Join us in November for this community-driven convening to promote prosperity in an era of uncertainty. 

Promoting prosperity in an era of uncertainty

Promoting Prosperity in an Era of Uncertainty

Event

As a global community, we have witnessed the power of financial inclusion in helping people cope with the devastating impact of the COVID-19 pandemic. Government-to-person payments were distributed at a level never before seen, using innovative approaches to identify recipients and disburse payments. With support from their investors, financial service providers worked closely with clients to restructure outstanding debt and provide information services on the health crisis. And fintech providers rapidly innovated to serve clients in the complex and evolving context of the pandemic.

Amid the crisis, we remain optimistic about the role financial services play in building financial resilience and helping people navigate difficult situations. Yet the crisis is far from over and threatens to reverse years of progress in reducing extreme poverty. We remain committed in our resolve to work toward a world in which all people are able to use financial services and access economic opportunities to improve their lives. And to do so requires partnership, learning from each other, dialogue, and community. This is the ambition of Financial Inclusion Week.

Ways to get involved:
<blockquote class="pullquote--right">The crisis is far from over and threatens to reverse years of progress in reducing extreme poverty.</blockquote>
<ul>
 	<li>Stay tuned for the Financial Inclusion Week agenda at <a href="http://financialinclusionweek.org/" target="_blank" rel="noopener noreferrer">financialinclusionweek.org</a></li>
 	<li>Share out on social media using #FinclusionWeek</li>
 	<li>Join the <a href="https://financialinclusionweek.us5.list-manage.com/subscribe?id=72f6a9abbe&amp;u=394352ae963270aef6c51680d" target="_blank" rel="noopener noreferrer">mailing list</a></li>
 	<li>Register for the event! Details to come in October.</li>
</ul>

Financial Inclusion Week 2021

Upcoming Events

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

Press Release

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

CFI will investigate the range of policy responses to COVID-19 and the impact of those policies on low-income customers.

Announcement

As part of our <a href="https://www.accion.org/mastercard-and-accions-partnership-to-unlock-millions-of-underserved-microbusinesses" target="_blank" rel="noopener noreferrer">partnership with the Mastercard Center for Inclusive Growth</a> and with additional support from <a href="https://www.giz.de/en/html/index.html" target="_blank" rel="noopener noreferrer">Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH</a>, the Center for Financial Inclusion (CFI) is launching a research initiative to study policy responses to the COVID-19 pandemic and their impact on the inclusive finance sector. CFI, an independent think tank housed at Accion, aims to provide stakeholders with a better understanding of the policies intended to mitigate the impact of COVID-19 and validate how those policies are impacting low-income customers and the financial services providers that serve them.

The COVID-19 pandemic took the world by surprise in early 2020. In the first half of the year, what began as a health crisis quickly extended far beyond its initial reach to include devastating impacts on the global economy. Policymakers are rapidly responding to the emerging crisis, leveraging instruments ranging from fiscal and monetary policies to exchange rates policies. International bodies, such as the IMF and World Bank, are scaling their support to governments for both their technical assistance and financing needs. The response has been swift and far reaching in an attempt to contain and mitigate the crisis.

Many organizations are tracking policy responses, but few are providing analysis of these policies and their impact on low-income customers. CFI’s research aims to fill that gap. Unpacking how these macro-level responses may or may not impact the lives of low-income customers will be important to understanding the effectiveness of these policies. Additionally, many measures which may appear effective in the short-term, such as a moratorium on loan repayments, may have long-term ripple effects on the inclusive finance sector that must be understood.

CFI will analyze data collected on policy responses by international bodies and engage in direct consultation with in-country stakeholders to assess the impact of policies, both in the short-term and long-term, on low-income customers and the financial providers that serve them. Research will be released in a series of papers, accompanied by a series of virtual discussions. The <a href="https://centerforfinancialinclusion.org/preserving-liquidity-policymaker-responses-to-covid-19-and-the-impact-on-low-income-customers/" target="_blank" rel="noopener noreferrer">first paper</a>, released on August 5, 2020, addresses the topic of liquidity.

This new effort is a component of our partnership with the Mastercard Center for Inclusive Growth to increase the financial health and resilience of individuals and businesses, with a refocused effort to support our understanding of the COVID-19 pandemic on low-income populations. Additional support was provided by GIZ, a federal enterprise that supports the German government in the field of international cooperation for sustainable development, as part of a new partnership with CFI.

&nbsp;

CFI Launches Research Initiative on Policy Responses to COVID-19

The <a href="https://content.centerforfinancialinclusion.org/" target="_blank" rel="noopener noreferrer">Center for Financial Inclusion</a> (CFI), an independent think tank housed at Accion, launched the Smart Campaign over a decade ago to advance consumer protection for low-income customers. Over the span of the program, CFI played a catalytic role in advancing knowledge of consumer protection by conducting research, establishing the Client Protection Principles, and rolling out a certification program under which 135 institutions attained Smart Certification, expanding protection for more than 62 million clients globally. Building on this success, CFI will transfer the wealth of implementation resources created by the Smart Campaign to trusted industry partners, enabling CFI to continue playing a catalytic role focused on the risks to low-income customers in the rapidly changing inclusive finance landscape.

CFI and our partners are proud of what the Smart Campaign has achieved over the past ten years by bringing heightened attention to consumer protection and creating a common language for the inclusive finance community. In order for CFI to focus on identifying, understanding, and catalyzing the conversation on an evolving range of critical topics, CFI will shift ownership of the Smart Campaign implementation resources to <a href="https://sptf.info/" target="_blank" rel="noopener noreferrer">SPTF</a> and <a href="https://cerise-spm.org/en/" target="_blank" rel="noopener noreferrer">CERISE</a> and sunset the Smart Campaign brand. These partners were instrumental in the creation of many of these resources, and their focus on implementation and direct engagement with financial service providers (FSPs) make them well-suited to the ongoing management of these resources. With this handoff, CFI will remain focused on consumer protection through its research on emerging risks in the increasingly complex inclusive finance landscape, such as risks concerning data privacy, algorithmic decision-making, and sup-tech solutions.

Longtime partners to the Smart Campaign, SPTF and CERISE, will become the stewards of the Campaign’s community of experts, implementation tools, and Client Protection Standards. The Smart Campaign’s standards have always been fully integrated in the SPTF’s <a href="https://sptf.info/universal-standards-for-spm/start-here" target="_blank" rel="noopener noreferrer">Universal Standards for Social Performance Management</a> (USSPM), and SPTF will maintain and update the consumer protection portion of the Universal Standards in the future.

Providers and others will continue to be able to access the Smart Campaign tools through SPTF’s Resource Center and will access implementation support through the SPTF-managed Responsible Inclusive Finance Facilities. The active consumer protection assessors and trainers that the Smart Campaign accredited over the years will also move into the larger community of social performance management experts managed by SPTF and CERISE, creating increased efficiency.

CFI will also gradually retire the Smart Certification brand. New Smart Certification seals will continue to be awarded until April 30, 2021. All four-year certifications will be valid for the full length of the accreditation and CFI will continue to display a list of <a href="https://www.centerforfinancialinclusion.org/about/what-we-do/certified-organizations">certified FSPs</a>. We believe that a global client protection recognition scheme remains an important tool to incentivize and recognize FSPs that are committed to consumer protection and are collaborating closely with the Smart Campaign’s highly experienced <a href="https://www.centerforfinancialinclusion.org/about/what-we-do/the-smart-campaign" target="_blank" rel="noopener noreferrer">Certification Bodies</a> to provide continuity in the market beyond April 2021. The licensed Certification Bodies are well positioned to continue offering products under their own branding that recognize FSPs for their consumer protection performance at the global level.

CFI remains committed to consumer protection as a core part of our mission and will continue to work with the industry to produce new research and maintain the Client Protection Principles and Guidance. We will also work closely with our partners, SPTF and CERISE, along with the Certification Bodies and others to translate CFI’s research into practical tools for FSPs. CFI is grateful to all those who have supported the Smart Campaign over the years - donors, investors, FSPs, regulators, consultants, and other partner organizations - and looks forward to ongoing partnership as we collectively work to improve consumer protection for low-income customers.

CFI Celebrates Smart Campaign’s Advancement of Consumer Protection, Announces Plans to Transition Resources to Industry Partners

Ezra Mannix

The Spanish multinational FSP features CFI's Managing Director in its Responsible Banking content section.

EL-Zoghbi discusses how COVID-19’s economic shocks are affecting incomes, and elaborates on the population segments most vulnerable to pandemic-induced shocks.

She also describes why financial inclusion alone is not enough, and how financial inclusion – especially when paired with digitization – can help distribute support from humanitarian and governmental organizations to the base of the pyramid.

Furthermore, El-Zoghbi mentions the Microfinance Coalition’s calls to action aimed at awareness-raising among <a href="https://centerforfinancialinclusion.org/microfinance-coalition-call-to-action-for-investors/" target="_blank" rel="noopener noreferrer">investors</a>, <a href="https://centerforfinancialinclusion.org/microfinance-coalition-call-to-action-for-donors/" target="_blank" rel="noopener noreferrer">donors</a> and <a href="https://centerforfinancialinclusion.org/microfinance-coalition-call-to-action-for-policymakers/" target="_blank" rel="noopener noreferrer">policymakers</a>.

Lastly, she predicts that insurance products will see higher demand, and notes that the crisis requires collective action that goes beyond market-oriented solutions.

El-Zoghbi is a member of the Advisory Council of BBVA's <a href="https://www.bbvaedufin.com/en/" target="_blank" rel="noopener noreferrer">Center for Financial Education and Capability</a>.

Read the full article <a href="https://www.bbva.com/en/how-to-strengthen-the-finances-of-the-vulnerable-population-against-the-crisis/" target="_blank" rel="noopener noreferrer">here</a>.

&nbsp;

BBVA Interviews Mayada El-Zoghbi on Financial Inclusion in the Pandemic Era

The article highlights how certain groups could be left vulnerable by a widespread COVID-induced switch to digital-only payments. 

The elderly, young people, the homeless and casual workers are just some of the groups that might have a difficult time participating in the economy, the article notes. Some do not have the skills to use digital payments, do not have access to the internet, do not have a credit history or a fixed address:

<em>A dependence on cash can be linked to the digital divide that exists in both rich and poor countries, said Mayada El-Zoghbi, managing director for the Center for Financial Inclusion (CFI), an independent U.S. think tank.</em>

<em>“A move to a cashless society will not benefit all groups equally. The groups that are most likely to be excluded will be women, rural communities, and the elderly,” she said.</em>

Read the full article <a href="https://www.reuters.com/article/us-health-coronavirus-banks-britain-trfn-idUSKBN23X0XE" target="_blank" rel="noopener noreferrer">here</a>.

&nbsp;

Reuters Quotes Mayada El-Zoghbi on Going Cashless During the Pandemic

The <a href="https://www.centerforfinancialinclusion.org/about/what-we-do/fiec">Financial Inclusion Equity Council (FIEC)</a> has, for over a decade, brought together leading managers of equity investments in microfinance and financial inclusion in developing countries.  Our members have made equity investments of over $5 billion in institutions focused on under-served or un-served clients with the goal of improving livelihoods and opportunity.

Microfinance institutions (MFIs) and the clients they serve are currently facing severe economic challenges as a result of COVID-19. Many clients face uncertain incomes in the best of times and perhaps now more than ever, will need to rely on the vital role MFIs play in providing reliable access to savings, emergency loans and grants, health information and loans to restart businesses as lockdowns are lifted.

To ensure they can continue meeting their clients’ needs, MFIs will need the full support of the investor community and FIEC members stand ready to continue their support of this critical industry. Debt investors have begun to come together to <a href="https://www.covid-finclusion.org/investors">coordinate their responses</a> to COVID-19, particularly focused on near-term issues of liquidity and repayments. FIEC members support these timely efforts to address the immediate challenges. Meanwhile, FIEC members are <a href="https://www.covid-finclusion.org/post/preparing-for-insolvency-and-recapitalization-everybody-in-the-pool">preparing for the recapitalization</a> of MFIs that may face significant erosion of equity as they preserve their capacity to support their clients.

FIEC members commit to working with the entire investor community to achieve maximum cooperation among stakeholders and conserve resources. We will engage with the community to draw on previous experience to anticipate and resolve hurdles before they can impede a timely resolution. Further, FIEC members are committed to making financial instruments and structures available to help optimize financial outcomes while accommodating the diverse circumstances of creditors, shareholders, and other funders. Most importantly, we pledge to preserve our focus on social impact and commitment to patient capital.

The COVID-19 crisis presents an unprecedented challenge to the financial inclusion sector and the clients it serves. FIEC members resolve to work constructively and collaboratively with all members of the inclusive finance ecosystem to ensure the future viability and vitality of this critically important industry.

Financial Inclusion Equity Council (FIEC) Responds to COVID-19

<p>The Center for Financial Inclusion (CFI) is an independent think tank housed at Accion that works to better serve, protect and empower clients. CFI learns, tests and shares insights; promotes concrete solutions; and advocates for inclusive, responsible finance that helps individuals. We collaborate with stakeholders globally to achieve our goal of enabling 3 billion people who are left out of – or poorly served by – the financial sector to improve their lives.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>


<p>MIX is the leading global data resource for socially responsible investors and businesses focused on inclusive finance. MIX’s catalytic data initiatives encourage the growth of inclusive markets and support informed thinking on the future of financial services. MIX convenes stakeholders to build common data standards that create transparency and develops strategic insight from complex data to help sectors flourish. Founded in 2002, MIX has served as a trusted data partner for socially responsible investors who move USD 10 billion annually. Learn more at www.themix.org.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>


Bringing together deep data expertise and thought leadership in financial services will yield crucial insights in service of broader development goals.

WASHINGTON, May 26, 2020 – MIX and the Center for Financial Inclusion at Accion (CFI), two mission-driven organizations advancing financial services for the poor, announced they are joining forces to strengthen their collective capacity to deliver data-driven insights to the industry. Effective June 1, 2020, MIX will become a unit within CFI.

The strategic integration brings MIX’s unique data expertise together with CFI’s thought leadership and convening power to advance and guide efforts to improve the lives of the 3 billion financially underserved people globally. Together, the CFI and MIX teams will conduct data-driven research that supports the decision-making of key stakeholders, including financial service providers, investors, donors, regulators and policymakers.

“MIX’s team is adept at building trusted data networks and spurring the adoption of common data standards that enable meaningful analysis. This combination will strengthen the Center for Financial Inclusion’s existing capabilities to surface insights and scale our learnings for impact,” said Mayada El-Zoghbi, Managing Director of CFI, who will lead the combined team. “Deepening the Center for Financial Inclusion’s capacity in data analytics will enhance our role as an advocate for improved outcomes across a rapidly changing financial services landscape.”

CFI, an independent think tank housed at global nonprofit Accion, works to better serve, protect and empower clients. CFI learns, tests and shares insights; promotes concrete solutions; and advocates for inclusive, responsible finance that helps the bottom of the pyramid. CFI uses its research and convening power to advocate for end clients with the goal of ensuring that inclusive financial services lead to improved outcomes for the poor. MIX is a global data resource for socially responsible investors and businesses focused on inclusive finance. The global nonprofit develops catalytic data initiatives that help unlock capital for financial service providers, including early-stage fintechs and agricultural enterprises, and supports informed thinking on the financial services ecosystem.

“Bringing MIX’s data expertise together with CFI’s applied research and advocacy capabilities allows us to demonstrate the value of mission-driven consolidation,” said Camilla Nestor, CEO of MIX. “As a single team, it will be possible to develop a robust knowledge base on the growing diversity of financial service providers, the direction of the sector, and the opportunities or risks that may emerge.” Following the integration, Nestor will shift from an operational to a governance role, joining the CFI Advisory Council to support the integrated team’s ongoing success.

MIX’s team of directors and analysts will continue to build on current partnerships both during and after this transition, and will continue its long track record of providing value to its partners as a trusted steward of data for the sector. By joining forces, MIX and CFI look forward to developing independent and data-driven analysis, insight, and knowledge for inclusive finance. Funding for the combination and integrated strategy has been provided by Visa Foundation and MetLife Foundation.

MIX would like to express appreciation to Goodwin for providing pro bono legal services.

###
Please direct media inquiries to:
Lauren Braniff, CFI - lbraniff@accion.org
Nikhil Gehani, MIX - ngehani@themix.org

MIX and CFI Announce Strategic Integration to Drive Industry Knowledge for Inclusive Finance

Listen

CFI's Managing Director was interviewed for more than 30 minutes on her background, CFI's evolving role in financial inclusion, COVID-19's impact on CFI's agenda and more. 

On each episode of Peter Renton's long-running show, the Lending and Fintech Podcast, a different leader in fintech and finance is interviewed in depth. On episode 245, Mayada touches on the following topics:
<ul>
 	<li>Her background in inclusive finance</li>
 	<li>The work that she did on the Global Findex database</li>
 	<li>Why she decided to take the job to be the head of CFI</li>
 	<li>The mission of CFI today</li>
 	<li>Why improving financial inclusion is about far more than technology</li>
 	<li>The geographies they focus on and the types of demographics</li>
 	<li>The relationship between CFI and Accion</li>
 	<li>How COVID-19 has impacted the agenda for CFI</li>
 	<li>The silver lining that could come out of this crisis</li>
 	<li>How it will affect the gender gap</li>
 	<li>What more fintech companies should be doing today in this area</li>
 	<li>The priorities that CFI is focused on beyond the current crisis</li>
</ul>
Listen below, or visit this episode's podcast <a href="https://www.lendacademy.com/podcast-245-mayada-el-zoghbi-of-cfi/">page</a>. Lend Academy's podcasts are available on iTunes and Stitcher.

Lend Academy Podcast features Mayada El-Zoghbi

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