Visa’s purpose is to help create access and inclusion for all, and we are proud to support Inclusive Fintech 50 and the companies that help ensure everyone, everywhere is brought along the digital transformation journey,” said Beth Hurvitz, Global Head of Social Impact, Visa.</span>

<span data-contrast="none">Even with increasing attention to the promise of inclusive fintech, many early-stage fintech companies struggle to secure funding to help them grow. IF50 aims to address this gap by identifying the 50 most promising inclusive fintechs and providing them with visibility to attract investors and other support. Thanks in part to the visibility from IF50, past winners have jointly increased their funding by $620 million in the year following their win. “MetLife Foundation is committed to expanding economic opportunity in underserved and underrepresented communities,” said Tia Hodges, President and CEO of MetLife Foundation. “We are proud to support IF50, which helps to advance inclusion-minded fintechs that are focused on responsible and cost-effective digital solutions.”</span>

<span data-contrast="none">IF50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC, and implemented by CFI. In its first three years, IF50 attracted over 1,000 eligible applicants from around the world. Applications are reviewed by an </span><a href="https://www.inclusivefintech50.com/2021-judging-panel" target="_blank" rel="noopener noreferrer"><span data-contrast="none">independent panel of judges</span></a><span data-contrast="none"> with expertise spanning financial technology, investment, and innovation. The selection of the 50 winners is based on four criteria: inclusivity, innovation, scale potential, and traction. “The rigorous selection process is a key tenet of IF50,” said Simon Boas of Jersey Overseas Aid. “The applicants go through several stages of vetting to select a truly innovative group of 50 winners with the potential to drive real impact.”</span>

<span data-contrast="none">In addition to visibility and credibility, IF50 2022 winners will have access to exclusive networking activities, the opportunity to pitch their innovations, and connections to expert support and training provided by our sponsors and supporters. In addition, winners will be invited to participate in CFI’s <a href="http://financialinclusionweek.org" target="_blank" rel="noopener noreferrer">Financial Inclusion Week</a>, an annual virtual event taking place October 17-20, where inclusive finance stakeholders gather to learn from one another and share key findings.</span>

<span data-contrast="none">Other benefits available to this year’s winners include access to </span><a href="https://practicalmoneyskills.com/" target="_blank" rel="noopener noreferrer"><span data-contrast="none">Practical Money Skills</span></a><span data-contrast="none"> and </span><a href="https://www.practicalbusinessskills.com/resources/about" target="_blank" rel="noopener noreferrer"><span data-contrast="none">Practical Business Skills</span></a><span data-contrast="none">, digital platforms created by Visa to empower individuals and micro and small businesses with financial and business knowledge needed to manage and grow. Winners also have the opportunity to be connected to IF50 sponsors to accelerate their business and social impact.</span>

###
<h3>About IF50</h3>
<span class="TextRun SCXW268323741 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW268323741 BCX0">Inclusive Fintech 50 identifies promising </span><span class="NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW268323741 BCX0">early-stage</span> <span class="NormalTextRun SpellingErrorV2Themed SCXW268323741 BCX0">fintechs</span><span class="NormalTextRun SCXW268323741 BCX0"> driving financial inclusion around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services. Applicants are assessed on the degree to which their target market includes underserved people or businesses, and whether their innovation offers a new value proposition, shows early-stage traction, and can have a noticeable impact on the more than 3 billion financially underserved people globally. Inclusive Fintech 50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The initiative is managed by the Center for Financial Inclusion (CFI). Learn more at <a href="http://www.inclusivefintech50.com" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com</a>.</span></span>

Inclusive Fintech 50 Launches 2022 Competition to Recognize Fintech Startups Driving Inclusive Finance

WASHINGTON, DC, March 29, 2022—The Center for Financial Inclusion (CFI) and the International Finance Corporation (IFC) announced today the transition of the Responsible Finance Forum (RFF) convening role from IFC to CFI. The agreement to transfer RFF from IFC to CFI was signed on March 9, 2022.

RFF was created in 2009, under the leadership of IFC and other key stakeholders in the financial inclusion community to foster dialogue and collaboration among the private sector, governments, policymakers, academics, and consumer organizations. The RFF annual event provided an opportunity for a diverse set of stakeholders to share emerging insights and solutions and collaborate on initiatives to ensure responsible finance remained at the core of efforts to advance inclusive finance.

The ongoing COVID-19 pandemic, digitalization, and climate change, among other global forces, are rapidly changing the inclusive finance landscape. Based on feedback received from past, present, and future RFF stakeholders, CFI is reimagining RFF and expanding its role to tackle rapidly evolving risks faced by financial systems and low-income people. RFF will provide an agile and forward-thinking space for a wide range of inclusive finance stakeholders to share knowledge, conduct research, and engage in global dialogue to improve risk identification and mitigation.

“CFI has always been a leader in customer protection. Today, customer protection risks are not just about what happens at the business model level, but also about what happens at the market level,” said Mayada El-Zoghbi, Managing Director of CFI. “These dynamic risks and the vast range of challenges they pose for low-income customers means that we must work collaboratively. The reimagined RFF will help tackle key questions and gaps to better protect low-income and vulnerable populations.”

The complexity of the inclusive finance landscape demands an approach that can facilitate analysis and action at a rapid pace. Moving forward, RFF will expand to serve as a platform with three core functions: aggregate research across the sector and help identify emerging issues that will impact low-income customers; expand a network of partnerships that will leverage each partner’s strengths to build sectoral knowledge; and collaborate through regular convenings with the annual event as a crucial cornerstone.

“We recognize the need for the private sector, investors, and donor organizations to work together to drive critical conversations around inclusive finance risks,” said  Sharmila Hardi, a Senior Manager at IFC’s Financial Institutions Group, who leads IFC’s investments and advisory services for Microfinance, SME Banking, Gender Finance and Insurance. “As an independent think tank, CFI is uniquely positioned to serve as a neutral broker to facilitate collaboration across a diverse set of stakeholders, and we look forward to continuing to work together on these crucial topics.”

To ensure independence and a structure that encourages widespread participation from across the sector, RFF will have two levels of governance—one comprising sponsors with fiduciary responsibilities and the second comprising partners who lead thinking on responsible finance and customer protection and will assist with identifying strategic priorities and areas of focus.

“RFF presents a unique opportunity for emerging markets and developed countries to learn from one another,” said Michael Schlein, CEO of Accion. “We are thrilled that CFI will be taking on RFF and look forward to the opportunity to elevate RFF as an agile, forward-thinking platform on customer protection.”

<a href="https://centerforfinancialinclusion.us5.list-manage.com/subscribe?u=394352ae963270aef6c51680d&amp;id=dfbe84c2fb" target="_blank" rel="noopener noreferrer">Sign up to the RFF mailing list</a> to receive more information and updates on RFF.

###

&nbsp;

Please direct media inquiries to:

Lauren Braniff, CFI – <a href="mailto:lbraniff@accion.org">lbraniff@accion.org</a>

Henry Pulizzi, IFC – <a href="mailto:hpulizzi@ifc.org">hpulizzi@ifc.org</a>

&nbsp;

<strong>ABOUT CFI</strong>

The Center for Financial Inclusion (CFI) works to advance inclusive financial services for the billions of people who currently lack the financial tools needed to improve their lives and prosper. We leverage partnerships to conduct rigorous research and test promising solutions, and then advocate for evidence-based change. CFI was founded by Accion in 2008 to serve as an independent think tank on inclusive finance.

<strong>ABOUT IFC</strong>

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit <a href="www.ifc.org">www.ifc.org</a>.

CFI, IFC Announce Reimagined Responsible Finance Forum (RFF), Transition of Convening Role to CFI

Announcement

WASHINGTON, D.C. <strong>—</strong> H.M. Queen Máxima of the Netherlands met today with the Center for Financial Inclusion’s (CFI) Managing Director, Mayada El-Zoghbi, in Washington, D.C. Queen Máxima visited in her capacity as the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA). In a bilateral conversation, Queen Máxima and El-Zoghbi discussed several pressing topics for inclusive finance and advancing financial health, including customer protection, algorithmic bias, green inclusive finance, and the importance of multistakeholder collaboration to drive lasting impact.

UNSGSA Queen Máxima Meets With Center for Financial Inclusion to Discuss the Future of Financial Inclusion and Customer Protection

Rosita Najmi’s experience on economic equity and empowerment will support CFI’s strategy and research agenda.

<span data-contrast="auto">The Center for Financial Inclusion (CFI) is honored to welcome </span><a href="https://www.centerforfinancialinclusion.org/bio/rosita-najmi-2"><span data-contrast="none">Rosita Najmi</span></a><span data-contrast="auto">, Head of Global Social Innovation at PayPal, to its </span><a href="https://www.centerforfinancialinclusion.org/about/advisory-council"><span data-contrast="none">Advisory Council</span></a><span data-contrast="auto">. Rosita’s expertise in economic equity and empowerment, fintech, and financial inclusion will be paramount in supporting CFI’s research agenda.</span>

<span data-contrast="auto">Rosita leads the Global Social Innovation Team at PayPal, which engages PayPal customers, employees, products, and business operations to advance social, economic, and environmental impact via democratizing financial services, improving the economic equity, empowerment, and financial health, increasing and diversifying  global charitable giving, advancing climate equity and resilience, ensuring environmental sustainability, and strengthening communities through local grantmaking, volunteering, and pro-bono technical assistance. Previously, she was with the Bill &amp; Melinda Gates Foundation, where she led a range of fintech-related investments and bodies of work, including women’s financial inclusion and economic empowerment. Before joining BMGF, she was at the Omidyar Network, The World Bank, and leading NGOs, including Accion, Mercy Corps, and America’s Promise.</span>

<span data-contrast="auto">Rosita joins a committee that includes four other members who were added since work commenced on CFI’s </span><a href="https://www.centerforfinancialinclusion.org/crisis-and-opportunity-reimagining-inclusive-finance-after-the-pandemic"><span data-contrast="none">new strategy</span></a><span data-contrast="auto">: </span><a href="https://www.centerforfinancialinclusion.org/bio/bob-annibale"><span data-contrast="none">Bob Annibale</span></a><span data-contrast="auto">, Senior Fellow at SOAS University of London, </span><a href="https://www.centerforfinancialinclusion.org/bio/david-ferrand"><span data-contrast="none">David Ferrand</span></a><span data-contrast="auto">, Independent Consultant, </span><a href="https://www.centerforfinancialinclusion.org/bio/joanna-ledgerwood"><span data-contrast="none">Joanna Ledgerwood</span></a><span data-contrast="auto">, Independent Consultant, and </span><a href="https://www.centerforfinancialinclusion.org/bio/camilla-nestor"><span data-contrast="none">Camilla Nestor</span></a><span data-contrast="auto">, CEO of MCE Social Capital. Their expertise and guidance are invaluable to CFI, and we look forward to the contributions of our newer additions alongside longstanding members </span><a href="https://www.centerforfinancialinclusion.org/bio/jonathan-morduch"><span data-contrast="none">Jonathan Morduch</span></a><span data-contrast="auto">, Professor of Public Policy and Economics at NYU, </span><a href="https://www.centerforfinancialinclusion.org/bio/mark-pickens"><span data-contrast="none">Mark Pickens</span></a><span data-contrast="auto">, Senior Director of Financial Inclusion at Visa, </span><a href="https://www.centerforfinancialinclusion.org/bio/diana-taylor"><span data-contrast="none">Diana Taylor</span></a><span data-contrast="auto">, Board Member of Citigroup, Brookfield Asset Management and Sotheby, </span><a href="https://www.centerforfinancialinclusion.org/bio/jennifer-tescher"><span data-contrast="none">Jennifer Tescher</span></a><span data-contrast="auto">, President and CEO of Financial Health Network, and </span><a href="https://www.centerforfinancialinclusion.org/bio/paul-tregidgo"><span data-contrast="none">Paul Tregidgo</span></a><span data-contrast="auto">, Former Vice Chairman of Debt Capital Markets at Credit Suisse.</span>

<span data-contrast="auto">CFI looks to its Advisory Council for guidance on strategic direction, input on new areas of research and partnerships, and occasionally providing support to specific programs. Composed of leaders from the financial inclusion sector and the financial industry at large, Advisory Council members have thought deeply about providing financial services to the poor and are focused on future challenges and opportunities.</span>

CFI’s Advisory Committee Brings on New Expertise to Support Strategic Priorities

H.M. Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), today co-hosted a virtual workshop with the Center for Financial Inclusion (CFI) at Accion to raise awareness and address algorithm biases for financial inclusion.

Queen Máxima and CFI Managing Director Mayada El-Zoghbi co-chaired the meeting, which convened leadership from select central banks and other subject matter experts. Both the UNSGSA and the Managing Director provided brief opening remarks. President and CEO of Accion Michael Schlein also offered brief remarks.

[caption id="attachment_43591" align="alignright" width="559"]<img class="size-full wp-image-43591" src="https://content.centerforfinancialinclusion.org/wp-content/uploads/sites/2/2021/12/unsgsa-cfi-workshop-algorithm-bias-web-story-foto-21.jpg" alt="" width="559" height="322" /> <em>UNSGSA Queen Máxima (top left) is pictured during a virtual workshop for central banks to address algorithm biases for financial inclusion, which the Special Advocate co-hosted with Center for Financial Inclusion Managing Director Mayada El-Zoghbi (top right). Also pictured are Office of the UNSGSA Director Pia Tayag (bottom left) and Accion President and CEO Michael Schlein. Other attendees are not shown, in accordance with Chatham House Rule.</em>[/caption]

Artificial intelligence (AI)-driven digital financial services hold tremendous potential for financial inclusion. For example, the rapid growth in mobile phone usage and increase in new customer data have resulted in novel methods to deliver financial services by leveraging AI and data — especially in emerging markets and economies.

However, these new innovations can be accompanied with new risks or reinforce previous biases and exclusion issues, with potentially harmful consequences for consumers. This is particularly relevant for vulnerable groups like the poor, women, smallholder farmers, and small businesses.

Attendees used the opportunity to exchange knowledge and learn lessons from the experiences of their counterparts from different institutions and countries on these issues. They were encouraged to examine how to more effectively diagnose problems and identify risks related to AI-driven digital financial services.

Participants also examined how governments could better monitor and mitigate the risks associated with using algorithms for credit and insurance products in their own markets. Further, attendees used the time to consider the role of the private sector in finding solutions and ensuring future innovations are safe and fair for consumers.

The workshop was designed to help participants better understand the risks associated with algorithm biases, as well as to create a research agenda to develop possible strategies and solutions to tackle these problems.

The meeting was conducted under Chatham House Rule. For further reading on the topic, please see CFI’s report, <a href="https://www.centerforfinancialinclusion.org/the-stories-algorithms-tell-bias-and-financial-inclusion-at-the-data-margins">"The Stories Algorithms Tell: Bias and Financial Inclusion at the Data Margins."</a>

UNSGSA and Center for Financial Inclusion Co-Host Virtual Roundtable for Central Banks to Tackle Algorithm Biases in Financial Services

<h3>About IF50</h3>
<p>Inclusive Fintech 50 identifies promising early-stage fintechs driving financial inclusion around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services. Applicants are assessed on the degree to which their target market includes underserved people or businesses, and whether their innovation offers a new value proposition, shows early-stage traction, and can have a noticeable impact on the more than 3 billion financially underserved people globally. Inclusive Fintech 50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The initiative is managed by the Center for Financial Inclusion (CFI). Learn more at <a href="https://www.inclusivefintech50.com/" target="_blank" rel="noopener">inclusivefintech50.com</a>.</p>
<h3>About Visa</h3>
<p>Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit <a href="https://usa.visa.com/visa-everywhere/blog.html" target="_blank" rel="noopener">About Visa</a> and @VisaNews.</p>
<h3>About MetLife Foundation</h3>
<p>At MetLife Foundation, we are committed to expanding opportunities for low- and moderate-income people around the world. We partner with nonprofit organizations and social enterprises to create financial health solutions and build stronger communities, while engaging MetLife employee volunteers to help drive impact. Our financial health work has reached more than 17.3 million low- and moderate-income individuals in 42 countries. To learn more about MetLife Foundation, visit <a href="http://www.metlife.org" target="_blank" rel="noopener">metlife.org</a>.</p>
<h3>About Jersey Overseas Aid &amp; Comic Relief</h3>
<p>In 2018, Comic Relief and Jersey Overseas Aid announced a four-year £8 million partnership called ‘Branching Out: Financial Inclusion at the Margins’ to improve access to affordable financial services for those at the margins of society in Sierra Leone, Rwanda and Zambia. Comic Relief and Jersey Overseas Aid believe that one of the best ways to do this is by transferring knowledge to build responsible and inclusive financial systems, incubating FinTech, and focusing on service delivery to increase bottom-of-the-pyramid access to financial services including bank accounts, savings, insurance and credit, providing low-income households with the means to plan for the future as well as unexpected events. The partnership grants support a diverse set of organisations, made up of international and local NGOs, with each grantee delivering programmes designed to meet different community and national needs in addressing financial inclusion.</p>
<h3>About Accion</h3>
<p>Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of — or poorly served by — the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 170 partners in 55 countries. More at <a href="https://accion.org" target="_blank" rel="noopener">accion.org</a>.</p>
<h3>About IFC</h3>
<p>IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.</p>
<h3>About the Center for Financial Inclusion</h3>
<p>The Center for Financial Inclusion (CFI) works to advance inclusive financial services for the billions of people who currently lack the financial tools needed to improve their lives and prosper. We leverage partnerships to conduct rigorous research and test promising solutions, and then advocate for evidence-based change. CFI was founded by Accion in 2008 to serve as an independent think tank on inclusive finance.</p>
<p>Media contact: Lauren Braniff, Vice President, Strategy and Communications, Center for Financial Inclusion: <a href="mailto:lbraniff@accion.org" target="_blank" rel="noopener">lbraniff@accion.org</a>.</p>


WASHINGTON, D.C., October 27, 2021 – The Center for Financial Inclusion (CFI) announced today the Inclusive Fintech 50 (IF50) competition’s 2021 cohort, recognizing 50 fintech startups that are leading the way in helping low-income customers and micro, small and medium enterprises (MSMEs) to rebuild from the COVID-19 pandemic. IF50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The winners of this year’s competition join winners from previous years in representing a range of impactful ways in which fintech startups are helping vulnerable, underserved users improve their financial lives.

The 2021 winners were selected from a pool of 377 applicants, representing 77 countries, with Sub-Saharan Africa representing 44 percent of all candidates. The winning startups represent a range of product offerings, from credit solutions to payments providers and fintech infrastructure. An independent panel of 22 expert judges selected the fintechs through a rigorous process that evaluated their inclusivity, innovation, traction, and scale potential.

Participation in the competition provides startups with visibility and credibility among investors, as well as media and partnership exposure. Nineteen winners from the 2019 cohort have since raised a collective $182.5 million in investment.

IF50 winners will further benefit from introductions to investors, including the <a href="https://bfaglobal.com/catalyst-fund/circle-of-investors/" target="_blank" rel="noopener noreferrer">Catalyst Fund Circle of Investors</a>, and exposure during CFI’s <a href="https://financialinclusionweek.org/" target="_blank" rel="noopener noreferrer">Financial Inclusion Week</a>, November 1-4, 2021. Visa, an IF50 sponsor, will also provide winners access to <a href="https://www.practicalbusinessskills.com/" target="_blank" rel="noopener noreferrer">Practical Business Skills</a>, a global digital platform created by Visa to deliver free educational resources to help small and micro business owners make confident, informed decisions to run and grow their businesses. IF50 winners will also automatically pre-qualify for <a href="https://partner.visa.com/site/programs/fintech-program.html" target="_blank" rel="noopener noreferrer">Visa Fintech Fast Track</a>, a program that advances the process of integration with Visa and its network of partners, helping fintechs enhance and introduce new, innovative payment experiences. These tools, together with the networking and platform that IF50 provides, deliver invaluable opportunities for startups at the earliest stages of their journeys.

The IF50 application process revealed some key facts about how fintech startups have adapted to support the COVID-19 pandemic recovery.

Most applicants report a growth year despite difficult COVID lockdowns. This growth reflects growing confidence in the use of digital financial services, accelerated by a desire to limit social contact during the pandemic, as well as fintech startups’ ability to adapt to meet users’ needs.

The pandemic may have caused setbacks for some startups, requiring measures to support users such as extending credit tenures, providing grace periods, or even waiving fees. Even those that experienced setbacks, however, are now optimistic as they predict increased demand for their services.

The fintechs that raised investment funds this year reported larger deal sizes than those in the year previous.

Applications from women-led fintechs accounted for 27 percent of the pool but constituted 36 percent of the winners.

Full profiles of the fintechs can be viewed at <a href="https://bit.ly/IF50winners21" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com/2021-cohort</a>.
<h2>Key Quotes:</h2>

Inclusive Fintech 50 Announces 2021 Winners

Mayada El-Zoghbi

CFI's Managing Director comments on remittances, mobile transfer services, and the impact of fintechs on global payments.

News

Remittance fintechs are disrupting the world of global payments by reducing the cost of cross-border money transfers. This <a href="https://www.ft.com/">Financial Times</a> article highlights how digital transfer services are challenging the high costs of remittances and the impact that could have on global banking. CFI's managing director, Mayada El-Zoghbi, offers her insights on falling remittance prices, the impact of the pandemic on transferring money, and potential risks down the line.

El-Zoghbi believes that a target for the global average remittance charge of three percent or below by 2030 is "within reach." She also points out structural factors that have caused digital transfer payments to rise, including travelers being unable to transfer cash themselves during the lockdown. Finally, El-Zoghbi mentions the potential risks of monopolistic behavior from big payment businesses down the line.

Read the full article <a href="https://www.ft.com/content/1f11b38b-54d6-451c-ba4b-48843efa329d?shareType=nongift">here</a>.

Financial Times Quotes Mayada El-Zoghbi on Global Remittances

Julia Arnold

CFI’s Senior Research Director on Women's Financial Inclusion discusses addressing gender norms on the HERO podcast.

As a guest on <a href="https://foreignpolicy.com/podcasts/hidden-economics-of-remarkable-women-hero/">The Hidden Economics of Remarkable Women (HERO) podcast</a>, Julia Arnold talks about the Household Dialogues program, where couples meet with financial counselors to initiate open communication about household finances and decision-making, led by the nonprofit CARE in Uganda.

Arnold explains that addressing the gender gap, from bank account ownership to mobile phone ownership, is more than just providing access to resources. The <a href="https://www.careevaluations.org/evaluation/digital-subwallets-and-household-dialogues/">Household Dialogues</a> program helps address the social and normative gender constraints that can also prevent women’s financial inclusion.

She concludes with the hope that providers, governments, donors, and investors all work together to do their part in understanding where the existing gender gaps are and the various ways they can each address them.

<a href="https://www.centerforfinancialinclusion.org/bio/julia-arnold">Arnold</a> is the Senior Research Director for Women’s Financial Inclusion.

Listen to the full episode <a href="https://foreignpolicy.com/podcasts/hidden-economics-of-remarkable-women-hero/?episode=saving-more-by-changing-gender-roles-in-uganda">here</a>.

Foreign Policy Interviews CFI Gender Lead Julia Arnold About Women’s Economic Empowerment

An independent panel of leading fintech experts will select 50 innovative inclusive fintech startups helping communities rebuild from the pandemic.

An independent panel of leading fintech experts will select 50 innovative inclusive fintech startups helping communities rebuild from the pandemic

WASHINGTON, D.C., USA, June 28, 2021 - The Center for Financial Inclusion (CFI) has launched the third year of Inclusive Fintech 50 (IF50), a competition to recognize the most promising inclusive fintech startups pushing the frontiers of innovation. This year, the competition seeks to recognize early-stage fintechs that are helping low-income customers and micro- and small enterprises not just respond to the pandemic, but rebound, rebuild, and recover after the past year’s devastation.

IF50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. In its first two years, IF50 attracted applications from over 700 startups across 162 countries, cumulatively reaching almost 175 million customers. Each year, an independent judging panel of global fintech experts reviews the applicants to select 50 winners based on four criteria: inclusivity, innovation, scale potential, and traction.

Participation in the competition provides startups with visibility and credibility among investors as well as media and partnership exposure; 19 winners from the 2019 cohort have since raised a collective $182.5 million in investment. In addition, this year’s winners will be featured in early November during Financial Inclusion Week, an annual virtual event organized by CFI for the inclusive finance community to discuss the latest developments and key issues facing the sector. Winners will also be featured in this year’s research findings and media coverage. For example, <a href="https://www.inclusivefintech50.com/briefs" target="_blank" rel="noopener noreferrer">several publications from the past two years</a> prominently featured IF50 winners.

For the 2021 competition, new benefits to IF50 winners include access to <a href="https://www.practicalbusinessskills.com/" target="_blank" rel="noopener noreferrer">Practical Business Skills</a>, a global digital platform created by Visa to deliver free educational resources to help small and micro business owners make confident, informed decisions to grow their businesses. Winners will be able to customize and co-brand this turn-key solution to support the local recovery efforts of the small and micro businesses they serve. Eligible winners will automatically pre-qualify for <a href="https://partner.visa.com/site/programs/fintech-program.html" target="_blank" rel="noopener noreferrer">Visa Fintech Fast Track</a>, a program that aims to speed up the process of integrating with Visa and its ecosystem partners and helps fintechs enhance and introduce new and innovative payment experiences. These tools, together with the networking and platform that IF50 provides, serve as an invaluable platform for startups at the earliest stages of their journey.

As the COVID pandemic continues to rage in many parts of the world, fintech startups and services have proven to be an invaluable lifeline for vulnerable people, facilitating remittances, digital payments, and payments associated with government safety nets. Higher rates of fintech acceptance present new opportunities for startups to go beyond traditional offerings to deliver valuable financial services that will ensure the financial health and resilience of underserved people.

Expert judges include a diverse group of independent fintech experts, investors, and founders, including:
<ul>
 	<li>Nejoud Al Mulaik, Director, Fintech Saudi</li>
 	<li>Tarek Assad, Managing Partner, Algebra Ventures</li>
 	<li>Sarah Austrin-Willis, Senior Director, Financial Solutions Lab, Financial Health Network</li>
 	<li>Ginger Baker, Head of Financial Access, Plaid</li>
 	<li>Anne-Marie Chidzero, Chief Investment Officer, FSD Africa Investments</li>
 	<li>Bernhard Eikenberg, Managing Partner, Emerging Markets, Community Investment Management</li>
 	<li>Brad Jones, CEO, Wave Money</li>
 	<li>Buhle Goslar, Africa CEO, Jumo</li>
 	<li>Jojo Malolos, CEO, JG Digital Equity Ventures and Data Analytics Ventures</li>
 	<li>Kunal Upadhyay, Advisor, ADB Ventures</li>
 	<li>Shwetank Verma, Co-Founder and General Partner, Leo Capital</li>
 	<li>Gabriela Zapata Alvarez, Independent Consultant (Financial Inclusion)</li>
</ul>
The application window opens today, and interested startups are encouraged to apply by July 23 via the <a href="https://www.inclusivefintech50.com/apply">IF50 website</a>.

# # #

Key quotes:
<ul>
 	<li>Managing Director of CFI, <a href="https://centerforfinancialinclusion.org/people/mayada-el-zoghbi/" target="_blank" rel="noopener noreferrer">Mayada El-Zoghbi</a>, highlighted the timeliness of the theme noting, “As the world continues to wrestle with the challenges presented by the pandemic, fintechs can play an important role in helping those most impacted move towards recovery. For example, by supporting micro- and small enterprises, which have been devastated by the pandemic but will be ground zero for eventual economic recoveries across the developing world. As difficult as this crisis has been, it has prompted a surge in fintech innovation and an openness to new ideas, the benefits of which could be applied to other challenges beyond the pandemic. We need to be intentional about how we can use this as a springboard for making advances elsewhere, such as with women’s financial inclusion, the responsible use of data, and in navigating the impacts of climate change.”</li>
 	<li>Beth Hurvitz, Global Head of Social Impact, Visa Inc. noted, “Digital payments are an onramp for financial inclusion, helping people and businesses meet their needs and stay afloat in the current context. Fintechs are key to enhancing access and the benefits of digital adoption for the underserved. Visa is committed to work with the payments ecosystem on initiatives such as Inclusive Fintech 50, to support SMB owners to become digitally enabled and rebuild stronger, more competitive and resilient businesses for the recovery of our communities.”</li>
 	<li>Krishna Thacker, Director, MetLife Foundation, noted, “At MetLife Foundation, we recognize the ability of tech to reach low-income people further and faster, but we’re also focused on engaging the customer and changing their financial outcomes. Through Inclusive Fintech 50, we want to identify, recognize and support organizations that are going beyond inclusion to build resilience and financial health for low-income customers – a need highlighted by the pandemic.”</li>
</ul>
# # #
<h3>About IF50</h3>
Inclusive Fintech 50 identifies promising early-stage fintechs driving financial inclusion around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services. Applicants are assessed on the degree to which their target market includes underserved people or businesses, and whether their innovation offers a new value proposition, shows early-stage traction, and can have a noticeable impact on the more than 3 billion financially underserved people globally. Inclusive Fintech 50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The initiative is managed by the Center for Financial Inclusion (CFI). Learn more at <a href="https://www.inclusivefintech50.com/" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com</a>.
<h3>About The Center for Financial Inclusion</h3>
The Center for Financial Inclusion (CFI) works to advance inclusive financial services for the billions of people who currently lack the financial tools needed to improve their lives and prosper. We leverage partnerships to conduct rigorous research and test promising solutions, and then advocate for evidence-based change. CFI was founded by Accion in 2008 to serve as an independent think tank on inclusive finance.
<h3>About Visa</h3>
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information visit About Visa and @VisaNews.
<h3>About MetLife Foundation</h3>
At MetLife Foundation, we are committed to expanding opportunities for low- and moderate-income people around the world. We partner with nonprofit organizations and social enterprises to create financial health solutions and build stronger communities, while engaging MetLife employee volunteers to help drive impact. MetLife Foundation was established in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. From its founding through the end of 2019, MetLife Foundation provided more than $900 million in grants and $87 million in program-related investments to make a positive impact in the communities where MetLife operates. Our financial health work has reached more than 17.3 million low- and moderate-income individuals in 42 countries. To learn more about MetLife Foundation, visit metlife.org.
<h3>About Jersey Overseas Aid &amp; Comic Relief</h3>
In 2018, Comic Relief and Jersey Overseas Aid announced a four-year £8 million partnership called ‘Branching Out: Financial Inclusion at the Margins’ to improve access to affordable financial services for those at the margins of society in Sierra Leone, Rwanda, and Zambia. Comic Relief and Jersey Overseas Aid believe that one of the best ways to do this is by transferring knowledge to build responsible and inclusive financial systems, incubating FinTech, and focusing on service delivery to increase bottom-of-the-pyramid access to financial services including bank accounts, savings, insurance and credit, providing low-income households with the means to plan for the future as well as unexpected events. The partnership grants support a diverse set of organizations, made up of international and local NGOs, with each grantee delivering programs designed to meet different community and national needs in addressing financial inclusion.
<h3>About Accion</h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of — or poorly served by — the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 160 partners in 55 countries. More at http://www.accion.org.
<h3>About IFC</h3>
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

<strong>Media contacts</strong>: Lauren Braniff, Vice President, Strategy and Communications
Center for Financial Inclusion: lbraniff@accion.org

Inclusive Fintech 50 Launches 2021 Competition to Recognize Early-Stage Fintechs Driving Innovation in an Era of Uncertainty

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