Aerial view of the beach with fishing boats. Elnido, Philippines, 2018.

Financial Inclusion in the Blue Economy: The Case for a New Global Agenda

Despite the ocean’s immense economic and ecological value, financial inclusion efforts have historically overlooked coastal communities and small-scale fishers. This brief argues that global leaders need to prioritize a renewed global agenda for financial inclusion — one that recognizes the centrality of the blue economy to livelihoods, climate resilience, and food security.

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AUTHORS

Anindita Chakraborty, Edoardo Totolo, Carlos Arango

Topics

Despite the ocean’s immense economic and ecological value, financial inclusion efforts have historically overlooked coastal communities and small-scale fishers. Subsistence fishers, particularly women and older fishers, who fish solely to meet their consumption needs, have limited access to resources and income-earning opportunities and are, therefore, more vulnerable. High population growth rates exacerbate poverty in small-scale fisher households, and fieldwork conducted by CFI and Rare in Siargao revealed that the long periods fishers spend at sea leads to social isolation, which may hinder their ability to advocate for their rights.

Access to financial services could help break these constraints, but existing products often fail to account for the volatility of fisher incomes. Microfinance models tailored to farming do not always translate well to fisheries, where earnings are highly irregular and tied to shifting marine conditions. Furthermore, most fishers lack IDs and access to collateral and technology, further limiting their access to financial services.

This positioning brief aims to catalyze a renewed global agenda for financial inclusion — one that recognizes the centrality of the blue economy to livelihoods, climate resilience, and food security. Most contributions to this field date back nearly two decades and remain fragmented, with recent initiatives yet to coalesce into a unified global agenda. This brief argues that the time has come to place financial inclusion for the blue economy firmly on the global development agenda.

This brief was completed in partnership with Rare, and is accompanied by a report on “Financial Inclusion to Support Ecosystem-Based Adaptation for Small-Scale Fishers in the Philippines.“

Authors

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Anindita Chakraborty

Senior Manager, Research and Strategy

Anindita is an inclusive finance specialist with eleven years of experience undertaking research, ratings, client protection certifications, program implementation, training, and evaluation across multiple countries in Asia and Africa. She works closely with CFI’s Managing Director and leadership team on fundraising, operationalizing CFI’s strategy, internal knowledge management, and organizational processes.

Before joining CFI in October 2020, Anindita worked as an evidence and insights fellow at the UN Foundation’s Digital Impact Alliance (DIAL), where she helped develop a category management guide to enable developing country governments to strategically procure digital technologies. Anindita has worked for several financial inclusion organizations, including Dvara Finance, M-CRIL LLP, and Entrepreneurial Finance Lab (now LenddoEFL). While working as the partner success manager at Entrepreneurial Finance Lab, she helped financial institutions in India and Nepal adopt psychometric credit scoring to safely accelerate lending to low-income households and enterprises.

Anindita graduated from Columbia University School of International and Public Affairs (SIPA) with an MPA in economic and political development. She also holds a post-graduate degree in management from the Institute of Rural Management Anand (IRMA) and an undergraduate degree in information technology from the Institute of Engineering and Management (IEM). Anindita is fluent in English, Bengali, and Hindi.

Edoardo Totolo

Deputy Managing Director

Edoardo oversees CFI’s thought leadership in the thematic areas of financial consumer protection, responsible data practices, and green inclusive finance.

Prior to joining CFI, Edoardo worked for IFC’s venture capital team in Washington, D.C., where he promoted enabling environments and investment opportunities in embedded finance, startup ecosystems, and the digital economy. He also worked for the World Bank’s global financial inclusion unit, assisting regulators in leveraging data and developing strategies for financial inclusion and consumer protection. Between 2012 and 2018, Edoardo worked in Kenya as Research Economist for Financial Sector Deepening Kenya, a multi-donor program supporting the development of inclusive financial markets. He led flagship nationally representative surveys and provided fintech companies with advanced analytical tools for consumer insights and segmentation.

Edoardo holds a PhD in development economics from the University of Trento and an MSc in international development studies from the University of Amsterdam.

Carlos Arango

Director, Financial Resilience, Rare

Carlos is a seasoned economic development professional with over 17 years of experience in program implementation, consulting, and strategic planning. He is currently the Director of the Financial Resilience Program at Rare, where he supports a team of experts in implementing savings clubs (VSLAs), financial literacy trainings, micro and small business development, and financial inclusion programs in Honduras, Brazil, Philippines, Indonesia, and Mozambique. In his previous roles, Carlos has supported financial inclusion in agricultural value chains in Bolivia and Mexico, implemented a program to increase access to financial services in immigrant communities, and managed a fund to provide consulting and bridge loans to small businesses in Washington, DC. Carlos is passionate about using his skills and experience to help people build stronger financial futures.