Mayada El-Zoghbi, Managing Director, CFI, spoke on the plenary “The Power of Inclusion” in October 2019. Below is a summary:
- The financial inclusion sector has reinvented itself: from microfinance, to financial inclusion, and now the post-inclusion era. But in each era, we’ve narrowly focused on one product and have not been able to prioritize the people we serve.
- Huge progress in financial has been felt in many regions, but there are different drivers of growth in the different regions: mobile money driving progress in Africa and e-commerce in Asia, for example. There is a potential for fintech to drive financial inclusion progress in Latin America, but this hasn’t been realized.
- The majority of fintechs focusing on financial inclusion, according to a recent fintech competition with over 400 global applicants, came from Sub-Saharan Africa. Despite an enabling environment and overall ecosystem that supports fintechs for financial inclusion in Latin America, few seem to focus on this agenda.
- Governments in Latin America and the world must focus on consumer protection regulation and market conduct, and providers must uphold responsible client conduct.