<em>WASHINGTON, D.C., March 31, 2023</em> – The Financial Inclusion Equity Council (FIEC), a member forum for fostering dialog among equity investors in inclusive finance, is forming a new partnership with two leaders in the responsible finance sector, a move aimed at strengthening the global implementation of responsible investment practices to help advance the lives of low-income people.

FIEC is transitioning its secretariat from the Center for Financial Inclusion to Cerise+SPTF. Under the new arrangement, FIEC will work closely with Cerise+SPTF’s Social Investor Working Group to further deepen collaboration and discussion among investors in identifying new opportunities for inclusive growth through financial services in a world of increasing disruption and uncertainty.

FIEC will retain its member-driven structure, continuing to operate as a members-only group of equity investors, while also contributing to and benefitting from the work of Cerise+SPTF’s Social Investor Working Group. Currently, there are 17 FIEC members, primarily fund managers with $4.7 billion under management invested in 64 countries. Deborah Drake will remain as FIEC’s director, and current Advisory Board members - Caspar Sprokel (Triodos), Jan Dewijngaert (Incofin), and Orsolya Farkas (Triple Jump) - will continue to support the transition.

The new secretariat is expected to be in place by the end of April. Since FIEC’s inception in 2003, Accion has hosted FIEC with CFI, Accion’s independent think tank, serving as secretariat since 2008.

“Transitioning the FIEC Secretariat to Cerise+SPTF will provide enhanced opportunities to convene and discuss a range of pressing topics with partners who serve the investment community and share our common purpose of fostering collaboration and dialogue to advance the social mission of investors in inclusive finance,” Drake said.

“It has been an honor to host FIEC,” Mayada El-Zoghbi, CFI’s managing director, said. “We see this move as a great opportunity for FIEC to further deepen the impact of its work by bringing together leading entities in equity investment that prioritize responsible investing in financial inclusion.”

Jurgen Hammer, Managing Director of SPTF’s European office in Luxembourg and head of the Social Investor Working Group, said: “Equity investors, through their participation in the governance and management boards, play a vital role in the implementation of socially and environmentally responsible practices of the investments funds and financial institutions they invest in. Sharing the almost 20 years of experience of Cerise+SPTF’s investors’ working group will strengthen the global implementation of responsible investment practices and lead to a more accountable and transparent industry.”

<strong> </strong>

<strong>Background</strong>

<a href="https://www.centerforfinancialinclusion.org/about/what-we-do/fiec"><strong>Financial Inclusion Equity Council</strong></a>, originally known as the Council of Microfinance Equity Funds, was founded in 2003 when research and data on the microfinance sector were scant, to provide members with a forum to discuss their role as responsible shareholders in microfinance institutions (MFI).  FIEC has pioneered efforts to strengthen governance, increase transparency, and ensure social impact is front and center in its members’ investment due diligence and decision-making. Its “<em>Practice of Corporation Governance in Shareholder-Owned MFIs</em>” has become a standard reference for the industry.  FIEC conducted the first study of MIV fund managers’ remuneration and collaborated with the Microfinance Network in an analysis of MFI pay practices for boards of directors. FIEC is also known for its flagship valuation database, available only to members.  FIEC’s current agenda includes increasing regulation and reporting requirements, widening the concept of financial inclusion to more players such as investing platforms, digitalization of MFIs, valuation of fintechs, and managing new risks such as currency risk, exit strategies, and climate change.

<a href="https://cerise-sptf.org/" target="_blank" rel="noopener noreferrer"><strong>Cerise+SPTF</strong></a> supports financial service providers, social businesses, impact investors, networks, professional associations, regulators, and donors—a wide cross-section of stakeholders from all over the world—with the standards and tools they need to achieve their social and environmental strategies. Cerise+SPTF pursue this mission through several strategies, including:
<ul>
 	<li>The Social Investor Working Group, which is open to all investors seeking to balance financial, social, and environmental performance. Currently, there are more than 600 investor members representing over 200 organizations in the group. The SIWG meets twice a year in person, typically once in February/March and once in June, and holds monthly webinars throughout the year.</li>
 	<li>Specific technical sub-groups (such as SFDR, Client Protection, Outcomes/SDGs) complement the regular activities. The group provides peer-to-peer learning and gives a platform to address global issues and develop practical and standard approaches with a collective voice.</li>
</ul>
&nbsp;

<a href="https://www.centerforfinancialinclusion.org/about/what-we-do/fiec"><strong>The Center for Financial Inclusion</strong></a> is an independent, global think tank housed at Accion that conducts rigorous research and advocates for evidence-based change to ensure that all people can make use of financial products and services to advance their lives and prosper.

&nbsp;

<strong>Contacts:  </strong>

<strong>CFI</strong> – Stella Dawson, interim Communications Lead, CFI. <a href="mailto:sdawson_ext@accion.org">sdawson_ext@accion.org</a>

<strong>FIEC</strong> – Deborah Drake, Director, FIEC. <a href="mailto:deborahodrake@gmail.com">deborahodrake@gmail.com</a>

<strong>SPTF</strong> – Laura Foose, Executive Director, SPTF.  (<a href="mailto:laurafoose@sptfnetwork.org">laurafoose@sptfnetwork.org</a>) Inc

<strong>SPTF</strong> – Jurgen Hammer, Managing Director, SPTF Europe.  (<a href="mailto:jurgenhammer@sptfnetwork.org">jurgenhammer@sptfnetwork.org</a>)

<strong>CERISE</strong> – Cecile Lapenu, Executive Director, CERISE.  (<a href="mailto:c.lapenu@cerise-spm.org">c.lapenu@cerise-spm.org</a>)

Financial Inclusion Equity Council Transitions its Secretariat to Cerise+SPTF

<em>WASHINGTON, D.C., October 17, 2022 – </em>The Center for Financial Inclusion (CFI) announced today the fourth cohort of the global Inclusive Fintech 50 (IF50) competition, which recognizes 50 early-stage, inclusive fintechs that aim to advance financial inclusion. IF50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The 2022 winners exemplify the power of fintech to reach underserved individuals and businesses with products and services designed to meet consumers’ needs, preferences, and resources.

The 2022 winners were selected from a pool of 257 eligible applicants with headquarters in 79 countries, with Sub-Saharan Africa representing 40 percent of candidates. The winning startups represent a range of product categories, including credit, digital financial infrastructure, insurance, savings and personal financial management, and payments and remittances. Credit remains the most common type of product offering, with 32 percent of applicants offering a credit solution. The digital financial services infrastructure category displayed the most growth, increasing from 16 percent of applicants in 2021 to 23 percent in 2022.

An independent panel of 35 expert judges with expertise in venture capital, technology, and financial services evaluated the applicants based on their inclusivity, innovation, traction, and scale potential.

The IF50 competition offers winning startup fintechs exposure among investors and media, and provides access to exclusive networking activities, the opportunity to pitch their innovations, and connections to expert support and training provided by IF50 sponsors and supporters. IF50 winners from the past three years have collectively increased their funding by $620 million in the year following their win. This year’s IF50 winners will also gain exposure during CFI’s <a href="https://financialinclusionweek.org/" target="_blank" rel="noopener noreferrer">Financial Inclusion Week</a> event, running virtually October 17-20. Winners will be announced by category throughout the week, culminating in a global plenary session discussing insights from this year’s competition.

Visa, an IF50 sponsor, provides winners access to <a href="https://practicalmoneyskills.com/" target="_blank" rel="noopener noreferrer">Practical Money Skills</a> and <a href="https://www.practicalbusinessskills.com/resources/about" target="_blank" rel="noopener noreferrer">Practical Business Skills</a>, digital platforms created by Visa to empower individuals and micro and small businesses with financial and business knowledge needed to manage and grow. These tools, together with the networking and publicity that IF50 provides, serve as an invaluable opportunity for startups at the earliest stages of their journeys.

The winners are listed below by main operating region. Full profiles of the 2022 winning fintechs can be viewed at <a href="http://www.inclusivefintech50.com/2022-cohort" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com/2022-cohort</a>.
<h3></h3>
<h3><strong>East Asia &amp; the Pacific</strong></h3>
Brick

Digicro

LTS Ventures

Salary Hero

SentBe Inc.

wagely

&nbsp;
<h3><strong>Latin America &amp; the Caribbean</strong></h3>
AkinTec

Finaktiva

Imix Latam

Paisa

Prestamype

Quipu Bank

Sofi

Yapu Solutions

Zenda.la

<strong> </strong>
<h3><strong>Middle East and North Africa</strong></h3>
Cassbana

<strong> </strong>
<h3><strong>North America</strong></h3>
Kaoshi Network

Restart Financial

Sunny Day Fund

<strong> </strong>
<h3><strong>South Asia</strong></h3>
Aloi

ARTH

Bimaplan

KarmaLife

Probus

Revfin Services Private Limited

Vitto – Microfinance.AI

Yuva Pay

<strong> </strong>
<h3><strong>Sub-Saharan Africa</strong></h3>
BezoMoney

Boost

Crop2Cash

DMA Limited

Ensibuuko

FIC Exchange Plc (Financial Inclusion Centers)

FlexPay LLC

Flow Global

FX Kudi

Infibranches

Jamii.one

Joovlin

Lipa Later Limited

Malipo Circles Limited

MarketForce

Moja Ride

SATIS FINTECH SA

Shecluded

SuiTch SAS

Touch and Pay Technologies Inc

Ukheshe

Umoja Labs

Umojalands Private Limited

Inclusive Fintech 50 Announces the 2022 Winners

<span data-contrast="none">WASHINGTON, D.C., USA – The Center for Financial Inclusion (CFI) today announced the launch of the fourth annual Inclusive Fintech 50 (IF50) Competition, a global initiative that competitively selects 50 early-stage, inclusive fintechs with innovative business models that aim to advance financial inclusion.</span>

<span data-contrast="none">The theme of the 2022 IF50 competition is “Making Digitalization Count.” Rapid advances in the digital economy, further accelerated by COVID-19, are changing the financial services landscape and creating opportunities to drive further inclusion and impact for underserved populations. Early-stage, inclusive fintechs are leading the way by leveraging data and digital infrastructure to deliver valuable products and services to low-income consumers, especially women. </span><span data-contrast="auto">“As digitization rapidly increases, underserved individuals and businesses are at risk of being left behind. Visa’s purpose is to help create access and inclusion for all, and we are proud to support Inclusive Fintech 50 and the companies that help ensure everyone, everywhere is brought along the digital transformation journey,” said Beth Hurvitz, Global Head of Social Impact, Visa.</span>

<span data-contrast="none">Even with increasing attention to the promise of inclusive fintech, many early-stage fintech companies struggle to secure funding to help them grow. IF50 aims to address this gap by identifying the 50 most promising inclusive fintechs and providing them with visibility to attract investors and other support. Thanks in part to the visibility from IF50, past winners have jointly increased their funding by $620 million in the year following their win. “MetLife Foundation is committed to expanding economic opportunity in underserved and underrepresented communities,” said Tia Hodges, President and CEO of MetLife Foundation. “We are proud to support IF50, which helps to advance inclusion-minded fintechs that are focused on responsible and cost-effective digital solutions.”</span>

<span data-contrast="none">IF50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC, and implemented by CFI. In its first three years, IF50 attracted over 1,000 eligible applicants from around the world. Applications are reviewed by an </span><a href="https://www.inclusivefintech50.com/2021-judging-panel" target="_blank" rel="noopener noreferrer"><span data-contrast="none">independent panel of judges</span></a><span data-contrast="none"> with expertise spanning financial technology, investment, and innovation. The selection of the 50 winners is based on four criteria: inclusivity, innovation, scale potential, and traction. “The rigorous selection process is a key tenet of IF50,” said Simon Boas of Jersey Overseas Aid. “The applicants go through several stages of vetting to select a truly innovative group of 50 winners with the potential to drive real impact.”</span>

<span data-contrast="none">In addition to visibility and credibility, IF50 2022 winners will have access to exclusive networking activities, the opportunity to pitch their innovations, and connections to expert support and training provided by our sponsors and supporters. In addition, winners will be invited to participate in CFI’s <a href="http://financialinclusionweek.org" target="_blank" rel="noopener noreferrer">Financial Inclusion Week</a>, an annual virtual event taking place October 17-20, where inclusive finance stakeholders gather to learn from one another and share key findings.</span>

<span data-contrast="none">Other benefits available to this year’s winners include access to </span><a href="https://practicalmoneyskills.com/" target="_blank" rel="noopener noreferrer"><span data-contrast="none">Practical Money Skills</span></a><span data-contrast="none"> and </span><a href="https://www.practicalbusinessskills.com/resources/about" target="_blank" rel="noopener noreferrer"><span data-contrast="none">Practical Business Skills</span></a><span data-contrast="none">, digital platforms created by Visa to empower individuals and micro and small businesses with financial and business knowledge needed to manage and grow. Winners also have the opportunity to be connected to IF50 sponsors to accelerate their business and social impact.</span>

###
<h3>About IF50</h3>
<span class="TextRun SCXW268323741 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW268323741 BCX0">Inclusive Fintech 50 identifies promising </span><span class="NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW268323741 BCX0">early-stage</span> <span class="NormalTextRun SpellingErrorV2Themed SCXW268323741 BCX0">fintechs</span><span class="NormalTextRun SCXW268323741 BCX0"> driving financial inclusion around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services. Applicants are assessed on the degree to which their target market includes underserved people or businesses, and whether their innovation offers a new value proposition, shows early-stage traction, and can have a noticeable impact on the more than 3 billion financially underserved people globally. Inclusive Fintech 50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The initiative is managed by the Center for Financial Inclusion (CFI). Learn more at <a href="http://www.inclusivefintech50.com" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com</a>.</span></span>

Inclusive Fintech 50 Launches 2022 Competition to Recognize Fintech Startups Driving Inclusive Finance

WASHINGTON, DC, March 29, 2022—The Center for Financial Inclusion (CFI) and the International Finance Corporation (IFC) announced today the transition of the Responsible Finance Forum (RFF) convening role from IFC to CFI. The agreement to transfer RFF from IFC to CFI was signed on March 9, 2022.

RFF was created in 2009, under the leadership of IFC and other key stakeholders in the financial inclusion community to foster dialogue and collaboration among the private sector, governments, policymakers, academics, and consumer organizations. The RFF annual event provided an opportunity for a diverse set of stakeholders to share emerging insights and solutions and collaborate on initiatives to ensure responsible finance remained at the core of efforts to advance inclusive finance.

The ongoing COVID-19 pandemic, digitalization, and climate change, among other global forces, are rapidly changing the inclusive finance landscape. Based on feedback received from past, present, and future RFF stakeholders, CFI is reimagining RFF and expanding its role to tackle rapidly evolving risks faced by financial systems and low-income people. RFF will provide an agile and forward-thinking space for a wide range of inclusive finance stakeholders to share knowledge, conduct research, and engage in global dialogue to improve risk identification and mitigation.

“CFI has always been a leader in customer protection. Today, customer protection risks are not just about what happens at the business model level, but also about what happens at the market level,” said Mayada El-Zoghbi, Managing Director of CFI. “These dynamic risks and the vast range of challenges they pose for low-income customers means that we must work collaboratively. The reimagined RFF will help tackle key questions and gaps to better protect low-income and vulnerable populations.”

The complexity of the inclusive finance landscape demands an approach that can facilitate analysis and action at a rapid pace. Moving forward, RFF will expand to serve as a platform with three core functions: aggregate research across the sector and help identify emerging issues that will impact low-income customers; expand a network of partnerships that will leverage each partner’s strengths to build sectoral knowledge; and collaborate through regular convenings with the annual event as a crucial cornerstone.

“We recognize the need for the private sector, investors, and donor organizations to work together to drive critical conversations around inclusive finance risks,” said  Sharmila Hardi, a Senior Manager at IFC’s Financial Institutions Group, who leads IFC’s investments and advisory services for Microfinance, SME Banking, Gender Finance and Insurance. “As an independent think tank, CFI is uniquely positioned to serve as a neutral broker to facilitate collaboration across a diverse set of stakeholders, and we look forward to continuing to work together on these crucial topics.”

To ensure independence and a structure that encourages widespread participation from across the sector, RFF will have two levels of governance—one comprising sponsors with fiduciary responsibilities and the second comprising partners who lead thinking on responsible finance and customer protection and will assist with identifying strategic priorities and areas of focus.

“RFF presents a unique opportunity for emerging markets and developed countries to learn from one another,” said Michael Schlein, CEO of Accion. “We are thrilled that CFI will be taking on RFF and look forward to the opportunity to elevate RFF as an agile, forward-thinking platform on customer protection.”

<a href="https://centerforfinancialinclusion.us5.list-manage.com/subscribe?u=394352ae963270aef6c51680d&amp;id=dfbe84c2fb" target="_blank" rel="noopener noreferrer">Sign up to the RFF mailing list</a> to receive more information and updates on RFF.

###

&nbsp;

Please direct media inquiries to:

Lauren Braniff, CFI – <a href="mailto:lbraniff@accion.org">lbraniff@accion.org</a>

Henry Pulizzi, IFC – <a href="mailto:hpulizzi@ifc.org">hpulizzi@ifc.org</a>

&nbsp;

<strong>ABOUT CFI</strong>

The Center for Financial Inclusion (CFI) works to advance inclusive financial services for the billions of people who currently lack the financial tools needed to improve their lives and prosper. We leverage partnerships to conduct rigorous research and test promising solutions, and then advocate for evidence-based change. CFI was founded by Accion in 2008 to serve as an independent think tank on inclusive finance.

<strong>ABOUT IFC</strong>

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit <a href="www.ifc.org">www.ifc.org</a>.

CFI, IFC Announce Reimagined Responsible Finance Forum (RFF), Transition of Convening Role to CFI

WASHINGTON, D.C., October 27, 2021 – The Center for Financial Inclusion (CFI) announced today the Inclusive Fintech 50 (IF50) competition’s 2021 cohort, recognizing 50 fintech startups that are leading the way in helping low-income customers and micro, small and medium enterprises (MSMEs) to rebuild from the COVID-19 pandemic. IF50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The winners of this year’s competition join winners from previous years in representing a range of impactful ways in which fintech startups are helping vulnerable, underserved users improve their financial lives.

The 2021 winners were selected from a pool of 377 applicants, representing 77 countries, with Sub-Saharan Africa representing 44 percent of all candidates. The winning startups represent a range of product offerings, from credit solutions to payments providers and fintech infrastructure. An independent panel of 22 expert judges selected the fintechs through a rigorous process that evaluated their inclusivity, innovation, traction, and scale potential.

Participation in the competition provides startups with visibility and credibility among investors, as well as media and partnership exposure. Nineteen winners from the 2019 cohort have since raised a collective $182.5 million in investment.

IF50 winners will further benefit from introductions to investors, including the <a href="https://bfaglobal.com/catalyst-fund/circle-of-investors/" target="_blank" rel="noopener noreferrer">Catalyst Fund Circle of Investors</a>, and exposure during CFI’s <a href="https://financialinclusionweek.org/" target="_blank" rel="noopener noreferrer">Financial Inclusion Week</a>, November 1-4, 2021. Visa, an IF50 sponsor, will also provide winners access to <a href="https://www.practicalbusinessskills.com/" target="_blank" rel="noopener noreferrer">Practical Business Skills</a>, a global digital platform created by Visa to deliver free educational resources to help small and micro business owners make confident, informed decisions to run and grow their businesses. IF50 winners will also automatically pre-qualify for <a href="https://partner.visa.com/site/programs/fintech-program.html" target="_blank" rel="noopener noreferrer">Visa Fintech Fast Track</a>, a program that advances the process of integration with Visa and its network of partners, helping fintechs enhance and introduce new, innovative payment experiences. These tools, together with the networking and platform that IF50 provides, deliver invaluable opportunities for startups at the earliest stages of their journeys.

The IF50 application process revealed some key facts about how fintech startups have adapted to support the COVID-19 pandemic recovery.

Most applicants report a growth year despite difficult COVID lockdowns. This growth reflects growing confidence in the use of digital financial services, accelerated by a desire to limit social contact during the pandemic, as well as fintech startups’ ability to adapt to meet users’ needs.

The pandemic may have caused setbacks for some startups, requiring measures to support users such as extending credit tenures, providing grace periods, or even waiving fees. Even those that experienced setbacks, however, are now optimistic as they predict increased demand for their services.

The fintechs that raised investment funds this year reported larger deal sizes than those in the year previous.

Applications from women-led fintechs accounted for 27 percent of the pool but constituted 36 percent of the winners.

Full profiles of the fintechs can be viewed at <a href="https://bit.ly/IF50winners21" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com/2021-cohort</a>.
<h2>Key Quotes:</h2>

Inclusive Fintech 50 Announces 2021 Winners

WASHINGTON, D.C., USA, June 28, 2021 - The Center for Financial Inclusion (CFI) has launched the third year of Inclusive Fintech 50 (IF50), a competition to recognize the most promising inclusive fintech startups pushing the frontiers of innovation. This year, the competition seeks to recognize early-stage fintechs that are helping low-income customers and micro- and small enterprises not just respond to the pandemic, but rebound, rebuild, and recover after the past year’s devastation.

IF50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. In its first two years, IF50 attracted applications from over 700 startups across 162 countries, cumulatively reaching almost 175 million customers. Each year, an independent judging panel of global fintech experts reviews the applicants to select 50 winners based on four criteria: inclusivity, innovation, scale potential, and traction.

Participation in the competition provides startups with visibility and credibility among investors as well as media and partnership exposure; 19 winners from the 2019 cohort have since raised a collective $182.5 million in investment. In addition, this year’s winners will be featured in early November during Financial Inclusion Week, an annual virtual event organized by CFI for the inclusive finance community to discuss the latest developments and key issues facing the sector. Winners will also be featured in this year’s research findings and media coverage. For example, <a href="https://www.inclusivefintech50.com/briefs" target="_blank" rel="noopener noreferrer">several publications from the past two years</a> prominently featured IF50 winners.

For the 2021 competition, new benefits to IF50 winners include access to <a href="https://www.practicalbusinessskills.com/" target="_blank" rel="noopener noreferrer">Practical Business Skills</a>, a global digital platform created by Visa to deliver free educational resources to help small and micro business owners make confident, informed decisions to grow their businesses. Winners will be able to customize and co-brand this turn-key solution to support the local recovery efforts of the small and micro businesses they serve. Eligible winners will automatically pre-qualify for <a href="https://partner.visa.com/site/programs/fintech-program.html" target="_blank" rel="noopener noreferrer">Visa Fintech Fast Track</a>, a program that aims to speed up the process of integrating with Visa and its ecosystem partners and helps fintechs enhance and introduce new and innovative payment experiences. These tools, together with the networking and platform that IF50 provides, serve as an invaluable platform for startups at the earliest stages of their journey.

As the COVID pandemic continues to rage in many parts of the world, fintech startups and services have proven to be an invaluable lifeline for vulnerable people, facilitating remittances, digital payments, and payments associated with government safety nets. Higher rates of fintech acceptance present new opportunities for startups to go beyond traditional offerings to deliver valuable financial services that will ensure the financial health and resilience of underserved people.

Expert judges include a diverse group of independent fintech experts, investors, and founders, including:
<ul>
 	<li>Nejoud Al Mulaik, Director, Fintech Saudi</li>
 	<li>Tarek Assad, Managing Partner, Algebra Ventures</li>
 	<li>Sarah Austrin-Willis, Senior Director, Financial Solutions Lab, Financial Health Network</li>
 	<li>Ginger Baker, Head of Financial Access, Plaid</li>
 	<li>Anne-Marie Chidzero, Chief Investment Officer, FSD Africa Investments</li>
 	<li>Bernhard Eikenberg, Managing Partner, Emerging Markets, Community Investment Management</li>
 	<li>Brad Jones, CEO, Wave Money</li>
 	<li>Buhle Goslar, Africa CEO, Jumo</li>
 	<li>Jojo Malolos, CEO, JG Digital Equity Ventures and Data Analytics Ventures</li>
 	<li>Kunal Upadhyay, Advisor, ADB Ventures</li>
 	<li>Shwetank Verma, Co-Founder and General Partner, Leo Capital</li>
 	<li>Gabriela Zapata Alvarez, Independent Consultant (Financial Inclusion)</li>
</ul>
The application window opens today, and interested startups are encouraged to apply by July 23 via the <a href="https://www.inclusivefintech50.com/apply">IF50 website</a>.

# # #

Key quotes:
<ul>
 	<li>Managing Director of CFI, <a href="https://centerforfinancialinclusion.org/people/mayada-el-zoghbi/" target="_blank" rel="noopener noreferrer">Mayada El-Zoghbi</a>, highlighted the timeliness of the theme noting, “As the world continues to wrestle with the challenges presented by the pandemic, fintechs can play an important role in helping those most impacted move towards recovery. For example, by supporting micro- and small enterprises, which have been devastated by the pandemic but will be ground zero for eventual economic recoveries across the developing world. As difficult as this crisis has been, it has prompted a surge in fintech innovation and an openness to new ideas, the benefits of which could be applied to other challenges beyond the pandemic. We need to be intentional about how we can use this as a springboard for making advances elsewhere, such as with women’s financial inclusion, the responsible use of data, and in navigating the impacts of climate change.”</li>
 	<li>Beth Hurvitz, Global Head of Social Impact, Visa Inc. noted, “Digital payments are an onramp for financial inclusion, helping people and businesses meet their needs and stay afloat in the current context. Fintechs are key to enhancing access and the benefits of digital adoption for the underserved. Visa is committed to work with the payments ecosystem on initiatives such as Inclusive Fintech 50, to support SMB owners to become digitally enabled and rebuild stronger, more competitive and resilient businesses for the recovery of our communities.”</li>
 	<li>Krishna Thacker, Director, MetLife Foundation, noted, “At MetLife Foundation, we recognize the ability of tech to reach low-income people further and faster, but we’re also focused on engaging the customer and changing their financial outcomes. Through Inclusive Fintech 50, we want to identify, recognize and support organizations that are going beyond inclusion to build resilience and financial health for low-income customers – a need highlighted by the pandemic.”</li>
</ul>
# # #
<h3>About IF50</h3>
Inclusive Fintech 50 identifies promising early-stage fintechs driving financial inclusion around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services. Applicants are assessed on the degree to which their target market includes underserved people or businesses, and whether their innovation offers a new value proposition, shows early-stage traction, and can have a noticeable impact on the more than 3 billion financially underserved people globally. Inclusive Fintech 50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The initiative is managed by the Center for Financial Inclusion (CFI). Learn more at <a href="https://www.inclusivefintech50.com/" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com</a>.
<h3>About The Center for Financial Inclusion</h3>
The Center for Financial Inclusion (CFI) works to advance inclusive financial services for the billions of people who currently lack the financial tools needed to improve their lives and prosper. We leverage partnerships to conduct rigorous research and test promising solutions, and then advocate for evidence-based change. CFI was founded by Accion in 2008 to serve as an independent think tank on inclusive finance.
<h3>About Visa</h3>
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information visit About Visa and @VisaNews.
<h3>About MetLife Foundation</h3>
At MetLife Foundation, we are committed to expanding opportunities for low- and moderate-income people around the world. We partner with nonprofit organizations and social enterprises to create financial health solutions and build stronger communities, while engaging MetLife employee volunteers to help drive impact. MetLife Foundation was established in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. From its founding through the end of 2019, MetLife Foundation provided more than $900 million in grants and $87 million in program-related investments to make a positive impact in the communities where MetLife operates. Our financial health work has reached more than 17.3 million low- and moderate-income individuals in 42 countries. To learn more about MetLife Foundation, visit metlife.org.
<h3>About Jersey Overseas Aid &amp; Comic Relief</h3>
In 2018, Comic Relief and Jersey Overseas Aid announced a four-year £8 million partnership called ‘Branching Out: Financial Inclusion at the Margins’ to improve access to affordable financial services for those at the margins of society in Sierra Leone, Rwanda, and Zambia. Comic Relief and Jersey Overseas Aid believe that one of the best ways to do this is by transferring knowledge to build responsible and inclusive financial systems, incubating FinTech, and focusing on service delivery to increase bottom-of-the-pyramid access to financial services including bank accounts, savings, insurance and credit, providing low-income households with the means to plan for the future as well as unexpected events. The partnership grants support a diverse set of organizations, made up of international and local NGOs, with each grantee delivering programs designed to meet different community and national needs in addressing financial inclusion.
<h3>About Accion</h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of — or poorly served by — the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 160 partners in 55 countries. More at http://www.accion.org.
<h3>About IFC</h3>
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

<strong>Media contacts</strong>: Lauren Braniff, Vice President, Strategy and Communications
Center for Financial Inclusion: lbraniff@accion.org

Inclusive Fintech 50 Launches 2021 Competition to Recognize Early-Stage Fintechs Driving Innovation in an Era of Uncertainty

WASHINGTON, May 26, 2020 – MIX and the Center for Financial Inclusion at Accion (CFI), two mission-driven organizations advancing financial services for the poor, announced they are joining forces to strengthen their collective capacity to deliver data-driven insights to the industry. Effective June 1, 2020, MIX will become a unit within CFI.

The strategic integration brings MIX’s unique data expertise together with CFI’s thought leadership and convening power to advance and guide efforts to improve the lives of the 3 billion financially underserved people globally. Together, the CFI and MIX teams will conduct data-driven research that supports the decision-making of key stakeholders, including financial service providers, investors, donors, regulators and policymakers.

“MIX’s team is adept at building trusted data networks and spurring the adoption of common data standards that enable meaningful analysis. This combination will strengthen the Center for Financial Inclusion’s existing capabilities to surface insights and scale our learnings for impact,” said Mayada El-Zoghbi, Managing Director of CFI, who will lead the combined team. “Deepening the Center for Financial Inclusion’s capacity in data analytics will enhance our role as an advocate for improved outcomes across a rapidly changing financial services landscape.”

CFI, an independent think tank housed at global nonprofit Accion, works to better serve, protect and empower clients. CFI learns, tests and shares insights; promotes concrete solutions; and advocates for inclusive, responsible finance that helps the bottom of the pyramid. CFI uses its research and convening power to advocate for end clients with the goal of ensuring that inclusive financial services lead to improved outcomes for the poor. MIX is a global data resource for socially responsible investors and businesses focused on inclusive finance. The global nonprofit develops catalytic data initiatives that help unlock capital for financial service providers, including early-stage fintechs and agricultural enterprises, and supports informed thinking on the financial services ecosystem.

“Bringing MIX’s data expertise together with CFI’s applied research and advocacy capabilities allows us to demonstrate the value of mission-driven consolidation,” said Camilla Nestor, CEO of MIX. “As a single team, it will be possible to develop a robust knowledge base on the growing diversity of financial service providers, the direction of the sector, and the opportunities or risks that may emerge.” Following the integration, Nestor will shift from an operational to a governance role, joining the CFI Advisory Council to support the integrated team’s ongoing success.

MIX’s team of directors and analysts will continue to build on current partnerships both during and after this transition, and will continue its long track record of providing value to its partners as a trusted steward of data for the sector. By joining forces, MIX and CFI look forward to developing independent and data-driven analysis, insight, and knowledge for inclusive finance. Funding for the combination and integrated strategy has been provided by Visa Foundation and MetLife Foundation.

MIX would like to express appreciation to Goodwin for providing pro bono legal services.

###
Please direct media inquiries to:
Lauren Braniff, CFI - lbraniff@accion.org
Nikhil Gehani, MIX - ngehani@themix.org

MIX and CFI Announce Strategic Integration to Drive Industry Knowledge for Inclusive Finance

<strong>Washington, DC, September 9, 2019</strong>—Global nonprofit Accion announced today that <a href="/bio/mayada-el-zoghbi">Mayada El-Zoghbi</a> has joined as new Managing Director of the Center for Financial Inclusion at Accion (CFI), an action-oriented think tank that develops insights, advocates on behalf of clients, and collaborates with stakeholders to achieve a comprehensive vision for financial inclusion.

“Throughout her career, Mayada has been at the forefront of the inclusive finance community,” CFI Advisory Council chair Paul Tregidgo said. “This alignment with the focus of the Center for Financial Inclusion at Accion, and her recent work on emerging topics in financial inclusion – like the relationship between financial services and well-being, and ways to extend financial services to the most excluded like women, youth and the forcibly displaced – uniquely position her to lead the Center into the future.”

“For more than a decade, CFI has played an important role, challenging and engaging the financial services industry to better serve, protect, and empower people around the world. I am pleased that Mayada El-Zoghbi has accepted to join as the new managing director. Her extensive experience in research and advocacy position her as the right leader to build on CFI’s strong foundation of innovative, industry-shaping work,” said Accion CEO and President Michael Schlein.

Mayada has been a leader in financial inclusion for some time. She comes to CFI from CGAP, a World Bank-based think tank, where she served as Lead for Strategy, Research &amp; Development, and previously managed CGAP’s work with the donor and investor community. From 2002 to 2009, Mayada founded and then managed a development consulting firm. She has also led numerous technical assistance, evaluation, and research assignments; served as a research director for a USAID initiative; and lectured at Columbia University's School of International and Public Affairs (SIPA). She started her career working with several nonprofit organizations establishing inclusive financial institutions in Bosnia and Herzegovina, Croatia, Kosovo, and the Palestinian Territories.

Mayada holds a master’s degree in international affairs from SIPA at Columbia University and a bachelor's degree in business from the University of Minnesota. A dual national of Egypt and the United States, she is fluent in English and Arabic.

In its first decade, the Center for Financial Inclusion at Accion established itself as a powerful advocate for the protection and empowerment of underserved clients. It established the world’s first global consumer protection campaign - the Smart Campaign - which has set standards for inclusive financial services that have now been adopted by 100 institutions serving over 40 million people around the world. Its other initiatives include executive leadership training opportunities like the Africa Board Fellowship Program and Harvard Business School-Accion Program on Strategic Leadership in Inclusive Finance; the Financial Inclusion Equity Council, a membership organization for equity investors in microfinance institutions; and extensive research on emerging issues related to financial inclusion.

<strong>###</strong>

<strong>About the Center for Financial Inclusion at Accion</strong>

The Center for Financial Inclusion at Accion (CFI) is an action-oriented think tank that engages and challenges the industry to better serve, protect, and empower clients. We develop insights, advocate on behalf of clients, and collaborate with stakeholders to achieve a comprehensive vision for financial inclusion. We are dedicated to enabling 3 billion people who are left out of – or poorly served by – the financial sector to improve their lives.
<a href="http://www.centerforfinancialinclusion.org/">www.centerforfinancialinclusion.org</a>
<a href="https://twitter.com/CFI_Accion">@CFI_Accion</a>

<strong>###</strong>

<strong>Media Contact</strong>

Center for Financial Inclusion at Accion
<a href="/bio/virginia-moore">Virginia Moore</a>
<a href="mailto:vmoore@accion.org">vmoore@accion.org</a>
+1 202.393.5113

Mayada El-Zoghbi Is the New Managing Director of the Center for Financial Inclusion at Accion

<strong>WASHINGTON, DC, August 27, 2019</strong> – The Center for Financial Inclusion at Accion (CFI) has launched an executive education program for financial service providers serving low-income communities in emerging markets. Through peer learning and exchange, the <a href="/about/what-we-do/board-leadership-for-impact-program">Board Leadership for Impact Program</a> will empower executives and board members to foster client centricity, lead digital transformation, sustain business growth and drive social impact. In partnership with the <a href="https://www.citigroup.com/citi/foundation/">Citi Foundation</a> and <a href="https://www.fmo.nl/">FMO</a>, the Dutch development bank, supporting program implementation and participant scholarships, the Board Leadership for Impact Program will offer multiple in-person workshops per year coupled with a robust virtual portal.

Derived from CFI’s five-year <a href="https://content.centerforfinancialinclusion.org/about/what-we-do/africa-board-fellowship-program/">Africa Board Fellowship Program</a>, which fostered the growth and development of more than 300 executives and board members of financial service providers serving more than 10 million clients in Africa, the Board Leadership for Impact Program will now expand to include early stage to mature companies offering financial services to underserved customers that operate in emerging markets around the world.

“Our experience with leadership development through peer exchange will inform our efforts through this new program to cultivate a community of leaders who have the skills and the network to help their organizations thrive,“ said <a href="/bio/deborah-drake">Deborah Drake</a>, Vice President, Center for Financial Inclusion at Accion. “Tackling challenges like achieving sustainable growth or pursuing digital transformation, particularly as a mission-driven organization, takes strategic leadership at the board level.”

Through role play, simulations and facilitated discussion, participants will gain new perspectives, skills, and knowledge on topics critical to social enterprise growth and impact, including risk management, board dynamics, digital transformation and inclusive digital finance. They will join an active community of alumni of the Center for Financial Inclusion at Accion’s <a href="https://www.centerforfinancialinclusion.org/get-involved#fellow-exec-ed">executive education programs</a>.

“By developing and strengthening leadership skills that drive business growth and social impact, our partnership with the Center for Financial Inclusion at Accion will help accelerate financial inclusion and economic progress around the world,” said Florencia Spangaro, Director of Programs, Citi Foundation.

“FMO is a proud partner of Accion for over a decade and we realize that creating a lasting impact starts in the board room. Strengthening the management of financial service providers and enterprises will help ensure business longevity and commitment to underserved customers,” said Gerbrich Salverda, Capacity Development Officer at FMO.
<p style="text-align: center;"><strong>###</strong></p>
<strong>About the Center for Financial Inclusion at Accion</strong>

The Center for Financial Inclusion at Accion (CFI) is an action-oriented think tank that engages and challenges the industry to better serve, protect, and empower clients. We develop insights, advocate on behalf of clients, and collaborate with stakeholders to achieve a comprehensive vision for financial inclusion. We are dedicated to enabling 3 billion people who are left out of – or poorly served by – the financial sector to improve their lives.
<a href="http://www.centerforfinancialinclusion.org/">www.centerforfinancialinclusion.org</a>
<a href="https://twitter.com/CFI_Accion">@CFI_Accion</a>
<p style="text-align: center;"><strong>###</strong></p>
MEDIA CONTACT

Center for Financial Inclusion at Accion
<a href="/bio/virginia-moore">Virginia Moore</a>
<a href="mailto:vmoore@accion.org">vmoore@accion.org</a>
+1 202.393.5113

The Center for Financial Inclusion at Accion Launches Executive Education Program for Financial Service Providers to Enable Business Growth and Social Impact

<strong>WASHINGTON, DC, February, 12, 2019</strong> – The Center for Financial Inclusion at Accion (CFI) and the <a href="https://www.citigroup.com/citi/foundation/">Citi Foundation</a> announced a new partnership to strengthen financial institutions specializing in reaching underserved communities in emerging markets. The Citi Foundation is providing $1.2 million in funding to support the three-year initiative.

“Our partnership with the Center for Financial Inclusion at Accion will help develop and strengthen the next generation of financial inclusion leaders who in turn will accelerate financial inclusion and economic progress for families and communities across the world,” said Florencia Spangaro, Director of Programs, Citi Foundation.

Through peer-to-peer learning and executive education programs, CFI builds organizational and human capacity around the globe to deepen and sustain financial inclusion. Its programs include the <a href="/about/what-we-do/hbs-accion-program-on-strategic-leadership-in-inclusive-finance/">Harvard Business School (HBS)-Accion Program in Strategic Leadership in Inclusive Finance</a> (SLIF), an intensive week-long course providing management and leadership training to those shaping the microfinance industry; and the <a href="/about/what-we-do/africa-board-fellowship-program/">Africa Board Fellowship Program</a> (ABF), a governance focused six-month peer learning and exchange program for board members and executives of African financial institutions serving low-income clients. Citi Foundation funding will support both programs, supporting scholarships for HBS-Accion SLIF participants who demonstrate financial need and supporting the optimization and expansion of ABF.

“We are grateful to the Citi Foundation for recognizing the importance of investing in leaders who are working on-the-ground toward financial inclusion,” said <a href="/bio/deborah-drake">Deborah Drake</a>, Vice President, CFI, and head of the governance portfolio. “ABF and HBS-Accion SLIF alumni gain useful skills and knowledge, particularly around governance issues, as well as new relationships and strong networks that they can use immediately and draw on over time.”
<p style="text-align: left">Additionally, the Citi Foundation’s support will contribute to the launch of a new global executive education program to help C-suite leaders and board members of financial institutions effectively and sustainably serve underserved communities. Arriving in fall 2019, with seminars in Asia and Africa, this new program will focus on governance, risk management, growth, client centricity and other mission-critical issues.</p>

<p style="text-align: center"><strong>### </strong>

<strong>About the Center for Financial Inclusion at Accion</strong>
The Center for Financial Inclusion at Accion (CFI) is an action-oriented think tank that engages and challenges the industry to better serve, protect, and empower clients. We develop insights, advocate on behalf of clients, and collaborate with stakeholders to achieve a comprehensive vision for financial inclusion. We are dedicated to enabling 3 billion people who are left out of – or poorly served by – the financial sector to improve their lives.
<a href="https://www.centerforfinancialinclusion.org">www.centerforfinancialinclusion.org</a>
<a href="https://twitter.com/CFI_Accion">@CFI_Accion</a>

<strong>About the Citi Foundation </strong>
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation's "More than Philanthropy" approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit <a href="https://www.citigroup.com/citi/foundation/">www.citifoundation.com</a>.

<p style="text-align: center"><strong>### </strong>

MEDIA CONTACT

Center for Financial Inclusion at Accion
<a href="/bio/virginia-moore">Virginia Moore</a>
vmoore@accion.org
+1 202.393.5113

The Center for Financial Inclusion at Accion and the Citi Foundation Announce Partnership to Strengthen and Expand Executive Leadership in the Financial Inclusion Sector

Sub-Saharan Africa

Fintechs

Underserved Groups

Agricultural and Rural Finance

Credit

Customer Centricity

Digital Financial Services

Governance

Microfinance

Microfinance Institutions

Partnerships

Risk Management

Consumer Protection

Fintech

Financial Capability

Human Centered Design

Insurance

Insurtech

Mobile Banking

Agent Banking

Press Release

New technology is delivering considerable benefits to the financial inclusion market – but is also creating new risks that service providers need to manage if they are to succeed. This is the main conclusion of a new survey of the risks (or Banana Skins) in the provision of financial services to people in emerging markets who have little or no access to these services.

Technology Risk Is High in Financial Inclusion Market

<strong>Washington, D.C. (June 25, 2018)</strong> — The Center for Financial Inclusion at Accion (CFI) and the Institute of International Finance (IIF), with support of MetLife Foundation, released a report that examines how new types of data and new data tools present an unprecedented opportunity for financial service providers to understand and serve clients—particularly credit-seeking "thin-file" clients who are otherwise excluded from the formal financial sector

New Report: Banks Increasingly Embrace Data to Reach Underserved Customers

<strong>New York, NY (February 26, 2018) </strong>— MetLife Foundation provides $5.4 million to Accion for programs in Latin America, Eastern Europe, and Asia to leverage digital solutions to enhance underserved customers' financial capabilities and engagement.

Accion and MetLife Foundation Announce Expanded Partnership to Advance Financial Inclusion

<strong>Washington, D.C. (January 8, 2018) </strong>— The Center for Financial Inclusion at Accion (CFI) and the Institute of International Finance (IIF), with the support of MetLife Foundation, today released a new report detailing the factors spurring inclusive insurance around the world. It reveals how both traditional and new insurers are breaking open new markets and reaching underserved customers through the use of innovative technologies, business models, product design, and partnerships, enabled by effective regulatory environments.

Insurers Leverage New Technologies and Reinvent Business Models to Reach Underserved Consumers, Report Finds

<strong>Washington, D.C. (July 30, 2017)</strong>— The Center for Financial Inclusion at Accion (CFI) and the Institute of International Finance (IIF), with the support of MetLife Foundation, today released a new report examining how partnerships between mainstream financial institutions and fintechs are expanding access to the formal financial economy to the unserved and underserved, particularly in emerging markets

New Report Details How Legacy Financial Institutions Are Deepening Financial Inclusion Through Fintech Partnerships

<strong>Washington, D.C. (May 11, 2017)</strong>— Shedding light on the numerous technical, cost, competition, capacity, security, and access challenges that remain significant obstacles for more inclusive growth in mobile financial services, this report recommends continued investment in legacy mobile financial services infrastructure to enable financial inclusion.

Center for Financial Inclusion at Accion Report Highlights Technological Opportunities and Challenges for Inclusive Mobile Financial Services

<span class="wf_file"><span class="wf_file_text"><strong>Washington, D.C. (January 13, 2017)</strong> <span style="font-family: Arial">—</span> The Center for Financial Inclusion at Accion (CFI), the Institute of International Finance (IIF) and MetLife Foundation, together with the International Finance Corporation (IFC) as a technical partner, announced today a two-year initiative to help advance the financial services industry's ability to reach un</span></span><span class="wf_file"><span class="wf_file_text">served and underserved populations</span></span>

Center for Financial Inclusion at Accion, Institute of International Finance and MetLife Foundation Launch Project to Help Financial Industry Overcome Barriers to Financial Inclusion

<span class="wf_file"><span class="wf_file_text"><span style="font-family: Arial"><strong>Washington, D.C. (November 1, 2016)</strong> — The Center for Financial Inclusion (CFI) at Accion announced today a $4.4 million, three-year partnership with The MasterCard Foundation to tackle the challenges facing consumer finance in an increasingly digital world</span></span></span>