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Info session on BRAC Innovation Fund Challenge


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This presentation describes BRAC's Innovation Fund for Digital Financial Services challenge, which is crowdsourcing ideas about the ideas for how mobile money can be used to better serve the poor, decrease costs, and improve organizational efficiency. Up to six of the most promising ideas will be selected and implemented at BRAC in 2014.

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Info session on BRAC Innovation Fund Challenge

  1. 1. Freedom from cash BRAC Social Innovation Lab 5 March, 2014
  2. 2. Wardak Province, Afghanistan Photo: New York Times Read the full story
  3. 3. Send money home” “
  4. 4.
  5. 5. Link:
  6. 6. Financial Inclusion 2.6 billion people live on less than $2 per day. 78% do not have a bank account.
  7. 7. Exclusion can mean….. • No safe place to keep savings; high reliance on informal tools • Lack of control over finances • Difficulty transferring, especially over long distances • No credit profile • Limited scope for add-on services (reminders, etc.)
  8. 8. 84 countries developing and emerging markets now have mobile money services. more than 1 billion underserved people have access to mobile phones in June 2013, there were over 60 million ACTIVE mobile money accounts GLOBALLY. In 9 countries, more people have mobile money accounts than bank accounts
  9. 9. Improving existing models Salary, staff incentives, etc. (Tanzania, Kenya) Government schemes and social protections (Philippines, Fiji, Pakistan, Mexico)
  10. 10. New opportunities Cashless microfinance (Kenya) Pay-as-you-go schools (Kenya) Self-serve, paid water dispensers (India)
  11. 11. Common Challenges • Agent network • Client trust and familiarity • Organizational adoption of digital financial practices • Effective regulation
  12. 12. The opportunity in Bangladesh • 110 million cell phone users • Only 40% of the population banked • Fastest growing mobile money market in the world Number of registered mobile money clients grew by 266% in 2013
  13. 13. What else?
  14. 14. BRAC Innovation Fund for Digital Financial Services Increase the adoption of digital financial services at BRAC, particularly in service delivery Increase the adoption of digital financial services by BRAC’s clients Contribute to the global discourse on digital financial services
  15. 15. Mobile money in Bangladesh Chars Livelihoods Programme Transferring stipends for asset transfer programme to 6,500 participants BRAC Microfinance Programme Collecting monthly savings from clients using bKash from over 1,200 clients
  16. 16. Potential benefits to BRAC • • • • • • Reduction of manual data entry Real-time, accurate information Fewer security risks for staff and branches Less scope for misappropriation Potential reduction of transport costs New types of products and programmes
  17. 17. BRAC Innovation Fund for Digital Financial Services • Scanning and learning from others • Frugal Innovation Forum: Scaling Digitally • First round of projects selection • Implementation!! D I S S E M I N A T I O N
  18. 18. Idea selection process Proposal submission Online idea challenge Final selection by judges Funded Projects
  19. 19. We are looking for ideas that.. Include the use of mobile money Either transition from cash to mobile money, or design a new product and/or service that is enabled through the use of mobile money Can be implemented within a year Have the potential to be sustained at scale beyond the terms of the project Is likely to influence and motivate higher adoption of mobile money by clients or BRAC Request under $100,000 (preferred)
  20. 20. Competition timeline 6 March Online competition begins 10 April Online competition closes 20 April Proposals requested for promising ideas 10 May 31 May Last day to submit full proposal Selected projects will be announced 01 June Projects officially begin
  21. 21. Get started! • Visit the website and submit an idea: – • Learn what others are doing from the SIL blog – • Engage with experts from the Frugal Innovation Forum in person or on twitter (#scalefrugal)
  22. 22. Contact the Social Innovation Lab Email: Cell phone: 01729071065 Extension: 3394