Financial Inclusion in Action

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WhatsApp with Agent Monitoring and Support?

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We met Cyrus Kibuchi on a Monday morning at Kamangu, a town 40 km from Nairobi. Cyrus works as an agent in Kamangu, and days like this usually find him busy at work. He is an agent who serves seven digital financial services (DFS) providers. These providers comprise five banks and two mobile money operators… Continue reading

UNHCR Cash-Based Intervention in Meheba refugee settlement in Zambia: The Journey to Digitization

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It was a hot and dusty day as our team drove into Meheba refugee settlement in the North-Western Province of Zambia. Our energy was high, though it was the adrenaline that kept us going after a couple days without sleep. We were going to see the initial results of a nine-month journey towards digitization of… Continue reading

Aadhaar verdict – SC strikes the right balance between delivery of benefits and privacy

The long debate on the constitutionality and purpose of Aadhaar may not end with the judgement of the Supreme Court but it will certainly become more specific and narrower. In a landmark judgment, the five-judge Supreme Court bench opined with a 4:1 majority that Aadhaar is legitimate and proportional. The judges observed that although Aadhaar… Continue reading

RuPay cards – A long road ahead

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On 26th March 2012, National Payment Corporation of India (NPCI) launched Rupay – India’s own payment gateway network. ‘RuPay’ is a low-cost alternative to other payment gateways, such as MasterCard and VISA. Banks pay lower transaction processing fees as transactions are performed on the domestic payment network. This makes RuPay a viable digital payment solution… Continue reading

India’s enabling triangle for financial inclusion

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In our earlier blogs, we expressed our concerns around the growth of the digital divide, as the focus for financial inclusion shifts to FinTech and superplatforms as “the definitive solutions”. While these solutions typically require smartphones, many of the poorer households in Asia and Africa simply do not have access to the devices. Neither do… Continue reading

Winter is coming: Key lessons on digital transformation for financial institutions

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In the previous blog, we discussed the “why” – a business case for digital transformation. In this blog, we look at the “how” – the detailed steps for digital transformation. Digitise processes Digital processes are quicker, more efficient and cheaper than manual processes. A digital transformation of processes reduces the cost and friction points of… Continue reading

Winter is coming: Digital disruption and its impact on the financial services industry

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The financial services industry is changing rapidly. A convergence of technology with finance, which, in turn, resulted in the emergence of FinTechs, has been changing the very fundamental nature of the financial industry. Apart from technology, demographic and cultural shifts continue to alter the financial services value chains. Traditional financial institutions are losing their market… Continue reading

Consumer Protection in the Digital Age

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Why does consumer protection matter? In November 2017, in Can Fintech Really Deliver On Its Promise For Financial Inclusion?, we noted, “It is quite clear that till date, the regulatory environment and consumer protection provisions remain too weak to secure the poor. Many have already lost money in basic money transfer transactions. Millions are negatively… Continue reading

Fintechs for LMI segments – Tapping the untapped

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In our first blog in this series, we highlighted how the low- and middle-income (LMI) segments in India present immense opportunities for ecosystem players.  To read our report on the fintech landscape in India, click here   To know more about the Financial Inclusion Lab and to apply, click here These players may include fintechs,… Continue reading

Fintechs for LMI segments – Demystifying myths and delving into realities

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In our previous blog in this series, we presented recent trends in the fintech space in India. In that blog, we also defined the low- and middle-income (LMI) segments and examined the challenges that fintechs and investors face in catering to these segments.  To read our report on the fintech landscape in India, click here… Continue reading