Financing the Future: Reaching the Next Billion

TOPICS

Inclusive Digital Economies

FIW Year

2024

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Summary + Key Findings

A discussion on the progress and challenges of financial inclusion over the past decade, focusing on reaching the next billion underserved individuals.

Progress in Inclusion: The financial sector has integrated 1 billion previously unbanked individuals into formal services, yet many remain excluded. This highlights the need for targeted efforts to reach the remaining populations.

Importance of Data: The rise of data analytics and AI enables a better understanding of underserved communities, allowing for customized financial products that meet their specific needs. Harnessing this data is vital for future inclusion efforts.
Building Trust: Trust is essential for encouraging usage of financial services. Ensuring robust consumer protection against fraud is crucial, especially as new users may be more vulnerable to scams and misinformation.
Public-Private Partnerships: Collaboration between governments, fintech companies, and NGOs is necessary to create effective policies and frameworks that support financial inclusion while ensuring consumer protection and market sustainability.
Focus on Usage: Access alone is insufficient; the industry must ensure that users actively engage with financial services to realize their benefits, shifting the focus from mere access to consistent usage.
Adapting to Challenges: Financial services must evolve to address current global challenges such as climate change and economic instability, ensuring that products are relevant and beneficial for users in diverse circumstances.
Future Aspirations: The next decade will demand innovative solutions and concerted efforts to reach and serve the next billion, leveraging lessons learned from past successes and failures to drive impactful change.

This session summary was AI-generated using NoteGPT.

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Since Financial Inclusion Week started ten years ago, the world has changed significantly. Revolutionary digital innovations spanning smartphones, AI, open finance, digital public infrastructure, and beyond have enabled more than one billion people to gain access to financial solutions to help them build better lives. Meanwhile, a global pandemic disrupted progress toward reducing global poverty, and accelerating digitization now threatens to entrench economic divides. In the next decade, how can we ensure innovation is inclusive, and create financial solutions that are truly impactful for the world’s remaining two billion underserved people? In this session, global leaders and champions of ‘Financial Inclusion 2.0’ break down what needs to happen to maximize the impact of inclusive finance to create a fair and inclusive economy for those who remain left out.

Session Speakers

Michael Schlein

President and CEO, Accion

Michael Schlein brings nearly 30 years of extensive international banking, management, and public service experience to his role as President and CEO of Accion. He is responsible for creating and implementing Accion’s strategy, managing its global team, and maintaining a high-performing organization. Michael’s strategic leadership has built Accion into a leading early-stage investor in fintech for inclusion and an expert in the digital transformation of financial service providers. During his tenure, he has cultivated partnerships that strengthen Accion’s work to develop and scale cheaper, more accessible, and customer-friendly financial solutions for underserved people globally. Michael joined Accion in 2007 as a member of its Board of Directors and in 2009, became Accion’s President and CEO. Prior to his employment at Accion, Michael served as President of Citigroup’s International Franchise Management, where he managed the bank’s network of 100 Chief Country Officers. Before that, he ran communications, philanthropy, government relations, branding, and human resources for Citigroup. He served as Chief of Staff at the U.S. Securities and Exchange Commission in the Clinton Administration and in New York’s City Hall in the Dinkins and Koch Administrations. He began his career in investment banking.

Sophie Sirtaine

CEO, CGAP

Sophie is the CEO of CGAP, an international partnership housed in the World Bank Group, dedicated to promoting inclusive financial ecosystems that enable a green, resilient, and equitable world for all. Sophie has dedicated her professional career to the development of inclusive and sustainable financial ecosystems around the world, with more than twenty years of experience at the World Bank, where she has held different positions, including Director of Strategy and Operations at the Independent Evaluation Group (IEG) and Director for the Caribbean region. Previously, Sophie worked as an expert in financial sector development and stability in Europe, Latin America, and Asia. Among others, she led various Financial Sector Assessment Programs (FSAPs) in various countries in Europe, Central Asia, and Latin America, and she was the Manager who led the World Bank’s response to banking crises in various countries of the European Union during the global financial crisis of 2008-2011. Prior to joining the World Bank, Sophie worked in JP Morgan’s Financial Institutions (FIG) team on Mergers and Acquisitions (M&A) in Europe, and for Halcrow Fox and Associates’ Infrastructure team. Sophie holds a Masters in Economics from the London School of Economics (LSE).

Linda Kirkpatrick

President, Americas, Mastercard

Linda Kirkpatrick is president, Americas, responsible for Mastercard’s business in the United States, Canada and Latin America. This includes relationship management, business development, and execution of strategy with financial institutions, merchants, digital partners, fintechs and governments. Linda brings a broad understanding and appreciation of customer and stakeholder needs. Prior to this role, she served as president of North America as well as president of U.S. financial institutions, where she expanded the company’s engagement model with banks beyond core payments. Linda also led the U.S. acceptance organization, where she deepened partnerships and service offerings with merchants and acquirers in the market and across the enterprise. Since joining Mastercard in 1997, Linda has held several leadership roles and contributed to the evolution of the company’s business model and culture. She spent over a decade in global and corporate functions, including managing standards and compliance programs, working on the company’s initial public offering, establishing the company’s investor relations function, and building commercial rigor within the organization. Passionate about financial inclusion and volunteerism, Linda serves on several boards, including Accion, Japan Society, the Cystic Fibrosis Foundation and Partnership for New York City. She sits on the Global Board of Advisors at Operation Hope and is a trustee at Manhattanville College. The World Economic Forum named Linda a Young Global Leader in 2015, and she is a David Rockefeller Fellow. In 2020, Linda was named to the 2020 Bloomberg 50, Bloomberg Businessweek’s annual list of innovators, entrepreneurs and leaders who have changed global business. Linda graduated magna cum laude with a Bachelor of Arts in economics and holds an honorary Doctor of Humane Letters from Manhattanville College.

Renato Dias de Brito Gomez

Director of Financial System Organization, Central Bank of Brazil

Jessica Pothering

Senior Editor, ImpactAlpha

Jessica Pothering is a business and finance journalist who works on the editorial team of ImpactAlpha, an impact investing news source, leading its deals coverage.

FIW REsources

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Hosted annually by the Center for Financial Inclusion, FIW brings together global leaders to exchange ideas, share research, and offer perspectives to inform the future of inclusive finance.

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