Challenges of Innovative Financial Inclusion. Examples of innovation - Revolutionizing the sector 1.Transformation of MFIs into regulated financial institutions.

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Presentation transcript:

Challenges of Innovative Financial Inclusion

Examples of innovation - Revolutionizing the sector 1.Transformation of MFIs into regulated financial institutions. This has led to:- – Entry of conventional banks into the microfinance space. – Increased Competition – Introduction of many new products. – Increased access to financial services (financial inclusion) – Attraction of new capital from local financial markets and foreign sources. – Partnerships in new products – Reduction of interest rates

Examples of innovation - Revolutionizing the sector Examples of New Products Value addition Community based enterprises, such as. – Community water projects – Leasing of small holder farmers equipment Proliferation of investment clubs with links to microfinace, as suppliers of capital to CBEs

Examples of innovation - Revolutionizing the sector 2.Mobile Banking Systems. – The famous M-Pesa made & continues to make big impression. – Current innovation: MFI/Bank mobile banking systems Links to banking, payment systems & M-Pesa likes Facilitating payments for goods, services & utilities Opening access to many more customers – Over 2,000 entrepreneurs participating in the iHub A forum (technology hub) - entrepreneurs who seek to leverage on mobile technology. Developing solutions for MFIs/Banks & other sectors which will further open access.

Examples of innovation - Revolutionizing the sector – Examples

Recommendation/role for European Microfinance Platform members 1.Support Regulators to – Develop policies & regulations for mobile systems 2.Support innovation accelerator initiative – seeking to – Help stimulate a startup of technology based SMEs to provide services to masses. – Bring in Angel/seed capital – Mentorship to young entrepreneurs The Midnight Sun Group (innovation Accelerator), ihub & mlab – examples of players in this space. 3.To further deepen outreach: – Support funds that focus on smaller & rural based MFIs – Support activities that bring together investors & MFIs in Africa.