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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

Elizabeth Winters

When education is accessible to women and girls, they can gain the skills and knowledge to seize opportunities and support themselves and their families

Education is a proven pathway for children to build brighter futures. And that effect doesn't stop as kids grow up — continuing education and job training open opportunities for people to adapt to new technology and get better jobs to support themselves and their families. But after years of increasing rates of literacy and school attendance, <a href="https://unstats.un.org/sdgs/report/2021/goal-04/" target="_blank" rel="noopener noreferrer">the COVID-19 pandemic has devastated progress in education</a>, especially for girls and those living in poverty.

Each year on October 11, the United Nations recognizes <a href="https://www.un.org/en/observances/girl-child-day" target="_blank" rel="noopener noreferrer">International Day of the Girl Child</a>, a day dedicated to promoting the empowerment of girls around the world and raising awareness of the challenges that girls face, including barriers to education. Girls already lagged in global education levels before the pandemic, and <a href="https://en.unesco.org/news/girls-education-and-covid-19-new-factsheet-shows-increased-inequalities-education-adolescent" target="_blank" rel="noopener noreferrer">now an estimated 11 million girls may not return to their classrooms</a>. Innovative solutions are needed to close educational gaps for girls, help women gain skills to secure employment, and keep education accessible to all.
<h2>How fintech powers education</h2>
<img class="alignleft wp-image-24804" src="https://content.accion.org/wp-content/uploads/2021/10/henry-student-julieta-768x1024.jpeg" alt="Julieta, a coding student at Henry" width="400" height="449" />Lack of funding for schools and limited financial support options for students prevent many from getting the education they deserve. We’ve seen how fintech can be a powerful tool to support the education sector by connecting more schools and students to financial services. In Latin America, our Accion Venture Lab portfolio company <a href="https://www.soyhenry.com?utm_source=Blog_Accion&amp;utm_campaign=Nota_WomenInTech&amp;utm_id=Accion" target="_blank" rel="noopener noreferrer">Henry</a> offers software development courses for people, especially young women, to receive the training needed to pursue jobs in the thriving tech industry. Henry’s platform attracts students like Julieta, who always wanted to learn computer programming and pursue a career in tech but was held back by the costs of education. Because Henry has <a href="https://www.accion.org/making-sure-fintech-is-an-equalizer-for-women-not-another-barrier#henry" target="_blank" rel="noopener noreferrer">embedded financial services into their education platform</a>, students are not obligated to pay back their tuition until they secure a job in their new field. This income-sharing agreement allows more women like Julieta to get the education needed for a career in tech, no matter their background, income, or work experience. After completing Henry’s courses, <a href="https://blog.soyhenry.com/la-historia-de-julieta-estudiar-en-henry-y-trabajar-en-silicon-valley/?utm_source=Blog_Accion&amp;utm_campaign=Nota_WomenInTech&amp;utm_id=Accion" target="_blank" rel="noopener noreferrer">she was hired for a programming job in her chosen field and multiplied her income</a>.

Across the world in the Philippines, access to education — particularly for girls — improved significantly in recent years before the pandemic. As a part of dedicated efforts to achieve gender parity, the Philippines has focused on closing the gender gaps in education and economic opportunity for women. According to the <a href="https://www.weforum.org/reports/gender-gap-2020-report-100-years-pay-equality" target="_blank" rel="noopener noreferrer">World Economic Forum’s Global Gender Gap Report 2020</a>, women and men have reached nearly equal literacy rates above 98 percent, and female enrollment in secondary and tertiary education even exceeded male enrollment in 2019. Increasing female education rates means that more women are better positioned to earn higher incomes and provide for their families. Doing their part to democratize education in the Philippines, our portfolio company <a href="https://www.accion.org/making-education-accessible-through-fintech" target="_blank" rel="noopener noreferrer">Pintek uses fintech to provide funding for schools and students</a> so that more people from all backgrounds can stay in school. They also support clients like Hacktiv8, an edtech platform that teaches students programming skills to prepare them for future careers in the tech sector. By funding and supporting students and schools, including <a href="/schools-go-virtual-with-fintech-support-in-indonesia" target="_blank" rel="noopener noreferrer">helping schools to adapt to virtual learning during the pandemic</a>, Pintek propels more young adults to gain an affordable education and seize future job opportunities.

In India, <a href="https://www.weforum.org/reports/gender-gap-2020-report-100-years-pay-equality" target="_blank" rel="noopener noreferrer">girls are still less educated than boys</a>, and schooling remains especially difficult to access in rural areas. The COVID-19 pandemic led <a href="https://www.unicef.org/india/press-releases/covid-19-schools-more-168-million-children-globally-have-been-completely-closed" target="_blank" rel="noopener noreferrer">1.5 million schools in India to close in 2020, impacting 247 million children</a>. Without the ability to continue their schooling, children in India are falling further and further behind. To support India’s education sector, our portfolio company <a href="https://www.getanthem.co/" target="_blank" rel="noopener noreferrer">Anthem</a> strives to provide financial solutions for schools. They simplify finance and admin operations for schools and colleges in over 300 cities across India. Their tech-enabled platform allows educational intuitions to manage their cashflows, expenses, and school fees all in one place. By streamlining these administrative tasks at an affordable cost, they help education institutions improve their financial standing and allow them to focus instead on their main goal — providing high-quality education in their communities.

From girls learning to read to women gaining skills to take on new careers, education opens opportunities for women and girls to envision a bright future. We’re proud to invest in fintech startups like Henry, Pintek, and Anthem that are building innovative solutions that get more people into classrooms and closer to achieving their dreams.

<em>Support from our donors helps us to improve the lives of individuals and families in underserved communities. Through our partnerships with inclusive financial providers and investments in fintech startups around the globe, we’re creating a world with economic opportunity for all. <a href="https://donate.accion.org/page/34341/donate/1?ea.tracking.id=blog">Make a gift today to invest in the future of those who need it most</a>.</em>

Putting education in reach for more women and girls

Amy Stewart

espanol

<p><em>La Fundación Génesis Empresarial se une a la asociación de Mastercard y Accion para lanzar servicios financieros digitales de alta calidad y mejorar las oportunidades económicas en el Triángulo Norte</em></p>
<p>Miguel Tzoy Pu tiene una pequeña finca en Totonicapán (Guatemala), donde cultiva tomates, chiles, papas y maíz. Su mujer y sus tres hijos dependen de los ingresos de su cosecha para pagar la escuela, la comida y otras necesidades del hogar. Al igual que muchos de los 5,7 millones pequeños agricultores de Guatemala, Miguel ha luchado para manejar los impactos de un clima cambiante, soportando períodos de sequía severa y huracanes destructivos que causan estragos en el rendimiento de sus cultivos. Con poca experiencia financiera, también ha tenido un acceso limitado a los productos financieros que podrían ayudarle a reducir las pérdidas agrícolas, invertir en nuevas tecnologías y proteger su finca contra las crisis agrícolas.</p>
<p>En toda Guatemala, <a href="https://globalfindex.worldbank.org/sites/globalfindex/files/countrybook/Guatemala.pdf" target="_blank" rel="noopener">7,5 millones de personas carecen de una cuenta bancaria básica y solo el 12% de la población ha ahorrado o solicitado un préstamo en una institución financiera en 2017</a>. Las micro, pequeñas y medianas empresas (MIPYME), que representan el 85% del empleo y contribuyen al 40% del PIB, se enfrentan constantemente a dificultades para acceder al sistema financiero formal dominado por los grandes bancos comerciales, lo que implica <a href="https://www.smefinanceforum.org/data-sites/msme-finance-gap" target="_blank" rel="noopener">un déficit de financiamiento formal</a> estimado en <a href="https://www.smefinanceforum.org/data-sites/msme-finance-gap" target="_blank" rel="noopener">14.200 millones de dólares</a>. La mitad de la población viven en la pobreza y <a href="https://www.iadb.org/en/improvinglives/neediest-and-hardest-reach-informal-workers-face-pandemic" target="_blank" rel="noopener">el 70% de los trabajadores laboran en el sector informal</a>, pero las instituciones financieras tradicionales han evitado atender a los hogares de bajos ingresos y a los microempresarios debido a la falta de transacciones documentadas y de garantías, lo que ha alimentado la aversión al crédito y al riesgo entre los bancos. Mientras el país sigue luchando con la pandemia del COVID-19 y el riesgo de fenómenos meteorológicos extremos aumenta, los servicios financieros inclusivos son más necesarios que nunca.</p>
<p>La <a href="https://genesisempresarial.org/" target="_blank" rel="noopener">Fundación Génesis Empresarial</a> es la mayor institución microfinanciera sin fines de lucro de Guatemala, y ofrece una amplia cartera de productos y servicios que incluye productos de préstamo para capital de trabajo, vivienda y educación, financiamiento y asesoramiento agrícolas, seguros y remesas a las MIPYME y a las comunidades rurales de todo el país. Fundada en 1988, Génesis ha proporcionado productos y servicios financieros y no financieros, educación financiera y cursos de gestión empresarial, así como asesoramiento a más de 720.000 clientes, <a href="/two-women-entrepreneurs-carve-out-economic-opportunity-in-guatemala" target="_blank" rel="noopener">ayudándoles a hacer crecer sus negocios, enviar a sus hijos a la escuela y salir de la pobreza</a>. De sus 138.000 clientes actuales —muchos de los cuales están excluidos del sistema financiero tradicional— el 42% vive en la pobreza o la extrema pobreza, el 85% vive en zonas rurales y el 64% son mujeres. Su cobertura nacional se extiende a través de más de 100 sucursales, 3.000 agentes y 12.000 puntos de pago, muchos de ellos en zonas rurales con acceso limitado.</p>
<p>La Fundación Génesis concedió a Miguel Tzoy Pu un préstamo para ampliar su cultivo de tomates y chiles y le ayudó a manejar mejor su crédito. El préstamo ha permitido a Miguel ampliar aún más sus parcelas de tomate, lograr cosechas de mayor calidad y ganar más cada mes.</p>
<p>Accion se complace en continuar su relación de 30 años con la Fundación Génesis Empresarial como parte de la <a href="/mastercard-and-accions-partnership-to-unlock-millions-of-underserved-microbusinesses" target="_blank" rel="noopener">asociación entre Mastercard y Acción</a> para ayudar a las pequeñas empresas como la de Miguel Tzoy Pu a operar en la economía digital, y a beneficiarse de ella. Como piedra angular de nuestro <a href="/accion-joins-white-house-call-to-action-to-support-economic-opportunity-in-the-northern-triangle" target="_blank" rel="noopener">compromiso de apoyar las oportunidades económicas en el Triángulo del Norte</a>, Accion ayudará a Génesis a fortalecer y acelerar su transformación digital para estimular la innovación continua y aumentar la escala de sus operaciones.</p>
<p>En los últimos años, Génesis ha invertido mucho en la transformación digital, tanto la de su propia institución como la de sus clientes. Ahora ofrece una cartera digital, llamada akisí, una aplicación de banca en línea, y recientemente lanzaron un producto de crédito rotativo digital llamado Génesis Efectivo. A través de esta asociación, Acción ayudará a Génesis a:</p>
<ul>
<li>Impulsar la adopción y el uso del monedero akisí, especialmente entre las mujeres y los usuarios rurales.</li>
<li>Desarrollar y lanzar un producto integral, y una estrategia de atención al mercado para la ampliación de Génesis Efectivo, su línea de crédito digital renovable.</li>
<li>Ampliar y optimizar los productos agrícolas y el programa de Génesis para los pequeños agricultores, incluyendo la integración de las mejores prácticas para adaptarse al cambio climático.</li>
<li>Recrear una metodología de préstamo grupal digitalizada y centrada en el cliente para apoyar mejor a los clientes de la base de la pirámide.</li>
</ul>
<p>Este trabajo contribuirá, en última instancia, a aumentar el acceso a servicios financieros digitales de alta calidad, a mejorar las oportunidades económicas de las MIPYME y de los pequeños agricultores, y a aumentar la resiliencia de todos los guatemaltecos frente a las crisis económicas y medioambientales.</p>
<p>Génesis está en una posición única para abordar los complejos desafíos de la inclusión financiera en Guatemala. Con el apoyo del <a href="https://bit.ly/39XuCMa" target="_blank" rel="noopener">Centro Mastercard para el Crecimiento Inclusivo</a> y Accion, la Fundación Génesis Empresarial puede seguir cumpliendo su misión de promover el desarrollo social y económico de sus clientes.</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>


Fundación Génesis Empresarial joins the Mastercard and Accion partnership to launch high-quality digital financial services and improve economic opportunity in the Northern Triangle

Miguel Tzoy Pu owns a small farm in Totonicapán, Guatemala, where he grows tomatoes, chilis, potatoes, and corn. His wife and three children depend on the income from his harvest to pay for school, food, and other household necessities. Like many of the 5.7 million smallholder farmers in Guatemala, Miguel has struggled to manage the impacts of a changing climate, enduring periods of severe drought and destructive hurricanes that wreak havoc on his crop yields. With little financial experience, he has also had limited access to financial products that might help him to reduce farm losses, invest in new technologies, and protect his farm against agricultural shocks.

Across Guatemala, <a href="https://globalfindex.worldbank.org/sites/globalfindex/files/countrybook/Guatemala.pdf" target="_blank" rel="noopener noreferrer">7.5 million people do not have a basic bank account and just 12 percent of the population saved or borrowed from a financial institution as of 2017</a>. Micro, small, and medium enterprises (MSMEs), which account for 85 percent of employment and contribute 40 percent of GDP, consistently face challenges in accessing the formal financial system dominated by large commercial banks, with an estimated <a href="https://www.smefinanceforum.org/data-sites/msme-finance-gap" target="_blank" rel="noopener noreferrer">$14.2 billion formal finance gap</a>. With half the population living in poverty and <a href="https://www.iadb.org/en/improvinglives/neediest-and-hardest-reach-informal-workers-face-pandemic" target="_blank" rel="noopener noreferrer">70 percent of workers employed in the informal sector</a>, traditional financial institutions have shied away from serving low-income households and microentrepreneurs due to a lack of documented transactions and collateral which has fueled credit and risk aversion among banks. As the country continues to struggle during the COVID-19 pandemic and the risk of extreme weather events grows, inclusive financial services are more critical than ever.

<a href="https://genesisempresarial.org/" target="_blank" rel="noopener noreferrer">Fundación Génesis Empresarial</a> is Guatemala’s largest nonprofit microfinance institution, offering a comprehensive portfolio of products and services that includes working capital, housing, and education loan products, agricultural financing and advisory, insurance, and remittances to MSMEs and rural communities across the country. Founded in 1988, Génesis has provided financial and non-financial products and services, financial education and business management training, and advisory support to more than 720,000 clients, <a href="/two-women-entrepreneurs-carve-out-economic-opportunity-in-guatemala" target="_blank" rel="noopener noreferrer">helping them grow their businesses, send children to school, and move out of poverty</a>. Of their current 138,000 clients – many of whom are excluded from the traditional financial system – 42 percent live in poverty or extreme poverty, 85 percent live in rural areas, and 64 percent are women. Their national coverage extends across more than 100 branches, 3,000 agents, and 12,000 payment points, many in rural areas with limited access.

Fundación Génesis provided Miguel Tzoy Pu with a loan to expand his tomato and chili cultivation and support to help him better manage his credit. The loan has allowed Miguel to further expand his tomato plots, produce higher quality crops, and earn more every month.

Accion is excited to continue our 30-year relationship with Fundación Génesis Empresarial 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 like Miguel Tzoy Pu’s operate in and benefit from the digital economy. A cornerstone of <a href="/accion-joins-white-house-call-to-action-to-support-economic-opportunity-in-the-northern-triangle" target="_blank" rel="noopener noreferrer">our commitment to support economic opportunity in the Northern Triangle</a>, Accion will help Génesis strengthen and accelerate their digital transformation to spur continued innovation and drive scale.

In recent years, Génesis has invested heavily in digital transformation – of their own institution, and of their clients. They now offer a digital wallet, called akisí, an online banking application, and recently launched a digital revolving credit product called Génesis Efectivo. Through this partnership, Accion will help Génesis:
<ul>
 	<li>Drive adoption and usage of the akisí wallet, particularly among women and rural users.</li>
 	<li>Develop and launch a holistic product and go-to-market strategy to scale Génesis Efectivo, their revolving digital credit line.</li>
 	<li>Expand and optimize Génesis’ agricultural products and program for smallholder farmers, including the integration of best practices to adapt to climate change.</li>
 	<li>Reimagine a customer-centric digitized group lending methodology to better support clients at the base of the pyramid.</li>
</ul>
This work will ultimately help increase access to high-quality digital financial services, improve economic opportunity for MSMEs and smallholder farmers, and build all Guatemalans’ resilience to economic and environmental shocks. Génesis is uniquely positioned to address complex challenges to financial inclusion in Guatemala. With the support of the <a href="https://bit.ly/39XuCMa" target="_blank" rel="noopener noreferrer">Mastercard Center for Inclusive Growth</a> and Accion, Fundación Génesis Empresarial can continue to deliver on its mission to promote the social and economic development of its clients.

<em><a href="https://www.linkedin.com/in/malavika-krishnan/" target="_blank" rel="noopener noreferrer">Malavika Krishnan</a> contributed to this article.</em>

Pathway to a resilient future for Guatemalan farmers and entrepreneurs

Introducing the Innovation Hub toolkit, a guide to creating space for innovation for financial service providers 

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>

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