Panel2 ana pantelic

Fundación Capital:The LIFT Project

Achieving Inclusion with Technology and Savings

Ana PantelicProject Coordinator, LIFT Colombia

South-South Cooperation Initiative ForumJune 21st, 2012 – Johannesburg, South Africa

Agenda

• Introduction: Working Toward Financial Inclusion

• The Traditional Approach to Financial Education

• Technology and Financial Education• Freeing Financial Education:

The LIFT Colombia Pilot Project• Conclusions, Q&A

www.fundacioncapital.org

• Assets and Connections: Turning remittances into savings and enterprise• Graduation Project: A permanent exit out of poverty• LIFT Colombia: Achieving inclusion with savings and technology• Little BIG Money: Microinvestment platform for social development• Proyecto Capital (The Capital Project): Large scale initiatives; reaching millions


Fundación CapitalFundación Capital is a regional development organisation whose mission is to reduce poverty through the development, design and implementation of innovative initiatives that allow low-income persons to build assets.

The Traditional Approach to Financial Education:

"Pros" and "Cons"• High implementation

costs (for both provider and receiver of education)

• May not be adapted to the audience (BoP) or sufficiently personalized

• May not be linked to specific financial products or services currently in the market

• Difficult to scale upwww.fundacioncapital.org

• Promotes better use of scarce resources, encourages savings and the accumulation of assets

• Effective demand-side inclusion intervention

• Contributes to empowerment and gender equality

• Promotes poverty reduction

Technology and Financial Education• Intuitive and interactive (high level of interaction)• Overcoming literacy obstacles• Direct and immediate access to financial info and

services• Personalized user experience (self-teaching)• Decreases costs of financial education• Scaling up (reaching a wider audience in hard-to-reach

areas)• Linking financial education to mobile banking• Providing education through 'nudge' messages• Access to information about other products and

services (medical questions, agricultural prices, legal services, etc.)


• Harnessing innovations in mobile technology to expand financial capability and asset building among low-income families and individuals.

• Testing new channels for engaging the poor, providing them with the tools they need to save in the financial system and make sound financial decisions.

LIFTColombia:Achieving Inclusion with Technology and

Savings


LIFTColombia:Freeing Financial Education



LIFTColombia:Financial Education: The ABCs of

Savings

LIFTColombia:Interactive Savings Calculator


LIFTColombia:Interactive ATM Simulator


• Tablet-generated SMS messages • Automatic mobile incentives (via tablet)• Financial "Rules of Thumb" sent to users through text and voice messages


LIFTColombia:Reinforcement Through "Nudge Messages"

• Coupling public encouragement mechanisms with incentive programs to encourage savings by individuals and their communities.


LIFTColombia:Making Peer Incentives Work for Savings

Ana Pantelic | [email protected]

THANK YOU FOR YOUR ATTENTION


Panel2 ana pantelic

Economy & Finance

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