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

Open Application Programming Interfaces (API): Purpose and Possibilities

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Application Programming Interface or API, a software programme, acts as a bridge between disparate applications. It performs the intended function when a set of instructions are provided through a user interface (UI). The front-end of UI is usually a website or mobile application. The following diagram illustrates the basic architecture of any API-based business model:… Continue reading

Over the Counter (OTC) Money Transfer in India: Mapping the Customer Experience (CX)

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In our previous blog, OTC Money Transfer in India: The Remittance Silver Bullet for Migrants, we explained how OTC remittances work in India, and described the typical transactional processes. In this blog, we map the customer’s experience (CX) while conducting OTC transactions. To understand the real experience of customers, MicroSave staff posed as customers, visited… Continue reading

Over the Counter (OTC) Money Transfer in India: The Remittance Silver Bullet for Migrants

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“Ready money is Aladdin’s lamp”― Lord Byron Globally, mobile money services are being offered primarily over the counter (OTC). This underlines the demand for readily available, quick and convenient fund transfer services. For instance, 90% of WING’s transactions in Cambodia, 70% of EasyPaisa’s transactions in Pakistan, and 50% of bKash’s transactions in Bangladesh are OTC based. Due to… Continue reading

Indonesia: The Quiet before the Storm

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Last year, The Helix Institute discussed the importance of focusing on the “Launchpad Stage” before rolling out a DFS deployment. The Launchpad Stage is the developmental phase which concentrates on identifying a value proposition in the market, defining an anchor product, designing processes, structuring management, streamlining protocols and crafting a marketing and communications strategy. In Nigeria, providers… Continue reading

Lessons from Informal Financial Systems: Indonesian Perspective

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Over the past few years MicroSave has conducted several research studies in Indonesia[1] to understand the household level financial ecosystem. Through focus group discussions (FGDs) and participatory rapid appraisal (PRA) tools, we gained insights on access to, and use of, financial products in communities across Indonesia. This blog focuses on the role of informal institutions… Continue reading

Keeping the Channel Happy for Quick Scale-up: A Case from the Mumbai Remittance Market

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Remittances have emerged as the most common anchor product offered by alternate banking channels, (banking channels used by the unbanked such as money transfer agents), particularly in large Indian cities like Delhi and Mumbai. Huge unmet demand for sending money home efficiently and quickly, combined with willingness to pay for the service, has made over… Continue reading

How Many Accounts Does A Man Have To Open To Be Financially Included?

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It was a hot afternoon during one of our recent agent network assessment studies, when I got the opportunity to meet Raju. He seemed no different from the typical participants in our focus group discussions in Bihar. A farmer somewhere in his middle 30s, thin and frail, wearing a half-sleeved ‘baniyan’ (vest) and pants with… Continue reading