The working poor may get paid just once a year.

Low-income farmers are vulnerable to extreme weather conditions.

The world’s entrepreneurs face a $5 trillion financing gap.

Climate change affects the poorest households most.

We focus on global challenges

How we work

Priya Punatar

Yanina Seltzer

<div style="width: 391px" class="wp-caption alignright"><img src="http://accion-staging.flywheelsites.com/wp-content/uploads/2019/05/IMG_0825.jpg" alt="" width="381" height="508" />Azucena, a stay at home mom and former bank teller in Mexico</div>
Although Mexico and Chile are different markets, underserved consumers face similar problems improving their financial health. People and businesses rely on informal means to manage money, including storing cash in lockboxes and borrowing from family and friends. These methods are familiar and convenient, but they don’t provide the guidance, tools, and information people need to better manage their income and expenses, build reserves, and plan for the future.
In Chile, <a href="https://news.gallup.com/reports/233399/gallup-global-financial-health-study-2018.aspx">nearly half of the population</a> feels unsure about how they would cover their basic needs for more than a month if they lost their income. Following several financial crises, consumers are hesitant to trust<a href="https://www.accion.org/five-reasons-small-merchants-arent-using-financial-services-in-chile/"> financial institutions</a>, and many see working with banks as a last resort. One business owner in Santiago expressed a sentiment that we heard from many Chileans: “I would prefer to be indebted to my family than to a bank.”
We’ve seen similar patterns in Mexico, where, over the last three years, the percentage of adults who save at financial institutions declined from 15 percent to 10 percent. In an interview, Azucena, a stay-at-home mom who previously worked as a bank teller, told us that she and her husband prefer to <a href="https://www.accion.org/people-saving-money-mexico">save cash </a>in lockboxes in order to have money at home for unexpected emergencies. When it comes to credit, many people told us that they often hear negative stories about defaults, rather than positive stories about people using credit to improve their lives.
These behaviors indicate that FSPs could do more to better understand their clients’ needs and goals, build greater trust, and deliver more valuable products and services.
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<div style="width: 4938px" class="wp-caption alignleft"><img src="http://accion-staging.flywheelsites.com/wp-content/uploads/2019/05/DSC_0388.jpg" alt="" width="4928" height="3264" />FSP employees participate in a <a href="https://www.accion.org/building-and-deploying-user-centric-products">human-centered design exercise</a> in Chile</div>
For decades, Accion has worked around the world to help FSPs deliver the products that underserved clients need to access, use, and benefit from the formal financial sector. Our hybrid approach combines human-centered design, insights into emerging technologies, and effective business models to create financial services that accelerate social and economic progress.
Over the next 18 months, Accion, <a href="https://www.accion.org/accion-and-metlife-foundation-announce-expanded-partnership-to-advance-financial-inclusion/">in partnership with MetLife Foundation</a>, will apply this approach with five FSPs in Mexico and Chile. We’ll work alongside these institutions to develop viable products and services that reach underserved clients and improve their financial health. This process will include building the business case for customer-centric products; managing organizational change; and designing, testing, and implementing product innovations.
We’ll begin by using human-centered design, which links product and service design to customers’ needs and lives. By first understanding the challenges that low-income clients face and the goals they want to achieve, FSPs can create products and experiences that are available at the right moments, provide visibility into users’ finances, and take into account customers’ aspirations. Such products can lead to improved financial health, better decision-making, and more informed financial management.
While considering our clients’ needs and their goals, we’ll integrate behavioral science to create products and experiences that support healthy financial behaviors and habits. For example, behavioral scientists know that people tend to prioritize the present over the future and put off tasks that feel stressful, like budgeting, saving, and long-term planning. By taking this tendency into account and creating products that balance the management of day-to-day finances with future planning, we can promote clients’ financial health.
Ultimately, our understanding of low-income clients’ needs, the application of behavioral insights, and our focus on business considerations will inform the creation and deployment of new products that improve underserved clients’ financial health and that are sustainable in the market.
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To qualify for the program, FSPs developed product proposals that addressed low-income client needs using a customer-centric lens; each of their proposed solutions is tailored to improve clients’ financial health and advance the organization’s strategic business objectives. Our partners will adapt their proposals through several rounds of user research and ongoing support from Accion.
Below is a list of our five partners, their product concepts, and goals for improving the financial health of their customers.
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We’ll work alongside our partners to refine their initial concepts into customer-centric, market-ready products and services that help underserved families and small businesses improve their financial health.
Over the next 18 months, Accion and our partners will be working closely with customers, and with the FSP teams responsible for interface, application, operations, marketing and customer engagement to deliver an excellent customer experience. While we will focus on client behavior change, Accion and our partners understand that institutional change management is the real starting point.
For these solutions to promote clients’ financial health over the long-term, we will work with our partners to consider the business case for each product and the organizational changes needed to implement them. It’s only by combining our unique insights into client needs and our understanding of inclusive business models that our partners will be successful. It’s critical to look at longer-term profitability and customer lifetime value to ensure that our partners’ new products advance their long-term strategic goals; we’ll test customers’ willingness to pay for new services throughout their development and adjust product design to increase value to the customer.
These products represent significant new investments that will demand structural support, so we’ll also work to ensure that our partners have the right people, processes, and systems in place to launch and sustain the new products, helping with upskilling or capacity building as needed.
To create a financially inclusive world – to provide entrepreneurs with the means of hiring more employees, parents with the ability to save for the future, and communities everywhere with the tools they need to accelerate social and economic progress – we must develop financial products that clients trust, use, and benefit from. We’ll work alongside our Mexican and Chilean partners to create new solutions and services that help underserved families and businesses improve their financial health, and that realize the vision of a financially inclusive world. Follow us here as we keep you updated on our progress and process with our partners.
<img class="alignnone" src="http://accion-staging.flywheelsites.com/wp-content/uploads/2018/08/MetLife-Foundation.png" width="247" height="115" />This brief is a part of our <a href="https://www.accion.org/accion-and-metlife-foundation-announce-expanded-partnership-to-advance-financial-inclusion/">Building Financial Capabilities and Strengthening Institutions through Customer-Centered Innovations project</a>, supported by MetLife Foundation.
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“Financial health is achieved when an individual’s daily systems help build the financial resilience to weather shocks, and the ability to pursue financial goals.” Financial Health Network

Brief

<h2>The path to financial health</h2>
People around the world are continually aiming to improve their financial lives – they do so with whatever tools are available, whether formal or informal, and with whatever knowledge they have gathered. Every day, people work hard to grow their businesses, send their children to school, save, make ends meet, and troubleshoot during tough moments. Ultimately, they aspire for greater financial health and a better life for themselves and their families.
<img class="aligncenter" src="http://accion-staging.flywheelsites.com/wp-content/uploads/2019/02/CFSI-1.png" /><a href="https://cfsinnovation.org/">The Financial Health Network</a>, the  <a href="https://www.centerforfinancialinclusion.org/">Center for Financial Inclusion at Accion</a> and <a href="http://www.dalbergdesign.com/">Dalberg's Design Impact Group</a> developed a <a href="https://content.centerforfinancialinclusion.org/wp-content/uploads/sites/2/2017/03/FinHealthGlobal-FINAL.2017.04.11.pdf">framework of six indicators</a> for financial health in the developing world.
In order to help consumers improve their financial health, financial service providers (FSPs) can design products, tools and services that empower consumers to better understand and manage their finances and encourage them to improve financial habits. Focusing on financial health also has the potential to impact the FSP’s bottom-line: Gallup found that when customers feel that their bank <a href="https://news.gallup.com/opinion/gallup/176534/looking-customers-financial-table-stakes-banks.aspx">looks out for their financial well-being</a>, they are much more likely to be fully engaged with the bank.

However, in order for FSPs to successfully promote financial health, they first need to understand customers’ opportunities and obstacles to improving it.

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Achieving financial health in Mexico and Chile

metlife-foundation

MetLife Foundation logo

Federico  Gomez Romero

Accion Venture Lab’s new Investment Officer for Latin America looks at impact investing and tech trends in the region


Article

Since the launch of <a href="https://www.accion.org/how-we-work/invest/accion-venture-lab">Accion Venture Lab</a>, we always knew <a href="https://www.accion.org/regions/latin-america-caribbean">Latin America</a> was a critical region in our quest to find the most promising companies that can shape a new reality for the underserved. We were early investors in the leading small business lender <a href="https://www.accion.org/konfio-innovates-in-digital-lending-for-mexican-msmes">Konfio</a>, inventory financing provider<a href="https://www.accion.org/five-small-business-owners-in-mexico-city-share-their-stories"> Tienda Pago</a>, payment solutions provider <a href="https://www.accion.org/accion-venture-lab-marks-second-successful-exit-driving-social-and-financial-impact-from-investment-in-clip">Clip</a>, and alternative scoring platform <a href="https://www.accion.org/fintech-founders-have-a-formula-for-building-financial-health">Destacame</a>, and we continue to look for new and disruptive companies. Last year we raised Venture Lab’s first third-party fund, adding a total of $33M to our assets under management to follow our mandate of being the first institutional investor in groundbreaking early-stage fintech for inclusion companies.

The vast market opportunity and the exceptional entrepreneurs in the region have caught the eye of both local and global investors, pushing <a href="https://news.crunchbase.com/news/as-billions-flow-into-latin-america-its-startup-scene-scales/">venture capital activity to record levels</a> — especially in fintech. As one of the most active seed-stage funds in Latin America, we often partner with prominent local players to co-invest in high profile fintech startups.
<h3>Looking for opportunities with an entrepreneur’s eye</h3>
As the new Investment Officer for Latin America, I lead deal activity and support our portfolio companies in the region. Before joining the team, I was an investment banker at Lazard’s Buenos Aires office and later left to become an entrepreneur. For the past four years, I was the co-founder of a digital lender for micro, small, and medium enterprises (MSMEs) that used technology to improve underwriting and access to financing for underserved companies in Argentina. As a former entrepreneur, I try to put myself in the shoes of the founders when I am looking at a new investment opportunity or helping our investees with strategic decisions.
<h3>Top inclusive fintech trends in the region</h3>
Brazil and Mexico have consolidated as the leading entrepreneurial ecosystems in the region and will continue to attract the largest volume of venture capital in Latin America. These, together with the maturing fintech landscape in Colombia, are the markets where we will push harder to grow our portfolio. Although we might also invest in other countries, one thing is clear: we will only engage with companies that are offering truly responsible financial products.

A new generation of startups is rising to join the fintechs already disrupting traditional finance — and they’re all about meeting customer needs more completely. Today, it is not enough to provide services faster than the incumbents, have a better user experience, or acquire clients at a lower cost. We are continuously looking for companies that align with our mission of helping the underserved — those that build great products that don’t sacrifice quality and pricing for speed. As global investors, we follow these criteria in our work around the world, but there are some particular trends we are interested in for Latin America.
<ol>
 	<li>Holistic approach to MSMEs. Serving companies has always presented a more significant challenge than working with consumers. The existence of more than one owner, opaque financial statements, relationships with clients and suppliers, and an overall greater number of variables to analyze, create higher entry barriers and makes it more difficult to work with small businesses effectively. The first generation of fintechs brought some of these barriers down by solving a specific need with technology. Today, with growing competition both from fintechs and traditional players, being a single-product company is not enough. Startups need to offer a complete suite of financial services to be efficient and competitive. We want to help companies that deeply understand the needs of Latin American MSMEs and are building the banks of the future for them — like <a href="https://konfio.mx/">Konfio</a>, which started with unsecured loans and now also offers a credit card, financial education, and insurance products, or <a href="https://www.cora.com.br/">Cora</a>, which is launching a neobank for small and medium businesses in Brazil.</li>
 	<li>Fairly priced consumer lending. The days of high-yield, direct “free credit” are coming to an end as low-entry barriers are increasing competition and pushing default rates and acquisition costs to unsustainable levels. Therefore, business models where the interest rate is the only variable used to control profitability are no longer sustainable. They put too much pressure on their customers and are already <a href="https://www.bloomberg.com/news/features/2020-02-12/tech-startups-are-flooding-kenya-with-apps-offering-high-interest-loans">in the public eye for causing more damage than helping them</a>. We are excited about new, more sophisticated schemes that can offer better pricing for low-income populations by providing a broad product offering that subsidizes loans, or by using new assets as collateral to improve underwriting and lower default rates. Companies like <a href="https://www.grupor5.com/">R5 </a>and <a href="https://www.facio.com.br/">Facio</a> are now providing affordable loans to consumers against their assets or future earnings.</li>
 	<li>Platform fintechs. Big tech companies such as Google or Facebook, and newer, more local platforms like Colombia’s Rappi are playing an increasingly central role in the financial lives of consumers. With millions of users, these <a href="https://www.forbes.com/sites/vikasraj/2019/11/20/platform-fintechs-are-cominghow-should-startups-respond/#15e092af2b0f">companies initially added fintech services</a> to satisfy user needs, but now they’re expanding outside the frontiers of their core business. We want to support companies like <a href="https://zolvers.com/">Zolvers</a> that start as a platform with a clear path to adding financial services or fintechs like <a href="https://www.accion.org/why-we-invested-in-smartmei-in-brazil">SmartMei</a> that leverage the data and users of larger platforms to better distribute their products.</li>
 	<li>Sophisticated and consumer-centric insurance products. There is still a lot of room to grow in insurtech in Latin America. In a market with no clear winners yet, we are glad to see startups working closely with large insurance companies to develop and distribute unique products. Whether specializing in insurance for cell phones, cars, or health care, we are looking for companies, like <a href="https://www.pier.digital/">Pier </a>in Brazil, that don’t just act as a broker or a comparison site but are changing the way insurance products are built, priced, and sold.</li>
 	<li>Agri-Fintech solutions. In a region where agriculture is a significant economic force, <a href="http://www.fao.org/3/CA4076EN/CA4076EN_Chapter2_Latin_American_Agriculture.pdf">driving almost 5 percent of the GDP across these countries</a>, we’re excited to see fintech startups like <a href="https://www.siembro.com/">Siembro</a>, which uses sector-specific data to improve underwriting models and partners with players across the supply chain to provide financial services to the small farmers. We have success stories in our portfolio with companies in other parts of the world, like <a href="https://www.accion.org/for-rose-in-kenya-crop-insurance-is-a-game-changer">Pula</a> and <a href="https://www.accion.org/seeds-fertilizer-mobile-money-kenyan-farmers-get-the-supplies-they-need">Apollo Agriculture</a>, and we are eager to replicate their success with new companies in Latin America.</li>
</ol>
<h3>The impact investment scene keeps growing</h3>
Financial inclusion is rooted deeply in many Latin American fintech startups who, from the beginning, design their products to address a large underserved or underbanked population. However, there is a growing number of companies that go the extra mile and commit to having a positive impact in society, not only by bringing an excluded population into the financial sector but by doing so in a responsible way.

By offering better pricing, lowering default rates, or by becoming more efficient as they broaden their product offering, companies are favoring their customers and creating a more sustainable business for themselves. It is not a coincidence that that innovation-focused events are taking place in this vibrant regions for venture capital: <a href="https://www.finnovista.com/finnosummit/">Finnosummit</a> consistently brings together top fintech and insurtech entrepreneurs to meet with financial entities and international investors, and <a href="https://www.inversiondeimpacto.org/">FLII</a>, which also covers other impact areas such as energy and education, is celebrating its tenth annual edition this year. As I step into my new role at Venture Lab, I’m excited to help drive transformation in this dynamic market and accompany startups as they grow to become a new and more responsible generation of leading fintechs.

2020 and beyond: What’s next for fintech innovation in Latin America

New toolkit helps financial service providers use internal and external data to grow their business

While most businesses want to use data to serve their customers better, they don't always know where and how to get started. They understand the promise of data: data-driven risk management means lower prices for the customer and better margins for the provider. Processes that produce data can increase transparency for the customer and support efficiency. Partnerships between organizations have a better chance of succeeding if they are built on a solid base of external and internal data. And data on customers can be used to inform market segmentation and design products relevant to people’s lives.

For all of these benefits, some financial service providers (FSPs) believe that it's too expensive to use data — worrying that this will require expensive IT systems and new staff. However, the business case shows that <a href="https://www.accion.org/are-you-unleashing-the-full-potential-of-your-data">FSPs cannot afford not to use data —</a> especially those that work with low-income customers.

[caption id="" align="alignnone" width="790"]<img class="" src="http://content.accion.org/wp-content/uploads/2020/02/DMAC.jpg" alt="" width="790" height="403" /> Building data management and analytics capabilities can address many business problems.[/caption]

The <a href="https://www.opml.co.uk/projects/deepening-financial-inclusion-in-sub-saharan-africa">Data Management and Analytics Capabilities</a> (DMAC) program aimed to address this important need head-on by building the capacity of FSPs in sub-Saharan Africa so they can use data more effectively. DMAC worked closely with seven partner institutions to enhance their capabilities to manage and analyze data, develop and innovate new business models, and <a href="https://www.accion.org/helping-families-in-zambia-cope-with-a-health-crisis">design inclusive and affordable financial products and services</a> that meet the needs of unserved and underserved adults. Through this project, the DMAC team helped fintechs, banks, and insurance providers develop new or enhanced products — including four digital microinsurance products and three savings products — that aim to reach over 1.2 million clients at scale.

To share what we learned with providers around the globe, the team developed a toolkit, <a href="https://www.accion.org/data-management-and-analytics-capabilities">Unleashing the power of data to transform your business.</a> This guide will help FSPs understand the different data sources available to them and how they can use this information to serve their clients better, improve their business, and potentially reach new markets. It will also be useful for organizations that work with FSPs and want these institutions to make more and better use of data.

The toolkit has three parts:
<ol>
 	<li>The case for using data: The guide explores the business case for using data. It explains how a provider can ensure that their organization has the requirements in place to effectively use data to improve product design and service delivery. This includes a useful data readiness checklist to assess your organization’s capacity.</li>
 	<li>Data-driven product design and delivery: Product development serves as a use case for how data can be integrated into one area of a business. The second section of the toolkit takes users through each step of the product development cycle, highlighting where they can use data to enhance product development. We've included resources to support this process, including a template to help FSPs set key performance indicators and tools that can be used for monitoring product performance.</li>
 	<li>Data management and partnerships for better data analytics: In the final section, the toolkit explores broader data management and how data analytics can help move an organization for It also discusses the possibilities and pitfalls of working in partnership with others to move towards greater data-centricity.</li>
</ol>
The <a href="https://www.accion.org/data-management-and-analytics-capabilities">toolkit</a> includes many practical examples of how we worked with our DMAC partners, within their respective country contexts, and the lessons learned. We also included many of the easy-to-use tools we used throughout the program. As users will be at different stages in their data journey and have various needs, readers should focus on the areas where they need to build capacity or have limited understanding.

After exploring this toolkit, your organization should have the information and tools needed to understand how to use data well, and even how to make an internal case for data-driven changes. Accion’s Global Advisory Solutions knows that data has an essential role in making digital financial services more accessible and useful for people around the world. We work with providers globally to enhance their data capabilities in all aspects of their business to enable them to reach the 3 billion people that are still underserved by the financial sector. We hope this toolkit proves useful and would <a href="mailto:GLASsupport@accion.org">welcome any feedback</a> you have on the toolkit and your experience of using it.

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DMAC was designed by <a href="https://www.fsdafrica.org/">Financial Sector Deepening Africa</a> (FSDA) and the <a href="https://www.idrc.ca/">International Development Research Centre</a> (IDRC) in partnership with <a href="http://www.fsdt.or.tz/">FSDT</a> and <a href="https://www.fsdzambia.org/">FSDZ</a> and was implemented in Sierra Leone, Tanzania, and Zambia by <a href="https://www.opml.co.uk/">Oxford Policy Management</a> (OPM), in collaboration with <a href="https://www.accion.org/how-we-work/advise/accion-global-advisory-solutions">Accion Global Advisory Solutions</a> and <a href="https://www.masterdata.co.za/">Master Data Management Ltd</a> (MDM). 

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How to use data to transform financial services

Emma Morse

Gayatri Mehta

Through its digital transformation initiatives, BAV aims to better serve its customers by lowering costs, delivering credit faster, and reaching even more clients across the country — all while ensuring the right <a href="https://www.accion.org/the-tech-touch-balance">balance between technology and human touch</a>. Accion will support BAV to develop responsibly designed financial products and business management services to help Ibu Oom and other microentrepreneurs across Indonesia run better, buy better, and sell better.

Like Indonesia, India has a vibrant digital economy, driven by an increase in the accessibility and affordability of smartphones and high-speed internet connectivity. India ranks among the <a href="https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/digital-india-technology-to-transform-a-connected-nation">highest in the world</a> in digital adoption. The government’s effort to ramp up Aadhaar, the national biometric digital identity program, has played a significant role. India is second only to China in app downloads, wireless subscriptions, and smartphone device ownership. And <a href="http://documents.worldbank.org/curated/en/332881525873182837/The-Global-Findex-Database-2017-Measuring-Financial-Inclusion-and-the-Fintech-Revolution">80 percent of Indian adults</a> have at least one digital financial account, compared to just 40 percent in 2011.
Even with significant advances in building a digital financial ecosystem, India still has room to grow. Despite high digital account ownership, more than 90 percent of all retail transactions are done in cash. Relying on cash leaves small business owners without the financial records they need to apply for credit and manage their business, limiting their ability to grow. Some entrepreneurs, such as Mohammad Ishaque, a clothing vendor in Odisha, have started to experiment with digital payment solutions, but still rely extensively on cash for day-to-day transactions.
Since 2005, Accion has been <a href="https://www.accion.org/accion-in-india-advancing-financial-inclusion-in-one-of-the-worlds-fastest-developing-economies">supporting partners in India</a>, including <a href="https://www.accion.org/helping-small-businesses-and-communities-thrive-with-digital-financial-services">BASIX Sub-K</a>, another partner in our work with Mastercard. Given the scale of the opportunity in India, we’re excited to partner with <a href="https://annapurnafinance.in/">Annapurna Finance Pvt. Ltd</a>. Headquartered in Bhubaneswar, the capital of the East Indian state of Odisha, Annapurna Finance was established to serve clients in eastern India who would otherwise lack access to high-quality financial services. Through its products and outreach, Annapurna Finance also provides financial and technical support to their clients to strengthen their entrepreneurial skills.

Two new companies join Mastercard and Accion to leverage digital transformation to unlock economic opportunities for small and medium enterprises

The world’s largest archipelago, Indonesia is an extraordinarily diverse and culturally rich country that spans across 17,000 islands in the Asia-Pacific region. The country is one of the fastest growing economies today — in part, because of digitization. Its digital economy is predicted to <a href="https://fintechnews.sg/35731/indonesia/the-digital-ecosystems-that-will-help-indonesia-reach-80-financial-inclusion/">more than triple to US $133 billion by 2025</a>.

Yet, despite the rapid growth, half of Indonesia’s adult population is still unbanked, and the majority of its <a href="http://www.depkop.go.id/data-umkm">64 million micro-enterprises</a>, like rice mill owner Ibu Oom, have been financially excluded. This has forced many micro-enterprises to borrow from family and friends or via informal money lenders, which often results in high interest rates and potential overindebtedness. Several large state-owned banks, private banks, microfinance companies, and more recently, fintechs, have begun addressing the needs of this market.

As part of <a href="https://www.accion.org/mastercard-and-accions-partnership-to-unlock-millions-of-underserved-microbusinesses">Mastercard and Accion’s partnership</a>, we’re excited to partner with <a href="https://bina-artha.com/">Bina Artha Ventura (BAV)</a>, a leading financial service provider determined to bridge the gap between Indonesia’s formal and informal financial sectors. Established in 2011, BAV serves more than 300,000 clients through an extensive network of 330 branches across peri-urban and rural regions of Java and Sulawesi. BAV supports micro-entrepreneurs, the majority of whom are women, with affordable group and individual lending products to empower them with the economic means to grow their businesses and improve their financial well-being.

Expanding the benefits of a growing digital economy in Indonesia and India

Data Management and Analytics Capabilities toolkit

Toolkits and Guides

This toolkit draws on the valuable learning gained through the Data Management and Analytics Capabilities (DMAC) program which was implemented from 2017 to 2019 in Zambia, Tanzania, and Sierra Leone. DMAC built the capacity of seven partner banks, insurance companies, and fintechs to use data more effectively across their entire businesses, including in the design of new financial products and improve existing products for their customers. DMAC was designed and funded by FSDA, IDRC, and FSDT and implemented by a consortium led by Oxford Policy Management.

With more data being created at a faster rate than ever before, it can be hard for FSPs to know what to do with the plethora of data available to them. FSPs are capturing large amounts of data on their internal systems and also have access to external data – as a result of improved connectivity and increasing smartphone penetration, as well as through publically available external data (e.g. national surveys). However, many FSPs are not making full use of this data as they may not understand its full potential, have information overload, inefficient processes, and systems, and think it is expensive to make use of data. The toolkit aims to help FSPs understand the different data sources available to them and how to use them effectively to transform their business.

Although primarily aimed at FSPs, the toolkit may also be of use and interest to those who provide services to FSPs in their respective markets (such as data management and research firms) and other organizations wanting to implement programs that encourage FSPs to make more and better use of data.

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Unleashing the power of data to transform your business

Megan Peterson

Patricia is rebuilding her financial health with support from digital financial management platform Destacame


Patricia Viches Fernandez manages a team of twelve people at her job in foodservice administration in Santiago, Chile. While she takes her career seriously, the best part of her day is when she finishes her shift and gets to rush home to be with her daughters, one a young teenager and the other a small toddler. Her daughters were her motivation for paying off her debt and getting her finances in order — she wanted to secure a better future for her family: “I was feeling really down. I was really worried as I have two daughters and I am in a stage in my life that I want to buy a house and buy a car, and we couldn't because of our debt record.”

When her debt was at its highest, she recalls that “it became so bad that l couldn't sleep at night because I couldn't get money from anywhere.” One of the worst consequences of her debt was when her baby got so sick that they had to rush her to the emergency room. They were almost turned away for service because of their financial records and only allowed to see a doctor because of how severe the illness was. Patricia knew that she had to tackle her debt not only to secure her family’s future but also to keep her family safe today.

[caption id="" align="alignleft" width="491"]<img src="http://content.accion.org/wp-content/uploads/2019/01/2018_Accion_Destacame_Day1__0645.jpg" alt="Employees of Destacame having a conversation." width="491" height="327" /> Destacame employee Maile Dominguez listens to customers and helps them with their problems.[/caption]

A coworker told Patricia about Accion partner <a href="https://www.destacame.cl/">Destacame</a>, a digital platform that hosts a suite of products that allow consumers to manage their financial life, including past-due debt repayment, financial health education, and access to financial services based on each user’s needs and abilities. The fintech company has served more than 1.3 million customers in Chile and Mexico, including many who are plagued by debt. “When you serve people who actually have past debts or no credit, you make a huge difference in their lives,” says Maile Dominguez, a customer support executive for Destacame. In her role, she’s seen the struggles that people like Patricia face because of their debts. “They can’t sleep at night. There are big problems when you owe money or need money — it impacts your life.” She hears their struggles, and she’s happy that Destacame can help them and provide financial education to get past their problems.

Since Destacame is an online platform and Patricia describes herself as “not very tech-savvy,” she approached it with some skepticism, but Destacame surprised her. “We started creating the account, and I realized it was so easy. What happens is that people get scared of new platforms, but it's super simple and user-friendly.” Through the platform, she is working to pay off her past debt, learning how to save money for her daughters’ education, and finding financial tools that can help her with those big expenses that she wants for her family. Today, she’s feeling positive about her family’s future, and she’s become an advocate for Destacame. “I think this website is growing by my recommendation and word of mouth,” she jokes.

To give her daughters a better future, she had to confront past debts

Michael Schlein

When you grow up in a community, you understand it on a deeper level. You get to know the families next door, the businesses that work nearby, and the habits that characterize daily life.

For the last five decades, Accion has worked with over 110 partners in 50 countries, and in every instance, we’ve relied on our partners’ deep local knowledge of the needs, desires, and habits of their neighbors and clients. We may know something about global trends and innovations, but it takes a partner on the ground to help us tailor those products and services to meet the needs and solve the real challenges of our clients.

Increasingly, businesses are exploring how diverse perspectives and local insights like these drive innovation. In the introduction to <a href="https://www.mastercardservices.com/en/expert-insights/ceos-innovation-playbook">The CEO’s Innovation Playbook</a>, a report from Mastercard and Harvard Business Review Analytic Services that guides leaders to spark change, Ajay Banga writes that when an organization brings diverse insights and experiences together, it “end[s] up with a collective perspective that is both broader and deeper than any one perspective could be on its own.”

That’s why we work alongside leaders like these: they’ve grown up in the communities that they serve, know what problems must be addressed, and understand the differences that inclusive financial services can make.
<h3>Using AI, remote sensing, and automation to protect smallholder farmers </h3>
After growing up on a farm in Kenya, <a href="https://www.nytimes.com/2019/10/03/business/microinsurance-africa-thomas-njeru.html">Thomas Njeru </a>understood why so many of the world’s farmers are just one drought or disease away from devastation. "I remember during a drought year, some of my friends dropping out of school — they could not come to school hungry, and their parents could not pay the school fees. The majority of families in Africa are faced with the same precarious reality.” That motivated him to create <a href="https://www.accion.org/for-rose-in-kenya-crop-insurance-is-a-game-changer">Pula</a> with co-founder Rose Goslinga, which uses technology to provide smallholder farmers agricultural insurance and uses satellite data to help its clients gain higher crop yields. By combining artificial intelligence, mobile registration, remote sensing, and automated tools, Pula’s annual insurance premium costs farmers about $3 to $5 and helps them protect their crops and their livelihood.
<h3>Tapping into an Indian tradition to support small businesses</h3>
Growing up, Neeraj Bansal watched his entrepreneur father <a href="https://timesofindia.indiatimes.com/business/india-business/honey-no-money-dont-worry-credright-hain-na/articleshow/68118970.cms">struggle</a> to obtain capital and sustain his businesses. He also saw how India’s <a href="https://www.youtube.com/watch?time_continue=3&amp;v=hxvDtklQL8I">chit funds</a> — traditional lending groups similar to ROSCAs — used social trust and local knowledge to provide credit to entrepreneurs when banks wouldn’t. Today, India is home to roughly 5 million chit funds, some of which have been operating for years. They represent a wealth of high-quality user data that banks had overlooked. Neeraj co-founded <a href="https://www.accion.org/fintech-transforming-indias-chit-fund-industry-inclusive-finance">CredRight</a> to tap that information to help India’s micro, small, and medium enterprises (MSMEs) get the funding they need. By partnering with chit fund representatives and accessing member data, CredRight evaluates borrowers’ creditworthiness to provide MSMEs with inclusive finance quickly and inexpensively.
<h3> Helping people in informal settlements through insurtech </h3>
In South Africa, approximately <a href="https://www.ohchr.org/Documents/Issues/Housing/InformalSettlements/SERI.pdf">1 in 7 families lived in informal settlements</a> in 2016. In those communities, fire safety is a significant concern: between 2015 and 2016, <a href="https://www.cnn.com/2016/08/23/africa/lumkani-fire-detector-south-africa-2/index.html">fires</a> killed 32 people and damaged nearly 4,000 homes. After working on a solution to this issue while at Cape Town University, Francois Petousis, David Gluckman, and Paul Mesarcik co-founded <a href="https://www.accion.org/fire-insurance-provides-peace-of-mind-in-south-africa">Lumkani</a> to keep more South Africans safe. Lumkani provides residents in South Africa’s informal settlements with fire insurance and an internet-connected heat sensor that notifies all users if a fire is detected nearby. Eighteen months after launching, Lumkani demonstrated that, in 73 percent of cases, its technology helped <a href="https://www.accion.org/lumkani-uses-fire-insurance-to-protect-families-in-south-africa">prevent fires from spreading</a> beyond the first home.
<h3>Keeping corner stores stocked in Mexico and Peru</h3>
Neighborhood stores, or tiendas, are fixtures throughout Latin America. They’re essential for the people who live nearby as well as their local economies. But many of these mom-and-pop shops can’t get the financing they need to restock their shelves with snacks, drinks, and other goods when they need them. Dan Cohen helped create a company that solves this problem for storeowners and the vendors they work with: <a href="https://www.accion.org/five-small-business-owners-in-mexico-city-share-their-stories">Tienda Pago</a> provides entrepreneurs across Mexico and Peru with short-term working capital loans to purchase high-demand items. The company uses <a href="https://www.accion.org/how-banks-fintechs-and-corporations-can-expand-supply-chain-finance">supply chain data</a> to finance inventory payments, paying fast-moving consumer goods (FMCG) distributors directly; the distributors then deliver those supplies to the storeowners, who repay Tienda Pago via an electronic mobile payment platform.
<h3>Local needs and global goals</h3>
By living and working with their clients, these innovators developed new solutions that address specific needs from the ground up.

We should cultivate and support local innovation wherever we can: <a href="https://bankinnovation.net/allposts/biz-lines/payments/amazon-pay-launches-bill-inquiry-feature-via-alexa-devices/">Amazon</a>, <a href="https://www.businessinsider.in/finance/news/report-ant-financial-and-tencent-are-rapidly-growing-their-financial-services-ecosystems-heres-exactly-what-they-offer-and-where-we-think-theyll-go-next/articleshow/71696739.cms">Ant Financial</a>, <a href="https://www.nytimes.com/2019/06/18/technology/facebook-cryptocurrency-libra.html">Facebook</a>, <a href="https://www.cnbc.com/2019/10/30/sea-online-financial-services-to-generate-38-billion-revenue-by-2025.html">GOJEK and Grab</a>, <a href="https://www.cnbc.com/2019/10/28/uber-announces-deeper-push-into-financial-services-with-uber-money.html">Uber</a>, and many others are developing global super platforms that can immediately reach billions of people who have been left out of the formal financial sector. But to make the most of their platforms, these players should listen to and work with people already driving innovation in communities across the globe. These innovators know what it means to understand and address the fundamental, immediate human needs of the world’s underserved communities, including education, food security, home safety, and expanded economic opportunity.

When fintech innovation meets these needs, it makes an immediate impact on people's lives, but it also has long-term effects for families and communities. From ending hunger to achieving gender equality to promoting economic growth, <a href="https://www.uncdf.org/financial-inclusion-and-the-sdgs">financial inclusion is an enabler in more than half of the UN’s Sustainable Development Goals</a>.

That’s why supporting local innovation matters — because by understanding the unique needs of people in each market and creating solutions that fit their lives, we can finally build a safer, more equitable world for everyone.

Even in a world of global super platforms, local innovation still matters

María Belén Garrett

Ana Ruth Medina Arias

Business and financial training platform Ovante makes a difference for small business owners 

Maria Pico established her hairstyling business in Bucaramanga, Colombia, when she was 25. Today, a decade later, she finds herself wearing multiple hats — as an entrepreneur who is brimming with enthusiasm to grow her hair salon and as a mother who is eager to provide a comfortable life to her daughter.  

Over the years, Maria has built a loyal customer base and is usually booked with appointments. Nevertheless, she recently realized that growth was stagnating but wasn’t sure what she could do to take her business to the next level. While Maria had access to financial products that could help her invest in the business, as well as access to the internet to educate herself, she did not have the skills and training needed to effectively leverage these resources to boost the growth of her business. Maria’s case represents the plight of many micro-entrepreneurs whose aspirations are constrained by their lack of confidence in tools that can accelerate business growth. When Maria learned about <a href="https://www.ovante.org/">Ovante</a>, Accion’s fully digital and interactive business education program developed with support from FedEx, she knew it was for her. 

Ovante’s platform helps micro business owners learn critical business and financial concepts. They learn how to make smart decisions with their money, protect their businesses, and calculate their earnings, all while becoming more digitally savvy. Maria has learned how to better manage appointments, maintain budgets, track customer visits, and expand her customer base. Overall, the key lessons Ovante seeks to build are to:  
<ul>
 	<li data-leveltext="" data-font="Symbol" data-listid="4" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1">Drive sustained business growth: Businesses have several cash flow sources, but these rarely become the income-generation source that business owners need to improve their lives. Ovante walks users through a step-by-step process to learn how to assess their business profitability and what to do to improve it. 
</li>
</ul>
<ul>
 	<li data-leveltext="" data-font="Symbol" data-listid="4" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1">Plan for the long-term: Most microentrepreneurs have a daily or weekly plan for their businesses, but fewer have a longer-term vision for the month or the year. This impedes their ability to make better use of working capital loans or invest in inventory. Ovante helps them to review their money management habits and highlights how they could improve their business performance by setting longer-term goals and changing their behaviors to be more long-term oriented. 
</li>
</ul>
<ul>
 	<li data-leveltext="" data-font="Symbol" data-listid="4" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1">Manage time and become more efficient: Business owners deal with an unending list of things to complete within a short time frame. They often find their business performance diminishing due to time constraints. Ovante helps users to manage their time better and provides recommendations of practices that could help them to be more productive and successful in their businesses. 
</li>
</ul>
<ul>
 	<li data-leveltext="" data-font="Symbol" data-listid="4" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1">Branding and marketing through non-traditional channels: Most microentrepreneurs use traditional channels like word of mouth to expand their client base. Ovante helps users learn how to apply tools like social media marketing and branding to grow their customer bases — crucial factors for businesses like Maria’s. For instance, Microentrepreneurs learn how to start a Facebook page for their business, through which they can conveniently market their products and services. </li>
</ul>
Ovante uses interactive tools, including videos and techniques like gamification, to build users’ business capabilities. When her salon is quiet, or after locking up for the day and completing her household chores, Maria often finds a quiet corner to revisit and complete Ovante’s modules on her computer or cell phone. Ovante is enabling micro-entrepreneurs in Latin America to learn essential business skills from the comfort of their homes and apply the lessons to grow their businesses. Individuals who earlier struggled to use technology are increasingly becoming digitally savvy. According to reports collected by Accion’s technology provider <a href="https://www.colnodo.apc.org/">Colnodo</a>, nearly 92 percent of Ovante users say that it is their first time using a digital platform.  

[caption id="" align="alignright" width="440"]<img class="" src="http://content.accion.org/wp-content/uploads/2019/06/2018_Accion_Ovante_0074.jpg" alt="" width="440" height="293" /> Ovante helps entrepreneurs like Margarita develop their business skills and learn how to use financial products and services responsibly.[/caption]

Another entrepreneur, Margarita Viviescas, has worked as a florist, dressmaker, event designer, and masseuse for more than 20 years. Until she started using Ovante, Margarita’s exposure to digital technology was largely limited to using her smartphone to make phone calls and send text messages. By empowering Margarita to access information and improve her business in real-time, Ovante is providing her with exposure to digital technology. In discussing why flexibility matters to her, Margarita exclaimed, “I think it is very helpful that Ovante is digital because you can use it anywhere! It also solves the problem of limited availability of time because there is no set time to use this platform, which makes it more convenient to use.”  

Ovante helps thousands of entrepreneurs like Maria and Margarita, who face a myriad of business and household responsibilities, to better manage their lives. As of December 2019, Ovante has reached more than 15,050 low-income entrepreneurs, of which 81 percent are women. Recently, Ovante was selected as a winner of the <a href="https://www.worldsummitawards.org/2019/12/10/meet-the-40-winners-of-2019/">World Summit Awards</a> (WSA) in the category of learning and education for 2019. The WSA is a unique awards system, selecting and promoting local digital innovation which contributes to the achievement of the UN Sustainable Development Goals. It is an international platform for cutting edge examples of how Information and Communication Technology can positively affect communities, and only 40 solutions from 25 countries earned an award. 

Over the next 18 months, Accion plans to scale Ovante to multiple countries across Latin America and markets like India, where Accion has a significant local presence. As we continue to drive Ovante’s expansion, we hope that end-users will continue to build their business, financial, and digital capabilities and will further incorporate digital tools into their daily lives and ultimately into their businesses.  

 

Arisha Salman also contributed to this article.

Bridging the digital divide to help Latin America entrepreneurs

Justin Matheson-Turner

How one entrepreneur overcame Peru’s small business financing gap with Mibanco’s support


Freddy Mayta Quispe has a passion for natural products, specifically traditional Andean goods. He values the benefits these products have for health and wellness and wanted to share them with his community. “I love to use and consume these natural products. They don’t have preservatives — this is all-natural. It is very good for your health. And that is why I am dedicating my life to distributing them,” says Freddy.

Freddy also values his independence and knew he wanted to chart his own destiny. But when he began putting together his business plan, Freddy hit a hurdle in accessing the funding needed to get his idea off the ground. “I was looking for options, but no one wanted to give me a loan because I was looking for a significant amount — it wasn’t small — and they weren’t giving it to me.” Despite his great ideas and passion, Freddy faced a financing gap experienced by many micro-and-small entrepreneurs. The <a href="https://medium.com/accion/technology-keeps-small-businesses-well-stocked-and-growing-in-latin-america-6b358bcbbeba">Inter-American Development Bank</a> estimates the funding gap for Latin American medium, small, and micro-enterprises to be $250 billion.

[caption id="" align="alignright" width="451"]<img class="" src="http://content.accion.org/wp-content/uploads/2019/01/2018_Accion_MiBanko_Day1__1446.jpg" alt="" width="451" height="300" /> Freddy is working towards his goal of opening a supermarket specializing in Andean natural products.[/caption]

Luckily there are financial service providers that have made it their mission to fill the gap and meet the needs of small business owners like Freddy. In Peru, Accion partner, Mibanco, specializes in understanding the needs of entrepreneurs. They offer advice and loans that allow businesses to grow sustainably. Mibanco business manager, Roberto Gallardo Bejarano, says, “Here you have a company that has a purpose, and that purpose is to affect people’s lives. The financially inclusive part is giving them a chance — seeing their progress and how you can improve on that. So it makes you feel complete, and that, for me, is priceless.”

Mibanco could see the potential in Freddy’s business plan, and they did give him a chance. With advice and loans from Mibanco, Freddy has expanded his business and been able to provide a better life for his wife and two sons. But he still wants to achieve more, “Thanks to MiBanco, I have a house, I have a roof over my head. And I can give comfort and all these good things to my family, but there is still a long way to go and many goals I would wish to reach.”

Ultimately, Freddy dreams of opening a supermarket specializing in Andean natural products. With his drive to achieve his goals and a trusted partner like Mibanco, Freddy sees unlimited potential.

&nbsp;

Fresh from the Andes: An inspiring small business

Jeffrey  Campbell

Financial service providers can serve more customers by leveraging data and technology

How does a traditional bank go digital to serve more customers? Recently I visited Lagos, Nigeria, and La Paz, Bolivia, to see — and help drive — that process. In Lagos, <a href="https://www.accionmfb.com/">Accion Microfinance Bank</a> hopes to triple the number of people it serves through a digital-first model for acquiring new clients and improve internal processes. In La Paz, Accion is working with <a href="https://www.bancosol.com.bo/">BancoSol</a> to establish an innovation hub — a unit tasked with bringing better digital products to market, using a data-driven approach. Both projects are part of <a href="https://www.accion.org/mastercard-and-accions-partnership-to-unlock-millions-of-underserved-microbusinesses">Mastercard's ongoing partnership with Accion</a>.

For the last 14 years, I’ve worked with <a href="https://www.mastercardservices.com/en/solutions/test-learn">Mastercard</a> to fulfill the mission of bringing smart, data-driven decision making to the banking, retail, consumer packaged goods (CPG), hospitality, and automotive sectors. We help companies test ideas like “should I dramatically overhaul my stores and brand?” or “should I offer a 30 percent promotion, 35 percent, or buy one, get one free?” Getting these questions right can mean significant impacts on top and bottom lines.

In August, Mastercard gave me the opportunity to take on a new mission for three months: bringing a similar approach to solving big questions with data, analysis, and testing to Accion’s <a href="https://www.accion.org/how-we-work/advise/accion-global-advisory-solutions">Global Advisory Solutions</a> team. We are working with Accion’s partner organizations to leverage analytics to drive financial inclusion.

During my travels with Accion, I had the opportunity to speak with Accion Microfinance Bank and BancoSol’s senior leadership teams about their use of data and technology in building out their digital strategy. I also gave a presentation to each team’s leadership on how to conduct testing and analytics, and how it can help organizations achieve their growth ambitions.

I spent time with clients of each bank in their homes and at their places of business to learn more about how they use financial services. I was surprised at how accessible financial technology is for many entrepreneurs — one vendor's stall in Lagos was no bigger than my cubicle but featured a Point-of-Sale (POS) machine for credit cards. Even though that vendor was equipped to receive digital payments, they were hesitant to make electronic payments and deposits of their own. This disconnect reflects how much less customers trust their banks in Nigeria compared to customers in the U.S. One takeaway from speaking with customers in Lagos: we have a big task ahead in giving underbanked people reason to trust that digital banking will be safe, reliable, and easy to use.
<blockquote>We have a big task ahead in giving underbanked people reason to trust that digital banking will be safe, reliable, and easy to use.</blockquote>
In Bolivia, the challenge is less about trust-building and more about increasing people’s comfort and literacy around digital tools. Many entrepreneurs told us that they have a digital product but aren’t using it.

Like customer needs, degrees of digitization vary dramatically. At Accion Microfinance bank, the team is working to build a data warehouse to make analytics and reporting less manual. At BancoSol, the data warehouse has existed for several years and is impressive. It captures critical elements into a data server and then extracts commonly used information into reports automatically. It rivals the systems in place for banks in the U.S., and there are plans in place to make it even more powerful. BancoSol’s next goal is to leverage this well-captured data more effectively. That’s one of the mandates for the new innovation hub, and something we will be supporting them to implement.

In many ways, the challenges facing microfinance institutions look a lot like the ones facing the commercial banks that I work with at Mastercard. In both worlds, companies are looking to understand their customers' wants and needs and create a niche in a rapidly evolving market. They're both working to take down the overhead of branches and field staff while trying to expand reach digitally.

My visits were educational and eye-opening. It’s amazing to be part of an effort to expand the benefits of the global financial system to people who have not had them historically. The opportunity to speak directly to customers about their relationship with their financial providers was a good reminder that the customer should always be at the center of any initiative. Upon returning to Mastercard, I will be reminding my clients of this as well.

I am excited to support the Accion team to identify the role of data in making digital banking more accessible. From risk analysis to customer segmentation to operations and payments, when we leverage data, we can make financial tools more available — and more useful — to everyone.

Data is crucial for driving  inclusive growth

Apollo Agriculture supports smallholder farmers in ways old and new

Smallholder farmers in Kenya — like smallholder farmers everywhere — work very hard, and live precariously, always facing challenges from drought to floods to commodity market fluctuations. Margaret Auma Oyoko, who grows maize and raises cows, when asked to describe her day says simply, “When I wake up, I pray to God to help me in my activities like farming, feeding the cows, and other household duties.”

&nbsp;

[caption id="attachment_20230" align="alignleft" width="500"]<img class=" wp-image-20230" src="http://content.accion.org/wp-content/uploads/2019/12/Kenya_Nakuru_0030-2-1024x684.jpg" alt="Alfred in maize field" width="500" height="334" /> Alfred appreciates how healthy his crops are with Apollo’s fertilizer.[/caption]

<a href="https://apolloagriculture.com/">Apollo Agriculture</a>, an Accion Venture Lab portfolio company, was founded to help farmers like Margaret thrive in the face of their many challenges. When farmers become Apollo clients, they receive not only high-quality seeds and fertilizer but also advice to help them farm more effectively. 

Alfred first heard about Apollo from a friend who is also a farmer. He reports that he and several neighbors have all had positive experiences with Apollo so far. “Their fertilizer is very rich, which meant my crop yield was very high. After harvesting and selling my maize, I was able to pay the school fees,” he says, adding, “I’ve also learned so much more about agriculture. They teach us a lot and show us how to do farm work.”

[caption id="attachment_20232" align="alignright" width="500"]<img class=" wp-image-20232" src="http://content.accion.org/wp-content/uploads/2019/12/Nakuru_0023-1024x684.jpg" alt="Susan shows an Apollo agent her produce." width="500" height="334" /> Susan shows an Apollo agent her produce.[/caption]

Susan Wangui Wanjiru also learned about Apollo through a friend, and while like Alfred, she appreciates the quality of its products, she is especially impressed by its tech-enabled systems. She first signed up as a customer via text message and then an agent came to her property and assessed her farm. Says Susan, “The beauty of it is that Apollo does not give out cash to anyone, not even the agents. You send it directly to them [using M-Pesa]. You then get your balance as a text message.” For a busy farmer and mother, the convenience is invaluable.

Summing up his Apollo experience, Alfred says, “Before, I struggled to get farm inputs. The next problem was finances, as you have to buy everything with cash. It was also difficult to find people who could teach you something new. But now it’s better with Apollo.”

Seeds, fertilizer, mobile money: Kenyan farmers get the supplies they need

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