<p>As an analyst for the Investing in Inclusive Finance team, Lizzy provides operational support for the Financial Inclusion Equity Council, Africa Board Fellowship and MENA Governance projects. Her work focuses on building connections and peer-to-peer learning opportunities for fellows of the ABF program through implementation of virtual dialogues, connectivity on a virtual platform, monitoring and evaluation of the program and alumni engagement. She also works with equity impact investors that serve the base of the economic pyramid.</p>
<p>Prior to joining the CFI team, Lizzy supported fundraising and development with Accion’s Resource Development department. She also worked in financial services and research for financial clients in Boston, MA. Lizzy received her bachelor’s degree in Art History and Management from Bowling Green State University in Ohio.</p>
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Senior Specialist, Investing in Inclusive Finance

Lizzy Bolze

ABF Fellows will convene in South Africa to close out the ninth cohort. 

Event

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<div class="sc-bwzfXH ejJzIl"><article class="jsx-1739195141 text-block__article">Africa Board Fellowship (ABF) program participants convene in Cape Town, South Africa, to close out the program’s 9th cohort.

The ABF seminars are an interactive combination of guided discussion and peer-to-peer exchange on governance best practices and risk-management strategies, with an emphasis on fellows sharing knowledge and experience.

World-class experts and leaders in microfinance and financial inclusion will facilitate and engage participants in active dialogues. The aim of the Africa Board Fellowship program is to connect board members and CEOs through peer learning and exchange to strengthen the governance of financial institutions serving low-income clients in sub-Saharan Africa.

Research has shown that the single biggest success factor in MFIs across the world is good governance. Program activities, structure, and content have been carefully designed to create an open atmosphere that allows for frank discussion among peers. Fellows identify their objectives for the program and then work with a program advisor on achieving those goals. Additionally, Fellows have access throughout the program to a participant-led virtual collaboration space with tools, resources, content, and access to subject-matter experts. At the conclusion of the program, Fellows stay connected as alumni, providing a network of leaders confronting similar challenges.

<a href="https://www.centerforfinancialinclusion.org/about/what-we-do/africa-board-fellowship-program/">Learn more</a> about the program.

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Africa Board Fellowship Closing Seminar – Cohort 9

The ninth cohort of the ABF will kick off the program in South Africa.

Africa Board Fellowship (ABF) program participants convene in Cape Town, South Africa, to kick off the program's 9th cohort.

The ABF seminars are an interactive combination of guided discussion and peer-to-peer exchange on governance best practices and risk-management strategies, with an emphasis on fellows sharing knowledge and experience.

World-class experts and leaders in microfinance and financial inclusion will facilitate and engage participants in active dialogues. The aim of the Africa Board Fellowship program is to connect board members and CEOs through peer learning and exchange to strengthen the governance of financial institutions serving low-income clients in sub-Saharan Africa.

Research has shown that the single biggest success factor in MFIs across the world is good governance. Program activities, structure, and content have been carefully designed to create an open atmosphere that allows for frank discussion among peers. Fellows identify their objectives for the programme and then work with a program advisor on achieving those goals. Additionally, Fellows have access throughout the program to a participant-led virtual collaboration space with tools, resources, content, and access to subject-matter experts. At the conclusion of the program, Fellows stay connected as alumni, providing a network of leaders confronting similar challenges.

<a href="https://www.centerforfinancialinclusion.org/about/what-we-do/africa-board-fellowship-program/">Learn more</a> about the program.

Africa Board Fellowship Opening Seminar - Cohort 9

The Financial Inclusion Equity Council (FIEC) is the first membership organization to bring together the leading private entities that make equity investments in financial inclusion throughout the developing world. 

The Financial Inclusion Equity Council (FIEC) is the first membership organization to bring together the leading private entities that make equity investments in financial inclusion throughout the developing world.

This year's convening will be hosted by FIEC member Citi Inclusive Finance.

<a href="https://www.centerforfinancialinclusion.org/about/what-we-do/fiec/">Learn more</a> about FIEC.

Financial Inclusion Equity Council (FIEC) Annual Meeting

ABF Fellows will convene in South Africa to close out the eighth cohort. 

Africa Board Fellowship (ABF) program participants convene in Cape Town, South Africa, to close out the program's 8th cohort.

The ABF seminars are an interactive combination of guided discussion and peer-to-peer exchange on governance best practices and risk-management strategies, with an emphasis on fellows sharing knowledge and experience.

World-class experts and leaders in microfinance and financial inclusion will facilitate and engage participants in active dialogues. The aim of the Africa Board Fellowship program is to connect board members and CEOs through peer learning and exchange to strengthen the governance of financial institutions serving low-income clients in sub-Saharan Africa.

Research has shown that the single biggest success factor in MFIs across the world is good governance. Program activities, structure, and content have been carefully designed to create an open atmosphere that allows for frank discussion among peers. Fellows identify their objectives for the programme and then work with a program advisor on achieving those goals. Additionally, Fellows have access throughout the program to a participant-led virtual collaboration space with tools, resources, content, and access to subject-matter experts. At the conclusion of the program, Fellows stay connected as alumni, providing a network of leaders confronting similar challenges.

<a href="https://www.centerforfinancialinclusion.org/about/what-we-do/africa-board-fellowship-program/">Learn more</a> about the program.

Africa Board Fellowship Closing Seminar - Cohort 8

Blog Post

Digital trends in the African financial inclusion sector are evolving quickly. With the entrance of fintech startups and a more tech savvy client base, the role of corporate governance is more important than ever. As David Kombanie, Board Member of VisionFund put it: <strong>“Disruptive innovations are here with us. It’s change or die.” </strong>

Kombanie, along with more than 50 CEOs, board members, investors, fintech leaders, and regulators from Africa’s financial inclusion industry, engaged in a peer-learning exchange roundtable, <em>Governing in a Digital World</em><em>.</em> This <a href="https://www.youtube.com/watch?v=g2zVq24iEes&amp;w=560&amp;h=31">video</a> provides an overview of discussions and key takeaways from the participants:
<h2>Governance for Financial Service Providers in a Digital World</h2>
The roundtable’s peer-to-peer exchanges provided three important governance considerations and recommendations for the boards of financial service providers (FSPs) as they evolve with the digital world:

<strong>Develop a Digital Strategy</strong>

Many FSPs aren’t adequately prepared for the disruption created as technologies enter the market. At the same time, it’s important not to digitize for the sake of digitizing. Boards of FSPs should have a clear strategy and understanding of how digitization can improve product offerings and back office operations. Their role is to provide leadership and expertise to guide the institution in developing and implementing a digital strategy. Change management and gaining knowledge about technology are key components for such success.
<h4><strong>Ensure Board Leadership and Expertise</strong></h4>
Understanding and filling technology knowledge gaps on the board is crucial for ensuring strategic leadership of the FSP. Boards should be evaluating their competitive advantage, rather than following trends. Rohit Acharay, co-founder of First Access says that answering the questions: <strong>“What are we good at, who are our customers, and how do we create products that really serve them...?”</strong> is the first evaluating step for FSP boards to take.

<strong>Better Utilize Data to Serve Clients </strong>

Fintech startups serving low-income clients use data to gain competitive advantage. In contrast, many FSPs have an abundance of underutilized data that could be leveraged to better segment clients. For example, different levels of human touch and support may be needed for different client segments.

[youtube https://www.youtube.com/watch?v=SRjEBXzDaEA&amp;w=560&amp;h=315]
<h3>Governance for Fintech Startups</h3>
For start-ups, building a technologically-advanced product isn’t enough. It’s also important to focus on building governance structures while navigating regulation and prioritizing client centricity. Key governance recommendations for fintech and innovative startups include:
<h4>Engage with Regulators</h4>
Regulation tends to lag new players entering the financial inclusion sector. However, regulations inevitably will catch up, and fintechs need to be proactive in doing things ‘right’ initially to avoid regulatory trouble later on. Paul Lamont, Director of Digital Services for Accion in Africa, noted that because some disruptive technologies <strong>“move faster than regulation”</strong> it’s important for fintechs to build close working relationships with regulators to stay aligned with evolving regulatory environments and provide perspective to regulators about pushing the boundaries that drive financial inclusion. Fintechs should ensure the lines of communication with regulators remain open so that there is a clear understanding of the products and services offered.
<h4>Ensure Board Independence and Diversity</h4>
It is crucial to have independent voices on the board with diverse perspectives and backgrounds who can provide insights, especially on what’s happening on the ground. It is also essential to have board members who are able to make important introductions and connections, and can provide a sounding board and checks and balances for the founder(s) or CEO.
<h4>Consider Partnership Opportunities</h4>
There are many partnerships opportunities – especially around data usage – for fintechs and FSPs. As mentioned, many FSPs are collecting a lot of data about clients but aren’t effectively using it. Some fintechs have developed a more streamlined and insightful process for utilizing client data that could greatly benefit FSPs. With financial inclusion-focused FSPs and fintechs aiming for the same goals for their clients, it’s important to establish an ecosystem through partnerships to better understand strengths, weaknesses and opportunities to work together.

[youtube https://www.youtube.com/watch?v=4dm7bWAR9VY&amp;w=560&amp;h=315]

By practicing good governance, FSPs and fintech startups have the opportunity to evolve with the digital world and continue to play an important role for the future of financial inclusion.

<strong>Have you read?</strong>

<a href="https://cfi-blog.org/2017/02/01/are-banks-the-future-of-banking-africa-board-fellows-deliberate/">Are Banks the Future of Banking? Africa Board Fellows Deliberate</a>

<a href="https://cfi-blog.org/2016/04/25/is-weak-governance-to-blame-for-bank-collapses-in-kenya/">Is Weak Governance to Blame for Bank Collapses in Kenya?</a>

<a href="https://cfi-blog.org/2015/07/23/lessons-learned-from-abfs-convening-of-microfinance-leaders-in-cape-town/">Lessons Learned from ABF’s Convening of Microfinance Leaders in Cape Town</a>

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Lizzy Bolze

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