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>

Guy Stuart

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