<p>Interviews with CFI Advisory Council members.</p>


Interviews with CFI Advisory Council members.

Advisory Council Spotlight

<p>Spotlighting the experiences of ABF Fellows and reflections from industry experts</p>


Spotlighting the experiences of Africa Board Fellowship Fellows and reflections from industry experts

Africa Board Fellowship Spotlight

<p>What is the scale of impact of COVID-19 on MSMEs, and how are they coping? CFI&#8217;s analysis of <a href="https://centerforfinancialinclusion.org/covid-19-and-msmes-data-and-analysis-to-understand-impact/" target="_blank" rel="noopener">data from four emerging markets</a> (Colombia, India, Indonesia, and Nigeria) offers actionable insights for policymakers, investors, and market other ecosystem actors.</p>


Lauren Braniff

Report

Accounting for about 90 percent of businesses and employing more than 50 percent of the labor force in some markets, micro, small, and medium enterprises (MSMEs) are the backbone of the economy. However, since the pandemic began, MSME owners have experienced severe crises and challenges to their businesses. To understand the impact of the pandemic on these businesses and households, CFI conducted a <a href="https://www.centerforfinancialinclusion.org/research/covid-19-and-msmes-data-and-analysis-to-understand-impact">longitudinal survey</a> of over 1,600 MSME owners from June 2020 to October 2021 over six waves, and conducted focus groups of 130 MSME owners from march to April 2022 in four countries — Colombia, India, Indonesia, and Nigeria.

This publication provides insights into how MSMEs have navigated challenges presented by the pandemic and what support they had available. It also presents lessons learned to help prepare for future crises, as well as recommendations for what inclusive finance stakeholders can prioritize to improve MSME resilience.

Preparing MSMEs for Future Crises: Lessons From COVID-19

What is the scale of impact of COVID-19 on MSMEs, and how are they coping? CFI's analysis of longitudinal data from four emerging markets (Colombia, India, Indonesia, and Nigeria) offers actionable insights for policymakers, investors, and other ecosystem actors. 

COVID-19 and MSMEs: Data and Analysis to Understand Impact

<p>How do data collection and use affect vulnerable clients of financial service providers? This series tackles the latest developments in data protection and financial inclusion from regulatory and consumer protection standpoints.</p>
<p>&nbsp;</p>


Four blog posts from early 2020 about data protection and financial inclusion from regulatory and consumer protection standpoints.

Data Protection and Financial Inclusion: Why It Matters

De-risking and Financial Inclusion

Finance for All (Banana Skins)

A introduction to fundamental financial inclusion topics.

Financial Inclusion 101

Financial Inclusion 2020

<p>How financial service providers use data and what must be done to protect already-underserved populations against algorithmic bias in automated decision-making.</p>


How financial service providers use data and what must be done to protect already-underserved populations against algorithmic bias in automated decision-making.

Financial Inclusion at the Data Margins

<p>Started in 2015, Financial Inclusion Week is a week of global conversation on the most important steps needed to advance financial inclusion.</p>
<p>&nbsp;</p>


Started in 2015, Financial Inclusion Week is a week of global conversation on the most important steps needed to advance financial inclusion.

Financial Inclusion Week

<p>Financial Inclusion Week 2019 takes place October 21 &#8211; 25, 2019. This year, we&#8217;re taking a step back as a community to revisit the fundamental purpose of our work. <strong>&#8220;Financial Inclusion: For What?&#8221; is a call to action for our community to reexamine our goals and renew efforts to achieve them.</strong> We invite you to convene around this question to reexamine, redefine, and align our goals.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>


Podcast

Financial Inclusion: For What?

Events

About FIW

<p>Now in its 5th year, Financial Inclusion Week is an opportunity to strengthen the diverse community of players involved in building a more inclusive financial ecosystem.</p>
<p>The objectives of Financial Inclusion Week are:</p>
<ul>
<li>To bring the entire financial inclusion community together to explore issues of financial inclusion beyond access</li>
<li>To create leadership opportunities among diverse stakeholders</li>
<li>To create dialogue and community</li>
<li>To foster partnership and coordination within the financial industry</li>
</ul>


From the Blog

Quiz

Take the Quiz :) 

Get Involved

<h2>Why should we participate?</h2>
<p>Achieving financial inclusion is within our reach, but only if we work together to address the biggest gaps. When people come together to consider this question, they emerge with new insights, energy and focus. By serving as a FIW partner, you are playing a vital role as a leader in financial inclusion and helping to build a strong community, while focusing on the work of your organization.</p>
<h2>How do we participate?</h2>
<p>Financial Inclusion Week is easy to get involved with. Typically, organizations hold virtual or in-person events, write blogs or publish reports, engage their social media community—or all of the above. We also provide resources to help you <a href="http://financialinclusionweek.org/partner-toolkit">plan your participation in FIW</a>.</p>
<p>CFI will be coordinating and hosting activities during FIW and we invite the entire community to participate. We&#8217;ll publish and help to promote partners&#8217; activities as well. Keep an eye on the schedule on at <a href="http://financialinclusionweek.org/">financialinclusionweek.org</a> and<a href="http://eepurl.com/dDxzwE" target="_blank" rel="noopener"> sign up</a> to receive updates from the FIW team.</p>


Partners

CGAP's FinDev Gateway and Digital Frontiers Institute are media partners for Financial Inclusion Week 2019.

This year, we are taking a step back as a community to revisit the fundamental purpose of our work, and ask ourselves the question: What is financial inclusion for?

This year, we are taking a step back as a community to revisit the fundamental purpose of our work, and ask ourselves what is financial inclusion for?

Event

<h1>Financial Inclusion: For What?</h1>
This year, we are taking a step back as a community to revisit the fundamental purpose of our work.

As some organizations pursue financial inclusion as their ultimate goal, others are driving toward financial health or the <a href="https://sustainabledevelopment.un.org/?menu=1300">UN Sustainable Development Goals</a>. Meanwhile, financial institutions and fintechs are aiming to profitably serve low-income markets.

In the face of these trends, we can’t help but ask: <strong>Financial Inclusion: For What</strong><b>?
</b>
<h3>Financial Inclusion: For What? is a call to action for our community <b>to reexamine our goals and renew efforts to achieve them</b>. During Financial Inclusion Week this year, October 21-25, 2019, we invite you to convene around this question to r<b>eexamine, redefine, and align our goals</b>.</h3>
<h2>Guiding Questions</h2>
<ul>
 	<li>What is the ultimate goal we are trying to achieve—financial health, sustainable development, equity, revenue generation? Or something else?</li>
 	<li>To what extent are our goals complementary or contradictory?</li>
 	<li>How do our efforts across the industry complement or counteract each other?</li>
 	<li>Do these goals align with what we aim to achieve as an industry?</li>
 	<li>How should we measure our success?</li>
</ul>

Financial Inclusion Week 2019

<p>Content from Financial Inclusion Week 2020 under the themes of data, gender, climate change, consumer protection, and COVID-19.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>


Content from Financial Inclusion Week 2020 under the themes of data, gender, climate change, consumer protection, and COVID-19. 

Financial Inclusion Week 2020

<p>Financial Inclusion Week (FIW) is an annual, virtual gathering of the global community working to advance inclusive finance. It’s a forum for exchanging ideas, developments, perspectives and convening stakeholders all around the world. It’s an opportunity to showcase work, share ideas on what’s ahead, and more.</p>


Join us in November for this community-driven convening to promote prosperity in an era of uncertainty. 

Promoting prosperity in an era of uncertainty

Promoting Prosperity in an Era of Uncertainty

As a global community, we have witnessed the power of financial inclusion in helping people cope with the devastating impact of the COVID-19 pandemic. Government-to-person payments were distributed at a level never before seen, using innovative approaches to identify recipients and disburse payments. With support from their investors, financial service providers worked closely with clients to restructure outstanding debt and provide information services on the health crisis. And fintech providers rapidly innovated to serve clients in the complex and evolving context of the pandemic.

Amid the crisis, we remain optimistic about the role financial services play in building financial resilience and helping people navigate difficult situations. Yet the crisis is far from over and threatens to reverse years of progress in reducing extreme poverty. We remain committed in our resolve to work toward a world in which all people are able to use financial services and access economic opportunities to improve their lives. And to do so requires partnership, learning from each other, dialogue, and community. This is the ambition of Financial Inclusion Week.

Ways to get involved:
<blockquote class="pullquote--right">The crisis is far from over and threatens to reverse years of progress in reducing extreme poverty.</blockquote>
<ul>
 	<li>Stay tuned for the Financial Inclusion Week agenda at <a href="http://financialinclusionweek.org/" target="_blank" rel="noopener noreferrer">financialinclusionweek.org</a></li>
 	<li>Share out on social media using #FinclusionWeek</li>
 	<li>Join the <a href="https://financialinclusionweek.us5.list-manage.com/subscribe?id=72f6a9abbe&amp;u=394352ae963270aef6c51680d" target="_blank" rel="noopener noreferrer">mailing list</a></li>
 	<li>Register for the event! Details to come in October.</li>
</ul>

Financial Inclusion Week 2021

Financial Inclusion Week (FIW) is an annual, virtual gathering of the global community working to advance inclusive finance. It’s a forum for exchanging ideas, developments, perspectives and convening stakeholders all around the world. It’s an opportunity to showcase work, share ideas on what’s ahead, and more.

From Beth's Desk

<p>What do we have to get right to achieve meaningful financial inclusion?</p>


What do we have to get right to achieve meaningful financial inclusion?

Getting Inclusion Right

<p>Assessing the progress of financial inclusion</p>


Assessing the progress of financial inclusion

Global Findex

The role of financial inclusion in the COVID-19 response

Rebuilding the post-COVID economy will mean more than preserving powerful players in global and national economies; it will mean saving the small businesses and ensuring employment for workers in the informal and formal sectors. The Global Microscope, which assesses the enabling environment for financial inclusion across five categories and 55 countries, explores the role that financial inclusion has played in policymakers’ crisis response, providing data on how the 55 countries have leveraged their financial infrastructures to support vulnerable individuals, small businesses, and the financial providers that serve poor households.

Below are some key takeaways from the 2020 edition:
<ul>
 	<li>The overall enabling environment for financial inclusion improved as a result of governments’ efforts to reach unbanked populations during the pandemic. Colombia, Peru, Uruguay, Argentina and Mexico lead the global ranking.</li>
 	<li>Investments in digital infrastructure have paid off, with 44 of the 55 countries in scope having used cash transfers to support vulnerable parts of the population</li>
 	<li>Digital IDs can facilitate verification for cash transfers, data integration is needed to target beneficiaries and ensure that marginalized segments of the population are not excluded</li>
 	<li>The pandemic necessitated changes in regulations around remote banking, with several countries relaxing e-KYC rules to facilitate remote account opening, paving the road to the development of a digital, inclusive financial system</li>
 	<li>Financial institutions that serve the poor face liquidity constraints impacting credit availability for the poor, as not all governments were able to address them while rolling out economic stimulus packages</li>
 	<li>Financial authorities should adapt to protect consumers from emerging risks, such as ones posed by the onset of the pandemic and the associated rise in cases of financial fraud</li>
</ul>
The Global Microscope is produced with support from EIU’s partnerships with CFI, the Bill &amp; Melinda Gates Foundation, IDB LAB and IDB Invest.

Global Microscope 2020

Global Microscope

<p>Building evidence for best practices, products, and strategies that bring better, more appropriate financial services to low-income women globally.</p>


Building evidence for best practices, products, and strategies that bring better, more appropriate financial services to low-income women globally.

Inclusive Finance for Women

Inclusive Fintech 50

<p>From mobile payments to behavioral changes, innovation in financial inclusion takes many shapes and sizes.</p>


From mobile payments to behavioral changes, innovation in financial inclusion takes many shapes and sizes.

Innovation Spotlight

<p>Keeping focus on who matters most in financial inclusion</p>


Keeping focus on who matters most in financial inclusion

Keeping Clients First

This series highlights takeaways from a global workshop at Lehigh University, where leaders from the inclusive finance sector discussed the question of whether financial inclusion is more relevant than ever during the pandemic crisis.

Lehigh University Global Workshops

<p>Recognizing the need for collective action in response to COVID-19, the Microfinance Coalition was formed to raise the voice of microfinance organizations and the people they serve, and to collaborate on the most pressing needs for the sector.</p>


Microfinance Coalition

MIX Archive

Mr. Provocative

<p>How should US cities design and operationalize cash transfer programs to best serve vulnerable communities?</p>


Eric Noggle

Tess Johnson

Though U.S. citizens and residents received economic support following passage of the CARES Act in spring of 2020, undocumented and mixed-status households were left behind. To bridge this assistance gap, state and local governments across the U.S. have partnered with community-based organizations (CBOs) to establish cash transfer programs to support these populations during the pandemic.

This report, part of a three-part <a href="https://www.centerforfinancialinclusion.org/series/municipal-cash-transfer-programs-design-ids-and-data-protection">series</a>, provides practical guidance to municipalities considering or currently operating direct cash assistance programs. It is based on insights from in-depth, semi-structured interviews conducted by CFI with 12 program administrators representing seven cash assistance programs.

We identify and detail practices for defining target beneficiaries, establishing eligibility criteria, conducting outreach, onboarding recipients, and disbursing funds. This report also highlights the relative advantages and disadvantages of different approaches at each step of the process.

The insights here may also be of interest to organizations advocating for and supporting the rights of undocumented populations, students and academics, and anyone <span data-contrast="auto">interested in </span><span data-contrast="auto">access to financial and</span> <span data-contrast="auto">public</span> <span data-contrast="auto">services</span><span data-contrast="auto"> for all members of U.S. communities. </span>

Designing Municipal Cash Transfer Programs to Mitigate the Economic Impact of COVID-19

How should US cities design and operationalize cash transfer programs to serve vulnerable communities?

Municipal Cash Transfer Programs: From Design to Data Protection

<p>A  content series about efforts by national governments around the world to mitigate the economic impacts of COVID-19 on vulnerable citizens. A partnership with Mastercard Center for Inclusive Growth and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).</p>


Alexandra (Alex) Rizzi

<div class="page" title="Page 3">
<div class="layoutArea">
<div class="column">

<img class="alignright wp-image-44121" src="https://content.centerforfinancialinclusion.org/wp-content/uploads/sites/2/2022/03/Screen-Shot-2022-03-10-at-12.01.21-PM.png" alt="" width="391" height="486" />

In the first quarter of 2020, when governments realized the extent to which COVID-19 had spread across the globe, they took unprecedented and rapid steps to slow its spread. The unintended yet inevitable consequence was that economic activity froze as in-person activities were shut down, and the impacts were particularly severe for people at lower income levels. Livelihoods vanished overnight, requiring economic relief for billions of people. By May 2021, the number of social assistance responses by governments worldwide had exploded to 1,841 as compared with 103 identified in March 2020, reaching more than 1.5 billion people. Many programs leveraged digital infrastructure to deliver funds quickly, without physical contact, and to reduce the risks associated with cash distribution. This massive relief effort required opening accounts for those not previously included, resulting in new account numbers at scales never seen before — 1.5 million new mobile wallets in Paraguay, 500,000 mobile wallets in Jordan, 35 million digital savings accounts for previously unbanked Brazilians (far more accounts were opened) and 700,000 new digital accounts in Colombia, to name a few.
<blockquote class="pullquote--left">Challenges of applying for relief end up harming vulnerable people, dampen public trust in such programs, and effectively reduce the intent of G2P protection schemes.</blockquote>
The rapid deployment of government to person (G2P) social protection payments because of COVID-19 demonstrated the extent to which these schemes increasingly rely upon a country’s digital financial ecosystem — from interoperable payments infrastructure to digital IDs, partnerships with commercial payment and financial service providers (and their agent networks), and collaboration with mobile network operators. When things went well, the payments were made seamlessly and helped ease the economic burden of the pandemic. But when things did not, it was consumers who bore the brunt. Many were unable to apply for relief because they lacked internet access, proper documents, or they had been a victim of identity theft. Long lines and illiquid cash out points, as well as hotlines jammed with calls and interminable wait times without resolution also posed challenges for those attempting to apply for relief. These challenges end up harming vulnerable people, dampen public trust in such programs, and effectively reduce the intent of G2P protection schemes.
<div class="page" title="Page 3">
<div class="layoutArea">
<div class="column">

Drawing on the lessons learned from the pandemic, governments, donors, and other humanitarian groups have an opportunity to improve delivery and reduce consumer risks in future G2P program design and rollout. End-to-end program design, clear accountability across multiple service providers, and consumer-friendly redressal systems are critical elements of successful G2P systems. And given how inextricably linked future G2P programs will likely be with their countries’ digital financial services ecosystem, such improvements might also have positive effects for consumers beyond those receiving government payments. There are also important considerations around data governance that governments need to start addressing sooner rather than later.
<blockquote>End-to-end program design, clear accountability across multiple service providers, and consumer-friendly redressal systems are critical elements of successful G2P systems.</blockquote>
<div class="page" title="Page 4">
<div class="layoutArea">
<div class="column">

This report is the fourth in a series of notes looking at how economic policies enacted around COVID-19 in emerging markets and developing economies (EMDEs) have impacted low-income users and the financial service providers that serve them. It is a companion piece to CFI’s December 2020 report <a href="https://www.centerforfinancialinclusion.org/rapid-response-for-social-payments-during-covid-19">Rapid Response for Social Payments During COVID-19</a>, which maps out ways governments enabled rapid payments to those without existing accounts. The findings in this note come from literature review as well as key informant interviews conducted between June and September 2021. This research focused on uncovering consumer risks arising from the rapidly digitizing G2P programs aimed at the most vulnerable in society, most of whom have no prior experience with digital technology or the formal financial system. The literature review examined policy and research that captured the implementation of rapidly digitalized social protection programs, with a focus on the recipient experience. Given the recent (and even ongoing) nature of many of the programs, the literature review included less-formal sources including industry webinars. The team also conducted 20 key informant interviews with a range of stakeholders including experts in global social protection, consumer protection, and payments, as well as market actors such as governments, consumer organizations, and industry bodies in India, Nigeria, Ghana, Pakistan, Bangladesh, the Philippines, Colombia, and Brazil.

</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>

Responsible Social Protection: Lessons from COVID-19 Digital Cash Transfers

A content series about efforts by national governments around the world to mitigate the economic impacts of COVID-19 on vulnerable citizens. A partnership with Mastercard Center for Inclusive Growth and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).

Policy Responses to COVID-19 &amp; Their Impacts on Low-Income Customers

Reality Check

<p>For more than a decade, the Smart Campaign put consumer protection for low-income clients at the center of its work. As the campaign winds down, we look at lessons learned working with FSPs, listening to and engaging with clients, and engaging with regulators on market conduct supervision.</p>


For more than a decade, the Smart Campaign put consumer protection for low-income clients at the center of its work. As the campaign winds down, we look at lessons learned working with FSPs, listening to and engaging with clients, and engaging with regulators on market conduct supervision.

Reflecting on the Smart Campaign: Lessons Learned

Smart 100 Certifications

<p>The challenges facing financial inclusion due to the COVID-19 pandemic are unprecedented. How do we as a community respond to ensure vulnerable households, businesses and FSPs are resilient and recover?</p>


The challenges facing financial inclusion due to the COVID-19 pandemic are unprecedented. How do we as a community respond to ensure vulnerable households, businesses and FSPs are resilient and recover?

Test of a Lifetime: COVID-19 and Financial Inclusion

<p>Microfinance institutions around the world sometimes face existential crises. How they navigate these challenges and emerge resilient is the theme of this case study series, conducted as part of our partnership with Mastercard Center for Inclusive Growth and the European Microfinance Platform.<em><br />
</em></p>


Microfinance institutions around the world sometimes face existential crises. How they navigate these challenges and emerge resilient is the theme of this content series, conducted as part of our partnership with Mastercard Center for Inclusive Growth and the European Microfinance Platform. 

Series