Remittance fintechs are disrupting the world of global payments by reducing the cost of cross-border money transfers. This <a href="https://www.ft.com/">Financial Times</a> article highlights how digital transfer services are challenging the high costs of remittances and the impact that could have on global banking. CFI's managing director, Mayada El-Zoghbi, offers her insights on falling remittance prices, the impact of the pandemic on transferring money, and potential risks down the line.

El-Zoghbi believes that a target for the global average remittance charge of three percent or below by 2030 is "within reach." She also points out structural factors that have caused digital transfer payments to rise, including travelers being unable to transfer cash themselves during the lockdown. Finally, El-Zoghbi mentions the potential risks of monopolistic behavior from big payment businesses down the line.

Read the full article <a href="https://www.ft.com/content/1f11b38b-54d6-451c-ba4b-48843efa329d?shareType=nongift">here</a>.

Financial Times Quotes Mayada El-Zoghbi on Global Remittances

As a guest on <a href="https://foreignpolicy.com/podcasts/hidden-economics-of-remarkable-women-hero/">The Hidden Economics of Remarkable Women (HERO) podcast</a>, Julia Arnold talks about the Household Dialogues program, where couples meet with financial counselors to initiate open communication about household finances and decision-making, led by the nonprofit CARE in Uganda.

Arnold explains that addressing the gender gap, from bank account ownership to mobile phone ownership, is more than just providing access to resources. The <a href="https://www.careevaluations.org/evaluation/digital-subwallets-and-household-dialogues/">Household Dialogues</a> program helps address the social and normative gender constraints that can also prevent women’s financial inclusion.

She concludes with the hope that providers, governments, donors, and investors all work together to do their part in understanding where the existing gender gaps are and the various ways they can each address them.

<a href="https://www.centerforfinancialinclusion.org/bio/julia-arnold">Arnold</a> is the Senior Research Director for Women’s Financial Inclusion.

Listen to the full episode <a href="https://foreignpolicy.com/podcasts/hidden-economics-of-remarkable-women-hero/?episode=saving-more-by-changing-gender-roles-in-uganda">here</a>.

Foreign Policy Interviews CFI Gender Lead Julia Arnold About Women’s Economic Empowerment

EL-Zoghbi discusses how COVID-19’s economic shocks are affecting incomes, and elaborates on the population segments most vulnerable to pandemic-induced shocks.

She also describes why financial inclusion alone is not enough, and how financial inclusion – especially when paired with digitization – can help distribute support from humanitarian and governmental organizations to the base of the pyramid.

Furthermore, El-Zoghbi mentions the Microfinance Coalition’s calls to action aimed at awareness-raising among <a href="https://centerforfinancialinclusion.org/microfinance-coalition-call-to-action-for-investors/" target="_blank" rel="noopener noreferrer">investors</a>, <a href="https://centerforfinancialinclusion.org/microfinance-coalition-call-to-action-for-donors/" target="_blank" rel="noopener noreferrer">donors</a> and <a href="https://centerforfinancialinclusion.org/microfinance-coalition-call-to-action-for-policymakers/" target="_blank" rel="noopener noreferrer">policymakers</a>.

Lastly, she predicts that insurance products will see higher demand, and notes that the crisis requires collective action that goes beyond market-oriented solutions.

El-Zoghbi is a member of the Advisory Council of BBVA's <a href="https://www.bbvaedufin.com/en/" target="_blank" rel="noopener noreferrer">Center for Financial Education and Capability</a>.

Read the full article <a href="https://www.bbva.com/en/how-to-strengthen-the-finances-of-the-vulnerable-population-against-the-crisis/" target="_blank" rel="noopener noreferrer">here</a>.

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BBVA Interviews Mayada El-Zoghbi on Financial Inclusion in the Pandemic Era

The elderly, young people, the homeless and casual workers are just some of the groups that might have a difficult time participating in the economy, the article notes. Some do not have the skills to use digital payments, do not have access to the internet, do not have a credit history or a fixed address:

A dependence on cash can be linked to the digital divide that exists in both rich and poor countries, said Mayada El-Zoghbi, managing director for the Center for Financial Inclusion (CFI), an independent U.S. think tank.

“A move to a cashless society will not benefit all groups equally. The groups that are most likely to be excluded will be women, rural communities, and the elderly,” she said.

Read the full article <a href="https://www.reuters.com/article/us-health-coronavirus-banks-britain-trfn-idUSKBN23X0XE" target="_blank" rel="noopener noreferrer">here</a>.

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Reuters Quotes Mayada El-Zoghbi on Going Cashless During the Pandemic

On each episode of Peter Renton's long-running show, the Lending and Fintech Podcast, a different leader in fintech and finance is interviewed in depth. On episode 245, Mayada touches on the following topics:
<ul>
 	<li>Her background in inclusive finance</li>
 	<li>The work that she did on the Global Findex database</li>
 	<li>Why she decided to take the job to be the head of CFI</li>
 	<li>The mission of CFI today</li>
 	<li>Why improving financial inclusion is about far more than technology</li>
 	<li>The geographies they focus on and the types of demographics</li>
 	<li>The relationship between CFI and Accion</li>
 	<li>How COVID-19 has impacted the agenda for CFI</li>
 	<li>The silver lining that could come out of this crisis</li>
 	<li>How it will affect the gender gap</li>
 	<li>What more fintech companies should be doing today in this area</li>
 	<li>The priorities that CFI is focused on beyond the current crisis</li>
</ul>
Listen below, or visit this episode's podcast <a href="https://www.lendacademy.com/podcast-245-mayada-el-zoghbi-of-cfi/">page</a>. Lend Academy's podcasts are available on iTunes and Stitcher.

Lend Academy Podcast features Mayada El-Zoghbi

The <a href="https://www.elespectador.com/economia/colombia-lidera-entorno-para-la-inclusion-financiera-regional-articulo-888988">article</a> (in Spanish) notes that Colombia -- along with Peru, Uruguay and Mexico -- lead the <a href="https://centerforfinancialinclusion.org/global-microscope-2019/">Global Microscope 2019</a> rankings this year. Supported by CFI and the Bill &amp; Melinda Gates Foundation, an updated Microscope is published every year by the <a href="https://www.eiu.com/n/">Economist Intelligence Unit</a>. It assesses the enabling regulatory environment for financial inclusion in 55 countries worldwide.

<a href="https://events.iadb.org/calendar/event/20252?lang=en">FOROMIC</a> is hosted annually by the Inter-American Development Bank (IDB).

In El Espectador: CFI, Mayada El-Zoghbi Mentioned in Microscope Coverage

Following the <a href="/id2020-summit-2019">ID2020 Summit</a> in September, Eric Noggle, Senior Research Director, talks to Good ID about the intersection between good digital ID and broader socio-political change. Read more in <a href="https://www.good-id.org/en/articles/everything-connected-making-good-id-matter/">Everything Is Connected: Making Good ID Matter</a>.

Eric Noggle, Senior Research Director, on Making the "Good ID" Movement Matter

The event, “<a href="https://www.unsgsa.org/resources/news/unsgsa-queen-maxima-world-leaders-participate-unga/">Financial Inclusion for Development: Building on 10 Years of Progress</a>,” included the participation of António Guterres, UN Secretary-General; David Malpass, President of the World Bank; Melinda Gates, Co-Chair of the Bill &amp; Melinda Gates Foundation; Dan Schulman, President and CEO of PayPal; and Ajay Banga, President and CEO of Mastercard.

Watch Mayada ask Queen Maxima about measuring financial inclusion's progress within the framework of the SDGs, and how financial inclusion contributes to achieving the SDGs by 2030. Queen Maxima is the <a href="https://www.unsgsa.org/">United Nations Secretary General's Special Advocate for Inclusive Finance for Development</a>.

More video coverage of the event can be found <a href="http://webtv.un.org/search/financial-inclusion-for-development-building-on-10-years-of-progress/6089500721001/?term=finance%20for%20development&amp;lan=english&amp;sort=date">here</a>.

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CFI Managing Director Asks Queen Maxima About Financial Inclusion's Role in the Sustainable Development Goals

Bansal, the <a href="https://www.centerforfinancialinclusion.org/about/what-we-do/the-smart-campaign">Smart Campaign</a>'s Senior Director in South and Southeast Asia, notes that the problem over-indebtedness is more severe in the island country than elsewhere.

She also points out that the government's decision to write off business loans of up to 100,000 rupees falls short.

"One-off measures will not do, says Ms Bansal: Sri Lanka needs properly enforced rules that prevent over-indebtedness and ensure fair treatment of borrowers."

Read the <a href="https://www.economist.com/finance-and-economics/2019/08/15/microfinance-is-driving-many-sri-lankan-borrowers-to-despair">full article</a> (soft paywall).

In The Economist: Hema Bansal on Over-Indebtedness in Sri Lanka

Barres's questions that Libra's developers should consider when innovating for the new cryptocurrency are:
<ul>
 	<li>What would data privacy agreements look like if we wanted them to be understandable, fair and with an option to opt out?</li>
 	<li>How would algorithms that did not discriminate be set up?</li>
 	<li>How might fully transparent, low-cost and high-quality products and services that truly solve problems be brought to bear?</li>
</ul>
Read the <a href="https://www.euromoney.com/article/b1g0hvpnhqmyg0/cryptocurrency-facebook39s-libra-is-this-how-we-get-to-responsible-fintech">full article in Euromoney</a>.

In Euromoney: Smart Campaign's Isabelle Barres Poses Questions About Libra

Ezra Mannix

Isabelle Barrès

Deborah Drake

Europe and Central Asia

United Kingdom

Colombia

Latin America and The Caribbean

South Asia

Sri Lanka

Rwanda

Sub-Saharan Africa

Ghana

Financial Service Providers

Fintechs

Payments

Remittances

Underserved Groups

Women

Aging and Older Adults

Challenges and Crises

Enabling Environment

Financial Inclusion Strategy

Policy, Regulation and Government Initiatives

Trends

Consumer Protection

Over-indebtedness

Appropriate Product Design and Delivery

Responsible Digital Finance

Client Treatment

Fraud

Human Centered Design

Credit

Digital Financial Services

Mobile Banking

Saving

Transparency

Financial Health

News

The <a href="https://www.centerforfinancialinclusion.org/about/what-we-do/the-smart-campaign/">Smart Campaign</a>'s senior director discussed the motivation behind the survey and forthcoming report with <a href="https://www.newtimes.co.rw/">The New Times</a>, a leading Rwandan news provider.

“We want all stakeholders to understand the actual experiences and concerns of the clients they are serving, protecting or advocating for, because there hasn't been a comprehensive survey underpinning the conduct of this digital financial service before,” <a href="https://content.centerforfinancialinclusion.org/people/alexandra-rizzi/">Rizzi</a> said.

Fraud was a "major problem" for about 40 percent of respondents (with 10 percent falling victim themselves), and while nearly 90 percent trust mobile money services, that trust extends to specific services, namely person-to-person (P2P) transfers. There are approximately 11 million mobile money users in Rwanda.

The report will be available for download on this site in the coming weeks. The results were discussed at a workshop of regulators in the Rwandan capital Kigali in March and will be discussed at the <a href="https://sptf.info/annual-meetings/2019-summit-inclusive-digital-future">Inclusive Digital Future Summit</a> in Nairobi in June 2019.

Read the<a href="https://www.newtimes.co.rw/business/mobile-money-services-enjoy-public-confidence-fraud-remains-threat-survey-reveals"> full article</a> and learn more about the <a href="http://smartcampaign.org/tools-a-resources/1075">Client Voices Project</a>.

&nbsp;

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In The New Times: Smart Campaign's Alex Rizzi Interviewed About Client Voices Project Survey in Rwanda

This <a href="https://soundcloud.com/user-273615244/frt-episode-28-digital-customer-journey">episode</a> of the "FRT" podcast focuses on how digital customer journeys are enabling financial institutions to reach underserved segments in a sustainable manner. IIF’s Conan French host Rhyne and Amin Khairy to discuss the upcoming CFI-IIF paper “Charting the Customer Journey in the Digital Age.”

Rhyne discusses the persistent challenges for digital inclusion and the importance of having a “tech-touch” balance at certain stages of the customer journey.

They also discuss the potential gain in operational efficiencies for financial institutions and the positive impact digitization has on unbanked customers and provide real-life examples of digital customer journeys in various stages: pre-onboarding, onboarding and continued use.

"We're finding that the countries that are making it easy to onboard are those with a good national ID program," Rhyne said. "Having a very clear and simple to use national ID that's easily connected electronically is probably the most important thing."

Rhyne also notes that understanding the unique financial lives of lower income segments is crucial to digitization and different from transitioning banked populations from analog to digital.

Browse more <a href="https://www.iif.com/Innovation/FRT-Podcast">FRT podcast episodes</a>.

&nbsp;

IIF Podcast Features Elisabeth Rhyne Discussing the Digital Customer Journey

In the March 14 <a href="https://www.raconteur.net/finance/financial-inclusion-banked">piece</a>, Rhyne’s insights are part of a broad survey of the global financial inclusion landscape -- from barriers to financial inclusion in the developing world, to its benefits and the tools that are helping to integrate marginalized populations into the “financial mainstream.”
“In the developing world there is an issue of absolute low incomes,” Rhyne said in the feature, which appeared in the <a href="https://www.raconteur.net/future-money-2019">Future of Money</a>, a 20-page insert published in <a href="http://www.thetimes.co.uk">The Times (UK)</a> in association with <a href="https://europe.money2020.com/">Money 20/20</a>. “In regards to how much in deposits people would be providing, how large a credit they might want, these are below the threshold of feasibility for banks using traditional branch-based, teller-based models. So you couldn’t put a branch out in a rural area and expect it to be profitable.”
Rhyne uses the example of hyperinflation in Latin America to illustrate why potential customers don't have bank accounts, and concludes the article by noting that digital payments “are going to be essential” over the next decade.

<a href="https://www.raconteur.net/">Raconteur</a> is a publisher of “special-interest content and research” whose special reports are inserted into the printed version of The Times (UK). Read the full article <a href="https://www.raconteur.net/finance/financial-inclusion-banked">here</a>.

Raconteur Features Elisabeth Rhyne in “Challenges in Banking the Unbanked”

Extensive coverage of the "You Deserve to Know" (#YouDeserveToKnow) campaign in the national Ghanian media features quotes from <a href="https://www.centerforfinancialinclusion.org/bio/alexandra-rizzi">Alex Rizzi</a>, Director of the Smart Campaign.

"This series aims to equip clients with the knowledge they deserve to know to make the best financial decisions for themselves,” Rizzi stated in a <a href="https://www.pulse.com.gh/lifestyle/events/consumer-protection-global-consumer-advocate-launches-you-deserve-to-know-campaign/72tlsjv">Pulse</a> article. Coverage of the campaign also appeared in <a href="https://www.graphic.com.gh/news/general-news/financial-literacy-campaign-launched.html">Graphic Online</a> and <a href="https://citinewsroom.com/2019/02/26/global-consumer-advocate-launches-youdeservetoknow-campaign/">Citi Newsroom</a>.

The campaign focuses on improving the financial enabling environment by educating the public in two topic areas, transparency and fraud.

Listeners in Ghana can tune in to <a href="https://www.facebook.com/adom106.3/">Adom 106.3 FM</a> on Thursdays, 5:30 pm local time, to hear the programs. The episodes include drama and expert interviews on the topics. <a href="https://radio.modernghana.com/station/adom1063fm">Live streaming</a> of Adom 106.3 FM is also available.

The "You Deserve to Know" campaign is in collaboration with <a href="http://www.fiforumafrica.org/">Financial Inclusion Forum Africa</a>.

This Smart Campaign video below provides an introduction.

Smart Campaign's "You Deserve to Know" Radio Campaign Featured in Ghanaian Media

In this 20-minute episode, Traynor and Anton-Diaz discuss the sobering findings of "Digital Finance and Data Security," and what happens when the systems that are focused on expanding financial inclusion are poorly designed and executed. They also talk through what new companies need to take into account as they break into the market.

Listen and read Hathaway's accompanying post on the <a href="https://www.centerforfinancialinclusion.org/good-intentions-bad-security-podcast-episode-delves-into-cfi-research-on-data-security-in-digital-finance">CFI Blog</a>.  Below, download the CFI research that inspired this episode.

Podcast Focuses on CFI Data Security Report

The organizations' digital client research collaboration was announced in December, 2018, on the heels of a client protection research assessment conducted on the firm’s operations in Kenya. Tala is the leading consumer lending app in emerging markets.

The Smart Campaign’s goal following research with <a href="https://tala.co/">Tala</a> and other providers is industry standards for digital lenders, set to be released in 2019.

“Partnering with providers is crucial for establishing standards for digital credit that are sustainable for the industry while ensuring that the most vulnerable clients are protected. Tala has demonstrated a commitment to the client protection principles by engaging in an in-depth examination of their practices,” said Barres, who is also a CFI Vice President.

For more information, read the Smart Campaign’s <a href="http://smartcampaign.org/news-a-highlights/whats-happening/70-2014/1190-tala-and-the-smart-campaign-partner-on-digital-client-protection">press release</a> on the partnership.

<a href="https://www.crowdfundinsider.com/">Crowdfund Insider</a> is a digital media outlet which provides crowdfunding, Blockchain and fintech news and information.

Read the full article <a href="https://www.crowdfundinsider.com/2018/12/142859-tala-partners-with-smart-campaign-for-digital-client-protection/">here</a>.

Smart Campaign-Tala Partnership for Digital Client Protection featured in Crowdfund Insider

Isabelle Barres, Global Director of the <a href="http://smartcampaign.org/">Smart Campaign</a> and a CFI Vice President, was interviewed for the <a href="https://fi.11fs.com/444">Dec. 21 edition of the FinTech Insider "Insights" podcast</a>, which gives listeners an overview of financial inclusion, financial health and financial literacy.

The goal of financial inclusion is not only providing access to financial products and services, but also ensuring their usage improves financial health, she said.

"An individual is financially healthy when a number of conditions are met," Barres noted. These include being able to balance income and expense streams, build and maintain financial reserves, plan for the future, manage existing debts, as well as the ability to plan for the future and plan for financial shocks along the way.

Barres also discussed CFI's efforts to these ends. "What we focus on is mostly global issues related to financial inclusion and the extent to which we can foster a better ecosystem to encourage financial inclusion."

Director of Smart Campaign Featured in Podcast on Financial Inclusion and Health

In November 2018, <a href="/bio/deborah-drake">Deborah Drake</a> spoke at the MIT Legatum Leadership Forum – Zambezi Week 2018, a leadership boot camp for African entrepreneurs excelling in inclusive innovations, sharing her experience in impact investing and financial service provider governance capacity building across the continent.

&nbsp;