Post on 14-Apr-2018
7/29/2019 Financial Inclusion 2020: The Roadmap Principles
1/2
www.financialinclusion2020.org1101 15 St., NW, Suite 500, Washington, DC 20005 USA Tel 202.393.5113 Fax 202.393.5115 www.centerforfinancialinclusion.org
Financial Inclusion 2020: The Roadmap Principles
Throughanextensiveconsultativeprocess,theCenterforFinancialInclusionatAccionhasdevelopedasetof
recommendationstomovefinancialinclusionforward,usingtheyear2020togalvanizethoughtandaction.
Fiveworkinggroupsofglobalexpertsfromthepublicandprivatesectorseachdevelopedaroadmapthat
servesasaspringboardfordialogueandaction.Whiletheresultingroadmapprovidesprinciplesthatmaybe
broadlyendorsed,actionsintheseareasarenotcommensuratewiththescaleorscopeoftheneed.Ifwetruly
aimforanaudaciousvisionoffullinclusionby2020,thegapbetweenprinciplesandrealitymustclose.The
roadmapprinciplesaremeanttohelpthefinancialinclusioncommunitystayfocusedandaccountablefor
guidinginclusioninadirectionthatwillfulfillitspromisetoimprovelivesandboosteconomies.They
demonstratetheneedforastrongdemand-sideorientation,signalingthatfinancialinclusionisnotjustaboutexpandingaccess,butalsoaboutensuringqualitysothatusagewillbehighandcustomerswillbenefit.Below
arehigh-levelfindingsthathaveemergedfromeachofthefiveworkinggroups.ForthefullsetofRoadmaps,
pleasevisitwww.financialinclusion2020.org.
Financial Capability: Shift the ParadigmCurrently,theparadigmforfinancialcapabilityisfocusedonfinancialeducationasknowledgetransfer.
Instead,wemustthinkoffinancialcapabilityinlightofitsendgoal:soundfinancialchoicesandbehavior.
Peoplelearnbestbydoing.Toachievethis,stakeholdersinvolvedinfinancialinclusionhavea
responsibilitytointegratefinancialcapabilitybuildingintoeveryaspectoftheirworkandproducts,bothwithcurrentandprospectivecustomers.Thescaleoftheneedmeansthatmanyactorsarewelcome,
includingproviders,governments,non-profits,schoolsandothers.
Samplerecommendation:Developpartnershipstopromotefinancialcapabilitywithorganizations
thatinteractwithclientsatkeymomentswhenfinancialdecisionsareatstake,suchasimmigration
organizationsorhospitals.
Addressing Customer Needs: Easy to Say, Hard to Do
Peoplelivinginpovertyoftenactdifferentlythanweexpect.Theirfinanciallivesarenotlikethoseof
middleclasshouseholds.Whilethesolutionisforproviderstolistentocustomers,itiseasiersaidthandone.Listeningneedstohappenatalllevelsofanorganizationandinvolvesbothcurrentandprospective
customers.Tobetterunderstandprospectiveclients,providersalsoneedtobuildonabundantknowledge
thatalreadyexistsonthefinanciallivesofthepoorandinsightsfrombehavioraleconomicstocreate
productsanddeliverysystemsthatareusefulandvaluabletocustomers.
Samplerecommendation:Everyboardmemberofprovidingorganizationsshouldlistendirectlyto
customers,throughregularinterviews,customerpanels,orothermeans.
FinancialCapability
Addressing Customer
Needs
Technology-EnabledBusinessModels
CreditReporting
ClientProtection
7/29/2019 Financial Inclusion 2020: The Roadmap Principles
2/2
www.financialinclusion2020.org1101 15 St., NW, Suite 500, Washington, DC 20005 USA Tel 202.393.5113 Fax 202.393.5115 www.centerforfinancialinclusion.org
Technology-Enabled Business Models: Paving the Way for Dramatic Change
Regulatorsarekeytofacilitatingthesuccessoftechnology-enabledbusinessmodels.Theymustprovide
theenablingenvironmentthatallowsnewbusinessmodelsandspecializedproviderstooperatesmoothly
atthebaseofthepyramid.Governmentshavetheopportunitytousetheirresourcescreativelytopromote
thedevelopmentofavibrantfinancialinclusionsector,employinggovernment-to-personpaymentsandothertoolssuchasprocurementandselectivesubsidies.Supportingorganizationscanassistnational
regulatorstomeetthesteepchallengeofkeepingpacewithtechnology.
Samplerecommendation:Policymakerscanuseuniversalservicefundspaidbytelecommunications
companiestoincentivizemobilemoneytoreachremoteareas. Credit Reporting: It Takes a Village
Creditreportingsystemsthatworkforallpartiesareessentialforfinancialinclusion,butinmany
countries,thesesystemsarenotyetrealitiesfortheBOP.Manyactorsmustbeinvolvedinsustainedefforts
towardthisend,withproviders,governmentsandcreditreportingorganizationsworkingtogether.One
promisingdevelopment:thefinancialinclusioncommunityasawholecanencouragetheuseofalternativedatatoenablethinfilecustomerstoaccessfinancialservices,whileprotectingcustomerrights.
Samplerecommendation:Supportorganizationscansubsidizeserviceproviderstogearuptouse
creditreportingefficiently;suchprovidersfacehightransitioncosts.Client Protection: Everyones Promise
Aninfluxofnewandmainlylow-incomecustomerswillrequireurgentactiononconsumerprotection.
Providersmustbegintoincorporateclientprotectionintotheirprofessionalidentityand,backprinciples
upwithdetailedstandardsofpractice.Theregulatorygapinconsumerprotectionisenormous,prompting
theworkinggrouptocallforaglobalgoalofeffectiveclientprotectionregulationineverycountryby2020.
Samplerecommendation:Policymakersandconsumergroupscancreateforumsforpublicationof
consumercomplaintsorcomplaintsaboutservicestheyusetoincreaseconsumervoiceandprovider
accountability.Fullfinancialinclusioncouldbringindividuals,nationsandbusinessesenormousbenefits.Weknowwhat
needsdoing.Thepoliticalwillandbusinesscasearegettingstrongereveryyear.Withsustainedpursuitofthe
Roadmapprinciples,fullfinancialinclusionispossible.FI2020challengestheglobalfinancialinclusion
communitytocommittotheseprinciplesandthisgoal.
About Financial Inclusion 2020
Couldfullfinancialinclusionaroundtheglobebeachievedbytheyear2020?
Through the Financial Inclusion 2020 project, CFI isworking to build a movement thatmobilizes key stakeholders
aroundthegoaloffullfinancialinclusion,usingtheyear2020asafocalpointtoclarifythinkingandgalvanizeaction.By
bringingtogether private sectorplayers, regulators, industry developers, technologyproviders, andotheractors, the
projectpromotesreachingnewandunderservedmarketswithafullrangeofqualityservices.
Theprojectisworkingonthreefronts.MappingtheInvisibleMarketisaresearchprojectthatexaminesmajorforces
thatwillshapetheprogressof financialinclusionthroughaseriesofanalyticpapers,graphicpresentations,andonline
interactive data visualizations. A dynamic consultative process called Building a Roadmap to Financial Inclusion is
creating aset ofprinciplesfor achieving financial inclusionglobally. The findings ofbotheffortswill informa Global
ForumofleaderswhocaninfluencethepaceandqualityoffinancialinclusioninLondononOctober28-30,2013.