In this research, Guy Stuart, assesses whether and how G2P payments increase formal financial inclusion. Stuart coupled observations, interviews and focus groups in Colombia and Pakistan with extensive analysis of reports on G2P payments covering 19 countries and quantitative data from the <a href="http://www.worldbank.org/en/programs/globalfindex">World Bank Global Findex</a>.
While Stuart’s research identifies five key mechanisms by which G2P payments could lead to greater financial inclusion, the evidence ultimately suggests that G2P beneficiaries do not take advantage of the basic and common functionality of these programs.
Stuart provides insightful recommendations for government and the private sector to design better products, optimize delivery of payments, and effectively communicate the advantages of these programs to beneficiaries.
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Guy is Executive Director of Microfinance Opportunities (MFO). He has extensive experience conducting research on the financial capabilities of low-income consumers. His research has been published in books, peer reviewed journals, working papers, and blogs.
Before becoming Executive Director at MFO, Guy received his PhD from the University of Chicago in 1994, and subsequently worked in Chicago in the field of community economic development. He then served 13 years as a lecturer in public policy at the Harvard Kennedy School of Government, teaching courses in management and microfinance. Additionally, he was a Senior Advisor to MFO and served as Principal Investigator on five Financial Diaries studies and as project leader for the development of the Financial Capabilities Index Web Portal. He continues to teach in executive education programs at HKS, and is a fellow at the Ash Center.
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Executive Director, Microfinance Opportunities

Guy Stuart

Is G2P an On-Ramp to Financial Inclusion?

Report

In this research, Guy Stuart, CFI Fellow and Executive Director of Microfinance Opportunities, assesses whether and how G2P payments increase formal financial inclusion. Stuart coupled observations, interviews and focus groups in Colombia and Pakistan with extensive analysis of reports on G2P payments covering 19 countries and quantitative data from the World Bank Global Findex.

While Stuart’s research identifies five key mechanisms by which G2P payments could lead to greater financial inclusion, the evidence ultimately suggests that G2P beneficiaries do not take advantage of the basic and common functionality of these programs.

Stuart provides insightful recommendations for government and the private sector to design better products, optimize delivery of payments, and effectively communicate the advantages of these programs to beneficiaries.

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Government to Person Transfers

Eric Noggle

Blog Post

Editor's Note: Eric Noggle worked for Microfinance Opportunities when this research was conducted and published.

<img class="alignright wp-image-16051" style="margin: 7px 7px 0" src="http://centerforfinancialinclusionblog.files.wordpress.com/2014/09/pic1.jpg" alt="" width="150" height="151" />In our first <a href="https://cfi-blog.org/2014/08/21/embedded-education-taking-financial-education-to-scale/">post</a> in this series, we described the need for an approach to financial education that was both effective and scalable, and we offered embedded education as a potential solution. Our <a href="https://cfi-blog.org/2014/08/27/design-and-implementation-of-successful-embedded-education/">second</a> and <a href="https://cfi-blog.org/2014/09/03/evidence-favoring-the-embedded-education-approach-from-zambia/">third</a> posts described how the embedded education approach works and showed its potential effectiveness by describing the improved money management behavior displayed by clients in Zambia after participating in our program. We believe that these findings also revealed the potential for a business case for delivering financial education using the embedded approach.

For a business case to exist, two things have to be true: financial service providers (FSPs) need to see a positive, bottom-line impact from an embedded program and a financing mechanism needs to exist that can compete with the current grant-based model for funding financial education.
<h2>Bottom-Line Impact</h2>
Financial education can positively impact financial service providers in a number of ways (aside from knowing that they’re empowering individuals to take control of their financial lives). Offering training could improve client retention by strengthening loyalty. It could reduce customer service requests by increasing familiarity with a banking process. But our market research suggests that the biggest potential impact is lowering write-off ratios and increasing savings balances.

Using data from <a href="http://www.themix.org/">The MIX</a>, we estimated that in 2012 alone, loan distributing MFIs wrote off $1.4 billion from their portfolios. And that number underestimates the total value of write-offs by a considerable margin because it only includes the almost 650 MFIs that had reported enough data for these calculations. In The MIX database alone, there were an additional 600 MFIs that did not report the data necessary to estimate losses resulting from write-offs. The sums are not insignificant at the individual MFI level either. Of the 650 MFIs for which enough data was available to formulate estimates, roughly 20 percent wrote off more than $1 million. In the largest MFIs, reducing the write-off ratio by a fraction of a percentage point could result in millions of dollars of savings in a single year. Even small to medium sized MFIs could realize hundreds of thousands of dollars in savings. Using MFO’s <a href="https://cfi-blog.org/2014/09/03/evidence-favoring-the-embedded-education-approach-from-zambia/">portfolio-at-risk results</a> from Zambia and our cost structure as a base, we believe that many MFIs could easily afford to pay for the implementation of an embedded education program from the savings such a program could generate.
<h2>Competing With Grant Funding</h2>
A current challenge, though, is grant funding. Why would an MFI pay for an embedded education program when grant funding may be available for more traditional models instead? The answer is that grant funded programs are unlikely to be able to close the financial capability gap in the long term because they are not realistically scalable. If educational trainings are not incorporated within existing service touch points, the MFIs are forced to develop or alter portions of their organization to create a space to educate clients. <a href="http://www.citifoundation.com/citi/foundation/pdf/bridging_the_gap.pdf">Estimates</a> of the cost of closing the gap with current educational methods already stands in the billions of dollars and the needs of clients will only increase as FSPs continue to create innovative products and push services to the bottom of the pyramid.

There is an alternative that can compete with the low-risk nature of grant funding for FSPs: offer embedded education on a pay-for-performance basis. In this model, organizations like MFO design an embedded education program for an FSP and cover the costs of designing and implementing this program in return for payments if the program meets agreed-upon performance benchmarks that the FSP values, such as decreased default rates. For example, an FSP might hire a firm that develops financial education programs to design and implement a debt management education program to decrease delinquencies and defaults. In return for this work, the FSP shares with the developer the savings it realizes from decreased delinquency and its associated costs. The FSP also enjoys the added benefits that come with more capable clients.

This approach could have significant benefits for those working to promote financial inclusion. It ensures that education programs are problem-focused – an FSP will only select an education program if it addresses a particular problem it has, and an education provider will only choose projects that generate value for which the FSP is willing to pay. The approach also ensures that a successful program will last because the FSP will have a tailored education program embedded into their operations from which they will continuously derive tangible financial benefits. For non-profits and small private organizations whose mission is to deliver high quality financial education programs, the pay-for-performance model has the potential to create a sustainable revenue stream, which will also be necessary for financial education programming to reach scale. For grant makers, this approach provides an avenue to a self-sustaining, scalable solution to addressing the <a href="http://www.citifoundation.com/citi/foundation/pdf/bridging_the_gap.pdf">financial capability gap</a>. It weans both implementers and FSPs off grant funding for these types of projects, freeing up valuable resources for other initiatives.
<h2>The Path Ahead</h2>
Successfully implementing a pay-for-performance project is by no means easy. Issues of contracting and close monitoring take on greater precedence while the fact remains that this approach has been untried, as far as we know, in the financial inclusion space. Despite these challenges, we believe the pay-for-performance model offers a clear path toward delivering financial education on a sustainable basis at scale. Through our work, we have found no other alternative that can claim the same.

MFO has already begun to discuss implementing this model with investors, donors, and financial service providers. With the ultimate goal of expanding access to financial education, we welcome those in the financial inclusion and financial capability development fields to question and comment on this approach as we continue our work on closing the financial capability gap.

<img class="alignleft wp-image-10870" style="border: 0" src="http://centerforfinancialinclusionblog.files.wordpress.com/2013/04/guy-stuart.jpg" alt="" width="100" />Guy is Executive Director of <a href="http://microfinanceopportunities.org/" target="_blank" rel="noopener">Microfinance Opportunities</a> (MFO). Before becoming Executive Director, Guy was a Senior Advisor to MFO and served as Principal Investigator on five Financial Diaries studies and as project leader for the development of the Financial Capabilities Index Web Portal. Guy received his Ph.D. from the University of Chicago in 1994, and subsequently worked for four years in Chicago in the field of community economic development. He then served 13 years as a Lecturer in Public Policy at the Harvard Kennedy School where he taught courses in management and microfinance. He continues to teach in Executive Education programs at the school.

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<img class="alignleft wp-image-15969" src="http://centerforfinancialinclusionblog.files.wordpress.com/2014/09/eric.jpg" alt="Eric" width="100" height="105" />As Microfinance Opportunities’ Research Officer, Eric manages consumer research projects and performs quantitative analysis for both the consumer research and financial education teams. His work focuses on understanding how low-income households manage their cash flows and their implications for financial inclusion. He is currently working on projects in Ghana, Tanzania, Myanmar, and Zambia. Eric holds a Master in Public Administration with a focus on International Development and Administration from the Maxwell School at Syracuse University and a Bachelor of Arts degree in economics and political science from the University of Nevada, Reno. Prior to joining MFO, Eric was a member of Teach For America in Denver, CO where he taught high school mathematics.

Have you read?

<a href="http://cfi-blog.org/2014/08/21/embedded-education-taking-financial-education-to-scale/">Embedded Education: Taking Financial Education to Scale</a>

<a href="http://cfi-blog.org/2014/08/27/design-and-implementation-of-successful-embedded-education/">Design and Implementation of Successful Embedded Education</a>

<a href="http://cfi-blog.org/2014/09/03/evidence-favoring-the-embedded-education-approach-from-zambia/" target="_blank" rel="noopener">Evidence Favoring the Embedded Education Approach from Zambia</a>

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Pay-For-Performance: Operationalizing the Embedded Education Model

&gt; Posted by Abhishek Agrawal, India Country Director, Accion

[getty src="133417011?et=Tp3swq_BTDp9fQ1EQ18ooA&amp;sig=qs3N1-SGdEYqVfGa3FUYaeKCRzkk4KKYu2rqFky2oF8=" width="594" height="396"]

Over the past two years, CFI's three MFI partners in India have included over 13,000 persons with disabilities (PWD) as clients in mainstream financial services, helping them become economically active. Almost all of these clients were first-time borrowers.

CFI and Accion, with our knowledge partner v-shesh and MFI implementation partners - Annapurna based in Odisha, Equitas based in Tamil Nadu, and ESAF from Kerala - have been working on the financial inclusion of persons with disabilities over the past two years. This working group created tools and an operating model for MFIs to incorporate PWD as staff and clients. The recommendations, which include policy changes in non-discrimination and other areas, are being piloted at the MFIs. Disability awareness trainings have been conducted for over 100 MFI staff across the country. Over the next several months these staff will train another 6,000 frontline MFI staff.

The PWD clients who have borrowed credit from these MFIs feel very privileged, as they are regarded with dignity and pride while they earn their livelihoods and learn about financial inclusion opportunities.

Often, disability is neglected, seen without empathy, or viewed as a matter of charity. We often forget that disability can come to anyone through any number of events and will come to many of us as we age. It is very interesting to hear from the clients. While providers may want to solve the problem through charity, persons with disabilities most often say they want an opportunity not a handout. We, as civil society, need to ensure that this population segment is included.

On August 14th, the eve of India’s Independence Day, <a href="http://www.ncpedp.org/">NCPEDP</a>, a national disability organization, held an award ceremony, the <a href="http://www.dnis.org/NCPEDP-MphasiS-Universal-Design-Award-Brochure-2014.pdf">NCPEDP Mphasis Universal Design Awards</a> to recognize the work on disability inclusion of individuals and organizations across India. NCPEDP has been offering these awards for the past five years, recognizing and appreciating those who work to make India more accessible in education, business, health, finance, and other core life areas. The Center for Financial Inclusion at Accion and its disability inclusion working group members have been recognized for contributing innovative work on financial inclusion through microfinance for this population segment.

We are very proud of this recognition, and happy that our work in India has been gaining strong momentum. By the end of 2015, Accion and CFI intend to spread disability inclusion outreach to over 100,000 new PWD clients through the integration of inclusive financial services and financial and entrepreneurial skill development programs. We’re also finding that there are other partners seeking collaboration to work on PWD inclusion.

Please feel free to reach out to <a href="mailto:aagrawal@accion.org">Abhishek Agrawal</a> or CFI’s Principal Director for Disability Inclusion, <a href="mailto:JGoldstein@accion.org">Joshua Goldstein</a> for further details on our PWD work in India and across the globe.

Have you read?

<a href="http://cfi-blog.org/2014/05/28/attitudes-toward-persons-with-disabilities-in-indian-microfinance-institutions/" target="_blank" rel="noopener">Attitudes toward Persons with Disabilities in Indian Microfinance Institutions</a>

<a href="http://cfi-blog.org/2013/10/22/combatting-exclusion-for-persons-with-disabilities-in-india-and-mexico/" target="_blank" rel="noopener">Combatting Exclusion for Persons with Disabilities in India and Mexico</a>

<a href="http://cfi-blog.org/2014/07/24/the-implications-of-indias-2014-budget-for-financial-inclusion/" target="_blank" rel="noopener">The Implications of India's 2014 Budget for Financial Inclusion</a>

13,000 Persons with Disabilities (and Counting) Receive Financial Access in India

Editor's Note: Eric Noggle worked at Microfinance opportunities when this research was conducted and published

Last week’s <a href="http://cfi-blog.org/2014/08/27/design-and-implementation-of-successful-embedded-education/" target="_blank" rel="noopener">post</a> discussed how we implemented an embedded education program with VisionFund and Zoona in Zambia that leveraged touch points in an effort to improve clients’ financial capabilities. While we hope this blog series has begun to convince you that embedded education can help solve the financial capability gap, one important issue remains: where is the evidence of success? Does this approach really improve outcomes for clients and businesses?

Microfinance Opportunities (MFO) aimed to add to the knowledge base of “what works” in financial education with our evaluation of the Consumer Education for Branchless Banking (CEBB) project in Zambia. The evaluation applied a mixed-methods approach with multiple data sets. We analyzed information from in-depth interviews, focus groups, knowledge surveys, and transaction data from VisionFund and Zoona’s management information systems.

The data tell a compelling story. Qualitative interviews indicated that both clients and branch staff thought the education program was having a positive impact on how clients were interacting with the branchless banking service and on their overall financial capabilities.

A consumer at Chipata Branch, for example, said:

“The training was good for me because it opened up my mind.  I used to just carry on the business like I ordered goods for K50 or K60. [Then] when I sold I just used the money. When I wanted to order again I found that I was short of money and I had to borrow money to order because I had used part of my capital. But now after training I changed my system. I use only profit for expenses and reinvest some profit in the business and my business has grown.”

At Lusaka Branch, a credit officer reported:

“What went well is what I would call maybe financial management or money management where [clients] really have learned to manage their income, save, planning how much they get from their business and other sources of incomes, and the importance of conventional banking as opposed to saving at home.”

End-line survey data confirmed these <a href="https://www.microfinanceopportunities.org/?attachment_id=2393">insights</a>. When compared to the baseline survey, recipients of the education program improved their score on 11 of the 12 questions assessing their knowledge, skills, or attitudes as they related to general money management and the use of the Zoona’s services. Furthermore, there was a statistically significant improvement on six of those 12 questions.

We also looked into two other effects that credit officers and branch managers reported seeing in the behavior of people who had received financial education:

1) People were borrowing more manageable sums of money; and

2) They were more likely to repay their debts on time.

We used a quasi-experimental design to see if this was the case. We compared transaction data from loan groups that we know received the financial education training with groups that may or may not have received the training (logistical challenges led to the uncertainty surrounding the latter set of groups). We looked at their behavior both before and after the intervention. We also took into account factors like the branch a group belonged to and their experience with the loan process. Our <a href="https://www.microfinanceopportunities.org/?attachment_id=2393">results</a> showed that groups that we know received financial education training asked for an increase in their next loan that was 12 percentage points smaller than groups that did not receive the training.

While we could not look at individuals’ repayment rates, we did have access to VisionFund’s monthly portfolio-at-risk (PAR) data. We used regression analysis at the branch level with 30-Day PAR data, focusing on the branches that received financial education while controlling for branch-level changes and events that impacted the entire organization. These <a href="https://www.microfinanceopportunities.org/?attachment_id=2393">results</a> were also positive. On average, the proportion of portfolio-at-risk was 7.7 percentage points lower after the intervention occurred than before. This means, for example, a branch with 10 percent portfolio-at-risk before the intervention had 2.3 percent portfolio-at-risk after the intervention, all else equal.

The qualitative and quantitative findings present a compelling argument to conclude that our embedded education program successfully improved the financial capabilities of our participants. Not only do the data complement each other, they tell a story that follows a logical progression:

<img class="aligncenter wp-image-15967" src="http://centerforfinancialinclusionblog.files.wordpress.com/2014/09/greenbox3-3.jpg" alt="GreenBox3 (3)" width="570" height="379" />This gives us good reason to believe that the embedded education model does work. Results from Zambia indicate improved financial management behavior at the individual level and that behavior change had an important bottom-line impact for the FSP VisionFund by reducing the proportion of late repayments. We believe, as we will detail in next week’s post, that this suggests that there is a business case for embedded education. Financial education that is delivered effectively, cost efficiently, and at scale has the potential to be self-sustaining for implementing parties like MFO. We’ll also share outcomes from our cases in the Philippines and India in the coming weeks.

This post is part of MFO’s new <a href="https://www.microfinanceopportunities.org/mfo-media/">blog series</a>, where we’ll share key learning and evidence from our current work.

For examples of work that has contributed to the knowledge base of “what works” in financial education see: <a href="http://eprints.lse.ac.uk/33502/">Keeping it Simple: Financial Literacy and Rules of Thumb</a>, <a href="http://www-wds.worldbank.org/external/default/WDSContentServer/IW3P/IB/2013/12/12/000158349_20131212094211/Rendered/PDF/WPS6723.pdf">The Impact of High School Financial Education: Experimental Evidence from Brazil</a>, and <a href="https://www.microfinanceopportunities.org/download.php?download=aHR0cHM6Ly93d3cubWljcm9maW5hbmNlb3Bwb3J0dW5pdGllcy5vcmcvd3AtY29udGVudC91cGxvYWRzLzIwMTMvMTIvVWdhbmRhLUZpbmFuY2lhbC1FZHVjYXRpb24tSW1wYWN0LVByb2plY3Q0LnBkZg==">Uganda Financial Education Impact Program</a>.

<img class="alignleft wp-image-10870" style="border: 0" src="http://centerforfinancialinclusionblog.files.wordpress.com/2013/04/guy-stuart.jpg" alt="" width="100" />Guy is Executive Director of <a href="http://microfinanceopportunities.org/" target="_blank" rel="noopener">Microfinance Opportunities</a> (MFO). Before becoming Executive Director, Guy was a Senior Advisor to MFO and served as Principal Investigator on five Financial Diaries studies and as project leader for the development of the Financial Capabilities Index Web Portal. Guy received his Ph.D. from the University of Chicago in 1994, and subsequently worked for four years in Chicago in the field of community economic development. He then served 13 years as a Lecturer in Public Policy at the Harvard Kennedy School where he taught courses in management and microfinance. He continues to teach in Executive Education programs at the school.

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<img class="alignleft wp-image-15969" src="http://centerforfinancialinclusionblog.files.wordpress.com/2014/09/eric.jpg" alt="Eric" width="100" height="105" />As Microfinance Opportunities’ Research Officer, Eric manages consumer research projects and performs quantitative analysis for both the consumer research and financial education teams. His work focuses on understanding how low-income households manage their cash flows and their implications for financial inclusion. He is currently working on projects in Ghana, Tanzania, Myanmar, and Zambia. Eric holds a Master in Public Administration with a focus on International Development and Administration from the Maxwell School at Syracuse University and a Bachelor of Arts degree in economics and political science from the University of Nevada, Reno. Prior to joining MFO, Eric was a member of Teach For America in Denver, CO where he taught high school mathematics.

Have you read?

<a href="http://cfi-blog.org/2014/08/21/embedded-education-taking-financial-education-to-scale/">Embedded Education: Taking Financial Education to Scale</a>

<a href="http://cfi-blog.org/2014/08/27/design-and-implementation-of-successful-embedded-education/">Design and Implementation of Successful Embedded Education</a>

<a href="http://cfi-blog.org/2013/04/30/four-insights-into-youth-financial-capability/">Four Insights into Youth Financial Capability</a>

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Evidence Favoring the Embedded Education Approach from Zambia

&gt; Posted by Juan Blanco, Associate, Financial Inclusion 2020, CFI

In 2012, developed countries spent <a href="http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2014/02/Promising-Starts-in-Mobile-Microinsurance.pdf">8.6 percent</a> of GDP on insurance, while developing countries spent only 2.7 percent. Traditional insurance providers face difficulties when serving low-income and unbanked customers with traditional insurance products in areas like transaction size, client education, and outreach, among others. However, mobile technologies have disrupted the way insurance is delivered and in the last two years a new array of mobile microinsurance services have popped up. Earlier this year <a href="https://www.cgap.org/sites/default/files/Brief-The-Emerging-Global-Landscape-of-Mobile-Microinsurance-Jan-2014.pdf" target="_blank" rel="noopener">CGAP identified 74 operators</a> with live mobile microinsurance services, making up an increasingly diverse space that is active in more countries, offering a wider range of products, and using different business models.

Two of these services stand out, given their success, both with leading mobile network operators (MNOs). <a href="http://www.tigo.sn/particuliers/kiiray">Tigo Kiiray</a> in Senegal enrolled 13 percent of Tigo’s 3 million subscriber base during its first year and a half of its launch. <a href="http://www.telenor.com.pk/talkshawk-utility/talkshawk-mohafiz">Talkshawk Mohafiz</a> by Telenor Pakistan managed to issue 400,000 insurance policies within its first two months of operations. What have these models done to gain access to this historically difficult market segment?

Tigo partnered with Bima, a microinsurance specialist, to launch a “freemium” microinsurance service. Customers spending at least $3.13 per month on Tigo’s mobile phone services are eligible for life insurance coverage with a payout range of $125 to $630. Customers are also given the option to enroll in a premium service where $0.69 is deducted directly from their airtime account through small increments over the course of each month; in exchange they get twice as much coverage. Tigo has experienced better than expected direct revenue and brand strengthening. Though mobile microinsurance revenue is only fractional compared to other core business areas, it is comparable to revenue from ringtones or entertainment purchases. In fact, the microinsurance service has been so successful that Tigo is planning on expanding the insurance offering with a health insurance product.

Telenor Pakistan partnered with MicroEnsure to launch Talkshawk Mohafiz in 2013. Talkshawk’s model is similar to the freemium set-up of Tigo Kiiray. Mobile subscribers spending at least $1.90 per month on Telenor’s network are eligible to receive life insurance worth $190 or more. Also last year, Telenor launched Khushaal, a savings and insurance product, through its fast-growing Easypaisa mobile money service. Telenor launched Talkshawk as a mass market product for its phone user base and Khushaal as a reward product for the subset of its customers who actively use the mobile wallet service.

Tigo Kiiray and Talkshawk Mohafiz have a few crucial characteristics in common. Both services are driven by MNOs with extensive infrastructure and client bases, and both providers identified the need to partner with expert organizations in microinsurance. For the product, both started with very simple, inexpensive or free, easy to understand offerings, and they took action based on the premise that insurance doesn’t sell itself. Tigo Kiiray and Talkshawk both have highly trained, product-savvy frontline staff solely focused on insurance in order to achieve high levels of client product awareness and satisfaction. Bima, for example, allots the majority of its investment in Tigo Kiiray to dedicated roving and call center insurance staff. Bima’s CEO, Gustaf Agartson, estimates that, in his experience, all-purpose staff in other markets have been roughly 5 percent as productive as Bima’s dedicated insurance agents in Senegal.

Much of our work at the Financial Inclusion 2020 project focuses on widening the product offer so that customers have access to a full suite of quality products. It is encouraging to see cross-industry partnerships forge business models that side-step traditional providers’ cost-prohibitive practices while bringing value to customers.

Have you read?

<a href="https://www.centerforfinancialinclusion.org/the-formula-for-mobile-microinsurance-success-in-senegal-and-pakistan/">Mobile Microinsurance Products and Financial Capability</a>

Agriculture Microinsurance in Africa: To Subsidize or Not to Subsidize?

<a href="http://cfi-blog.org/2014/03/05/balancing-client-value-and-the-business-case-in-kenyan-health-microinsurance/" target="_blank" rel="noopener">Balancing Client Value and the Business Case in Kenyan Health Microinsurance</a>

The Formula for Mobile Microinsurance Success in Senegal and Pakistan

<img class="alignright wp-image-15846 size-medium" style="border: 0 solid #ffffff" src="http://centerforfinancialinclusionblog.files.wordpress.com/2014/08/mfo.jpg?w=300" alt="" width="300" height="300" />The past few decades have seen an impressive expansion of financial services to the world’s under- and unbanked populations. This expansion has not been without its challenges, including low-income customers of many financial service providers (FSPs) falling into considerable over-indebtedness¹ or signing up for services they do not use.² <a href="https://www.microfinanceopportunities.org/?p=2301">MFO’s own research</a>³ and the <a href="http://www.citifoundation.com/citi/foundation/pdf/bridging_the_gap.pdf">research of others</a> suggest that the limited <a href="http://cfi-blog.org/2013/11/01/what-is-financial-capability/">financial capability</a> of FSP customers is one of the factors behind these challenges. Hundreds of millions of people are gaining access to formal financial services with no education in basic money management principles and ways to maximize the usefulness of the new services to which they have access.4

Extending <a href="http://cfi-blog.org/2013/11/01/what-is-financial-capability/">financial education</a> (FE) to consumers is vital in empowering them to make informed decisions about the financial services they use and how they use them, including avoiding over-indebtedness and signing up for accounts they never use. But reaching the massive number of clients in need of FE in a way that is accessible and practical is a tall order. The Monitor Group report suggests it could cost from $7 billion to $10 billion using traditional, classroom-based approaches to provide education just to those who already have access now —a sum that is 10 to 15 percent of the total current asset base of microfinance institutions worldwide. If access to finance were extended to include the world’s 2.7 billion unbanked, the cost of building financial capability would rise further by a factor of at least three.

<img class="alignright size-full wp-image-15852" src="http://centerforfinancialinclusionblog.files.wordpress.com/2014/08/call-out-1a.png" alt="" width="306" height="160" />One way to deliver FE at scale and cost-effectively is embedded education. This is the process of leveraging encounters in a provider’s service delivery channels that exist primarily for non-educational purposes.

Over the past number of years MFO has been engaged in several embedded education projects, including three projects within its <a href="https://www.microfinanceopportunities.org/4-work-with-us/mfo-in-the-field/project-list/branchless-banking-2/">Consumer Education for Branchless Banking</a> program in India, Philippines, and Zambia.5

From these projects we have learned that embedding education in the existing service delivery system of an FSP can have multiple benefits in comparison to traditional classroom training, because it:
<ol>
 	<li>Lowers the cost of delivering education;</li>
 	<li>Leverages “teachable” moments within the service delivery process; and</li>
 	<li>Forces the service provider to secure and renew the commitment of front-line staff and key management personnel to educating customers, resulting in a more effective implementation process.</li>
</ol>
<img class="alignright size-full wp-image-15854" src="http://centerforfinancialinclusionblog.files.wordpress.com/2014/08/call-out-2.png" alt="" width="308" height="101" />Embedded education’s efficacy6 rests on tested <a href="https://www.microfinanceopportunities.org/?p=1284">Adult Learning Principles</a>. In particular, it gives consumers the opportunity to practice what they have learned because they are receiving their new knowledge in a context where they can apply it.

In addition, embedded education empowers front-line staff to interact with their customers in an informed manner regarding the technical use of the financial services they are providing and how a customer might use them as part of their good money management practices.

<img class="alignright size-full wp-image-15856" src="http://centerforfinancialinclusionblog.files.wordpress.com/2014/08/call-out-3.png" alt="" width="245" height="178" />The key ingredient required to make embedded financial education work as a model is to keep the focus on the consumer throughout the process: design of the content, depth and mode of learning, packaging of tools and resources, frequency of exposure, mode of delivery, and positioning of the overall financial education program. But this focus on the consumer must also take into account the need to align the education program with the operational processes of the FSP and the priorities and interests of the front-line staff.

Embedded education is a critical tool for empowering consumers to make informed decisions about the financial services they use and how they use them. This approach to education is also consistent with trends in financial inclusion, which put <a href="http://www.cgap.org/blog/series/clients-center-series">clients at the center</a>. Furthermore, as I will discuss in another blog in this series, it is consistent with improving the bottom line of FSPs.

This post is part of MFO’s new <a href="https://www.microfinanceopportunities.org/mfo-media/">blog series</a>, where we’ll share key learning and evidence from our current work. Next week, we’ll delve deeper into the embedded education methodology and its key elements.

<img class="alignleft wp-image-10870" style="border: 0" src="http://centerforfinancialinclusionblog.files.wordpress.com/2013/04/guy-stuart.jpg" alt="" width="100" />Guy is Executive Director of <a href="http://microfinanceopportunities.org/" target="_blank" rel="noopener">Microfinance Opportunities</a> (MFO). Before becoming Executive Director, Guy was a Senior Advisor to MFO and served as Principal Investigator on five Financial Diaries studies and as project leader for the development of the Financial Capabilities Index Web Portal. Guy received his Ph.D. from the University of Chicago in 1994, and subsequently worked for four years in Chicago in the field of community economic development. He then served 13 years as a Lecturer in Public Policy at the Harvard Kennedy School where he taught courses in management and microfinance. He continues to teach in Executive Education programs at the school.
Have you read?

<a href="http://cfi-blog.org/2013/11/01/what-is-financial-capability/">What Is "Financial Capability"?</a>

<a href="http://cfi-blog.org/2013/04/17/from-financial-literacy-to-financial-capabilities-implications-for-practitioners/">From Financial Literacy to Financial Capabilities: Implications for Practitioners</a>

<a href="http://cfi-blog.org/2014/07/03/financial-capability-stakeholders-join-j-p-morgan-in-new-solutions-lab/" target="_blank" rel="noopener">Financial Capability Stakeholders Join J.P. Morgan in New Solutions Lab</a>

[1] The Andhra Pradesh <a href="http://www.cgap.org/sites/default/files/CGAP-Focus-Note-Andhra-Pradesh-2010-Global-Implications-of-the-Crisis-in-Indian-Microfinance-Nov-2010.pdf">crisis</a> of 2010 alerted policy-makers to the problems of customer over-indebtedness. MFO’s analysis of MixMarket data revealed that FSPs in Latin America wrote off $800 million in bad debts in 2012.

[2] GSMA’s 2013 “State of the Industry” report stated that of the 200 mobile money deployments worldwide, only 15 had over one million active users with only 37 percent of registered users being active on average.

[3] See also <a href="https://www.microfinanceopportunities.org/?p=2302">Cohen 2013</a>.

[4] See the Monitor Group’s 2013 “Bridging the Gap” <a href="http://www.citifoundation.com/citi/foundation/pdf/bridging_the_gap.pdf">report.</a>

[5] These projects were with FINO PayTech in India, the Rural Bankers Association of the Philippines (RBAP) and Microenterprise Access to Banking Services (MABS) in the Philippines, and VisionFund and Zoona in Zambia.

[6] Tower, C. and Noggle, E. (forthcoming) ‘Zambia Outcomes Assessment’, internal document, Washington, DC: Microfinance Opportunities.

&nbsp;

&nbsp;

Embedded Education: Taking Financial Education to Scale

Attitude is one thing. Confidence in the ability to take action is another. 

At the FI2020 conference in London this week speakers and participants used the term “financial capability.” But there is no one, clear definition of the term, which begs the question: what is financial capability?

At MFO our focus is on financial capability development, so we think it is important to have a definition that can be translated into practical action on the ground, while also being consistent with the <a href="https://www.centerforfinancialinclusion.org/from-financial-literacy-to-financial-capabilities-implications-for-practitioners/">research literature</a> on capability development, and actually making sense to other stakeholders who work on this issue as well. This blog is MFO’s (humble) contribution to the effort to establish a working definition. In our minds, it is the following:
Financial capability is the combination of attitude, knowledge, skills, and self-efficacy needed to make and exercise money management decisions that best fit the circumstances of one’s life, within an enabling environment that includes, but is not limited to, access to appropriate financial services.

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Put more succinctly: Financial capability is not just what you know, but whether you have the willingness, confidence, and opportunity to act.

This definition provides more depth and breadth than the familiar, traditional idea of financial literacy, with its more narrow focus on <a href="http://www.microcreditsummit.org/resource/24/financial-literacy-a-step-for.html">knowledge acquisition and skill development</a>. Of course, to be capable, a person needs to know about beneficial money management practices, such as tracking one’s money or saving. In addition, people need the skills to be able to put that knowledge into practice, such as recording income and expenses in two columns to help track money, or keeping a marked envelope where she saves money for a particular purpose.

<img class="alignright wp-image-13083" style="border: 0" src="http://centerforfinancialinclusionblog.files.wordpress.com/2013/11/box.png" alt="" width="350" />Nevertheless, while knowledge acquisition and skills development play an important role in building the capacity of a person to act, they fall short in explaining the strength of intention or motivation necessary to act, and the potential barriers to action. With respect to financial capability, attitude and self-efficacy are key psycho-social concepts that broadly refer to a person’s positive or negative evaluation of the value of managing money proactively (attitude) and to their belief or confidence in their ability to actually do so (self-efficacy, as defined by psychologist Icek Azjen as “the measure of the belief in one's own ability to complete tasks and reach goals”).<a title="" href="/Users/jriecke/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0B0J56VT/defining%20financial%20capability_blog_oct22_2013_rev.docx#_ftn1">
</a>
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Our definition of financial capability also speaks to the circumstances in which a person lives. The phrase “decisions that best fit the circumstances of one’s life” reflects the fact that people in different societies and economies, and at different life stages, face very different money management challenges. One person’s decision may be very different, and equally appropriate, than another person’s decision given their particular circumstances. They may both be financially capable, but exercise their capability in differing ways.

This is reinforced by the last part of the definition, which focuses on the enabling environment: the formal and informal economic, political, social, and physical contexts in which people live.4 Some environments are more enabling than others and so affect the extent to which someone can be financially capable. They offer different opportunities to act. Furthermore, a person’s intention or motivation to act is influenced by how she thinks others expect her to act and her past experience of social pressure to act in a particular way. It is also influenced by their evaluation of the external barriers or obstacles to active money management.

</div>
<div>

In sum, MFO’s definition states that a financially capable person is someone who:
<ol>
 	<li>Sees the value in managing money proactively (attitude);</li>
 	<li>Knows what is needed to make appropriate money management decisions and act on them;</li>
 	<li>Has the skills to turn that knowledge into practice;</li>
 	<li>Believes and has confidence that she or he is able to act on that desire (self-efficacy); and</li>
 	<li>Has access to an environment that enables them to act on that desire.</li>
</ol>
Given this definition of financial capability, two policy conclusions follow. First, financial education cannot “do it all” – it cannot build financial capabilities in isolation nor guarantee behavior change. MFO defines financial education in the following way:
Financial education equips people with knowledge and skills, and strengthens their attitude and belief in themselves, to make and exercise informed, confident and timely money management decisions.
<img class="alignright wp-image-13085" style="border: 0" src="http://centerforfinancialinclusionblog.files.wordpress.com/2013/11/box2.png" alt="" width="350" />In other words, financial education can affect attitude, knowledge, skills, and self-efficacy. But it cannot affect the enabling environment, at least not directly. So those who use financial education must work hand-in-hand with those whose goal is to improve the enabling environment, whether these are financial service providers, savings group promoters, activists trying to change the “rules of the game,” regulators who set those rules, or other stakeholders within a particular economy and society.

Second, our definition of financial capability suggests that initiatives such as financial education and financial inclusion are means to ends. The goal is financial capability development. It is not enough to provide people with new knowledge about money management and financial services. Those providing financial education should do so in ways that change how a person behaves. In addition, access to formal and semi-formal financial systems is not enough, and may even be counter-productive. What is needed is the creation of an enabling environment that supports the appropriate money management decisions and actions of marginalized and excluded people.
<a href="http://microfinanceopportunities.org/"><img class="alignleft wp-image-13091" style="border: 0" src="http://centerforfinancialinclusionblog.files.wordpress.com/2013/11/mfo.png" alt="" width="100" height="106" /></a><a href="http://microfinanceopportunities.org/" target="_blank" rel="noopener noreferrer">Microfinance Opportunities</a> develops ideas and solutions that help the financial community better serve the low-income consumer. Our commitment as a nonprofit organization is to develop a deep understanding of the financial realities and needs of low-income households in the developing world.
This blog is a cooperative effort of a number of senior staff at MFO: Guy Stuart, Executive Director, Maria Jaramillo, Senior Manager, Content Strategy and Business Development, and Julie Lee and Robyn Robertson, Senior Technical Advisers, Financial Education. In addition, we have benefited from conversations with MFO staff present and past: Craig Tower, Senior Research Officer, Bailey Butzberger, and Amna Kanoun. Finally, this blog benefited from conversations with Monique Cohen, President Emeritus of MFO. MFO also wishes to thank Citi Foundation for its on-going support for MFO’s strategic planning, of which this blog post is a part.
Have you read?

<a href="http://cfi-blog.org/2013/04/30/four-insights-into-youth-financial-capability/" target="_blank" rel="noopener noreferrer">Four Insights into Youth Financial Capability</a>

<a href="http://cfi-blog.org/2013/07/22/clearing-the-path-to-financial-capability-in-latin-america/" target="_blank" rel="noopener noreferrer">Clearing the Path to Financial Capability in Latin America</a>

<a href="http://cfi-blog.org/2013/03/25/leveraging-religions-for-financial-capability/" target="_blank" rel="noopener noreferrer">Leveraging Religions for Financial Capability</a>
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What Is “Financial Capability?”

<a href="http://cfi-blog.org/category/financial-inclusion-2020/" target="_blank" rel="noopener"><img class="alignright" style="border: 0" src="http://centerforfinancialinclusionblog.files.wordpress.com/2012/12/blogseries.jpg" alt="Financial Inclusion 2020 Blog Series banner image" width="300" height="66" /></a>

&gt; Posted by Guy Stuart, Ph.D., Executive Director, Microfinance Opportunities and Fellow, Ash Center, Harvard University

The <a href="http://www.centerforfinancialinclusion.org/programs-a-projects/financial-inclusion-2020" target="_blank" rel="noopener">Financial Inclusion 2020</a> campaign at the Center for Financial Inclusion at Accion is building a movement toward full financial inclusion by 2020. This blog series spotlights financial inclusion efforts around the globe, shares insights from the FI2020 consultative process, and highlights findings from “Mapping the Invisible Market.”

In the United States, it is financial literacy month, but all the talk these days is of financial capability. Why? Is this another fad to make the topic of financial literacy a little more interesting? Is it an effort by one group or another to differentiate themselves? Maybe. But there are also important, substantive, and practical reasons to be talking about financial capability, which means having the ability and opportunity to manage your money well. And there is no better way to understand this than to look to the pioneer of the capabilities approach, Amtya Sen, to see why it is important, both in the developed and developing world.

In brief, Sen’s capabilities approach:
<ol>
 	<li>Forces a discussion of a multi-dimensional understanding of what it means to be a fully functioning member of society that takes into account not only what a person knows, owns, and earns, but also what they can do, and what they actually do</li>
 	<li>Opens the door to thinking about financial capability in the broader development context that encompasses other capabilities such as being healthy, educated, and earning a sufficient income to support an individual and their family</li>
 	<li>Recognizes that what it takes to be capable in one context is different from what it takes to be capable in another</li>
</ol>
The practical implications of this are important:
<ol>
 	<li>A multi-dimensional understanding of what it means for an individual to manage their money well goes beyond being “literate” (having the right knowledge and skills). It also includes having an individual be able to act on that literacy (financial behavior) and having access to the appropriate financial instruments to fully realize their aspirations. In other words, the capability approach to money management includes a discussion of behavior and access. This means, practically, we have to understand the connection between financial literacy and financial behavior in all its complexity. It also means that talk of financial inclusion and increased access should focus on how they increase financial capabilities, which means a focus on financial service use, not just uptake.</li>
 	<li>Development often happens in silos, and the burgeoning financial capabilities “industry” is no exception. A capabilities approach reminds us that financial capability is just one of many capabilities that people value. Furthermore, being financially capable can impact other capabilities directly, and vice-versa. Managing your money well can help a person better deal with a health crisis, which would otherwise cripple their capability of being healthy. Or being educated generally (being able to read and write) broadens the scope of what a person can learn about managing their money well. As a result, organizations and individuals interested in building the financial capabilities of individuals should be looking across development sectors for ways to cooperate and partner with others. Funders should be doing the same.</li>
 	<li>The understanding that what it takes to be capable in one context may not be the same as what it takes to be capable in another has programmatic implications for those involved in building financial capabilities. So, for example, in a culture where there is a strong expectation of giving and receiving cash gifts to/from family and friends, whether it be for mutual support or other reasons, a financially capable person may be one who is adept at handling their requests for and receipt of cash gifts, and balancing them against their own need to accumulate personal savings. As a result, a financial education curriculum focused on the accumulation of personal savings might also include a discussion of effectively managing gift giving/receiving. Practically, this means that programs that aim to build financial capabilities must be adapted to their local context, not only in terms of language and content emphasis, but also substantively to take into account local understandings of what it means to be financially capable.</li>
</ol>
So as we celebrate financial literacy month in the U.S., let’s broaden our scope and think about financial capability across the globe.

For more information on Financial Inclusion 2020, <a href="http://bit.ly/FI2020signup" target="_blank" rel="noopener">sign up for campaign updates</a>.

<img class="alignleft wp-image-10870" style="border: 0" src="http://centerforfinancialinclusionblog.files.wordpress.com/2013/04/guy-stuart.jpg" alt="" width="100" />Guy is Executive Director of <a href="http://microfinanceopportunities.org/" target="_blank" rel="noopener">Microfinance Opportunities</a> (MFO). Before becoming Executive Director, Guy was a Senior Advisor to MFO and served as Principal Investigator on five Financial Diaries studies and as project leader for the development of the Financial Capabilities Index Web Portal. Guy received his PhD from the University of Chicago in 1994, and subsequently worked for four years in Chicago in the field of community economic development. He then served 13 years as a Lecturer in Public Policy at the Harvard Kennedy School where he taught courses in management and microfinance. He continues to teach in Executive Education programs at the school, and is a Fellow at the Ash Center, Harvard University.

Have you read?

<a href="http://cfi-blog.org/2012/03/02/a-new-business-model-for-savings-mobilization/" target="_blank" rel="noopener">A New Business Model for Savings Mobilization</a>

<a href="http://cfi-blog.org/2012/04/25/financial-capability-not-many-answers-but-lots-of-great-questions/" target="_blank" rel="noopener">Financial Capability: Not Many Answers, but Lots of Great Questions</a>

<a href="http://cfi-blog.org/2012/12/19/takeaways-from-the-2012-citi-ft-financial-education-summit/" target="_blank" rel="noopener">Takeaways from the 2012 Citi-FT Financial Education Summit</a>

From Financial Literacy to Financial Capabilities: Implications for Practitioners

&gt; Posted by Guy Stuart, Ph.D., Senior Advisor, Microfinance Opportunities
<a href="http://centerforfinancialinclusionblog.wordpress.com/tag/expert-exchange-blog-series/" target="_blank" rel="noopener"><img class="alignright size-full wp-image-5211" title="Expert Exchange Logo" src="http://centerforfinancialinclusionblog.files.wordpress.com/2012/02/expert-exchange-logo.jpg" alt="" width="300" height="75" /></a>This post is part of the Center for Financial Inclusion’s <a href="http://centerforfinancialinclusionblog.wordpress.com/tag/expert-exchange-blog-series/" target="_blank" rel="noopener">Expert Exchange: Building A Movement Toward Financial Inclusion by 2020</a>, cultivating conversation around the goal of reaching full financial inclusion by 2020. For further questions about this series, write to Sonja E. Kelly, Fellow, Center for Financial Inclusion at Accion.
My work using the Financial Diaries methodology has made me very cognizant of how much cash low-income people handle daily – more cash, in real terms, than a middle-income person in a developed country handles. If we are to increase financial inclusion by increasing low-income individuals’ use of savings products, we have to find ways to channel some of the large amounts of cash they handle into those products, in ways that they value. Monique Cohen and I have written about this in our recent article “<a href="http://microfinanceopportunities.org/wp-content/uploads/2011/08/Channeling-Cash-Flows.pdf" target="_blank" rel="noopener">Channeling Cash: Towards a New Business Model for Low-Income Savings Mobilization</a>.”
In the article, we first had to step back and define what we really meant by savings. In the paper, we assert that low-income people use savings for three different purposes:
<ul>
 	<li>Cash flow management in order to manage expenditures that are anticipated and expected</li>
 	<li>Risk management in order to manage expenditures that are anticipated but not expected</li>
 	<li>Asset accumulation, which can act as either cash flow management with a long time horizon (the old age scenario, for example), or a planned expenditure, at a specified time, for an asset that will improve well-being</li>
</ul>
Regardless of the purposes for which they are saving, the financial cash flows of individuals will determine the timing, the frequency, and the size of the amounts saved. While it is important that we understand why people save, it is just as critical that we understand how people can save given their cash flow.
Take Bright and Mercy, for example, who have a cooked food business, raise cattle, and maintain a farm. They live in Malawi and were 40 and 36, respectively, at the time of our Financial Diaries study. As you can see below, their income was highly inconsistent, not only because three cattle sales resulted in large infusions of cash at fixed points in time (see weeks 13, 60, and 67), but also because their cooked food business’ net income was highly inconsistent on its own.
Net Income, Cooked Food and Cattle Sales


[caption id="" align="aligncenter" width="500"]<a href="http://centerforfinancialinclusionblog.files.wordpress.com/2012/02/malawi-graph.png"><img class="size-full wp-image-5314" title="Malawi graph" src="http://centerforfinancialinclusionblog.files.wordpress.com/2012/02/malawi-graph.png" alt="" width="500" height="254" /></a> Stuart and Cohen 2012[/caption]

When designing a product for this household, therefore, financial service providers need to be at the right place at the right time. If they are going to help Bright and Mercy save in a formal savings account, they have to find a way to physically or technologically meet that income inflow at weeks 13, 60, and 67, as well as help them handle the ups and downs of their ordinary, weekly cash flow.
Collectively, there are ways that governments, businesses, and individuals have already begun to work with financial service providers to channel cash flows. The government of Malawi, for example, pays government employees—including teachers—through direct deposit into a bank account. In Kenya, people are increasingly being paid through M-PESA, even in the informal economy. This direct infusion of funds into the formal financial system automatically increases financial inclusion. Having a bank account that automatically works with one’s income flow allows people to have financial services without the inconvenience of having to cash in or cash out of the system.
These examples suggest a different business model for financial service providers wishing to mobilize savings. Instead of focusing solely on the design of the savings product, service providers should also focus on the value they can add through payment services that reduce the amount of cash the poor handle. If they can get those types of services right, the additional step of then channeling some of the money flowing through them into a savings account will be that much easier.
As we dialogue about reaching financial inclusion by 2020, we need to keep in mind the daily money management challenges facing low-income individuals to ensure we focus not only on access to services but also on the use of services, their quality, and the value they add.  It has to do with understanding client needs, and converting that understanding into products.
So, getting back to Bright and Mercy—what kind of product or delivery channel might you design that would meet their needs?
If you wish to read our full paper, you can view it <a href="http://microfinanceopportunities.org/wp-content/uploads/2011/08/Channeling-Cash-Flows.pdf" target="_blank" rel="noopener">here</a>.
For more information, <a href="http://bit.ly/FI2020signup">sign up for updates</a> from the Financial Inclusion 2020 campaign.
<a href="http://centerforfinancialinclusionblog.files.wordpress.com/2012/02/guyphoto.jpg"><img class="alignleft size-thumbnail wp-image-5321" title="GuyPhoto" src="http://centerforfinancialinclusionblog.files.wordpress.com/2012/02/guyphoto.jpg?w=150" alt="" width="150" height="112" /></a>
Guy is an Independent Consultant who uses “bottom up” research methods such as Financial Diaries and participatory exercises to identify ways for financial service providers to meet the needs of low-income individuals and households more effectively. 
He is a Senior Advisor to Microfinance Opportunities on their client-focused research projects, including serving as Principal Investigator on five Financial Diaries studies and project leader for the development of the Financial Capabilities Index Web Portal.
He is a Fellow at the Ash Center, Harvard University, where he conducts research on distributed service delivery systems.
He received his PhD from the University of Chicago in 1994, and subsequently worked for four years in Chicago in the field of community economic development. He then served 13 years as a Lecturer in Public Policy at the Harvard Kennedy School where he taught courses in management and microfinance.  He continues to teach in Executive Education programs at the school. 
Have You Read?
<a href="http://centerforfinancialinclusionblog.wordpress.com/2012/02/14/who-needs-to-be-educated-for-us-to-achieve-financial-inclusion/" target="_blank" rel="noopener">Who Needs Financial Education?</a>
<a href="http://centerforfinancialinclusionblog.wordpress.com/2012/01/31/its-time-to-expand-the-circle/" target="_blank" rel="noopener">It's Time to Expand the Circle</a>
<a href="http://centerforfinancialinclusionblog.wordpress.com/2012/02/27/who-is-your-plus-one/" target="_blank" rel="noopener">Who is Your "Plus One"?</a>

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