Financial Inclusion in Action

Read, Share, and Discuss

PMJDY: Milestones Reached, Yet Miles to Go – Customer Side Story Part 1

Header3c

Pradhan Mantri Jan Dhan Yojana (PMJDY) is now the world’s most successful financial inclusion scheme. The scheme envisages universal access to banking facilities with at least one bank account for every household, in addition to access to credit, insurance, and pension facilities. As of March 15, 2016, the scheme has mobilised approximately INR 335 billion… Continue reading

Democratising Financial Services

Header3c

Sheetal, a 41 year-old widow, is a vegetable hawker and lives by herself in Mumbai. She wanted to expand her business by adding more stock and buying a new wheel-cart. She has a bank account, opened under the Prime Minister’s Jan Dhan Yojana. She could not avail credit from her bank for lack of any… Continue reading

Guiding Financial Institution Strategy: Working on Small Data

There is a worldwide movement towards the use of Big Data[1] across many industries, including financial services. Many financial institutions in the South now have economists reporting to the Board, and a select few, including Equity Bank and Kenya Commercial Bank, have Chief Information Officers. Data warehousing is a common terminology, even if evident in few… Continue reading

Delivering Quality in Financial Services – Redefining Customer Service

Let’s face it: we’ve all had problems with our bank or financial service provider; there have been times when we’ve sat across from a Customer Service Officer (CSO) and been unhappy about the answers we’ve been given. A few years ago, this very challenge led my colleagues and myself to think that there was a… Continue reading

Where Are Women Agents in Indian DFS?

Header3c

Background In India, over 100 agent network managers (ANMs) are delivering digital financial services (DFS). Till March 2015, more than 600,000 agents were associated with ANMs in India, covering 92% of the country’s villages. There is, however, wide gender disparity amongst agents in India. For instance, according to a CGAP report, in 2012, only 15%… Continue reading

Agency Banking: How Female Agents Make a Difference

Header3c

Bilkis Banu sits along with a few of her customers in the veranda of her house and talks to us about the close bond that she shares with them. She was signed up as an agent to offer door-to-door cash deposit and withdrawal services for UCO Bank in February 2012 in Khormachali, a small village… Continue reading

Predictions for Regulators of Digital Financial Services

It is always dangerous to make predictions in an industry which is expanding and evolving rapidly, so it is with trepidation that I now do so. However, the predictions below are based on market insights and observations from working many years within the mass retail financial sectors and in Digital Financial Services (DFS). 1. DFS will… Continue reading

Understanding Gender Dynamics in Agent Banking

Header3c

MicroSave used its Market Insights for Innovations and Design (MI4ID) approach to conduct a series of studies in different parts of India. These studies sought to understand gender aspects of agent banking. The first part of this blog series highlights key findings aimed at understanding the differences in customer experience at an agent outlet based… Continue reading

e-KYC and the India Stack – A Transformative Blueprint for Emerging Markets

Header3c

A student newly admitted at Kenyatta University, Nairobi, wants a new mobile SIM, so she can talk to her parents back home in Eldoret. Her national identity card is used to establish her identity. A 32-year-old widow of a landless labourer in Bihar walks up to a Bank Mitr agent to open an account, so… Continue reading

Payment Systems in India and Current Status: A Perspective

Header3c

The payment system in any country needs to pass the litmus test of safety, security, soundness, efficiency, and accessibility. In order to address all these, payment systems have evolved from barter to currency, to digital systems. We are witnessing enormous change in the payment systems, disrupting the monopoly of physical/paper-based system by electronic ones. There… Continue reading