The Financial Inclusion 2020 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.”
A sneak-peek version of the early findings from the Roadmap to Financial Inclusion is now available on our website. Developed through a consultative process of more than 40 experts spanning the public and private sectors, these key messages suggest what stakeholders across industries and regions should do to take action and advance financial inclusion considerably in the next decade.
They answer questions such as: what role can technology providers play in increasing the financial capability of clients in the regions where they operate? How can providers and consumer groups develop means for clients to raise their own voices?
The focus areas of these early findings are based on the seven-point priority action agenda identified by the CFI in 2011 through the Opportunities and Obstacles to Financial Inclusion survey of industry practitioners, donors, and investors. They are as follows:
- Clients and Products, chaired by the Consultative Group to Assist the Poor (CGAP), focuses on deepening our understanding of client needs and translating that knowledge into practice while expanding the range of financial services available to underserved markets.
- Technology, chaired by Visa, analyzes the potential of new technology-intensive channels to reach new customers, lower operating costs, increase security, and diversify financial products available to low-income clients.
- Financial Capability, chaired by Citi, focuses on empowering clients to know their rights as consumers, and have the skills, attitudes, aspirations, and confidence to exercise those rights.
- Client Protection, chaired by the Smart Campaign, outlines steps to deepen the implementation of client protection measures for the benefit of consumers and stability of markets.
- Credit Reporting, chaired by the International Finance Corporation (IFC), promotes extending credit reporting systems in order to expand access for new clients while managing risk for financial institutions.
To view the early findings on these areas, head over to the CFI website.
Please note they are a work in progress and can’t be finalized without input from the financial inclusion community, technology experts, investors, providers, support organizations, and others. For any comments or suggestions you might have, please contact Anita Gardeva. All comments will be considered in the development of the final version, to be released in advance of the Financial Inclusion 2020 Global Forum on October 28-30, 2013. We look forward to hearing from you!
Also, note there are many other ways to get involved in the Financial Inclusion 2020 campaign. To become a campaign ambassador or support our outreach efforts, please contact Adriana Magdas. To simply learn more, join our email listserv or check out a webinar we recently hosted with Visa Inc. and Citi.
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