FINCA’s experience implementing Agency & Mobile Banking in Africa.
Presented by Nathan Were, MCF Project Manager, Africa. To the School of African Microfinance Class of 2015
FINCA’s experience implementing Agency & Mobile Banking in Africa.
Presented by Nathan Were, MCF Project Manager, Africa. To the School of African Microfinance Class of 2015
For Next Bank Latam in Bogota, Colombia, I explored the the world of financial inclusion. A topic very relevant to the region which is predominately cash based.
FULL TITLE:
Process of Designing and Implementing a National Strategy for Financial Inclusion: Challenges and Lessons Learned
ROOM: Aberdare Hall
Translated session: English & French
PANEL:
Chair: Mr. Makarimi Adechoubou, Head of the Regional Office for Southern and East Africa, Inclusive Finance Senior Technical Advisor, United Nations Capital Development Fund (UNCDF), South Africa
Panelist: Ms. Angelique Kantengwa, Senior Director Financial Stability, National Bank of Rwanda, Rwanda
Panelist: Mr. Tafsir Amadou Mbaye, National Director Microfinance, Microfinance Direction Ministry, Senegal
Panelist: Dr. Fodé Ndiaye, Head of the Regional Office West and Central Africa, Inclusive Finance Senior Technical Advisor, United Nations Capital Development Fund (UNCDF), Senegal
This paper identifies the risks in financial inclusion from the perspective of both the user and provider with a viewing to staying out of the threat curve. The paper was actually delivered at the 1st Annual Financial Inclusion Summit in Nairobi, Kenya on July 1, 2016 at Sarova Hotel.
Presentation will cover: Introduction to AFI and AFI Network’s experience of Financial Inclusion Strategies; What are the global trends in Financial Inclusion Strategy Formulation & Implementation?; What lessons and conclusions can we draw from the current practices?
The Future of Mobile: Beyond Payments, Becoming Your Own BankGeorge Samuel Samman
Developed world economies need to find ways to ensure that the everyday day financial needs of their citizens are met.
Starting to look at the developing world for solutions. It's time to start looking at developing countries for solutions. The rise of mobile combined with the rise financial technology are allowing people access to global financial markets and ultimately to become their own banks.
PowerPoint presentations from Fundación Capital's South-South Knowledge Exchange Forum, organized with support from IFAD "Leveraging Opportunities to Encourage Financial Inclusion"
Engaging Diasporas In Development Ec Un Knowledge FairLeila Rispens-Noel
A powerpoint presentation during the workshop conducted by Oxfam Novib last December 2, 2008 at the EC-UN Knowledge Fair held in Brussels. The event was hosted by the European Commission and the United Nations as part of a new initiative to connect diaspora groups with NGOs in their country of origin to work together for the development of their countries.
For Next Bank Latam in Bogota, Colombia, I explored the the world of financial inclusion. A topic very relevant to the region which is predominately cash based.
FULL TITLE:
Process of Designing and Implementing a National Strategy for Financial Inclusion: Challenges and Lessons Learned
ROOM: Aberdare Hall
Translated session: English & French
PANEL:
Chair: Mr. Makarimi Adechoubou, Head of the Regional Office for Southern and East Africa, Inclusive Finance Senior Technical Advisor, United Nations Capital Development Fund (UNCDF), South Africa
Panelist: Ms. Angelique Kantengwa, Senior Director Financial Stability, National Bank of Rwanda, Rwanda
Panelist: Mr. Tafsir Amadou Mbaye, National Director Microfinance, Microfinance Direction Ministry, Senegal
Panelist: Dr. Fodé Ndiaye, Head of the Regional Office West and Central Africa, Inclusive Finance Senior Technical Advisor, United Nations Capital Development Fund (UNCDF), Senegal
This paper identifies the risks in financial inclusion from the perspective of both the user and provider with a viewing to staying out of the threat curve. The paper was actually delivered at the 1st Annual Financial Inclusion Summit in Nairobi, Kenya on July 1, 2016 at Sarova Hotel.
Presentation will cover: Introduction to AFI and AFI Network’s experience of Financial Inclusion Strategies; What are the global trends in Financial Inclusion Strategy Formulation & Implementation?; What lessons and conclusions can we draw from the current practices?
The Future of Mobile: Beyond Payments, Becoming Your Own BankGeorge Samuel Samman
Developed world economies need to find ways to ensure that the everyday day financial needs of their citizens are met.
Starting to look at the developing world for solutions. It's time to start looking at developing countries for solutions. The rise of mobile combined with the rise financial technology are allowing people access to global financial markets and ultimately to become their own banks.
PowerPoint presentations from Fundación Capital's South-South Knowledge Exchange Forum, organized with support from IFAD "Leveraging Opportunities to Encourage Financial Inclusion"
Engaging Diasporas In Development Ec Un Knowledge FairLeila Rispens-Noel
A powerpoint presentation during the workshop conducted by Oxfam Novib last December 2, 2008 at the EC-UN Knowledge Fair held in Brussels. The event was hosted by the European Commission and the United Nations as part of a new initiative to connect diaspora groups with NGOs in their country of origin to work together for the development of their countries.
The Promise of a Better Tomorrow
The continent’s long-term growth prospects are strong, propelled by both external trends in the global economy and internal changes in the continent’s societies and economies.
Presented by Michael Mithika, SAM Course Director - School of African Microfinance
Chapter 1 Introduction Finca Micro Finance Bank Aamir Gill
Introduction:
BACKGROUND & HISTORY:
Mission:
Village Banking:
Transformation of FINCA programs into micro banks:
Business Model:
Innovations and partnerships:
Celebrity support:
Countries where FINCA operates:
Mr. Dennis Monong from the People’s Credit and Finance Corporation puts the role microfinance plays in times of uncertainty in perspective. (Jan 29, PACAP Community Development Fourm - Microfinance Amidst the Global Financial Crisis)
Background paper on gender responsive financial inclusion in africaDr. Jack Onyisi Abebe
This background paper highlights the current situation regarding gender responsive financial inclusion in Africa. It also highlights the key barriers that contribute towards creating and sustaining the gender gap in financial inclusion, including collateral challenges; the gender-blind approach to financial inclusion by financial institutions; asset ownership challenges among women; uncompetitive and high interest rates and bank charges offered by financial institutions; poor documentation and business history for accessing financial loan products by women entrepreneurs; challenges of formalization of businesses by women entrepreneurs among others. The paper also outlines concrete actions that all stakeholders and duty bearers should take to address the gender gap in financial inclusion in Africa.
This paper reports that financial inclusion for women, specifically access and usage of financial services and products is increasingly attracting great attention. Research and data reveal a trend in reducing the gender gap in access to and utilization of financial services with the introduction of digital literacy and mobile financial services and products in Africa. Although women are lagging behind men, women’s participation in financial inclusion has improved economic growth and better living standards in society. A synopsis is given of entrepreneurship and financial inclusion in Africa and of the methods through which financially excluded women could explore to improve their participation and benefit. Financial position and participation of women in financial inclusion were the focus of discussions by different actors, women entrepreneurs and stakeholders in a workshop gathering at the SEED Africa symposium held in Nairobi in 2016. The substance of the background paper is drawn from those discussions. The emerging good practices and innovative solutions together with the valued comments from participants are published herewith.
2. Associated Session Nairobi, April 7, 2010 2 Remittances, Microfinance, and Development: INAFI Members’ Responses Moderator: Akin Akintula, Board member, INAFI International Speaker: Leila Rispens-Noel Senior Advisor, INAFI International Resource Persons/MFI Experiences Atiqun Nabi, INAFI Bangladesh/INAFI Asia AdjibyWakil, Vital Finance (Benin)
3. What is INAFI? Nairobi, April 7, 2010 3 Established in 1995 in Cusco, Peru A global network of 313 (as of 2007) microfinance institutions Serving about 26.7 million clients in Africa, Asia, and Latin America INAFI Africa composed of 50 member organizations spread in 24 countries serving a client base of 4.2 million people, typically peasant farmers, artisans, and micro/small-scale entrepreneurs.
4. Vision Nairobi, April 7, 2010 4 INAFI envisions a world where the poor are empowered and given the opportunity to enjoy sustainable livelihood through affordable alternative financial services and active participation in their own development. A world where even the poorest of the poor enjoy life with dignity, sufficient food, and income security to meet basic needs including shelter, clothing, healthcare, and education
5. Thematic Programs Nairobi, April 7, 2010 5 Micro-insurance/Rural Finance Food Security Social Impact Measurement (SIM) Global Remittances/Migration and Development Gender Mainstreaming/Women Economic Empowerment MDGs
6. Remittances in 10 Selected SSA countries Nairobi, April 7, 2010 6
8. MFIs and money transfers Nairobi, April 7, 2010 8 The African remittance market exhibits a low level of competition and has limited payout presence in rural areas. Two major money transfer companies control 65 per cent of all remittance payout locations. Exclusivity arrangements severely limit competition and create barriers to entry. More than 20 per cent of the people within the reach of MFIs receive remittances. Yet MFIs currently represent less than 3 per cent of remittance payers. IFAD, Sending Money Home to Africa
9. Factors which influence MFIs’ effectiveness in delivering products Nairobi, April 7, 2010 9 Geographic location – proximity to remittance receiving communities Market position – ability to compete with remittances market Provision of finance services - ability to provide a broad-range of financial services and products Systematic information management – effective data management Technology – effective channel for data gathering, efficient wire transfers, and data transmission Source: Orozco, M. and Hamilton, E., MFI Intermediation: Issues and Lessons
10. Issues to be addressed in relation to financial inclusion and remittances Nairobi, April 7, 2010 10 Informality (e.g. poor international payment infrastructure in rural areas, regulatory environments) that prevent rural banking and financial institutions from making inbound and outbound money transfers, or individuals from making outbound payments. Lack of competition on remittance payments is another problem faced in Africa. Exclusive agreements is that they restrict competition by preventing agents (e.g. retail stores, MFIs) from contracting with other money transfer operators. Low financial access. Only one per cent of the 250 million people in Africa have access to financial services. High transaction costs and lack of accessibility of affordable remittance channels.
11. Advantages of MFIs Nairobi, April 7, 2010 11 Unique distribution channel (through microfinance banks, cooperatives and NGOs) Opportunities to transform the remittances into productive activities (savings, credit, micro-insurance, housing loans, productive investments, etc.) Knowledge of clients' needs and presence in rural and urban areas. MFIs contribute to creating wealth and economic empowerment to those who have no financial access from formal banking If enabled, MFIs can contribute to the financial inclusion of millions of people due to its high presence in rural areas
12. INAFI Members’ Responses Nairobi, April 7, 2010 12 International Conference on the Impact of Remittances in Latin America: Microfinance as an Alternative Remittance Channel - September 22-24, 2005, Zacatecas, Mexico International Conference on Converging Initiatives and Best Practices in Harnessing Migrants’ Philanthropy, Investments and Remittances for Local Economic Development - May 23-27, 2006 in Tagaytay City, Philippines INAFI Global Conference on Microfinance, Remittances and Development which will be conducted on November 7-9, 2007 in Cotonou, Benin
13. Some initiatives Nairobi, April 7, 2010 13 INAFI Bangladesh - ‘Institutional Support for Productive Utilisation of Migrant Workers Remittances’ with funding from Remittance and Payment Partnership-RPP program of DFID and Bangladesh Bank. The objective of the project is to To promote and provide enterprise development and business development services to the remittances recipient families of Bangladesh. BASUG-INAFI Bangladesh Remittance Project 2009whith supported Oxfam Novib, Netherlands. BASUG is a Bangladeshi migrant organisation in partnership with Uddipan, Shakti Foundation, and WARBE
14. Some initiatives Nairobi, April 7, 2010 14 FEDECREDITO - FEDECREDITO is a wholesale financial institution, founded 64 years ago to offer economic assistance to entrepreneurs of micro, small and medium enterprises and to the workers of El Salvador. Fedecredito launched a project to promote financial democracy and provides remittance payout services
15. Policy Gaps Nairobi, April 7, 2010 15 The need for strategies to increase competition in money transfers and the payment of remittance flows. Development policy to support and capacitate microfinance institutions to get involved in the market for money transfers, and to allow MFIs to play a greater role in money transfers and potentially in deposit-taking Help to inform and meet the financial preferences (needs and wants) of migrants have in their home country Capacity building of MFIs and their staff to enhance their knowledge of new services, integrate new technology and ensure regulatory compliance (KYC). Capacity building for immigrant associations (financial literacy, giving investment options and enabling environment), providing matching fund, active engagement of diasporas in policy-making process in the field of migration and development, support in strengthening transnational networks of diasporas, link with MFIs, etc.
16. Recommendations Nairobi, April 7, 2010 16 MFIs to build sustainable partnership with diaspora organizations by building confidences and raising awareness to make remittances work for development MFIs and diaspora organizations to collaborate in lobbying for an appropriate regulatory environment in money transfer, capitalizing microfinance development, and contributing to sustainable development INAFI member organisations lobby for the rightful recognition of diasporas’ contribution to development
17. Challenges Ahead Nairobi, April 7, 2010 17 Global economic crisis resulting to reduced amount of money being sent by migrants Confidence building between immigrant associations and MFIs Regulatory measures/legal barriers Capacities of MFIs to deliver remittance-based products e.g. communication facilities and technology Development of relevant products and services which respond to the needs of remittance senders and receivers.
18. Discussion 1 Nairobi, April 7, 2010 18 What is the role of microfinance in harnessing the development potnetials of remittances? What is the added value of MFIs in leveraging remittances for development practicularly in the rural areas? What are the existing practices?
19. Discussion 2 Nairobi, April 7, 2010 19 What are the obstacles that prevent MFIs from participating in the remittance market and in providing remittance-based products and services? What types of support MFIs need in developing remittance-based products and services? Experience in Africa.
20. Discussion 3 Nairobi, April 7, 2010 20 What appropriate steps MFIs should undertake to maximise the potentials of remittances? How do we link up MFIs and diaspora organizations or hometown associations?