Accion will partner with local financial service providers, businesses, and community organizations to provide access to working capital and other opportunities for women refugees and entrepreneurs

Press Release

<strong>Washington, DC, February 1, 2023</strong> – Global nonprofit Accion today announced a $1 million grant from the Conrad N. Hilton Foundation to increase access to financial services and entrepreneurship opportunities for refugee women in Ethiopia and Uganda. Accion will partner with local financial service providers to better understand the needs of refugees and their host communities, while expanding access to income-generating opportunities, working capital, and training to refugee women.

Ethiopia and Uganda host more than two million refugees that are typically located in rural communities underserved by social services and employment opportunities. Refugees face barriers to accessing financial services and employment due to lack of identification, digital literacy, and mobile phones. Women are especially constrained by childcare and household responsibilities, which may limit their ability to work outside of the home.

Through partnerships with financial service providers and fast-moving consumer goods (FMCG) companies, Accion will expand access to business opportunities, such as e-commerce, for income generation, as well as training and access to affordable capital to provide new opportunities for women to start their own businesses. Accion will also work with local financial service providers to develop new solutions tailored to the needs of refugee women and their families and promote financial resilience and well-being.

“We are excited to partner with the Hilton Foundation to provide women refugees with access to financial services, enabling them to build economic resilience by setting up small businesses that serve their communities,” said Michael Schlein, President and CEO of Accion. “Together with our partners, Accion is focused on providing responsible financial services that meet the needs of women and underserved people around the world.”

“We are proud to support Accion’s work to improve the lives of refugee and host community women in Ethiopia and Uganda,” said Barri Shorey, Senior Program Officer for the Refugees initiative at the Conrad N. Hilton Foundation. “Ensuring women’s access to employment, entrepreneurship, and financial services is crucial not only for their family’s livelihoods and well-being but also for local and national economies.”

In Uganda, Accion has a long-standing partnership with UGAFODE, a microfinance deposit institution, on a Financial Inclusion for Refugees initiative. Over the next two years, Accion and UGAFODE will continue to expand access to financial services to refugee women in Uganda, including savings and credit products, and financial literacy and capacity building programs.

In Ethiopia, Accion is working with several partners across the ecosystem to develop, pilot, and scale a micro-retailer distributorship program, which will provide credit products to refugee women to start their own businesses, as well as additional logistics support and training.

New partnerships with local financial service providers, corporates, technology companies, and humanitarian organizations operating in these communities will be developed over the course of the program, providing new products and services that meet the needs of refugee women and their communities, ensuring a pathway to sustainable and scalable solutions.

###
<h3><strong>About Accion </strong></h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a trailblazing legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the 1.8 billion people who are left out of — or poorly served by — the financial sector. Since 1961, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. More at <a href="https://www.accion.org/" target="_blank" rel="noopener noreferrer">accion.org</a>.
<h3><strong>About the Conrad N. Hilton Foundation</strong></h3>
International hotelier Conrad N. Hilton established the grantmaking foundation that bears his name in 1944 to help people living in poverty and experiencing disadvantage worldwide. Today, the work continues, concentrating on efforts to ensure healthy early childhood development and sustainable livelihoods for youth, support young people transitioning out of foster care, improve access to housing and support services for people experiencing homelessness, identify solutions to safe water access, and lift the work of Catholic sisters. Additionally, following selection by an independent, international jury, the Foundation annually awards the $2.5 million Conrad N. Hilton Humanitarian Prize to an organization doing extraordinary work to reduce human suffering. The Foundation is one of the world’s largest, with approximately $8.5 billion in assets. It has awarded grants to date totaling more than $2.4 billion, $339 million worldwide in 2021. Please visit <a href="http://www.hiltonfoundation.org/" target="_blank" rel="noopener noreferrer">www.hiltonfoundation.org</a> for more information.

Accion Receives Grant from the Conrad N. Hilton Foundation to Increase Livelihood Opportunities for Refugee Women in Ethiopia and Uganda

Michael Schlein

News

Michael Schlein gave an opening speech at the BRI Microfinance Outlook 2023 on the potential of digital financial services to bring underserved populations, especially small businesses, into the global financial system. He highlighted several Accion partners in his speech, including MyRobin, BukuWarung, and Genesis. Michael's speech begins in the video at 06:31.

<a href="https://www.cnbcindonesia.com/market/20230126124618-19-408439/optimisme-pengembangan-inklusi-keuangan-digitalisasi-umkm" target="_blank" rel="noopener noreferrer">Read more and watch the video.</a>

Optimism in the Development of Financial Inclusion & Digitalization of MSMEs (Optimisme Pengembangan Inklusi Keuangan & Digitalisasi UMKM)

Jasiel Martin-Odoom

<a href="https://www.benjamindada.com/jasiel-martin-odoom-accion-venture-lab/" target="_blank" rel="noopener noreferrer">In this interview</a>, Accion Venture Lab's Jasiel Martin-Odoom shares his career journey and how Accion Venture Lab is approaching investments in 2023.

<a href="https://www.benjamindada.com/jasiel-martin-odoom-accion-venture-lab/" target="_blank" rel="noopener noreferrer">Read more</a>.

How Jasiel Martin-Odoom helped 100+ startups that raised $2.5 billion in funding

Accion Venture Lab's Jasiel Martin-Odoom spoke in <a href="https://techpoint.africa/2022/12/29/2023-vc-predictions/" target="_blank" rel="noopener noreferrer">this article</a> on 2023 startup trends in Africa, including an increased focus on supporting informal workers, and how investors will help drive value to portfolio companies amid economic downturns.

<a href="https://techpoint.africa/2022/12/29/2023-vc-predictions/" target="_blank" rel="noopener noreferrer">Read more</a>.

From continued capital crunch to shortage of IT talent, what does 2023 hold for African startups?

Findings from a four-year program between Accion and Mastercard demonstrate importance of accelerating digital transformation

<span data-contrast="none"><strong>WASHINGTON, D.C., Nov. 10, 2022</strong> — Small business owners in emerging economies are facing multiple challenging circumstances, from rising prices and high import costs to new obstacles posed by climate disasters. As the global economy continues to go digital, a new report from global nonprofit Accion and the Mastercard Center for Inclusive Growth shows what small businesses and their clients can gain from digitalization and demonstrates how digital tools designed for small businesses can advance economic inclusion.</span><span data-contrast="auto"> </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>

<span data-contrast="none">The report presents learnings from a </span><span data-contrast="auto">four-year program, launched in 2019 and continuing through the COVID-19 global pandemic, in which Accion, supported by the Mastercard Center for Inclusive Growth, worked with nine financial service providers and 50 fintech startups around the world to help small businesses leverage digital tools.</span> <span data-contrast="auto">The findings demonstrate the importance of accelerating the digital transformation of small businesses, which account for 90 percent of businesses worldwide and create seven out of 10 jobs in emerging markets. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}"> </span>

<span data-contrast="auto">Over a four-year period:</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>
<ul>
 	<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1"><b><span data-contrast="auto">Digital adoption increased among women entrepreneurs</span></b><span data-contrast="auto">. Women accounted for 75 percent of new product users, demonstrating the potential of digital tools to expand access to financial services for women and other underserved people. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></li>
 	<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"><b><span data-contrast="auto">Financial health improved</span></b><span data-contrast="auto">. Nearly 80 percent of product users interviewed across five countries reported increased capacity to manage financial challenges, including the ability to repay loans on time or access credit for their business needs, which they attributed to products developed by the partnership. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></li>
 	<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1"><b><span data-contrast="auto">Digital tools boosted productivity and growth</span></b><span data-contrast="auto">. Digital product users reported a 30 percent increase in business growth activities with more than 61 percent linking these improvements, at least partially, to the digital products used.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></li>
 	<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1"><b><span data-contrast="auto">30-day usage of digital tools by unique users increased by 400 percent</span></b><span data-contrast="auto">, showing that people were not only accessing the to</span><span data-contrast="auto">ols but c</span><span data-contrast="auto">onsistently using them. Tools included products designed to support financial literacy, digital savings, and short-term loans for underserved businesses.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}"> </span></li>
</ul>
<span data-contrast="none">As the program concludes, the report reveals that </span><span data-contrast="auto">more than 11.5 million people benefited from digital transformation, including more than 4.4 million micro and small businesses that now use digital tools on a regular basis. From April 2021 to April 2022, the number of active digital users (one year active) increased by more than 1.1 million across all program partners, with 800,000 added in the final six months alone. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}"> </span>

<span data-contrast="none">Michael Schlein, President and CEO of Accion, said: “Small businesses are the backbone of local communities, and the rapidly digitizing economy presents new opportunities to provide them with more and better financial services. We have shown that when financial service providers and fintechs design digital products and services that meet the needs of micro and small businesses and their clients, people will use them. We’re excited by the potential of these products to improve the financial wellbeing and resilience of millions of people around the world.”</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}"> </span>

<span data-contrast="none">“Our work with Accion shows that digital financial tools can be game-changers for small businesses and the people around the world who run them,” said Shamina Singh, Founder and President of the Mastercard Center for Inclusive Growth. “The positive impact we’ve seen as women business owners embrace digitalization is especially encouraging, and we hope to further enable that trend as our partnership moves forward. This program not only confirms early learnings about the potential for the digital economy to empower small business success, but it provides an evidence base for the opportunity we have in this moment to unlock the financial health of underserved people through digital tools and services.”</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>

<span data-contrast="none">In addition to addressing the digital transformation of micro and small business-focused financial service providers, the program provided support to fintechs serving micro and small businesses globally, offered COVID-19 resources to small businesses in the U.S., and conducted research on the micro and small business impacts of the pandemic. As restrictions on movement lifted, the program focused on long-term digital transformation strategies to connect underserved people to new economic opportunities.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>

<span data-contrast="none">Experts from Accion, Mastercard, and financial institutions leading on digital transformation will discuss the report’s findings, lessons learned, and best practices for the future at the Digital Transformation Forum in London on November 15, </span><a href="https://www.accion.org/digital-transformation-forum" target="_blank" rel="noopener noreferrer"><span data-contrast="none">available by livestream here</span></a><span data-contrast="none">.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>

<span data-contrast="none">###</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>
<h3><b><span data-contrast="none">About Accion</span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></h3>
<span data-contrast="none">Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the 1.8 billion people who are left out of — or poorly served by — the financial sector. For more than 60 years, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. More at </span><a href="https://www.accion.org/" target="_blank" rel="noopener noreferrer"><span data-contrast="none">accion.org</span></a><span data-contrast="none">.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>
<h3><b><span data-contrast="none">About the Mastercard Center for Inclusive Growth</span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></h3>
<span data-contrast="none">The Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The center leverages the company’s core assets and competencies, including data insights, expertise and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs and empower a community of thinkers, leaders and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the center on </span><a href="https://twitter.com/CNTR4growth" target="_blank" rel="noopener noreferrer"><span data-contrast="none">Twitter</span></a><span data-contrast="none"> and </span><a href="https://www.linkedin.com/showcase/9393243/admin/" target="_blank" rel="noopener noreferrer"><span data-contrast="none">LinkedIn</span></a><span data-contrast="none"> and </span><a href="https://www.mastercardcenter.org/forms/stay-informed-standalone" target="_blank" rel="noopener noreferrer"><span data-contrast="none">subscribe to its newsletter</span></a><span data-contrast="none">. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>
<h3><b><span data-contrast="none">Report</span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></h3>
<span data-contrast="none">“<a href="https://www.accion.org/the-impact-of-digital-transformation-on-underserved-microbusinesses-findings-from-accions-partnership-with-mastercard" target="_blank" rel="noopener noreferrer">The Impact of Digital Transformation on Underserved Microbusinesses: Findings from Accion’s Partnership with Mastercard</a>,” November 2022</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>
<h3><b><span data-contrast="none">Media Contact</span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></h3>
<span data-contrast="none">Sarah Marston</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>

<a href="mailto:smarston@accion.org" target="_blank" rel="noopener noreferrer"><span data-contrast="none">smarston@accion.org</span></a><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>

<span data-contrast="none">+1 202-706-5858</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span>

Digital Adoption Essential for Financial Health and Resilience of Small Businesses Globally

Amee Parbhoo

This recap of Accion Venture Lab's Fintech for Inclusion Global Summit in the Hague shares insights from Amee Parbhoo as well as the leaders of Venture Lab portfolio companies Community Investment Management, Field, and Tienda Pago, on the current investment climate and the future of inclusive fintech.

<a href="https://impactalpha.com/inclusive-fintech-firms-build-on-gains-to-help-micro-and-small-businesses-weather-the-economic-storm/" target="_blank" rel="noopener noreferrer">Read more</a>.

Inclusive fintechs build on gains to help emerging market businesses weather the economic storm

This blog authored by Christina Trampota shares key takeaways from the panel she moderated during Financial Inclusion Week, “Inclusive Growth in a Digital Era: Priorities for the Future," which featured Michael Schlein alongside leaders from the World Bank, Visa, and Jumia. You can watch the full session <a href="http://email.accion.org/c/eJxVjs1qwzAQhJ_GPpr9kbTegw4tbSDHHvoA0kqODW1cHCemffqqx8LADMPANzViCOJBiLQvUYu5FpZIQIQI3FxABwU1LAwZHFUbS-cgmS3rdVi3Sz9HcYGTkGPzVafqPY5K6DipcPYB-4847_vXreOnjk5Nx3EM3-t9v-c62Pr516Td5o5Pj45f3hepZ7g9v25v_RZ_jnS9_Cfu0UYEb6xKWUMqTsGmQFbEFzKpqU0q4JRT45svAdr7BCbTxJplRBX8BWfMSAk" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" data-safelink="true" data-linkindex="2">here</a>.

Read more about this blog <a href="https://tektalk.medium.com/inclusive-growth-for-the-future-78e09214f7b4" target="_blank" rel="noopener noreferrer">here</a>.

Inclusive Growth for the Future

The Center for Financial Inclusion (CFI) announced the 2022 winners of the Inclusive Fintech 50 (IF50) competition, which recognizes 50 early-stage, inclusive fintechs that aim to advance financial inclusion. IF50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC.

<a href="https://techcabal.com/2022/10/17/inclusive-fintech-50-announces-the-2022-winners/" target="_blank" rel="noopener noreferrer">Read more</a>.

Inclusive Fintech 50 Announces the 2022 Winners

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<em><strong>WASHINGTON, D.C., October 17, 2022:</strong></em> <a href="https://www.centerforfinancialinclusion.org/" target="_blank" rel="noopener noreferrer">The Center for Financial Inclusion (CFI)</a> announced today the fourth cohort of the global Inclusive Fintech 50 (IF50) competition, which recognizes 50 early-stage, inclusive fintechs that aim to advance financial inclusion. IF50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The 2022 winners exemplify the power of fintech to reach underserved individuals and businesses with products and services designed to meet consumers’ needs, preferences, and resources.

The 2022 winners were selected from a pool of 257 eligible applicants with headquarters in 79 countries, with Sub-Saharan Africa representing 40 percent of candidates. The winning startups represent a range of product categories, including credit, digital financial infrastructure, insurance, savings and personal financial management, and payments and remittances. Credit remains the most common type of product offering, with 32 percent of applicants offering a credit solution. The digital financial services infrastructure category displayed the most growth, increasing from 16 percent of applicants in 2021 to 23 percent in 2022.

An independent panel of 35 expert judges with expertise in venture capital, technology, and financial services evaluated the applicants based on their inclusivity, innovation, traction, and scale potential.

The IF50 competition offers winning startup fintechs exposure among investors and media, and provides access to exclusive networking activities, the opportunity to pitch their innovations, and connections to expert support and training provided by IF50 sponsors and supporters. IF50 winners from the past three years have collectively increased their funding by $620 million in the year following their win. This year’s IF50 winners will also gain exposure during CFI’s <a href="https://financialinclusionweek.org/" target="_blank" rel="noopener noreferrer">Financial Inclusion Week</a> event, running virtually October 17-20. Winners will be announced by category throughout the week, culminating in a global plenary session discussing insights from this year’s competition.

Visa, an IF50 sponsor, provides winners access to <a href="https://practicalmoneyskills.com/" target="_blank" rel="noopener noreferrer">Practical Money Skills</a> and <a href="https://www.practicalbusinessskills.com/resources/about" target="_blank" rel="noopener noreferrer">Practical Business Skills</a>, digital platforms created by Visa to empower individuals and micro and small businesses with financial and business knowledge needed to manage and grow. These tools, together with the networking and publicity that IF50 provides, serve as an invaluable opportunity for startups at the earliest stages of their journeys.

The winners are listed below by main operating region. Full profiles of the 2022 winning fintechs can be viewed at <a href="https://www.inclusivefintech50.com/2022-cohort" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com/2022-cohort</a>.
<h3>EAST ASIA &amp; THE PACIFIC</h3>
Brick

Digicro

LTS Ventures

Salary Hero

SentBe Inc.

wagely

&nbsp;
<h3>LATIN AMERICA &amp; THE CARIBBEAN</h3>
AkinTec

Finaktiva

Imix Latam

Paisa

Prestamype

Quipu Bank

Sofi

Yapu Solutions

Zenda.la

&nbsp;
<h3>MIDDLE EAST AND NORTH AFRICA</h3>
Cassbana

&nbsp;
<h3>NORTH AMERICA</h3>
Kaoshi Network

Restart Financial

Sunny Day Fund

&nbsp;
<h3>SOUTH ASIA</h3>
Aloi

ARTH

Bimaplan

KarmaLife

Probus

Revfin Services Private Limited

Vitto – Microfinance.AI

Yuva Pay

&nbsp;
<h3>SUB-SAHARAN AFRICA</h3>
BezoMoney

Boost

Crop2Cash

DMA Limited

Ensibuuko

FIC Exchange Plc (Financial Inclusion Centers)

FlexPay LLC

Flow Global

FX Kudi

Infibranches

Jamii.one

Joovlin

Lipa Later Limited

Malipo Circles Limited

MarketForce

Moja Ride

SATIS FINTECH SA

Shecluded

SuiTch SAS

Touch and Pay Technologies Inc

Ukheshe

Umoja Labs

Umojalands Private Limited

&nbsp;
<h3>KEY QUOTES</h3>
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“With the world experiencing an accelerated rate of digitalization over the past few years, opportunities for fintechs to serve vulnerable individuals and businesses have significantly increased. Digital payments and remittances, for example, are expanding to new geographies and clientele, positively impacting the financial health of the underserved. As a founding sponsor of IF50, we are delighted to showcase the fintechs that are innovating new ways to reach more people by putting social impact at the core of their product and service offerings.” — Chiagozie Nwabuebo, Vice President, Social Impact – Inclusive Growth, Visa Inc

“MetLife Foundation is committed to ensuring global communities have what they need to adapt to their changing world. After four years of supporting Inclusive Fintech 50, we are inspired by early-stage social entrepreneurs who are committed to creating innovative and scalable solutions aimed at boosting the financial health and resilience for low- and moderate-income communities.” — Tia Hodges, Head of Corporate Giving &amp; Employee Volunteerism at MetLife and President CEO of the MetLife Foundation

“In today’s rapidly changing technological landscape, there are so many opportunities to find new ways to eradicate poverty and promote economic growth by bringing basic financial services to marginalised people. JOA is thrilled to play a role in showcasing these impressive fintech start-ups which are developing innovative technological solutions that tackle exclusion and inequality head on.” — Deputy Carolyn Labey, Jersey’s Minister for International Development

“Financial products and services are critical to building the resilience of low-income households and micro and small enterprises facing economic instability and increased environmental risk. The winners of the 2022 Inclusive Fintech 50 competition are committed to offering inclusive and impactful products to meet these pressing needs. CFI is delighted to host this competition and to introduce the fourth cohort of IF50.” — Mayada El-Zoghbi, Center for Financial Inclusion

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<h3>About IF50</h3>
Inclusive Fintech 50 identifies promising early-stage fintechs driving financial inclusion around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services. Applicants are assessed on the degree to which their target market includes underserved people or businesses, and whether their innovation offers a new value proposition, shows early-stage traction, and can have a noticeable impact on the more than 3 billion financially underserved people globally. Inclusive Fintech 50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The initiative is managed by the Center for Financial Inclusion (CFI). Learn more at <a href="https://www.inclusivefintech50.com/" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com</a>.
<h4>Media contact</h4>
Lauren Braniff, Vice President, Strategy and Communications, Center for Financial Inclusion: <a href="mailto:lbraniff@accion.org" target="_blank" rel="noopener noreferrer">lbraniff@accion.org</a>.

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<p class="prntac" style="text-align: center;"><i>The Women's World Banking Asset Management and IDC Ventures lead a Series B round of financing to promote financial inclusion in <span class="xn-location">Peru</span> and <span class="xn-location">Mexico</span>.</i></p>
<p class="prntac" style="text-align: center;"><i>Three out of four stores can't afford the stock they need for their clients, and only half of the stores have access to enough credit.</i></p>
<span class="legendSpanClass"><span class="xn-location">MIAMI</span></span>, <span class="legendSpanClass"><span class="xn-chron">Oct. 11, 2022</span></span> -- <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=3671982-1&amp;h=1725891119&amp;u=https%3A%2F%2Fwww.tiendapago.com%2F&amp;a=Tienda+Pago" target="_blank" rel="nofollow noopener noreferrer">Tienda Pago</a>, the leading short-term credits lender based in <span class="xn-location">Peru</span> and <span class="xn-location">Mexico</span>, has announced closing a <b>Series B investment led by the Women's World Banking Asset Management and IDC Ventures for <span class="xn-money">$12 million</span>.</b>

Tienda Pago's innovative partnerships, technology, and process have attracted impact investors and traditional VCs. Women's World Banking Asset Management and IDC Ventures led this Series B round of investment in which Alumni Fund contributed as a new investor. Current investors Kaszek, QED, Agrega Partners, Accion Venture Lab, and Oiko Credit also participated in this round.

Tienda Pago provides micro, small, and medium enterprises with working capital via short-term stock financing on its digital platform. According to the Peruvian Minister for Production, 99.5% of companies in the country are SMEs. In <span class="xn-location">Mexico</span>, SMEs represent 70% of formal employment. Tienda Pago helps financial inclusion in the region by providing credit to unserved and underserved SMEs, especially women-owned.

"<i>Small businesses are fundamental drivers of economic development in <span class="xn-location">Latin America</span>, yet continue to lack access to finance</i>," says <span class="xn-person">Alejandro Rodriguez</span>, Partner at IDC Ventures. "<i>SMEs receive only 12% of total formal credit in the region, though they represent the vast majority of businesses and the majority of employment. Tienda Pago works with product distributors to provide seamless cashless transactions that benefit both store owners and suppliers, providing value at both ends of the supply chain</i>".

"<i>Tienda Pago's business model helps entrepreneurs grow in the region and make an impact on our community</i>," said <span class="xn-person">Dan Cohen</span>, CEO and founder of Tienda Pago. "<i>75% of SMEs can't buy all the stock they need to serve their clients, which means a loss of opportunities, and just half of the stores have sufficient access to financial services. This is why Tienda Pago is essential to serve the financial needs of convenience stores in developing regions</i>".

"<i>We are very excited to partner with Tienda Pago on this important journey and provide access to finance for small business owners who are the cornerstone of economic development in the region</i>," said Yrenilsa Lopez, Principal Investment Officer at Women's World Banking Asset Management.

Tienda Pago has partnered with Consumer Product Goods to finance their stock for Convenience Stores to help them reduce trust risks while increasing sales and improving customer experience through frictionless operations (signup, collection, and default management).
<h3 class="wcag-arialevel-3" role="heading"><b>About Tienda Pago</b></h3>
Tienda Pago is a fintech company that operates in <span class="xn-location">Mexico</span> and <span class="xn-location">Peru</span>. TP Provides short-term credit to small convenience stores in the region to buy stock from established Consumer Good Companies (CPGs) and distributors.

Tienda Pago allows stores to receive stock for a week and pays those deliveries directly via bank transfer to the stock suppliers. Tienda Pago uses innovative mobile technology and business models to reach a financially underserved population to foster financial inclusion.

For more information, visit <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=3671982-1&amp;h=4088429888&amp;u=https%3A%2F%2Fwww.tiendapago.com%2F&amp;a=https%3A%2F%2Fwww.tiendapago.com%2F." target="_blank" rel="nofollow noopener noreferrer">https://www.tiendapago.com/.</a>
<h3 class="wcag-arialevel-3" role="heading"><b>About IDC Ventures</b></h3>
IDC Ventures is an investment platform that partners with innovative and disruptive tech companies, investing from Series A through growth. IDC Ventures focuses on companies in the fintech and marketplace verticals in <span class="xn-location">Europe</span>, <span class="xn-location">the United States</span>, and <span class="xn-location">Latin America</span>. To date, IDCV has raised over <span class="xn-money">$500 million</span> for successful portfolio companies such as Lunar, CookUnity, Curve, Bipi, RecargaPay, and Securitize, among many others.

For more information, visit <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=3671982-1&amp;h=3094344952&amp;u=http%3A%2F%2Fwww.idcventures.com%2F&amp;a=http%3A%2F%2Fwww.idcventures.com%2F" target="_blank" rel="nofollow noopener noreferrer">http://www.idcventures.com/</a>.
<h3 class="wcag-arialevel-3" role="heading"><b>About Women's World Banking Asset Management</b></h3>
Women's World Banking Asset Management ("WAM") invests in innovative inclusive finance companies in the emerging markets, guiding them to capture the substantial market share of financially under-served women and the largely untapped talent pool of women staff and leaders. WAM's first Fund was a pioneer of gender-focused impact investing in inclusive financial service providers. WWBCP II expands this gender-focused investment strategy with a dedicated technical assistance facility to help portfolio companies achieve strategic objectives toward gender inclusion.

For more information, visit <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=3671982-1&amp;h=1749836959&amp;u=https%3A%2F%2Fwww.womensworldbanking.org%2F&amp;a=https%3A%2F%2Fwww.womensworldbanking.org" target="_blank" rel="nofollow noopener noreferrer">https://www.womensworldbanking.org</a>

&nbsp;
<h3><b>Media Contacts:</b></h3>
IDC Ventures<br class="dnr" /><span class="xn-person">Benito Besada</span><br class="dnr" /><a href="mailto:hello@idcventures.com" target="_blank" rel="nofollow noopener noreferrer">hello@idcventures.com</a><br class="dnr" />+1 786-553-8828

Tienda Pago<br class="dnr" /><span class="xn-person">Juaquin Chavez</span><br class="dnr" /><a href="mailto:info@tiendapago.com" target="_blank" rel="nofollow noopener noreferrer">info@tiendapago.com</a><br class="dnr" />+1 786-787-0394

Women's World Banking Asset Management<br class="dnr" /><span class="xn-person">Maggie Callahan</span><br class="dnr" /><a href="mailto:emc@womensworldbanking.org" target="_blank" rel="nofollow noopener noreferrer">emc@womensworldbanking.org</a>

Short-term Credits Lender Tienda Pago Raises $12M to Keep Helping Small Convenience Stores Grow Their Business in Today's Challenging Economic Environment

Accion's Michael Schlein was quoted in this Devex special report on digital financial inclusion, which was produced in partnership with Visa: “Smart regulation can grow businesses. If people trust new products, they will be more open to trying things out. Businesses will actually benefit from clearer and stronger regulation if it breeds trust in the digital world.”

<a href="https://pages.devex.com/bridging-the-divide.html" target="_blank" rel="noopener noreferrer">Read more</a>.

Bridging the Divide: Skills for Digital Financial Equity and Inclusion

Leading impact investors Accion Venture Lab and FMO will convene inclusive fintech founders and investors from around the world in The Hague 

<em><strong>Washington, D.C., Sept. 21, 2022</strong> </em>– Leading early-stage inclusive fintech investor Accion Venture Lab, part of global nonprofit Accion, today announced the program and featured speakers for the <a href="https://www.fintechforinclusionsummit.com/">Fintech for Inclusion Summit</a>, taking place in The Hague, the Netherlands, on Nov. 3, 2022. Organized with the support of FMO, the Dutch entrepreneurial development bank, the summit will bring together fintech founders, practitioners, and investors from around the world to hear from innovators at the forefront of the industry and to discuss shared challenges.

The summit will explore how inclusive fintechs are addressing some of the most pressing issues regarding access to affordable financial services, including efforts to support the financially excluded through the COVID-19 economic recovery, and how innovations in agriculture finance are enabling new opportunities for farmers and providing tools to combat and mitigate climate risk. Participants will discuss how to use technologies like embedded finance, Web3, and platform innovations to provide inclusive solutions to underserved businesses, how to implement a gender lens to investment strategies, and how the gig economy can shape the future of work. Networking sessions and plenary meetings will enable participants to connect throughout the day.

“Accion Venture Lab and its partners are excited to bring together fintech founders and investors from across the globe to explore this rapidly evolving sector,” said Amee Parbhoo, Co-Managing Partner of Venture Lab. “This is a unique opportunity for participants to gain insights from early-stage fintech CEOs, build leadership capacity across borders and sectors, and develop productive partnerships.”

“Following the successful 2019 edition, we are excited to welcome back fintech founders and the impact investing community to The Hague. The FMO Ventures Program empowers innovative business models for impact — first and foremost for inclusion — and we are thrilled to exchange knowledge and network with our partners and Summit participants,” said Marieke Roestenberg, Manager of the FMO Ventures Program.

Speakers will include Michael Jongeneel, CEO of FMO; TS Anil, Global CEO of Monzo, the U.K.’s largest digital bank; Michael Schlein, President and CEO of Accion; Albert Boogaard, Head of Smallholder Solutions at Rabobank; Kenneth Kou, crypto lead at Mercy Corps Ventures; and other leading industry experts. Fintech founders from Accion Venture Lab and FMO Ventures Program investee companies will also share their expertise, including Eli Pollak from Apollo, Jihan Abass from Lami, Suzy Ferreira from Dinie, Tosin Eniolorunda from TeamApt, and many more.

In addition to the robust speaker lineup, more than 200 founders, practitioners, and investors will attend, including leaders from the collective 44 inclusive fintech companies across the global portfolios of Accion Venture Lab and FMO Ventures Program.

Registration for the summit is currently open, with early pricing available through September 30. For more information and to register, visit: <a href="http://fintechforinclusionsummit.com/">fintechforinclusionsummit.com</a>.

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<h3>About Accion Venture Lab</h3>
Accion Venture Lab is a leading early-stage impact investor in inclusive fintech startups focused on affordable, well-designed financial services that enable economic growth and prosperity for underserved populations around the world. It has invested in 60 early-stage startups operating in more than 35 countries, focusing on the most innovative models and technologies delivering quality financial services to underserved households and small businesses with the potential to scale.

Accion Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a trailblazing legacy in microfinance and fintech impact investing.  For 60 years, Accion has increased access to inclusive financial services for tens of millions of people through its work with more than 200 partners in 63 countries. For more information, visit <a href="https://accion.org/venturelab">https://accion.org/venturelab</a>.
<h3>About FMO</h3>
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food &amp; Water, Energy, and Financial Institutions. With a total committed portfolio of EUR ~12 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. Through the FMO Ventures Program, a EUR 200 mln investment program funded by FMO, the Dutch Ministry of Foreign Affairs and supported by the European Commission, FMO targets early-stage technology-enabled innovative business models in emerging markets. For more information: please visit <a href="https://www.fmo.nl/ventures-program">www.fmo.nl/venturesprogram</a>.

Accion Venture Lab and FMO Announce Speakers for Global Fintech for Inclusion Summit

<strong><em>Washington, DC, Sept. 6, 2022</em></strong> – Global nonprofit Accion announced today the appointment of Chris Coxon as Chief Communications Officer. Chris will oversee Accion’s global communications work, advancing efforts to build Accion’s brand, engage key audiences, and strengthen Accion’s impact in creating a financially inclusive world.

“Chris has a demonstrated passion for working alongside vulnerable communities to advance social change,” said Michael Schlein, CEO and President of Accion. “His drive to build a more equitable world and his extensive experience leading communications efforts to bolster the fight against poverty will make him an invaluable contributor to Accion’s continued growth.”

“I’m thrilled to join Accion,” said Chris Coxon. “I have seen how access to finance, expertise, and digital tools can be truly transformative for people living in poverty around the world and look forward to elevating the visibility of Accion’s work as it partners with them to build healthier, safer, and more prosperous lives.”

Prior to joining Accion in 2022, Chris led a multi-functional global communications team at Heifer International, managing the organization’s reputation and building its brand in the international development space. He worked across 21 countries, establishing a strong strategic communications function and keeping stakeholders informed throughout the global pandemic. Previously, as Director of Communications at ActionAid USA, Chris led international communications projects on issues ranging from land and food rights to women’s rights and biofuels, across written, broadcast, and social media channels. He also led communications campaigns for ActionAid while based in Rio de Janeiro and Brussels, and worked with former presidents, prime ministers, and business leaders on a global climate change agreement at the Club of Madrid.

His work on international poverty issues has been covered by media outlets around the world, including the BBC, CNN, The New York Times, The Washington Post and The Guardian, and in multiple languages. He holds degrees from Royal Holloway, University of London, and the College of Europe, Bruges.

###
<h3><strong>About Accion</strong></h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the 1.8 billion people who are left out of — or poorly served by — the financial sector. For more than 60 years, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. More at <a href="http://www.accion.org/" target="_blank" rel="noopener noreferrer"><strong>http://www.accion.org</strong></a>.

Accion Names Chris Coxon as Chief Communications Officer

<strong><em>Washington, DC, July 25, 2022</em></strong> – Global nonprofit Accion announced today the appointment of Beverly Anderson and the return of Nick Talwar to the organization’s Board of Directors. Talwar previously served on Accion’s Board of Directors from 2016 to 2018, and before that, he served on the Board of Directors for the Accion U.S. Network from 2014 to 2016.

“We are thrilled to welcome Beverly to the Accion Board of Directors, and to welcome Nick back,” said Accion Board Chair Diana Taylor. “Beverly’s significant experience focused on developing and delivering products that meet the needs of consumers supports Accion's mission to reach the world’s 1.8 billion people who are financially underserved. As a previous Board member, Nick brings a passion for our mission, as well as a unique perspective as both a startup founder and investor that will be invaluable as we continue our work to support the next generation of inclusive fintech startups that are leveraging innovative technologies to address the challenges faced by vulnerable populations.”

Beverly Anderson has extensive experience building businesses, driving growth and innovation, and delivering significant results across the financial services, payments, and fintech industries. She is currently a Board Director of Expedia Group and advises several early and late-stage fintech and healthtech companies. Previously, Anderson was the President of Global Consumer Solutions at Equifax, where she was responsible for the strategy development, growth, and profitability of businesses that provide credit, identity, and financial education products and services.

Prior to joining Equifax, Anderson held roles at Wells Fargo, American Express, and a number of other financial institutions.  She was also the first female and African American Principal at the startup consulting firm, Novantas LLC, leading the customer experience and customer strategies practices. Anderson is a Board member of the Harvard Business School African-American Alumni Association, and spearheaded its revitalization efforts over the last three years.  She is currently a member of Black Women on Boards and a member of Glynn 100, a curated network of industry leaders at Glynn Capital.  She is a former Board Chair of the Council of Urban Professionals and has also served on the foundation boards of both Wells Fargo and Equifax. Anderson graduated summa cum laude with a BS in Business from Florida A&amp;M University and received her MBA with distinction from Harvard Business School.

Nick Talwar is a General Partner and Co-founder at Orange Ventures, an early-stage venture fund that invests in businesses that employ computation and software design to transform established industries with an opportunity for disruption. Talwar founded Orange after a career as an operator and investor at the intersection of technology and financial services, holding executive positions at CircleUp, Apis Partners, Uber, Amazon, and Visa.

Talwar is a Fellow of the Aspen Institute Finance Leaders Fellowship and a member of the Aspen Global Leadership Network. He was also nominated in 2013 for the Young Global Leader program of the World Economic Forum. In addition to his roles on the Accion and Accion U.S. Network boards, Talwar has served on the boards of Payjoy, Baobab, Alt.Bank, Rapido, and Shuttl. Talwar has a BS in International Politics from Georgetown University's School of Foreign Service, where he is currently a board member, and an MBA from the University of Pennsylvania's Wharton School.

###
<h3><strong>About Accion</strong></h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the 1.8 billion people who are left out of — or poorly served by — the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. More at <a href="http://www.accion.org/" target="_blank" rel="noopener noreferrer"><strong>http://www.accion.org</strong></a>.

Beverly Anderson and Nick Talwar Named to Accion Board of Directors

Michael Schlein spoke to Devex about the latest edition of the <a href="https://www.worldbank.org/en/publication/globalfindex" target="_blank" rel="noopener noreferrer">Global Findex</a>, on how the pandemic has created both challenges and opportunities for financial inclusion.

<a href="https://www.devex.com/news/devex-invested-a-once-in-a-lifetime-chance-for-financial-inclusion-103542" target="_blank" rel="noopener noreferrer">Read more</a>.

Devex Invested: A 'once-in-a-lifetime' chance for financial inclusion

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Join leaders from across Africa to discuss working with farmers and small businesses to increase access to innovative financial services.

From launching ‘financial super apps’ to harnessing satellite data to help farmers improve crop yields, these innovators are working to ensure a better and more inclusive future for their clients and communities.

Introduction by Michael Schlein, Accion President &amp; CEO: Spotlight on Accion's new strategy.

Panel Discussion, moderated by Raliat Sunmonu, VP, Accion Global Advisory Solutions, with following speakers:
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 	<li>Ndidi Nwuneli, Executive Chair/Founder, African Food Changemakers (Nigeria)</li>
 	<li>Eli Pollak, Founder and CEO, Apollo (Kenya)</li>
 	<li>Fatma El Shenawy, Co-Founder and Chief Strategy Officer, Khazna (Egypt)</li>
</ul>
<a href="https://accion.zoom.us/webinar/register/3016751841121/WN_-jcnJg0BQBujiF1A5Vt5_g" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" data-id="null" data-safelink="true" data-linkindex="1">RSVP here</a>.

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