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Challenges of Innovative Financial Inclusion

Challenges of Innovative Financial Inclusion. E xamples of innovation - Revolutionizing the sector. Transformation of MFIs into regulated financial institutions. This has led to:- Entry of conventional banks into the microfinance space. Increased Competition

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Challenges of Innovative Financial Inclusion

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  1. Challenges ofInnovative Financial Inclusion

  2. Examples of innovation - Revolutionizing the sector • 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

  3. 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

  4. Examples of innovation - Revolutionizing the sector • 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.

  5. Examples of innovation - Revolutionizing the sector • Examples

  6. Recommendation/role for European Microfinance Platform members • Support Regulators to • Develop policies & regulations for mobile systems • 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. • To further deepen outreach: • Support funds that focus on smaller & rural based MFIs • Support activities that bring together investors & MFIs in Africa.

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