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<p><em><span class="TextRun SCXW5092266 BCX0" lang="ES-ES" xml:lang="ES-ES" data-contrast="auto"><span class="NormalTextRun SCXW5092266 BCX0">Cómo pueden los proveedores financieros mantener el impulso innovador mientras el mundo sigue adaptándose al COVID-19</span></span><span class="EOP SCXW5092266 BCX0" data-ccp-props="{}"> </span></em></p>
<p>La industria de servicios financieros ha sido testigo del auge de las innovaciones debido a la pandemia mundial de COVID-19. Los proveedores financieros de todo el mundo se han visto obligados a repensar a fondo sus modelos de negocio para continuar atendiendo a sus clientes, muchos de los cuales no podían salir de sus hogares debido a confinamientos y a medidas de distanciamiento social. Incluso algunas instituciones microfinancieras tradicionales, muchas de las cuales nunca habían ofrecido un canal digital de autoservicio a sus clientes, idearon y <a href="/a-digital-loan-helps-a-street-vendor-get-back-on-his-feet" target="_blank" rel="noopener">lanzaron rápidamente productos de crédito digital entregados a través de SMS</a>. Otras han buscado nuevas formas de brindar servicio al cliente, como <a href="https://simplehai.axisdirect.in/stock-market-news/whatsapp" target="_blank" rel="noopener">diseñar soluciones a través de canales de chat populares como WhatsApp</a>. A algunos proveedores de servicios financieros (PSF) que ya disponían de canales digitales <a href="https://www.mastercardcenter.org/insights/covid19-shows-small-businesses-the-benefits-of-digital-financial-services" target="_blank" rel="noopener">les aumentó el volumen de transacciones más del 200</a> por ciento con respecto al período previo a la pandemia. Casi todos tuvieron que lidiar con reducciones de personal e interrupciones en la continuidad del negocio cuando la pandemia cerró a ritmo alarmante las puertas de las pequeñas empresas de sus clientes.</p>
<p>A medida que el nivel de vacunación se incrementa y el mundo vuelva a cambiar, ¿podrán las organizaciones microfinancieras más tradicionales mantener el ritmo de innovación que se produjo al comienzo de la crisis, o volverán a su rutina? Nuestra experiencia apoyando a nuestros socios muestra que la estabilidad relativa, es decir la impresión de que todo va bien, puede resultar un inhibidor de la innovación continua. ¿Cómo garantizar que el espíritu de innovación que se mantuvo durante la crisis del COVID-19, siga siendo una prioridad estratégica?</p>
<p><em>¿Centrar o no centrar? Esa es la pregunta.</em></p>
<p>Para los PSF que buscan crear un espacio dedicado a la innovación, un modelo particularmente exitoso es el de los centros (o laboratorios) de innovación. Dado que una de las mayores barreras que enfrentan los PSF para innovar es la separación entre las actividades centrales del &#8220;negocio día a día (NDD)&#8221; y las iniciativas más orientadas hacia el futuro, los centros de innovación son efectivos para crear un ambiente de pruebas; un espacio para que las instituciones experimenten con productos y servicios que consideran que tomarán tiempo en lograr ajustarse al mercado.</p>
<p>Dicho esto, existe gran diversidad en materia de estructuras, enfoques e intensidades de recursos en función del tipo de centro. En los mercados emergentes, los centros de innovación tienden a adoptar alguna de las siguientes formas (y algunos incluso pueden incorporar aspectos de cada una):</p>
<ol>
<li><strong>Incubadoras y aceleradoras:</strong> aumentan el alcance de soluciones comerciales nuevas e innovadoras mediante capital de inversión y asesoría. Un ejemplo notable es el <a href="https://www.jpmorganchase.com/impact/our-approach/financial-health/financial-solutions-lab" target="_blank" rel="noopener">Laboratorio de Soluciones Financieras de JP Morgan Chase and Co</a>, un acelerador que busca identificar, probar y llevar al mercado innovaciones enfocadas en mejorar la salud financiera de personas desatendidas y de bajos ingresos.</li>
<li><strong>Innovación centrada en fusiones y adquisiciones:</strong> en lugar de desarrollar internamente capacidades de innovación e I + D, algunas empresas optan por incorporar la innovación a través de fusiones y adquisiciones (M&amp;A) de nuevas empresas. La adquisición de tecnologías es uno de los principales impulsores de la estrategia de M&amp;A a nivel mundial. Esta estrategia de innovación está muy extendida en el sector financiero, donde a los bancos a menudo les resulta más expedito o económico adquirir una fintech, en lugar de desarrollar la tecnología internamente. Algunos ejemplos conocidos incluyen la adquisición por parte de Stripe de la <a href="https://www.fintechfutures.com/2020/10/stripe-acquires-nigerian-start-up-paystack-in-200m-deal/" target="_blank" rel="noopener">startup nigeriana Paystack</a> y la adquisición por parte de Ant Financial de <a href="https://techcrunch.com/2019/02/14/alibabas-ant-financial-buys-worldfirst/" target="_blank" rel="noopener">WorldFirst</a>, una casa de cambio con sede en el Reino Unido.</li>
<li><strong>Laboratorios de innovación abierta:</strong> como término que cubre muchos tipos de laboratorios de innovación, la innovación abierta puede significar varias cosas. En esencia, esta es una estrategia que promueve la innovación utilizando diversas organizaciones, disciplinas y personas, que reconoce que las ideas más innovadoras suelen provenir de fuera del ámbito y los recursos de la propia empresa. Los modelos exitosos en mercados emergentes incluyen el <a href="https://innovation.brac.net/" target="_blank" rel="noopener">Laboratorio de Innovación Social BRAC</a> en Bangladesh y el <a href="https://www.mastercard.us/en-us/vision/corp-responsibility/social-sustainability/the-mastercard-labs-for-financial-inclusion.html" target="_blank" rel="noopener">Laboratorio Mastercard para la Inclusión Financiera</a> en Kenia.</li>
</ol>
<p>La innovación se puede llevar a cabo de diferentes maneras, y es importante reconocer que un centro puede no ser el modelo adecuado para todas las instituciones. El lanzamiento de un centro de innovación envía un mensaje claro de que la innovación es una prioridad dentro de la empresa, pero también requiere una inversión sustancial de recursos. Por lo tanto, los PSF que estén considerando este enfoque deberían ponderar las siguientes preguntas:</p>
<ul>
<li>¿Se busca invertir en nuevos sistemas, capacidades y procesos?</li>
<li>¿Se busca una innovación revolucionaria que logre verdadero impacto a gran escala?</li>
<li>¿Se busca un espacio dedicado para resolver de diferentes maneras las necesidades del cliente, e implementar un enfoque de prueba y aprendizaje?</li>
<li>¿Existe disposición de experimentar con nuevos modelos que no han sido ampliamente probados anteriormente?</li>
</ul>
<p>Si la respuesta es afirmativa a las preguntas anteriores, un centro de innovación podría ser un buen modelo para lograr los objetivos estratégicos.</p>
<h3>Un modelo para la innovación: presentamos las herramientas del Centro de innovación</h3>
<p>Para apoyar a los proveedores en sus procesos de innovación para que puedan atender mejor a sus clientes, hemos reunido las lecciones aprendidas apoyando a nuestros socios PSF a nivel mundial en conjunto de herramientas integral. Nuestra experiencia nos ha demostrado que la innovación exitosa depende de tres elementos centrales: 1) <a href="/how-to-choose-the-right-approach-to-digital-transformation" target="_blank" rel="noopener">un diseño organizacional apropiado</a>; 2) <a href="/built-to-last-how-to-turn-innovative-ideas-into-scalable-products" target="_blank" rel="noopener">un proceso de desarrollo de productos bien diseñado</a>; y 3) <a href="/create-the-culture-of-innovation-needed-for-digital-transformation" target="_blank" rel="noopener">una cultura de experimentación</a> que apoye la innovación continua. <a href="/a-blueprint-for-innovation-in-financial-services" target="_blank" rel="noopener">Las herramientas</a> incluyen las orientaciones prácticas y los recursos que los líderes en innovación pueden aprovechar para estructurar sus propios centros de innovación:</p>
<p><img class="aligncenter wp-image-24766 size-large" src="https://content.accion.org/wp-content/uploads/2021/09/accion-innovation-toolkit-spanish-1-1024x575.png" alt="Accion Innovation Toolkit" width="1024" height="575" srcset="https://content.accion.org/wp-content/uploads/2021/09/accion-innovation-toolkit-spanish-1-1024x575.png 1024w, https://content.accion.org/wp-content/uploads/2021/09/accion-innovation-toolkit-spanish-1-300x169.png 300w, https://content.accion.org/wp-content/uploads/2021/09/accion-innovation-toolkit-spanish-1-768x431.png 768w, https://content.accion.org/wp-content/uploads/2021/09/accion-innovation-toolkit-spanish-1.png 1504w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<ol>
<li><strong>Organizarse para la innovación</strong> cubre algunas de las decisiones estratégicas y operativas clave que los PSF deben evaluar antes de establecer un centro de innovación. También contiene las capacidades que Accion recomienda, y describe diferentes modelos de gobernanza que las organizaciones podrían considerar.</li>
<li><strong>El proceso de innovación</strong> muestra la metodología de desarrollo de productos de Accion y la importancia de equilibrar la conveniencia, la factibilidad y la viabilidad a lo largo del proceso de diseño. Esta sección también describe diferentes métodos de investigación que suelen utilizarse en el desarrollo de productos y que pueden conducir a ideas verdaderamente disruptivas que desafían el pensamiento actual.</li>
<li><strong>Sostener una cultura de innovación</strong> aprovecha los profundos conocimientos de Accion en cuanto a gerencia del cambio, y destaca el papel de la experimentación, los datos y las asociaciones en el fomento y el cultivo de la innovación dentro de una organización. También se incluye una descripción general de las diferentes formas de trabajar y cómo encajan en el proceso de desarrollo de productos para ayudar a las organizaciones a pensar en cómo estructurar equipos de innovación.</li>
</ol>
<p>Creemos que solo a través de la innovación y la reinvención estará el sector de servicios financieros en capacidad de ofrecer soluciones financieras significativas a escala, y cerrar las brechas <a href="https://newsroom.mastercard.com/2018/10/29/bridging-the-gap-between-financial-access-and-usage/" target="_blank" rel="noopener">de uso y acceso</a>. Esperamos que este conjunto <a href="/a-blueprint-for-innovation-in-financial-services" target="_blank" rel="noopener">de herramientas</a> proporcione un modelo útil para los PSF que buscan crear su propio espacio seguro para la experimentación.</p>
<p><em>Este conjunto de herramientas fue desarrollado como parte de un <a href="/mastercard-and-accion-partnering-for-inclusive-growth" target="_blank" rel="noopener">ambicioso programa con el Centro Mastercard para el Crecimiento Inclusivo</a> para ayudar a millones de microempresas desatendidas a operar con éxito en la economía digital y beneficiarse de ella.</em></p>


How financial providers can sustain the momentum of innovation as the world continues to adapt to COVID-19 

Article

The financial services industry has witnessed a surge in innovation due to the global COVID-19 pandemic. Financial providers around the globe have been forced to fundamentally rethink their business models to continue to serve their customers, many of whom could not leave their homes due to national lockdowns and physical distancing measures. Even some traditional microfinance institutions – many of which had never offered a self-service digital channel to their customers – quickly ideated and <a href="/a-digital-loan-helps-a-street-vendor-get-back-on-his-feet" target="_blank" rel="noopener noreferrer">launched digital credit products delivered through SMS</a>. Others have looked at new ways to provide customer support, such as <a href="https://simplehai.axisdirect.in/stock-market-news/whatsapp" target="_blank" rel="noopener noreferrer">designing solutions through popular chat channels like WhatsApp</a>. Some financial service providers (FSPs) with existing digital channels <a href="https://www.mastercardcenter.org/insights/covid19-shows-small-businesses-the-benefits-of-digital-financial-services" target="_blank" rel="noopener noreferrer">witnessed transaction volumes increase by upwards of 200 percent</a> compared to pre-pandemic rates. Nearly everyone dealt with reduced staff headcounts and disruptions to business continuity as the pandemic shuttered the doors of their small business customers at a frightening pace. small business customers at a frightening pace.

As vaccine rates gradually tick upward and the world shifts again, will more traditional microfinance organizations be able to sustain the pace of innovation that occurred during the beginning of the crisis, or will things return to business as usual? Our experience supporting our partners has shown us that relative stability – i.e., the sentiment that things are running well – can be an impediment to ongoing innovation. How can we ensure that the spirit of innovation that persisted throughout the COVID-19 crisis remains a strategic priority?

<em>To hub or not to hub? That is the question.</em>

For FSPs looking to carve out a dedicated space for innovation, a particularly successful model is an innovation hub (or lab). Given that one of the biggest barriers FSPs face in innovating is a separation between core ‘business as usual (BAU)’ activities and more future-focused initiatives, innovation hubs effectively create a test tube environment of sorts; a space for institutions to experiment with products and services that they feel may take more time to find that elusive product-market-fit.

That said, there is a significant amount of variation in structure, focus, and resource intensity between types of hubs. Within emerging markets, innovation hubs tend to take on one of the following forms (and some may even take on aspects of each):
<ol>
 	<li><strong>Incubators and accelerators:</strong> Scaling new and innovative business solutions through investment capital and advisory support. One notable example is <a href="https://www.jpmorganchase.com/impact/our-approach/financial-health/financial-solutions-lab" target="_blank" rel="noopener noreferrer">J.P Morgan Chase and Co’s Financial Solutions Lab</a>, an accelerator that aims to identify, test, and scale innovations focused on improving the financial health of low-income and underserved individuals.</li>
 	<li><strong>M&amp;A-focused innovation:</strong> Rather than build research and development and innovation capabilities in-house, some firms opt to outsource innovation through mergers and acquisitions (M&amp;A) of startups. Technology acquisition is one of the top drivers of M&amp;A strategy globally. This innovation strategy is widespread in the financial sector, where banks often find it faster or cheaper to purchase a fintech instead of building the tech stack in-house. Common examples include Stripe’s acquisition of <a href="https://www.fintechfutures.com/2020/10/stripe-acquires-nigerian-start-up-paystack-in-200m-deal/" target="_blank" rel="noopener noreferrer">Nigerian startup Paystack</a> and Ant Financial’s acquisition of <a href="https://techcrunch.com/2019/02/14/alibabas-ant-financial-buys-worldfirst/" target="_blank" rel="noopener noreferrer">WorldFirst</a>, a UK-based currency exchange.</li>
 	<li><strong>Open innovation labs:</strong> As a catch-all for many types of innovation labs, open innovation can have varied meanings. At its heart, open innovation is a strategy that promotes innovation across varied organizations, disciplines, and people and recognizes that the most innovative ideas often come from looking outside of the company’s immediate domain and resources. Successful emerging market models include the <a href="https://innovation.brac.net/" target="_blank" rel="noopener noreferrer">BRAC Social Innovation Lab</a> in Bangladesh and the <a href="https://www.mastercard.us/en-us/vision/corp-responsibility/social-sustainability/the-mastercard-labs-for-financial-inclusion.html" target="_blank" rel="noopener noreferrer">Mastercard Lab for Financial Inclusion</a> in Kenya.</li>
</ol>
Innovation can be pursued in different ways, and it’s important to recognize that a hub may not be the right model for all institutions. Launching an innovation hub sends a clear message that innovation is a priority within the firm, but also requires substantial resource investment. Therefore, FSPs considering this approach should take time to reflect on the following questions:
<ul>
 	<li>Are you aiming to invest in new systems, capabilities, and processes?</li>
 	<li>Are you seeking breakthrough innovation that can achieve real impact at scale?</li>
 	<li>Are you looking for a dedicated space to solve client needs in different ways and implement a test-and-learn approach?</li>
 	<li>Are you willing to try out new models that haven’t been widely tested before?</li>
</ul>
If you’ve answered “yes” to the above questions, an innovation hub may be a good model to achieve your strategic objectives.
<h3>A blueprint for innovation: Introducing the Innovation Hub toolkit</h3>
To support providers on their innovation journeys so they can serve their customers better, we have collated lessons learned from supporting our FSP partners globally into a comprehensive toolkit. Our experience has shown us that successful innovation hinges on three core components: 1) <a href="/how-to-choose-the-right-approach-to-digital-transformation" target="_blank" rel="noopener noreferrer">an appropriate organizational design</a>; 2) <a href="/built-to-last-how-to-turn-innovative-ideas-into-scalable-products" target="_blank" rel="noopener noreferrer">a well-designed product development process</a>; and 3) <a href="/create-the-culture-of-innovation-needed-for-digital-transformation" target="_blank" rel="noopener noreferrer">a culture of experimentation</a> that supports continuous innovation. <a href="/a-blueprint-for-innovation-in-financial-services" target="_blank" rel="noopener noreferrer">The toolkit</a> contains practical guidance and resources that innovation leaders can leverage to structure their own innovation hub:

<img class="aligncenter wp-image-24753 size-large" src="https://content.accion.org/wp-content/uploads/2021/09/accion-innovation-toolkit-1024x573.png" alt="Accion's Innovation Toolkit" width="1024" height="573" />
<ol>
 	<li><strong>Organizing for innovation</strong> covers some of the key strategic and operational decisions that FSPs should consider prior to setting up an innovation hub. It also includes Accion’s recommended capabilities and outlines different governance models that organizations might consider.</li>
 	<li><strong>The innovation process</strong> showcases Accion’s product development methodology and the importance of balancing desirability, feasibility, and viability throughout the design process. This section also outlines different research methods commonly used in product development that can lead to truly disruptive ideas that challenge current thinking.</li>
 	<li><strong>Sustaining a culture of innovation</strong> draws on Accion’s deep expertise in change management, highlighting the role of experimentation, data, and partnerships in nurturing and sustaining innovation within an organization. An overview of different ways of working and how they fit into the product development process is also included to help organizations think about how they might structure innovation teams.</li>
</ol>
We believe that only through innovation and reinvention will the financial services sector deliver meaningful financial solutions at scale and close the <a href="https://newsroom.mastercard.com/2018/10/29/bridging-the-gap-between-financial-access-and-usage/" target="_blank" rel="noopener noreferrer">access usage gap</a>. We hope <a href="/a-blueprint-for-innovation-in-financial-services" target="_blank" rel="noopener noreferrer">this toolkit</a> provides a useful blueprint for FSPs looking to create their own safe space for experimentation.

<em>This toolkit was developed as part of an <a href="/mastercard-and-accion-partnering-for-inclusive-growth" target="_blank" rel="noopener noreferrer">ambitious program with the Mastercard Center for Inclusive Growth </a>to help millions of underserved microbusinesses successfully operate in — and benefit from — the digital economy. </em>

The pursuit of financial services innovation during COVID-19

Federico  Gomez Romero

Tienda Pago uses fintech to make working capital accessible to shop owners in Mexico and Peru

Most of fintech startup Tienda Pago’s staff are very experienced with technology. Call center coordinator Rafael Urday Zea studied information technology in school; project coordinator Jose Luis Aldave worked on implementing technology in his previous job. But the clients they serve are not always as comfortable using tech. <a href="https://www.tiendapago.com/" target="_blank" rel="noopener noreferrer">Tienda Pago</a>, an Accion Venture Lab portfolio company working in Peru and Mexico, offers short-term financing to small store owners. They work through various product distributors so the shopkeepers can take deliveries — even when they don’t have cash on hand — and pay for the merchandise later in the week once they’ve had a chance to sell some of their products. During times when sales are slow, which many businesses have experienced during the COVID-19 pandemic, Tienda Pago’s platform has <a href="/what-it-takes-for-one-family-business-to-stay-open" target="_blank" rel="noopener noreferrer">enabled mom-and-pop shops to stay open</a>.

Like many fintechs operating in emerging markets, Tienda Pago does their best to <a href="/in-a-no-touch-world-tech-cant-leave-low-income-people-behind" target="_blank" rel="noopener noreferrer">keep their less-tech-savvy clients in mind</a>, including offering customer support through a call center. When the COVID-19 pandemic spread to Lima, the call center became an essential communication tool for Tienda Pago staff to connect with their clients. The company expanded their call center and proactively reached out to clients to ensure that everyone felt comfortable using their digital platform. In his role overseeing the call center, Rafael takes pride in making tech accessible to all clients. “I like to be able to teach people who don’t have as much skill," he says. "We have a lot of clients who are older, and they don’t have much experience in the financial system. At the same time, the distributors are often older themselves, and technology isn’t easy for them, so helping them over the phone and showing them that they can do this is satisfying.”

<img class="alignright wp-image-24726" src="https://content.accion.org/wp-content/uploads/2021/09/maria-ramos-tienda-pago.jpg" alt="Maria Ramos at her store in Peru" width="500" height="500" />Maria Ramos Zamudio is a typical client. She’s raised five children and lived in different parts of Peru. She's now located in Lima where she sells snacks and beverages from a tiny, rented space. She doesn’t have a bank account and hates to take out loans. But she’s managing well with her Tienda Pago account. “It’s easy,” she explains. “I have my code in my phone, they send me what I owe, get my code, and I go to the bank and pay.” Many Tienda Pago clients find it much more convenient and safer to use Tienda Pago’s phone-based tokens to manage payments. This way, they don’t have to take cash out in the street and risk robberies or loss. The ability to pay by phone has become even more critical during the pandemic as people avoid in-person interactions when possible.

Tienda Pago’s staff use more advanced technology themselves to communicate with colleagues in other cities across Peru and stay in touch while offices remain closed during the pandemic. They’re also relying on tech to manage client information and product offerings through the company’s propriety app. The app allows staff to quickly see where their clients are located, their lines of credit, how they’re paying, and which clients are in arrears. Staff can also see what kind of contact that their clients have received already — like training, relationship-building, and collection visits — so they’re better equipped to support their clients.

Tienda Pago was already prioritizing new technologies that are user-friendly for the clients and helpful for staff to gather more information before the pandemic. For example, says Rafael, “We’ve introduced a chatbot, which doesn’t require human interaction, and can give clients a solution automatically. Most people have a smartphone and an internet connection, so they can use it at any hour of the day." As Rafael continues to discuss Tienda Pago's technology, he gets at the heart of why social innovation is so important for serving low-income communities around the world — especially as these communities continue to face major challenges: "Without this technology, we wouldn’t be able to help them.”

User-friendly tech helps shop owners stay in business

Debdoot Banerjee

<p>Over the next two years, Accion will work closely with Dvara to increase customer outreach and engagement to deliver customized and relevant financial products to low-income households and microbusinesses across rural India. Through this partnership, Accion will help Dvara:</p>
<ul>
<li>Create an <strong>omnichannel strategy</strong> designed to enable customers with varying levels of digital skills to transact and interact seamlessly through multiple channels such as physical branches, agent networks, call centers, and apps.</li>
<li>Develop a <strong>data strategy</strong> to gather insights from customers’ goals, challenges, and household circumstances, and responsibly design customer experiences and relevant product offerings based on a deep understanding of their needs.</li>
<li>Optimize <strong>payment solutions</strong> to help promote the adoption and acceptance of digital payments amongst rural customers and small businesses to transform the payments ecosystem digitally.</li>
</ul>
<p>With the support of the <a href="https://bit.ly/39XuCMa" target="_blank" rel="noopener noreferrer">Mastercard Center for Inclusive Growth</a> and Accion, Dvara KGFS is building on the organization’s wealth management approach that prioritizes the financial wellbeing of their rural clients through tailored financial advice. By placing customer experience at the center of their digitally integrated payments ecosystem, Dvara promotes resilience among those who need it most.</p>
<p><em><a href="https://www.linkedin.com/in/malavika-krishnan/" target="_blank" rel="noopener noreferrer">Malavika Krishnan</a> contributed to this article.</em></p>


Dvara KGFS joins the Mastercard and Accion partnership to bring financial management tools to small business owners in rural communities

In India, over 80 percent of the population has a bank account — an impressive feat given the country’s huge size and geographic diversity. Driven by <a href="https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/digital-india-technology-to-transform-a-connected-nation" target="_blank" rel="noopener noreferrer">high rates of digital adoption</a> and near-universal coverage of Aadhaar, India’s national biometric digital identity program, India is rapidly extending financial services to the previously underserved. As of August 2020, around <a href="https://www.theweek.in/news/biz-tech/2020/08/28/jan-dhan-scheme-completes-6-years-over-40-crore-bank-accounts-opened.html" target="_blank" rel="noopener noreferrer">400 million bank accounts</a> were opened through the government’s flagship financial inclusion program — 64 percent of which were held by rural Indians.

While that is great progress, access to financial services for low-income individuals is largely restricted to basic bank accounts and remittance services. With over 65 percent of India’s 1.37 billion people living in rural areas, wealth creation and management tools, unfortunately, haven’t reached the masses at the outskirts. Relevant and appropriate wealth management solutions ensure that rural households have access to a full suite of financial services normally reserved for affluent clients and benefit from tailored guidance that empowers consumers to manage their finances better. Given that only <a href="https://economictimes.indiatimes.com/news/india/net-hesitancy-hiccups-for-rural-india-vax-drive/articleshow/82671780.cms" target="_blank" rel="noopener noreferrer">28 percent of rural India</a> has access to internet-enabled smartphones and many people have low levels of digital literacy, providing appropriate financial services through both in-person and digital channels is key to reaching the underserved in rural India.

<img class="size-full wp-image-24638 alignleft" src="https://content.accion.org/wp-content/uploads/2021/08/kasthuri-dvara-kgfs-client.jpeg" alt="Kasthuri, a client of Dvara in India" width="300" height="300" />In a small village in Tamil Nadu, Kasthuri looks after her two-year-old daughter and runs her own tailoring business. Her husband works overseas as a salesperson so he can earn more money to provide for their family. The pandemic caused severe financial difficulties for the family — her husband was unable to send money home, and her tailoring unit’s business suffered during India’s strict lockdown restrictions. Kasthuri started working with Dvara KGFS, a financial provider serving rural communities in India, to build her business and turned to their team for support during this difficult period. A Dvara KGFS wealth manager recommended the <a href="https://www.dvarasmartgold.com/" target="_blank" rel="noopener noreferrer">Dvara's "Digital Gold" micro-savings plan</a> to Kasthuri, which allows her to save in small, flexible installments based on her cash availability. This product enables Kasthuri to deposit and redeem her savings in either cash or gold. Kasthuri realized the importance of saving to create a financial safety net and now saves regularly to secure a safe future for her and her family.

<a href="https://www.dvarakgfs.com/" target="_blank" rel="noopener noreferrer">Dvara KGFS</a> helps to build the financial health of low-income populations by providing complete access to financial services for individuals and small businesses in remote rural India. Founded in 2008 as a non-banking financial institution, Dvara aims to support their rural customers’ wealth creation and financial wellbeing by using a combination of traditional physical branches and digital banking to bring credit, savings, and insurance to rural communities in India. With 294 branches across 51 districts in six Indian states, Dvara reaches over 1.16 million customers.

Accion has a long-standing relationship with Dvara KGFS as an investor. Now, as part of the <a href="/mastercard-and-accions-partnership-to-unlock-millions-of-underserved-microbusinesses" target="_blank" rel="noopener noreferrer">Mastercard and Accion partnership</a> to help small businesses operate in and benefit from the digital economy, Accion is supporting Dvara in its efforts to leverage technology to unlock efficiency and create optimal customer experiences. Because over 45 percent of Dvara’s customer base has access to a smartphone, Dvara is pursuing a hybrid approach that combines both tech and touch components to reach more financially excluded rural customers on both sides of the digital divide.

Digital tools fuel financial resilience in rural India

Toolkits and Guides

<span data-contrast="none">As the world continues to change, innovation and reinvention are critical to adapting financial services to meet the evolving needs of low-income people and small businesses. To support financial providers on their innovation journeys to serve their customers better, we have collated the lessons we have learned in supporting our FSP partners globally in developing innovation centers, into a comprehensive toolkit. Our experience has shown us that successful innovation hinges on three core components: </span><span data-ccp-props="{}"> </span>
<ol>
 	<li><span data-contrast="none">Organizing for innovation</span><span data-ccp-props="{}"> </span></li>
 	<li><span data-contrast="none">The innovation process</span><span data-ccp-props="{}"> </span></li>
 	<li><span data-contrast="none">Sustaining a culture of innovation</span><span data-ccp-props="{}"> </span></li>
</ol>
<span data-contrast="none">Are you an innovation leader seeking to create a safe space for experimentation? <a href="https://content.accion.org/wp-content/uploads/2021/09/accion-innovation-methodology-guidance.pdf" rel="noopener noreferrer">Download our toolkit</a> to access practical guidance and resources to guide you on launching an innovation hub at your organization.</span><span data-ccp-props="{}"> </span>

<hr />

<h3>Un modelo para la innovación en los servicios financieros</h3>
<em>Presentamos las herramientas del Centro de innovación, una guía para crear un espacio para la innovación para proveedores de servicios financieros</em>

A medida que el mundo sigue cambiando, la innovación y la reinvención son fundamentales para adaptar los servicios financieros a las necesidades cambiantes de las personas de bajos ingresos y las pequeñas empresas. Para apoyar a los proveedores financieros en sus procesos de innovación para atender mejor a sus clientes, hemos recopilado las lecciones que hemos aprendido al apoyar a nuestros socios PSF a nivel mundial en el desarrollo de centros de innovación, y las convertimos en un conjunto de herramientas integral. Nuestra experiencia nos ha demostrado que la innovación exitosa depende de tres elementos centrales:
<ol>
 	<li>Organizarse para la innovación</li>
 	<li>El proceso de innovación</li>
 	<li>Sostener una cultura de innovación</li>
</ol>
¿Es usted un líder en innovación que busca crear un espacio seguro para la experimentación? <a href="https://content.accion.org/wp-content/uploads/2021/09/accion-innovation-methodology-guidance-spanish.pdf">Descargue nuestro kit</a> de herramientas para acceder a guías prácticas y recursos que lo guiarán en el lanzamiento de un centro de innovación en su organización.

A blueprint for innovation in financial services

How an early-stage startup can approach brainstorming, prioritizing, and building new products

<div>

Launching a new product is a feat that can occupy a large share of time, energy, and resources — and for an early-stage company, it’s a very consequential decision to make. It’s imperative to take an objective, thoughtful approach when considering new products to build and launch. A well-executed plan can help a product gain traction, attract lifelong customers, and help you instill confidence in your team and approach.

</div>
<div>

We’ve built our new resource, <a href="https://content.accion.org/wp-content/uploads/2020/09/accion-venture-lab-startup-guide-to-new-product-development.pdf" target="_blank" rel="noopener noreferrer">A Startup’s Guide To New Product Development</a>, to assist you along your journey. This guide will touch on:

</div>
<div>
<ul>
 	<li>Defining the full option set of products by analyzing customer segments and their needs</li>
 	<li>Narrowing down the option set of products based on key factors (e.g., internal company goals, customer demand, competitive products, and resource allocation)</li>
 	<li>Building a product, testing it, and preparing for initial launch</li>
</ul>
</div>

A startup’s guide to new product development

With robust data capabilities, trusted customer relationships, and innovation, MSME lenders are well-positioned to evolve and help more small businesses thrive

<em>By <a href="https://www.linkedin.com/in/temi-ransome-kuti/" target="_blank" rel="noopener noreferrer">Temi Ransome-Kuti </a></em>

Not long ago, pure play digital MSME lenders were the disruptors of the MSME lending space. For the first time, MSMEs (micro, small, and medium enterprises) had options to access affordable, fast, and convenient credit, largely online. Today, MSME lenders have evolved beyond solely offering credit to small businesses and now provide a more holistic product offering that hasn’t been available to MSMEs in the past. New players within the MSME lending space have also emerged, like <a href="/what-does-embedded-inclusive-fintech-look-like" target="_blank" rel="noopener noreferrer">embedded finance</a> and MSME neobank models, which offer ancillary financial products baked into their core services. These companies extend financial products within their platforms — like Field Intelligence’s <a href="/community-pharmacies-use-new-tech-platform-to-keep-shelves-stocked" target="_blank" rel="noopener noreferrer">pay-as-you-go subscription service for pharmacies</a> to order medicine and healthcare products — to add value to their customers and drive more entrepreneurs to utilize credit and other financial services to grow their businesses.

Through Accion Venture Lab’s work with early-stage fintech startups serving small businesses, we have observed three strategies that MSME lenders execute to remain competitive in an evolving credit lending space. These strategies have enabled lenders to drive credit utilization, deepen customer loyalty, and tap into new revenue opportunities.
<h3>Strategy #1: Expand product offerings beyond credit</h3>
To gather diverse, high-quality data, MSME lenders can offer other fintech products — such as B2B payments and business management tools like ERP systems to manage day-to-day operations — to their small business customers. This data gathered from tools can provide unique insights into their customer base, allowing them to adapt products and offer meaningful support to meet their customers’ needs more effectively, which drives more credit utilization and deepens customer loyalty. <a href="https://www.bloomberg.com/news/articles/2021-06-22/mexico-s-konfio-raises-125-million-from-lightrock-softbank" target="_blank" rel="noopener noreferrer">Konfío</a>, an online lending platform based in Mexico, is an example of a company that evolved from MSME lending to a suite of products in accounting, payments, taxes, and other financial services. By expanding their offerings, they gather rich data that allows them to understand their customers’ needs and continuously improve the services they offer to their small businesses.
<h3>Strategy #2: Broaden credit options to meet small business needs</h3>
Given that MSMEs have had limited credit options historically, there is a huge opportunity to expand the services available to them and offer flexible options based on their specific capital needs. This strategy includes offering credit with different terms (e.g., six weeks vs. 12 weeks) and forms, such as revolving credit. Broadening credit offerings both allows lenders to reach a range of MSMEs and provides optionality that they may not have had access to before. Lulalend, an Accion Venture Lab portfolio company in South Africa, serves SMEs across numerous disparate industries because they have a broad credit offering. <a href="https://disrupt-africa.com/2020/09/22/sas-lulalend-launches-new-business-payments-platform/" target="_blank" rel="noopener noreferrer">Through Lulalend’s digitally enabled platform</a>, small business owners can quickly access short-term capital to purchase materials, hire employees, repair equipment, and grow their businesses.
<h3>Strategy #3: Partner with platforms and other players to embed credit</h3>
Another prominent strategy in the ecosystem is embedding credit offerings into platforms to attract a large number of customers quickly. MSME lenders create credit products that are critically needed by these small businesses on partners’ platforms. When these platforms cannot provide credit themselves, embedded lenders can fill the gap by extending credit options that enable MSMEs to acquire more customers and invest in their businesses. MSME lenders prioritize partnering with platforms to lend credit because there is already an identified need, and lenders can rapidly scale and gain access to large numbers of loyal customers. We have seen this strategy with lenders, such as <a href="https://www.smecorner.com/" target="_blank" rel="noopener noreferrer">SMECorner</a> in India. SMECorner partners with platforms used by small businesses, like food delivery apps and digital payment providers, to extend credit to businesses on the apps they are already using. This approach helps SMECorner reach more businesses while their partners deepen customer loyalty and increase wallet share by adding credit offerings to their platform features. Partnering with SMECorner helps the platform partners fill the critical gap in lending capabilities so they can continue to focus on their core business.

We believe that pure play lenders can add real value at scale in the MSME credit lending space because of their robust data analytic capabilities, trusted customer networks, and innovation within the credit industry. These factors enable lenders to gain a unique insight into the products — both within and beyond credit — that small businesses need to thrive. With these learnings to guide them, pure play MSME lenders are strongly positioned to serve their customer base with additional products to help small businesses grow.

Three strategies keep small business lenders competitive

Laura Glenny

A successful digital transformation begins with selecting the right organizational design

<em>This article is the second of a six-part series on scaling financial inclusion as part of our <a href="/the-digital-transformation-guide-six-strategies-to-scale-financial-inclusion" target="_blank" rel="noopener noreferrer">digital transformation guide</a>.</em>

Most microfinance institutions originated as high-touch businesses, focused on meeting the needs of their customers through face-to-face interactions and cash-based transactions. While this model worked well to provide underserved populations with access to the responsible financial products they need, the heavy reliance on loan officers and physical branches results in higher costs and limits scalability. And during the pandemic, in-person contact has been off-limits in many communities.

The solution? Technology.

A purely digital financial services model — which relies on remote applications, processing, approval, and digital transactions — is very different from the high-touch, low-tech model of traditional microfinance institutions in ethos, culture, and style. But many financial service providers (FSPs) catering to the underserved face the reality that they cannot adopt a purely digital financial service model as some customers will continue to require high-touch service, while others may be comfortable transacting digitally. Therefore, the transformation of FSPs requires careful thought about how two very different operating models, one current and one future state, should be integrated under the same roof.
<h3>Putting digital transformation into practice</h3>
Choosing an appropriate operating model depends on institutions’ digital maturity and their desired end-state. While there is no right way to organize for digital transformation, there are three different approaches that companies can consider:
<ol>
 	<li>Fully integrating digital processes across all departments</li>
 	<li>Establishing a digital center of excellence within the organization to deliver new products</li>
 	<li>Creating a separate digital entity, or wholly owned subsidiary, that operates independently</li>
</ol>
<img class="aligncenter size-full wp-image-24065" src="https://content.accion.org/wp-content/uploads/2021/04/Accion-MAP-report-graphics-WEB_6-Org-design-overview.png" alt="Companies should carefully select an organizational design that will enable them to digitally transform." width="2000" height="1180" />

Keep in mind that organizational design can and should change over time. While some companies may like the dedicated focus of a separate or semi-integrated digital unit at the start, others may want to ensure digital capabilities become embedded across business lines over the longer term. To learn more, read Accion’s recently published <a href="/the-digital-transformation-guide-six-strategies-to-scale-financial-inclusion" target="_blank" rel="noopener noreferrer">digital transformation guide</a>, developed in partnership with the <a href="/institutional_partnerships/mastercard-center-for-inclusive-growth" target="_blank" rel="noopener noreferrer">Mastercard Center for Inclusive Growth.</a>

Through our partnership with Mastercard, Accion is helping several financial service providers digitally transform so that they can serve small businesses and families more effectively. To accomplish this, we’ve implemented variations of these organizational design approaches:
<h3>1. Fully integrated digital transformation model</h3>
In a fully integrated digital transformation model, digital capabilities and processes are interwoven across business lines, with all departments responsible for driving business agility, growth, and innovation.
<blockquote class="pullquote--right">“Unless we create the overall organizational environment around the digital culture, just releasing a digital product [won’t] solve the problem because the whole support system has to come along.” — Sasidhar Thumuluri, Managing Director and CEO, Sub-K IMPACT Solutions Ltd. in India</blockquote>
<a href="https://www.accion.org/clients/sub-k" target="_blank" rel="noopener noreferrer">Sub-K IMPACT Solutions</a>, a banking correspondent company in India, socialized digital transformation across their entire organization by utilizing town hall meetings at headquarters and in the field to educate employees on the value of digital. They trained nearly all staff to adopt a digital-first approach to customer acquisition, application processing, account servicing, and collections and put in place KPIs to drive forward a digital operating model. They also created several working groups with members from product, data strategy, training, compliance, marketing, call center, and agent networks to leverage the institution’s existing assets and infrastructure to offer a distribution model for digital products. These cross-functional teams work together to develop and implement digitally enabled, customer-centric products and services, ensuring Sub-K’s successful digital transformation and enabling the launch of their <a href="/banking-goes-digital-to-reach-rural-entrepreneurs" target="_blank" rel="noopener noreferrer">SARTHI fintech platform</a>.
<h3>2. A digital center of excellence</h3>
When establishing a digital center of excellence, <a href="https://neoventures.global/en/innovation-hubs-what-they-are-and-how-they-can-generate-results-for-large-companies/" target="_blank" rel="noopener noreferrer">or innovation hub</a>, FSPs must consider which existing assets within the business to leverage in new digital initiatives. Since this model requires departments like IT, marketing, audit, and compliance to significantly shift how they operate, plan, and resource themselves to support the new venture, it is crucial to make clear agreements on shared resources to achieve the organization’s priorities.

<a href="https://www.accion.org/clients/bancosol">BancoSol</a> serves more than one million low-income clients in Bolivia. They opted to develop an innovation hub responsible for leading the bank’s digital transformation to serve current customers better and shape BancoSol’s future. To encourage experimentation, they did not configure the innovation hub to have profit and loss (P&amp;L) responsibility immediately. Instead, the hub received freedom to develop a digitally native identity and culture, working closely with other business lines to deliver new products and services and leveraging the bank’s existing capabilities, including the tech stack, marketing, and operational staff. Additionally, the innovation hub focuses on building cutting-edge capabilities in human-centered design, data analytics, and open innovation, which will be embedded within the FSP as the skills mature. As the center of excellence progresses, the vision is to transition to a standalone digital unit with its own P&amp;L responsibility and acts as a service provider for the bank, charging for its services. This model has demonstrated success with <a href="https://www.dbs.com/innovation/dbs-innovates/spaces.html" target="_blank" rel="noopener noreferrer">DBS Asia</a> X and the <a href="http://innovation.brac.net/" target="_blank" rel="noopener noreferrer">BRAC</a> Social Innovation Lab.
<h3>3. Separate digital entity</h3>
A standalone digital unit is a powerful idea for many innovators in the industry. The allure of being able to build, test, learn, and launch products without having to worry about the FSP’s existing business operations is strong, but it is crucial that the strategy, focus, investment requirement, and management structure of the new unit is absolutely clear. One notable example is ALAT, Nigeria’s first fully digital bank. ALAT is a child company of the country’s oldest bank, Wema Bank. ALAT was built from the ground up to provide a branchless customer experience. Today, <a href="https://www.wemabank.com/alat-is-to-nigerian-banking-what-technology-is-to-humanity/" target="_blank" rel="noopener noreferrer">ALAT has over 200,000 active clients</a>, is Wema Bank’s primary banking platform, and brings significant transformation to the Nigerian banking industry.

For an organization to determine the best model to start with, they should consider several factors: whether their existing operations already reach their target customers, macro-level factors such as access to talent and the potential for partnerships, the digital maturity levels of the country and institution, and finally, whether the company has a culture of openness to change.

If you are interested in optimizing the organizational design at your institution as you look to transform digitally, we are happy to help. <a href="https://www.accion.org/advisory-contact" target="_blank" rel="noopener noreferrer">Reach out to us</a>.

<em><a href="https://www.linkedin.com/in/malavika-krishnan/" target="_blank" rel="noopener noreferrer">Malavika Krishnan</a> contributed to this article.</em>

How to choose the right approach to digital transformation

Shannon Dwyer

To close the global venture funding gap for women-founded companies and drive greater opportunity, we must adjust our existing investment processes.

In the past 18 months, women have been disproportionately impacted by the many challenges brought on by the COVID-19 pandemic, including limited access to venture funding. The already significant disparity in global venture capital flowing to women-founded companies became starker during the pandemic, dropping from 13 percent of total venture dollars in 2019 down to 11 percent in 2020, according to <a href="https://news.crunchbase.com/news/global-vc-funding-to-female-founders/" target="_blank" rel="noopener noreferrer">Crunchbase’s latest data</a>. While many different factors impact these numbers, we believe the solution is clear: we need to fund and support more women founders.

Helping to close these gaps is a strategic priority for our team at Accion Venture Lab. As a women-led fund with a majority women team, we’re focusing our efforts on both the leadership and workforce level of our <a href="https://ssir.org/articles/entry/how_to_begin_considering_a_gender_lens_investing_strategy" target="_blank" rel="noopener noreferrer">gender lens investing strategy</a>. As one of the first externally facing initiatives of this strategy, Accion Venture Lab hosted four workshops targeting early-stage women fintech founders across Latin America, Africa, and India. Our goals for these workshops were fourfold:
<ol>
 	<li>Connect the founders to high-quality venture investors in our network.</li>
 	<li>Foster community between the founders by creating a space for peer learning.</li>
 	<li>Provide direct feedback and guidance to founders to help them more effectively communicate about their company and adjust their diligence process for our remote reality.</li>
 	<li>Identify how we and the broader VC industry can better support women founders by hearing firsthand from founders about the barriers they face.</li>
</ol>
Many women founders who participated reinforced one core discovery of research into the funding gap: there is no shortage of capable women building and leading early-stage companies. We’re pleased to highlight them below and cover some of the ways we, as investors, can begin to break down the systemic barriers perpetuating the funding gap. To accomplish this, we must take intentional steps to diversify our investment opportunities and prioritize funding and supporting women founders.
<h2>Four ways to diversify your pipeline and fund more women founders</h2>
Through our work with early-stage startups, we’ve learned about the persistent barriers that women founders face. As we heard about these challenges directly from the founders participating in our workshops, we were reminded of the work that still needs to be done, and how investors like us must reflect on the ways that our own practices can be improved to create more equitable opportunities for women founders. These conversations reinforced the need to:
<ol>
 	<li><strong><em>Expand your sourcing network (and diversify your team) to identify more women founders</em></strong> – When investors rely on their established networks and relationships to search for new talent, their pipeline and portfolio will continue to look as they always have. To change the status quo, ensure you’re hiring diverse talent — at all levels — to broaden your funds’ network and drive more equitable screening processes. By intentionally building relationships with the ever-growing list of awesome women-focused funds, accelerators, and entrepreneurship hubs, you can expand your pipeline.</li>
 	<li><strong><em>Clearly state your investment focus and criteria</em></strong> – The venture ecosystem can be difficult to learn and navigate, especially for first-time founders. Many founders we spoke to felt they lost valuable time networking with and pitching to investors who weren’t a fit for their company. A simple fix such as clearly stating your investment focus, stage, and traction requirements on your website can go a long way toward helping newcomers navigate the investment ecosystem. More transparency may even incentivize founders who could be a great fit but are outside of your network to reach out.</li>
 	<li><strong><em>Check your own conscious and unconscious biases</em></strong> – Many of us have read articles that prove investors ask men and women founders <a href="https://www.inc.com/kimberly-weisul/how-women-can-do-better-at-pitch-competitions-question-answer.html" target="_blank" rel="noopener noreferrer">different questions</a> or <a href="https://www.docsend.com/blog/the-early-stage-funding-divide-between-all-men-and-all-women-founding-teams/" target="_blank" rel="noopener noreferrer">engage differently</a> with their pitch decks, but how many of us have stopped to consider and identify these patterns in our own methods? Pay attention to what you’re asking different founders and consider standardizing your diligence questions and processes. Write down key questions before a pitch call to give yourself a chance to catch potential biases before they impact your decision-making and lead to a missed opportunity.<strong><em> </em></strong></li>
 	<li><strong><em>Commit to keeping these founders in the ecosystem</em></strong> – Women founders have <a href="https://www.linkedin.com/business/talent/blog/talent-acquisition/women-less-likely-to-have-strong-networks" target="_blank" rel="noopener noreferrer">smaller networks</a> to tap into for investor introductions than their male counterparts. And, as discussed above, they face biases when they finally schedule those meetings. If a company is not a fit for your fund, take the extra minute to forward the deck along to investors who may be interested. By facilitating warm introductions to potential investors, we can help more women succeed in their fundraising efforts.</li>
</ol>
As we strive to create a more inclusive investment environment, these simple shifts can help our industry open more well-deserved opportunities for women in fintech, including the many women founders we’ve met from all over the world.
<h2>Meet the founders</h2>
In our efforts to reach more women, we’ve engaged 38 women founders from 11 countries across 18 hours of workshops so far. We facilitated 114 one-on-one investor pitches and connected with dozens of other investors, accelerators, and founders to identify and invite promising founders to join the sessions.

We’re pleased to highlight them here:

<img class="aligncenter size-full wp-image-24651" src="https://content.accion.org/wp-content/uploads/2021/08/women-founders-map.png" alt="women fintech founders map" width="1000" height="563" />
<table width="100%">
<tbody>
<tr>
<td width="50%">
<h4><span style="text-decoration: underline;"><strong>1. Brazil</strong></span></h4>
Rafaela Cavalcanti, <a href="https://cloq.app/">CloQ</a>
Andrea Burattini, <a href="https://www.dinie.com/">Dinie</a>
Suzy Ferreira, <a href="https://www.dinie.com/">Dinie</a>
Rebecca Fischer, <a href="https://divibank.co/pt/">Divibank</a>
Tatiana Pomar, <a href="https://hisofi.com/">hiSofi</a> <em>*also operating in Uruguay</em>
<h4><span style="text-decoration: underline;"><strong>2. Colombia </strong></span></h4>
Victoria Blanco Alegría, <a href="https://abacolatam.com/#/">ábaco</a>
Sandra Rubio, <a href="https://www.imix.com.co/">Imix</a>
Mercedes Bidart, <a href="https://quipumarket.com/">Quipu Market</a>
Viviana Siless, <a href="https://quipumarket.com/">Quipu Market</a>
<h4><span style="text-decoration: underline;"><strong>3. Ghana</strong></span></h4>
Meghan McCormick, <a href="https://www.oze.guru/">OZÉ</a>
<h4><span style="text-decoration: underline;"><strong>4. India</strong></span></h4>
Shweta Aprameya, <a href="https://arthdigital.net/" target="_blank" rel="noopener noreferrer">ARTH</a>
Niharika Bhargava, <a href="https://confirmu.com/" target="_blank" rel="noopener noreferrer">ConfirmU</a>
Shivani Sharma, <a href="https://credochain.com/" target="_blank" rel="noopener noreferrer">Credochain</a>
Maria Mateo, <a href="https://ibisa.network/" target="_blank" rel="noopener noreferrer">IBISA</a>
Annette Houtekamer, <a href="https://ibisa.network/" target="_blank" rel="noopener noreferrer">IBISA</a>
Sucharita Reddy, <a href="https://www.meracashier.com/">Mera Cashier</a>
Archana Elapavuluri, <a href="https://pickright.in/" target="_blank" rel="noopener noreferrer">Pickright Technologies</a>
Mayurika Agrawal, <a href="https://in.linkedin.com/company/pinkcapital" target="_blank" rel="noopener noreferrer">Pink Capital</a>
Aruna Sampige, <a href="https://shecommerz.com/" target="_blank" rel="noopener noreferrer">SheCommerz</a>

&nbsp;

&nbsp;
<h4></h4>
</td>
<td width="50%">
<h4><span style="text-decoration: underline;"><strong>5. Kenya</strong></span></h4>
Annabel Angwenyi, <a href="https://kaziapp.co.ke/">Kazi</a>
Radhika Bhachu, <a href="https://ndovu.co/" target="_blank" rel="noopener noreferrer">Ndovu</a>
Emilie Blauwhoff, <a href="https://www.kibandatopup.com/en/" target="_blank" rel="noopener noreferrer">Kibanda TopUp</a>
Delila Kidanu, <a href="https://www.withkoa.com/" target="_blank" rel="noopener noreferrer">Koa Technology</a>
Cynthia Wandia, <a href="https://kwara.com/" target="_blank" rel="noopener noreferrer">Kwara</a>
Judith Imamai, <a href="https://salohub.com/" target="_blank" rel="noopener noreferrer">SaloHub</a>
<h4><span style="text-decoration: underline;"><strong>6. Mexico</strong></span></h4>
Emma Sánchez Andrade Smith, <a href="https://jefa.io/" target="_blank" rel="noopener noreferrer">Jefa</a>
Gabriela Piccone, <a href="https://slightpay.com/" target="_blank" rel="noopener noreferrer">SlightPay</a>
Karen Martínez, <a href="https://slightpay.com/" target="_blank" rel="noopener noreferrer">SlightPay</a>
Eva Sander, <a href="https://zenda.la/" target="_blank" rel="noopener noreferrer">Zenda.la</a>
Jessica Eting, <a href="http://flourishsavings.com/" target="_blank" rel="noopener noreferrer">Flourish Savings</a><em>*also operating in Brazil and the US</em>
<h4><span style="text-decoration: underline;"><strong>7. Morocco</strong></span></h4>
Sophia Alj, <a href="https://chari.ma/">Chari.co</a>
<h4><span style="text-decoration: underline;"><strong>8. Nigeria</strong></span></h4>
Keturah Ovio, <a href="http://limestart.co/">Limestart</a>
Ruth Iselema, <a href="https://bitmama.io/">Bitmama</a>
<h4><span style="text-decoration: underline;"><strong>9. Peru</strong></span></h4>
Cynthia Villar, <a href="http://mibolsillo.pe/en/">MiBolsillo</a>
<h4><span style="text-decoration: underline;"><strong>10. South Africa</strong></span></h4>
Nicky Swartz, <a href="https://www.spoonmoney.com/">Spoon Money</a>
Lorna McLaren, <a href="https://www.spoonmoney.com/">Spoon Money</a></td>
</tr>
</tbody>
</table>
The diversity and inclusivity of the venture ecosystem will not change unless we put in the effort to make it happen. It’s about time we invest in women founders with our time, our resources, and most importantly, our capital. <a href="https://ssir.org/articles/entry/how_to_begin_considering_a_gender_lens_investing_strategy" target="_blank" rel="noopener noreferrer">There is no one-size-fits-all approach to gender lens investing</a>, and we believe efforts must be made across multiple levels — from the founder level to fund leadership — to create change. Accion Venture Lab is thankful for the support of the S&amp;P Global Foundation and the Mastercard Foundation in our work to reach more women fintech founders. We’d also like to thank each of the participating investors who dedicated their time to meeting and coaching these impressive founders:
<p style="text-align: left;"><a href="http://www.aavishkaar.in" target="_blank" rel="noopener noreferrer">Aavishkar</a>, <a href="https://acuityvc.com/" target="_blank" rel="noopener noreferrer">Acuity Ventures</a>, <a href="https://www.addem-capital.com/" target="_blank" rel="noopener noreferrer">Addem Capital</a>, <a href="https://adobecapital.org/en/home-en/" target="_blank" rel="noopener noreferrer">Adobe Capital</a>, <a href="http://www.thealitheia.com/" target="_blank" rel="noopener noreferrer">Alitheia Capital</a>, <a href="https://www.allvp.com/" target="_blank" rel="noopener noreferrer">ALLVP</a>, <a href="https://www.angelventures.vc/" target="_blank" rel="noopener noreferrer">Angel Ventures</a>, <a href="https://ashaimpact.com/" target="_blank" rel="noopener noreferrer">Asha Impact</a>, <a href="https://bfaglobal.com/" target="_blank" rel="noopener noreferrer">BFA Global</a>, <a href="https://blume.vc/" target="_blank" rel="noopener noreferrer">Blume Ventures</a>, <a href="https://en.brixtonventures.com/" target="_blank" rel="noopener noreferrer">Brixton Ventures Lab</a>, <a href="https://capitallab.com.br/" target="_blank" rel="noopener noreferrer">Capital Lab Ventures</a>, <a href="https://thechrysaliscapital.com/" target="_blank" rel="noopener noreferrer">Chrysalis Capital</a>, <a href="https://endiya.com/" target="_blank" rel="noopener noreferrer">Endiya Partners</a>, <a href="https://flourishventures.com/" target="_blank" rel="noopener noreferrer">Flourish Ventures</a>, <a href="https://future.africa/" target="_blank" rel="noopener noreferrer">Future Africa</a>, <a href="https://www.globalfounderscapital.com/" target="_blank" rel="noopener noreferrer">Global Founders Capital</a>, <a href="https://greenhouse.capital/" target="_blank" rel="noopener noreferrer">GreenHouse Capital</a>, <a href="https://jaguarvc.com/" target="_blank" rel="noopener noreferrer">Jaguar Ventures</a>, <a href="https://kae-capital.com/" target="_blank" rel="noopener noreferrer">Kae Capital</a>, <a href="https://www.lightrock.com/" target="_blank" rel="noopener noreferrer">Lightrock</a>, <a href="https://magmapartners.com/" target="_blank" rel="noopener noreferrer">Magma Partners</a>, <a href="https://www.microtraction.com/" target="_blank" rel="noopener noreferrer">Microtraction</a>, <a href="https://nxtp.vc/" target="_blank" rel="noopener noreferrer">NXTP Ventures</a>, <a href="https://primevp.in/" target="_blank" rel="noopener noreferrer">Prime Venture Partners</a>, <a href="https://www.qedinvestors.com/" target="_blank" rel="noopener noreferrer">QED Investors</a>, <a href="https://quona.com/" target="_blank" rel="noopener noreferrer">Quona Capital</a>, <a href="https://www.startupbootcamp.org/" target="_blank" rel="noopener noreferrer">Startup Bootcamp</a>, <a href="http://www.unicornivc.com/" target="_blank" rel="noopener noreferrer">Unicorn India Ventures</a>, <a href="https://www.vestedworld.com/" target="_blank" rel="noopener noreferrer">VestedWorld</a>, <a href="https://en.voxcapital.com.br/" target="_blank" rel="noopener noreferrer">Vox Capital</a></p>
<em>Are you an early-stage fintech founder reaching previously underserved people and small businesses? </em><a href="mailto:accionventurelab@accion.org"><em>We’d love to hear from you</em></a><em>. And </em><a href="https://twitter.com/AccionVLab" target="_blank" rel="noopener noreferrer"><em>keep an eye out</em></a><em> for more women founder workshops coming to new geographies in 2021!</em>

How to diversify your investment opportunities and fund more women founders

Victoria White

<p><em><span lang="ES-ES" xml:lang="ES-ES" data-contrast="none">Aprovechamos nuestras competencias técnicas y experiencia global en desarrollar soluciones digitales que ayudan a las familias a construir una vida mejor y a tener éxito en sus empresas.</span> </em></p>
<p>Más de 1.700 millones de personas en todo el mundo no están bancarizadas, y más de 3.000 millones están mal atendidas o excluidas por completo del sector financiero. En Accion, creemos que la tecnología tiene el poder de cambiar esa realidad. Casi el 70 por ciento de los adultos no bancarizados poseen un teléfono móvil, lo que da pie a una nueva generación de servicios financieros digitales y enormes oportunidades de impulsar la inclusión financiera.</p>
<p>Los proveedores de servicios financieros (PSF), las plataformas de mercado, las empresas de bienes de consumo de alta rotación (EBCAR) y otros actores del ecosistema que atienden a las micro, pequeñas y medianas empresas (MIPYME) enfrentan actualmente numerosos desafíos estratégicos y operativos. La tecnología digital continúa siendo disruptiva para el sector financiero y el mundo en general, pues la mayoría de las interacciones entre las MIPYME y sus socios del ecosistema siguen siendo manuales, en papel e ineficientes. Gracias a sus profundas competencias técnicas y a sus enfoques innovadores, <a href="https://www.accion.org/how-we-work/advise/accion-global-advisory-solutions">Accion Global Advisory Solutions</a> ayuda a estos actores a superar los problemas que enfrentan, a impulsar el cambio y acelerar la creación de ecosistemas digitales propicios.</p>
<p>Con base en décadas de experiencia en el terreno además del conocimiento sobre nuevas tecnologías, nuestro equipo global brinda apoyo de asesoría técnica y estratégica a través de productos y propuestas integrados, con el objeto de crear oportunidades económicas y un mundo financieramente inclusivo para las MIPYME y los hogares de bajos ingresos. Al abordar los problemas más urgentes que enfrenta la inclusión financiera, ayudamos a las organizaciones con misión a lograr escala, impacto y rentabilidad.</p>
<p>Fortalecidos por nuestras asociaciones clave con <a href="https://www.accion.org/institutional_partnerships/mastercard">Mastercard Center for Inclusive Growth</a>, <a href="https://www.accion.org/institutional_partnerships/metlife-foundation">MetLife Foundation</a> y <a href="https://www.accion.org/institutional_partnerships/fedex">FedEx</a>, por nombrar solo algunas, nuestro trabajo permite a las familias y microempresas de todo el mundo alcanzar su potencial económico al ampliar su acceso a las opciones adecuadas de servicios financieros. Este enfoque incluye herramientas digitales para manejar mejor sus objetivos financieros y digitalizar las transacciones comerciales. Creemos firmemente en brindar a las personas las herramientas financieras que necesitan para mejorar sus vidas y desarrollar resiliencia en momentos en los que muchos enfrentan desafíos sin precedentes.</p>
<h3>¿Cómo marcamos la diferencia?</h3>
<p>El <a href="https://www.accion.org/how-we-work/advise/accion-global-advisory-solutions">equipo asesor</a> de Acción trabaja en estrecha colaboración con los PSF, las plataformas de mercado, las EBCAR y otros socios del ecosistema que están en posición privilegiada para proporcionar productos financieros apropiados a gran escala a personas de bajos ingresos y microempresas desatendidas, ayudándoles a mejorar su salud financiera y resiliencia.</p>
<p><img class="aligncenter wp-image-24741 size-full" src="https://content.accion.org/wp-content/uploads/2021/07/accion-glass-products-spanish.jpg" alt="Accion product offerings " width="800" height="250" srcset="https://content.accion.org/wp-content/uploads/2021/07/accion-glass-products-spanish.jpg 800w, https://content.accion.org/wp-content/uploads/2021/07/accion-glass-products-spanish-300x94.jpg 300w, https://content.accion.org/wp-content/uploads/2021/07/accion-glass-products-spanish-768x240.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></p>
<p>Nuestro equipo de asesores aplica soluciones centradas en el cliente, basadas en datos y soluciones tecnológicas que ayudan a estas instituciones a ampliar su interacción con las MIPYME de todo el mundo y a maximizar su impacto. Ofrecemos un conjunto de productos centrales que evoluciona e incorpora nuestra amplia experiencia:</p>
<ul>
<li data-leveltext="" data-font="Symbol" data-listid="1" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1"><strong>Préstamos digitales:</strong> Aprovechamos nuestras capacidades en materia de pagos, transformación digital, diseño centrado en el ser humano, participación del cliente y análisis de datos para ofrecer soluciones de <a href="https://www.accion.org/series/demystifying-digital-lending-series">préstamos digitales</a> a los clientes más desatendidos, de manera más rápida, rentable y atractiva.</li>
<li data-leveltext="" data-font="Symbol" data-listid="1" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"><strong>Pagos digitales:</strong> cuando los propietarios de pequeñas empresas pueden enviar y recibir pagos digitales, manejan sus negocios de manera más eficiente. Conectamos a las MIPYME y a los PSF a los pagos digitales, disminuyendo los costos operativos de ambas partes y ofreciendo mayor comodidad y flexibilidad para los clientes desatendidos. Facilitamos las asociaciones de beneficio mutuo para integrar ecosistemas, brindar apoyo estratégico y de implementación, y utilizar la información de los clientes como insumo para el diseño de productos de <a href="https://www.accion.org/topics/payments">pago digital</a>.</li>
<li data-leveltext="" data-font="Symbol" data-listid="1" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"><strong>Transformación digital:</strong> para que los comerciantes accedan digitalmente a los servicios financieros y a otros servicios de valor agregado de forma sencilla, Accion reconoce que todo el ecosistema requiere capacidades digitales, integración de terceros y aplicaciones orientadas al cliente. Accion adopta una visión holística de la <a href="https://www.accion.org/topics/digital-transformation">transformación digital</a>. Diseñamos e implementamos estrategias digitales que ayudan a las instituciones a lograr sus ambiciones de largo plazo, a la vez que conectamos a los microempresarios con la economía digital para que puedan ser más resilientes. Hemos desarrollado diagnósticos para evaluar las habilidades digitales de los pequeños comerciantes, así como herramientas que ayudan tanto a los PSF como a las MIPYME a desarrollar sus capacidades digitales.</li>
<li data-leveltext="" data-font="Symbol" data-listid="1" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"><strong>Financiamiento de cadenas de suministro:</strong> ofrecemos una solución integral de <a href="https://www.accion.org/series/supply-chain-finance">financiamiento de cadenas de suministro</a> que optimiza el capital de trabajo, reduce riesgos y aumenta los ingresos. Esta solución permite a los PSF y a otros actores de la cadena de suministros ofrecer más servicios a los comerciantes, nuevos y existentes, y así lograr mayor escala a través de una estrecha colaboración.</li>
<li data-leveltext="" data-font="Symbol" data-listid="1" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"><strong>Estrategias de riesgo y cuadros de mando: </strong>Accion ha desarrollado experiencia interna en la recopilación, estructuración y análisis de datos para lograr los beneficios de la digitalización. Para ayudar a los PSF a <a href="https://www.accion.org/topics/risk-and-credit-analysis">gerenciar el riesgo y aprovechar los datos de manera eficiente</a>, trabajamos para reducir el riesgo crediticio a través de marcos de gerencia de riesgos, herramientas de decisión crediticia, modelos de propensión y técnicas de suscripción.</li>
<li data-leveltext="" data-font="Symbol" data-listid="1" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"><strong>Diseño Accion: </strong>Accion trabaja con socios del sector financiero para crear productos y servicios centrados en el cliente utilizando el <a href="https://www.accion.org/topics/human-centered-design">diseño centrado en el ser humano</a>, las ciencias de la conducta y el análisis científico de los datos. Este enfoque nos ayuda a crear productos simples e intuitivos para que los clientes los utilicen cuando acceden a servicios de forma digital, y fomenta la innovación y la transformación a lo largo de las organizaciones.</li>
<li data-leveltext="" data-font="Symbol" data-listid="1" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"><strong>Ovante:</strong> creada por Accion, <a href="https://ovante.org/" target="_blank" rel="noopener">Ovante</a> es una plataforma de aprendizaje digital que fortalece las capacidades gerenciales, financieras, comerciales y digitales de los microempresarios al incentivar cambios de hábito financieramente saludables. Esta herramienta de tecnología educativa permite a las MIPYME desarrollar las habilidades que necesitan para prosperar en un mundo competitivo y digital.</li>
</ul>
<p><a href="https://www.accion.org/how-we-work/advise/accion-global-advisory-solutions">Accion Global Advisory Solutions</a> ayuda a las instituciones establecidas que atienden a las MIPYME a abordar sus desafíos estratégicos y operativos de manera directa a través de nuestra experiencia internacional en el desarrollo de estrategias y modelos de negocios, la estrategia e implementación de asociaciones en ecosistema, la arquitectura de plataformas y procesos, y el diseño de productos basado en datos.</p>
<p>Durante nuestros 60 años de historia, Accion ha tenido un impacto tangible. Así, hemos:</p>
<ul>
<li data-leveltext="" data-font="Symbol" data-listid="2" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1">Atendido y nos hemos asociado a más de 170 instituciones en 55 países de todo el mundo.</li>
<li data-leveltext="" data-font="Symbol" data-listid="2" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1">Empoderado a más de 10 millones de personas — de las cuales 70% mujeres— para acceder al crédito a través de nuestros socios.</li>
<li data-leveltext="" data-font="Symbol" data-listid="2" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1">Ayudado a casi 9 millones de personas a ahorrar dinero a través de nuestras instituciones asociadas.</li>
<li data-leveltext="" data-font="Symbol" data-listid="2" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1">Facilitado a más de 715.000 micro, pequeñas y medianas empresas la digitalización de sus operaciones comerciales.</li>
<li data-leveltext="" data-font="Symbol" data-listid="2" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1">Inscrito hasta la fecha a casi 500.000 personas en nuestros cursos de educación financiera.</li>
</ul>
<p>Accion Global Advisory Solutions ha ayudado a organizaciones como Destácame, una plataforma de gestión de finanzas personales con sede en Chile, a <a href="https://www.accion.org/finding-a-path-to-financial-health-in-chile-one-step-at-a-time">rediseñar su sitio web para mejorar la salud financiera de sus usuarios</a> mediante el desarrollo de diagnósticos simples, viajes de usuario personalizados y sugerencias fáciles de asimilar. Desde enero de 2020, la plataforma ha atraído a más de 1 millón de visitantes. En India, Accion Global Advisory Solutions está ayudando a Annapurna Finance Limited a desarrollar una estrategia digital que permitirá al banco atender a sus 1.7 millones de clientes de forma más eficaz. Como parte de esta estrategia, trabajamos con Annapurna Finance Limited para lanzar un nuevo <a href="https://www.accion.org/women-entrepreneurs-get-back-to-business-in-india">préstamo digital de emergencia</a> para ayudar a los clientes de préstamos grupales mientras se recuperan de la pandemia.</p>
<p>Junto con nuestros socios, estamos construyendo un ecosistema digitalmente integrado que ofrece herramientas y servicios financieros asequibles y de alta calidad a las MIPYME de todo el mundo, para que podamos crear un mundo inclusivo con oportunidades económicas para todos.</p>
<p><em>Por favor, <a href="https://www.accion.org/advisory-contact">comuníquese</a> con nosotros para ver cómo podemos trabajar juntos hacia un mundo financieramente más inclusivo. </em></p>
<p><em><a href="https://www.linkedin.com/in/malavika-krishnan/" target="_blank" rel="noopener">Malavika Krishnan</a> contribuyó a este artículo. </em></p>
<p><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>


We leverage our technical expertise and global experience in digital solutions to help families build better lives and businesses succeed.

Over 1.7 billion individuals around the world are unbanked, with more than 3 billion people either poorly served or left out entirely by the financial sector. At Accion, we believe technology has the power to change that. Nearly 70 percent of unbanked adults own a mobile phone, giving rise to a new generation of digital financial services and an immense opportunity to drive financial inclusion forward.

Financial service providers (FSPs), marketplace platforms, fast-moving consumer goods companies (FMCGs), and other actors in the ecosystem that serve micro, small, and medium enterprises (MSMEs), face numerous strategic and operational challenges today. While digital technology continues to disrupt the financial sector and the world more broadly, as most interactions between MSMEs and their ecosystem partners are still manual, paper-based, and inefficient. With deep technical expertise and innovative approaches, <a href="/how-we-work/advise/accion-global-advisory-solutions" target="_blank" rel="noopener noreferrer">Accion Global Advisory Solutions</a> helps these players overcome the issues they face in driving change and accelerating the creation of enabling digital ecosystems.

With decades of on-the-ground experience combined with insights into new technologies, our global team delivers strategic and technical advisory support through integrated products and offerings, all toward a north star — creating economic opportunities and a financially inclusive world for MSMEs and low-income households. By addressing the most pressing issues facing financial inclusion, we help mission-driven organizations achieve scale, impact, and returns.

Strengthened by our key partnerships with <a href="/institutional_partnerships/mastercard" target="_blank" rel="noopener noreferrer">Mastercard Center for Inclusive Growth</a>, <a href="/institutional_partnerships/metlife-foundation" target="_blank" rel="noopener noreferrer">MetLife Foundation</a>, and <a href="/institutional_partnerships/fedex" target="_blank" rel="noopener noreferrer">FedEx</a>, to name a few, our work enables families and microbusinesses around the globe to reach their economic potential by expanding access to appropriate financial service options. This approach includes digital tools to manage their financial goals better and digitize business transactions. We firmly believe in giving people the financial tools they need to improve their lives and build resilience at a time when many are facing larger challenges than ever before.
<h3>So how do we make a difference?</h3>
Accion’s <a href="/how-we-work/advise/accion-global-advisory-solutions" target="_blank" rel="noopener noreferrer">advisory team</a> works closely with FSPs, marketplace platforms, FMCGs, and other ecosystem partners that are uniquely positioned to provide appropriate financial products to low-income individuals and underserved microbusinesses at scale, helping them improve their financial health and resilience.

<img class="aligncenter wp-image-24623 size-full" src="https://content.accion.org/wp-content/uploads/2021/07/accion-global-advisory-solutions-products-copy.png" alt="Accion's advisory services" width="800" height="281" />

Our advisory team applies customer-centric, data-driven, and tech-enabled solutions that help these institutions expand their engagement with MSMEs around the world and maximize their impact. We offer an evolving set of core products that integrate our broad expertise, including:
<ul>
 	<li><strong>Digital lending</strong>: We leverage our capabilities in payments, digital transformation, human-centered design, customer engagement, and data and analytics to deliver <a href="/series/demystifying-digital-lending-series" target="_blank" rel="noopener noreferrer">digital lending</a> solutions to more underserved clients in faster, more cost-efficient, and engaging ways.</li>
 	<li><strong>Digital payments</strong>: When small business owners can send and receive digital payments, they can run their businesses more efficiently. We connect MSMEs and FSPs to digital payments, decreasing both parties’ operational costs and offering greater convenience and flexibility for underserved customers. We facilitate win-win partnerships to integrate ecosystems, provide strategy and implementation support, and use customer insights to inform <a href="/topics/payments" target="_blank" rel="noopener noreferrer">digital payment</a> product design.</li>
 	<li><strong>Digital transformation</strong>: For merchants to easily access financial and other value-add services digitally, Accion recognizes that the entire ecosystem requires digital capabilities, third-party integrations, and customer-facing apps. Accion takes a holistic view of <a href="/topics/digital-transformation" target="_blank" rel="noopener noreferrer">digital transformation.</a> We design and implement digital strategies that help institutions realize their long-term ambitions while also connecting microentrepreneurs to the digital economy so that they can become more resilient. We have developed diagnostics to evaluate the digital skills of small merchants, and tools that help both FSPs and MSMEs build their digital capabilities.</li>
 	<li><strong>Supply chain finance</strong>: We offer a comprehensive <a href="/series/supply-chain-finance" target="_blank" rel="noopener noreferrer">supply chain finance</a> solution that optimizes working capital, reduces risk, and increases revenues. This solution enables FSPs and other supply chain actors to extend more services to existing and new merchants and achieve greater scale through close collaboration.</li>
 	<li><strong>Risk strategy and scorecards</strong>: Accion has developed in-house expertise in collecting, structuring, and analyzing data to realize the benefits of digitization. To help FSPs <a href="/topics/risk-and-credit-analysis" target="_blank" rel="noopener noreferrer">manage risk and leverage data efficiently</a>, we work to reduce credit risk through risk management frameworks, credit decision tools, propensity modeling, and underwriting techniques.</li>
 	<li><strong>Accion Design</strong>: Accion works with financial sector partners to create customer-centric products and services using <a href="/topics/human-centered-design" target="_blank" rel="noopener noreferrer">human-centered design</a>, behavioral science, and data science. This approach helps us build easy and intuitive products for customers to use when accessing services digitally and fuels innovation and transformation across organizations.</li>
 	<li><strong>Ovante</strong>: Created by Accion, <a href="https://ovante.org/" target="_blank" rel="noopener noreferrer">Ovante</a> is a digital learning platform that strengthens microentrepreneurs’ managerial, financial, business, and digital capabilities by incentivizing financially healthy behavior changes. This edtech tool enables MSMEs to build the skills they need to thrive in a competitive and digital world.</li>
</ul>
<a href="/how-we-work/advise/accion-global-advisory-solutions" target="_blank" rel="noopener noreferrer">Accion Global Advisory Solutions</a> helps established institutions serving MSMEs address their strategic and operational challenges head-on through our international expertise in strategy and business model development, ecosystem partnering strategy and implementation, platform and process architecture, and data-driven product design.

Over our 60-year history, Accion has made a tangible impact. We have:
<ul>
 	<li>Partnered with and served over 170 institutions in 55 countries around the world.</li>
 	<li>Empowered more than 10 million people to access credit through our partners, 70 percent of them being women.</li>
 	<li>Helped nearly 9 million people save money through our partner institutions.</li>
 	<li>Enabled over 715,000 micro, small, and medium enterprises to digitize their business operations.</li>
 	<li>Enrolled nearly 500,000 people in our financial education courses to date.</li>
</ul>
Accion Global Advisory Solutions has helped organizations like Destácame, a Chile-based personal financial management platform, <a href="/finding-a-path-to-financial-health-in-chile-one-step-at-a-time" target="_blank" rel="noopener noreferrer">redesign their website to build their users’ financial health</a> by developing simple diagnostics, customized user journeys, and digestible tips. Since January 2020, the platform has attracted over 1 million visitors. In India, Accion Global Advisory Solutions is helping Annapurna Finance Limited develop a digital strategy that will enable the bank to serve its 1.7 million clients more effectively. As part of this strategy, we worked with Annapurna Finance Limited to launch a new <a href="/women-entrepreneurs-get-back-to-business-in-india" target="_blank" rel="noopener noreferrer">digital emergency loan</a> to assist group lending customers as they recover from the pandemic.

Together with our partners, we’re building a digitally integrated ecosystem that delivers high-quality, affordable financial tools and services to MSMEs around the world so we can create an inclusive world with economic opportunity for all.

<em>Please </em><a href="https://www.accion.org/advisory-contact"><em>reach out</em></a><em> to see how we can work together towards a more financially inclusive world.</em>

<em><a href="https://www.linkedin.com/in/malavika-krishnan/" target="_blank" rel="noopener noreferrer">Malavika Krishnan</a> contributed to this article.</em>

How Accion Global Advisory Solutions makes a financially inclusive world a reality

Ashley Lewis

Lami Technologies creates a seamless way for companies to launch customized insurance offerings that bring insurance to more people across Africa

As we’ve seen around the world, and especially across the African continent, most low-income people don’t have a financial safety net when emergencies and challenges arise. Only 3 percent of Africans outside of South Africa have access to insurance, compared to 8 percent of those in developed markets and 6 percent globally. People with access to insurance products are typically higher-income consumers. <a href="https://www.lami.world/" target="_blank" rel="noopener noreferrer">Lami Technologies</a>, an <a href="/lami-technologies-closes-1-8-million-seed-funding-to-accelerate-growth-of-digital-insurance-in-africa" target="_blank" rel="noopener noreferrer">Accion Venture Lab investee</a>, works to broaden access to affordable and relevant insurance in Africa so that more people can build financial security.

Through Lami’s tech platform, business-to-consumer (B2C) businesses like banks and e-commerce companies can develop and sell insurance to their customers. This approach allows low-income consumers to purchase insurance specific to their needs from businesses they already know and trust. The Lami team and their partners aim to put their customers’ needs first by upholding a customer-centric approach to product design and serving end clients with insurance offerings that are relevant to their lives.

After its founding in 2018 by Jihan Abass, Lami launched a B2C offering that proves that their back-end can support the distribution of insurance for larger partners and reach even more people. Today, they work with several insurers, reinsurers, and partners in Kenya and are exploring international markets such as Nigeria, Egypt, and Uganda. Lami’s model is well-positioned for international expansion and furthering their goal of providing coverage for more Africans across the region. We’re excited to invest in Lami because they:
<h3>Reach low-income Africans with affordable, relevant insurance</h3>
Because of the low adoption rate of insurance across Africa, many people are financially underprepared for life’s emergencies and unaware of the importance and relevance of insurance. Lami offers an innovative solution for these customers by expanding their options for affordable insurance, thus providing more protection that may not have been offered in the past. There is ample space for an innovator like Lami to grow by reaching the large population of uninsured people in Africa and introducing more products into the market.

Lami has the potential to significantly expand the selection of insurance products available to end customers. They have found interesting ways to embed insurance into their customers’ daily lives by meeting people where they are, from making online purchases to taking public transportation. Lami provides an alternative pathway for consumers to purchase affordable, convenient insurance by allowing them to buy customized products from banks, telecommunications companies, and other businesses that partner with Lami. These partners, Lami’s B2B clients, can draw on their understanding of their customer base to create products tailored to the needs of specific segments. Core to their model is their effort to offer the right insurance products to customers at the right moment via the most appropriate channel and partner. The fact that the insurance products are sold by brands that consumers already know builds trust and awareness in the market at large, which helps overcome major barriers to uptake.
<h3>Leverage technology to quickly and efficiently offer embedded insurance</h3>
Lami streamlines each step of the insurance process for their partner businesses, from user management to claims payout. Their technology compresses the timeline to launch an insurance product from 18 months to one month and reduces the development costs for a B2B client to deploy an insurance product by 80 percent. In doing so, Lami opens the door for a broad array of new providers to offer contextualized insurance for traditionally underserved clients. Through its infrastructure model, Lami can help accelerate insurance penetration in Kenya and other African markets.

Corporate clients such as banks, telcos, e-commerce platforms, and logistics companies work with Lami to design digital insurance products tailored to the needs of their customers and employees. Products are white-labeled and sold with the client brand and through the client’s website or app, using Lami’s APIs, while Lami runs all the back-end processes. We envision that with an offering like this, more corporate clients will be excited to build financial services offerings into the services and products they provide for their customers. With access to Lami’s technology, partners, and know-how, they can better serve their customers.
<h3>Utilize unique data to provide affordable insurance that meets people’s needs</h3>
Lami sits between B2B corporate clients and underwriting partners (i.e., insurance companies), allowing Lami to request, capture, and interpret unique data that can help them better design, price, and distribute insurance offerings. During the onboarding process, Lami works closely with its B2B partners to ensure they are gathering the right kind of data from that client’s platform to provide and ultimately design insurance offerings for consumers and businesses. From there, Lami liaises with underwriters to design products. From an impact perspective, we believe that Lami will be in a position to “widen the funnel” to include traditionally underserved consumers who will now gain access to these products while allowing partners and underwriters to distribute competitively priced products.

We are excited about Lami’s future and look forward to supporting the company as they grow and expand, helping close the gaps between insured and uninsured people across Africa.

Tech opens the door for low-income Africans to get the insurance they need

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