Financial Inclusion in Action

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Leveraging Fintech to Achieve Financial Inclusion in Indonesia

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Click here to read the blog in Bahasa Indonesia “Fintech” – an intersection of financial services and technology – is taking the traditional financial world by storm. Indonesia is no exception, with a fast-evolving ecosystem that includes a host of financial services offered by new generation fintechs. The diagram below, by no means exhaustive, highlights a… Continue reading

Can Payments Banks Survive?

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The news that three of the provisional licensees, Cholamandalam Distribution Services, Dilip Shanghvi and Tech Mahindra, have decided not to seek a full Payments Bank license, has caused much debate. The reasons for their withdrawal are varied – and not all necessarily based on the challenges posed by the underlying business model. Despite this, the… Continue reading

JAM – Using (Jan Dhan) Bank Accounts, Aadhaar and Mobiles to create new products and services, and new ways of doing things

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Jan Dhan Yojana, Aadhaar and Mobile or ‘JAM’ are creating a buzz in financial inclusion space, not only in India but across the world. JAM has been jamming newsrooms and social media after being coined in the Economic Survey 2015 and the Union Budget 2015.    The JAM trinity is seen as an important tool… Continue reading

Low Preference for Cash Transfer in TPDS – What Affects Beneficiary Behaviour?

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The cash versus in-kind subsidy transfer (e.g., food, fuel or fertiliser subsidy)[i] has generated much debate all around the globe. However, there is no clarity on which method should be adopted going forward – cash or in-kind subsidies. While both cash and in-kind transfers certainly have an important role in addressing food security, there is… Continue reading

India Post – Initiatives to Facilitate G2P Payments

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India Post has extensive outreach in rural areas of Jharkhand with 13 Head Post Offices (HPOs), 454 Sub Post Offices (SPOs) and 2,643 Branch Post Office (BPOs).[1] With 3,097 (454 SPOs + 2,643 BPOs) outlets present in rural and semi-urban areas, India Post has a reach of at least one outlet for every two of the… Continue reading

Customer Vulnerability, Trust and Risk in Indian Digital Financial Services

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Qualitative research done as a part of MicroSave’s study for the Omidyar Network on customer production, risk and financial capability in India shows that customers’ perceptions of banking or financial transactions are still focused on brick and mortar based services. DFS providers have not done enough to change the customer’s perception and gain trust. The… Continue reading

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

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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

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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

Real and Perceived Risk in Indian Digital Financial Services

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The risks associated with digital financial services (DFS) are varied and a growing area of attention and assessment. At the same time, digital payments and broader digital financial services introduce added complexity, with new participants constantly entering the market, new products regularly introduced, and value-chain dynamics in constant flux. In MicroSave’s recent research for the… Continue reading