7 - 13 September | Financial Inclusion Weekly News

AFRICA

• Nigeria - The Central Bank of Nigeria's @AfriGo partners with SecureID to promote card adoption and financial inclusion, aiming to increase access to formal financial services. The Nation
• Ghana - Efforts to enhance financial inclusion in Ghana are focusing on overcoming barriers to digital payments including infrastructure, trust, and education, to increase accessibility to financial services for the unbanked population. Business & Financial Times .
• Uganda - The International Monetary Fund Executive Board concludes the 2024 Article IV consultation with Uganda, assessing its economic progress and challenges, including efforts towards financial inclusion. IMF
• Egypt - 萬事達卡 and Rise have made significant progress in their wage digitalization project, reaching 24,000 garment workers in Egypt and improving financial inclusion. Mastercard.
• South Africa - Credit decisioning software is emerging as the core technology driving financial inclusion by enabling better financial access and decision-making for underserved populations. IT-online . Omnisient - Collaborative Consumer Intelligence has won Finovate’s 2024 Excellence in Financial Inclusion award for its innovative use of data-sharing technologies that drive inclusive finance. ITWeb .
• Senegal - Banque Atlantique has partnered with the European Investment Bank (EIB) and the EU to promote financial inclusion, focusing on supporting small businesses and improving access to finance for underserved populations. Agence Ecofin .
• Tunisia - Tunisia's 2025 budget focuses on financial inclusion, tax reform, and green economy investment. WMC - webmanagercenter .
• Mauritius - Mauritius has deepened its cooperation with the OECD - OCDE through a new country program, focusing on adherence to international investment policy standards, which will strengthen the island nation’s economic framework. OECD - OCDE .

Regional

• Inclusive finance is emerging as a crucial tool to help African families adapt to climate change, offering financial products tailored to their unique needs. The Banker
• 世界银行 highlights the importance of ID access in driving financial inclusion in Sub-Saharan Africa, with digital identity systems playing a key role in expanding access to services. World Bank
• BNPL (Buy Now, Pay Later) providers are enhancing financial inclusion across the continent by offering accessible and flexible credit options, helping underserved populations gain financial independence. IBS Intelligence
• Senegal and Benin have entered into a partnership to accelerate financial inclusion through mutualized mobile banking services, helping citizens in both countries benefit from improved financial access. PressAfrik .
• The European Investment Bank (EIB) is providing financial support to Senegal and Cape Verde, furthering development projects aimed at enhancing financial inclusion and economic growth in both countries. AfricaPresse.Paris .
• At the African Fintech Summit 2024, M-Pesa Africa was awarded for its efforts in advancing financial inclusion across the continent. The service was recognized for enabling millions of Africans to access banking services via mobile technology, empowering rural and underbanked communities. TechAfrica News .
• Online trading platforms are transforming East Africa’s financial landscape, offering more accessible and transparent financial services. The EastAfrican .
• The African Union’s 2024 digital strategy focuses on boosting digital literacy and financial inclusion across the continent. African Union .

MIDDLE EAST

• Saudi Arabia - The Saudi Central Bank – SAMA is promoting financial innovation with a focus on open banking, aiming to enhance financial inclusion and digital services in the country. The Fintech Times

LATIN AMERICA & THE CARIBBEAN

• Brazil - "Faz um PIX" payment system, known for including millions in the financial system, has been highlighted as a best practice for G20 countries. The system has revolutionized banking for unbanked populations and is being praised globally. G20 Brasil 2024 . David Vélez , CEO of Nubank , underscores that Brazil's fintech ecosystem is still in its early stages, with much growth potential remaining as financial inclusion efforts continue. Diario La República .
• Haiti - Haiti’s government is working on strengthening the nation’s financial inclusion strategy by evaluating the progress of its National Financial Inclusion Strategy. Source: Le National. The Bank of the Republic of Haiti is evaluating its national financial inclusion strategy, emphasizing mobile banking as a tool to broaden access to financial services across the country. Le Nouvelliste .
• Mexico - Financial inclusion in Mexico faces a crossroads, where technological advances could provide solutions, but disparities remain in access for low-income groups. El Financiero . Mexico’s development banks have evolved to play a crucial role in promoting financial inclusion by offering credit to underserved sectors, with the goal of bridging economic disparities. El Economista .
• Peru - Strategies for achieving effective financial inclusion in Peru focus on creating accessible, affordable financial products, particularly for rural and underserved communities. Source: Revista GanaMás
• Columbia - Nequi is reaffirming its dedication to financial inclusion in Colombia by providing digital financial services aimed at reaching populations traditionally excluded from the banking system. Revista LatinPyme .
• Paraguay - digital initiatives are gaining momentum, helping drive financial inclusion by offering new tools for the unbanked population to participate in the formal financial system. ABC TV Paraguay .
• Jumio’s advanced technology is fortifying financial inclusion efforts in Latin America by implementing anti-fraud measures, enhancing trust, and expanding access to secure financial services. Latam Fintech Hub .

ASIA

• India - Airtel Payments Bank ’s MD suggests that allowing payments banks to lend could significantly boost formal credit and financial inclusion, particularly in underserved areas. The Hindu BusinessLine. Digital payments are playing a pivotal role in India’s push towards a cashless economy, helping improve financial inclusion by making transactions easier and more accessible. Finextra. A discussion on what constitutes good digital public infrastructure, emphasizing its role in enabling seamless access to services and bridging the digital divide. Indian Express. A new credit platform could be a game changer for lending in India, improving access to credit and contributing to financial inclusion across the country. Business Standard. India needs to bridge the digital divide in its villages to ensure development, particularly in terms of providing financial services and digital literacy to rural populations. Business Standard. My India highlighted financial developments, including ongoing efforts to enhance digital payment systems and boost financial inclusion across the nation, impacting both rural and urban regions. KOMO News . Satya Microcapital Limited secured ?500 crore in debt funding from Sumitomo Mitsui Banking Corporation – SMBC Group , supporting its efforts to expand microfinance services and empower SMEs across India. Business Standard . Financial inclusion may unintentionally become a financial trap, especially for lower-income individuals facing higher debt due to easy credit access. Policymakers are being urged to balance accessibility with responsible financial practices. The Economic Times . Alternative lending platforms are emerging as critical tools for expanding financial inclusion, offering new credit access strategies to underserved populations. CNBC-TV18 .
• Indonesia - Krom Bank accelerates financial inclusion in Indonesia by leveraging Amazon Web Services (AWS) cloud technology to offer innovative financial services to underserved populations. Fintech Global
• Cambodia - LOLC (Cambodia) Plc. is leveraging advanced technology to improve financial inclusion across the country to reach more unbanked and underserved communities. The Asian Banker .
• Bangladesh - Efforts to improve financial inclusion are focusing on reducing transaction costs and improving regulatory frameworks. Currently, around 56% of the population has access to bank accounts, with mobile technology playing a key role. Challenges remain in extending services to underserved rural areas. Financial Express .
• Hong Kong – Hex Trust has partnered with GRASS to revolutionize AI data collection for the financial sector, aiming to streamline processes and enhance operational efficiency through advanced AI models. FinTech Global .
• China - Fintech is being leveraged to enhance wealth management and financial inclusion in China, providing new opportunities for underserved populations to access financial services. International Banker. Ant Group has introduced an AI-powered financial management tool at the Inclusion Conference in Shanghai to assist users in managing their financial assets, improving efficiency, and accessibility in financial services. Morningstar . MyBank introduced an AI-powered system to help small and medium-sized enterprises (SMEs) manage finances more efficiently, showcased at the Inclusion Conference in Shanghai. This system aims to streamline money management for SMEs using advanced data analysis. 蚂蚁集团 continues to drive financial inclusion in China and beyond, particularly focusing on small businesses and individual users. Their latest initiatives seek to further integrate digital finance into underserved markets. Digital Finance Group .
• Philippines - Consumer credit perception is improving, and further financial inclusion opportunities are possible as new technologies aim to make credit more accessible and transparent. BusinessWorld Online, Inc.

REST OF THE WORLD

• New Zealand - Financial Services Regulatory Reforms are being advanced with the aim of modernizing the sector and addressing gaps in existing frameworks to enhance consumer protection and sectoral stability. Bell Gully .
• Netherlands - Eversheds Sutherland advised Edwards Lifesciences on the sale of its critical care unit, signaling a major shift in the company's focus. The deal underscores ongoing strategic adjustments within the healthcare sector. Eversheds Sutherland .
• Scotland - A new initiative in Scotland has allocated ￡157 million to place-based partnerships aimed at reducing child poverty. The partnerships will focus on local community needs, enhancing support systems across the country. Scottish Housing News .
• USA - William Blair has outlined its commitment to sustainability through numerous initiatives. The company's approach integrates environmental, social, and governance (ESG) factors to create a sustainable financial future. William Blair . Utility ATMs are revolutionizing financial access by offering underserved communities the ability to perform banking functions, significantly improving financial inclusion. Forbes .
• Pacific Island Countries – The World Bank is working to ensure Pacific Island nations remain connected to the global financial system by enhancing access to digital financial services and bolstering infrastructure. This initiative aims to address regional vulnerabilities. The World Bank . The Reserve Bank of Fiji received the Nestor Espenilla Jr. Financial Inclusion Innovation Award for its efforts in expanding access to financial services. The bank was recognized for integrating innovative solutions to reach the underserved. fijivillage .
• UK - Biometrics are becoming crucial in promoting greener payments and financial inclusion by reducing reliance on traditional financial infrastructure in London. They enable secure, sustainable, and efficient digital payment systems, especially in underserved areas. Financial IT . The finance industry’s efforts to improve diversity continue to fall short, argues Davies. Despite various initiatives, the representation gap remains wide, with challenges in inclusion and corporate culture slowing progress. Portfolio Adviser .
• Belize - Independent Accountability Mechanism of the U.S. International Development Finance Corp. (DFC) is partnering with NIME to promote financial inclusion among women entrepreneurs, aiming to enhance economic opportunities through access to capital. Love FM Belize .
• France - 欧莱雅 is recognized as the 5th most sustainable company globally and the top French company in the FTSE4Good Index, reinforcing its commitment to corporate responsibility and environmental sustainability. 欧莱雅 .
• Spain - Spain is making steady progress in financial inclusion, focusing on digital solutions to reduce the number of unbanked individuals. EL ESPA?OL . CaixaBank has extended its coverage to all municipalities in the Canary Islands, ensuring access to financial services for even the most remote areas, supporting its financial inclusion mission. CaixaBank .
• Finland - Finnish businesses are assessing the resilience of their contracts to fluctuating prices. Eversheds Sutherland offers insights into strategies companies can adopt to protect themselves from price risks in long-term agreements. Eversheds Sutherland .
• Ukraine - The European Bank for Reconstruction and Development (EBRD ) is working with Ukraine’s banks to unlock $690 million in new lending, aimed at supporting economic recovery amid ongoing challenges. EBRD .

GLOBAL

• An analysis explores the purpose, pros, and challenges of Central Bank Digital Currencies (CBDCs), as well as their potential economic impact on financial systems globally. Gulf Times
• Governments must ensure that the use of digital verification technologies provides equal access to services for all citizens, avoiding exclusion of vulnerable populations. Biometric Update
• A discussion on the rise of enterprise AI explores whether we are at the peak of its potential or still navigating challenges, particularly in fintech and financial services. Global Finance
• Digital Public Infrastructure is highlighted as a key driver for development, especially in enabling greater financial inclusion and access to public services worldwide. CSIS
• Banking and fintech partnerships are driving a new era of financial inclusion, combining innovation and technology to provide broader access to financial services. BAI
• Digitalization is reshaping microfinance by improving outreach, lowering costs, and increasing efficiency. As traditional methods become outdated, technology proves vital in providing financial services to underserved populations. International Banker .
• Recent global financial compliance updates highlight shifts in regulatory frameworks across key markets. These changes address new risks, focusing on improving transparency, accountability, and international standards. Lexology .
• AI-driven financial advice is poised to revolutionize investing by providing personalized, data-driven insights. These systems aim to enhance investment strategies for both individuals and institutions. Morningstar .
• The V Central American Forum on Financial Inclusion highlights regional efforts to boost financial access through policy discussions and technological innovations aimed at reducing economic inequality. UN Women .
• The 2024 Fintech for Inclusion Global Summit underscored the growing importance of technology in bridging financial gaps worldwide. Key discussions revolved around financial literacy, inclusion, and how fintech innovations can provide solutions for underserved populations. The Fintech Times .
• The IFC - International Finance Corporation has launched new projects to enhance financial inclusion in emerging markets. These efforts focus on providing small businesses with access to capital and supporting digital payments infrastructure. IFC - International Finance Corporation .
• The Interledger Foundation is facilitating cross-border payments through digital wallets, expanding its services to 130 countries. Finextra .

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Disclaimer:
The Financial Inclusion Forum compiles news from various sources to provide a comprehensive overview of recent developments in financial inclusion. While we strive for accuracy, the views expressed in these articles are those of the original authors and do not necessarily reflect the views of the Financial Inclusion Forum or its members. We do not assume responsibility for the content or accuracy of external websites.