During the coronavirus pandemic, financial inclusion is more critical than ever. Low-income families and small businesses are acutely vulnerable to the health and economic impact of a global pandemic. Accion is working with our partners around the globe to adapt and respond to this challenge and offer solutions that help people stay resilient during this difficult time.

How we’re working with our partners around the world to help vulnerable people and small businesses.

COVID-19: Economic response and resilience

Amy Stewart

Victoria White

Kathleen Yaworsky

Paul Lamont

Report

Digital lending can be a powerful force for financial inclusion. Innovations in digital lending are enabling financial service providers to offer better products to more underserved clients in faster, more cost-efficient, and engaging ways. This Accion Insights paper addresses common concerns, shares insights into new trends shaping digital lending, and distills emerging best practices into a framework that FSPs can use to implement digital lending today. Collectively, these steps are intended to help FSPs plan strategically to navigate the new and rapidly changing landscape of digital lending.

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Accion’s Global Advisory Solutions team developed this report with the support of the Citi Foundation.

Demystifying Digital Lending

Digital lending can be a potent force for financial inclusion. Traditionally, lending to underserved consumers has been time-consuming and costly for financial service providers (FSPs). Today, innovations in digital lending are enabling providers to offer better products to more underserved clients in faster, more cost-efficient, and engaging ways.

Demystifying digital lending

What does it take to start an inclusive fintech company? These entrepreneurs share the inspiration behind their startups and how they are using technology to bring meaningful financial inclusion to underserved populations around the world. 

Fintech founders up close

International Women's Day

With access to simple financial tools, people can build better futures. See how Accion is opening opportunities around the world.

When we give people and small businesses access to financial tools, they can thrive

Video

[embed]https://vimeo.com/489464646[/embed]

With access to simple financial tools — like digital credit, crop insurance, and mobile payments — people all around the world can build better futures. Watch the video to see how we connect people and small businesses to the tools they need to thrive.
<h2>En español:</h2>
[embed]https://vimeo.com/503307390[/embed]

<hr />

<h2>Transcript</h2>
Farmer (voiceover): My father taught me how to farm. But, because of the drought, I haven't been able to provide for my children the way my father provided for me.

Pharmacist 1 (voiceover): It gives me great pride to run my pharmacy and serve my community...

Pharmacist 2 (dialogue): "Anything?"

Pharmacist 1 (dialogue): "Not yet."

Pharmacist 1 (voiceover): ...Which makes it so much harder when I can't be prepared for my customer's needs.

Restaurant owner (voiceover): Everything I do, I do for her.

Restaurant owner (dialogue): "Eat your breakfast first."

Restaurant owner (voiceover): So, when the virus shut down my restaurant... [a masked customer knocks on the restaurant's closed door]

Restaurant owner (dialogue): "Sorry, we can't open."

Restaurant owner (voiceover): ...I felt like I was letting her down.

[On-screen text] In times of uncertainty, what does opportunity look like?

Farmer (voiceover): Having access to crop insurance has changed my life. It has allowed me to protect what is most important.

Pharmacist 1 (voiceover): I discovered a service that lets me manage supplies and order what I need online so my community can get the medication they need when they need it.

Owner (voiceover): By being able to receive online payments, I've been able to move my entire business online and it's been a life saver.

[On-screen text] For those who have been left out,  Accion opens opportunities to build better lives. #OpenOpportunity

An open opportunity leads to a brighter future

With access to simple financial tools, people can build better futures. See how Accion is opening opportunities around the world. 

Open Opportunity

Supply chain finance (SCF) offers high-quality, low-risk financing to the small merchants that tend to be underserved by traditional lenders.

Supply chain finance

We are building a world with economic opportunity for all — where everyone can access, use, and benefit from a full range of high-quality, affordable financial services. Read the stories of real people whose lives have been improved by these efforts.

The real impact of financial inclusion

Coryell Stout

Amee Parbhoo

Related Content 

How the Best Fintech Startups Integrate Digital and Human Interaction to Accelerate Financial Inclusion

Digital technology continues to drive massive change throughout the financial sector. Acting strategically, inclusive fintech startups can use technology to increase access to, improve the quality of, or reduce the cost of financial services for the underserved.

However, in too many instances, fintech startups make the same mistake time and again: they build technology for technology’s sake. These fintech models are great on paper but don’t consider the needs and preferences of their customers. They do not use new technologies strategically and fail to transform finance into a sector that works for everyone.

Fortunately, a number of successful inclusive startups are finding innovative ways to balance new digital technologies with appropriate human interactions to engage, educate, and support their customers. Finding the right combination of “tech and touch” at the right moments during a customer’s journey is a key factor in determining whether a startup succeeds or fails. Doing so will help a business acquire and retain customers, reduce expenses, increase profitability, and accelerate financial inclusion.

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This report was developed with the support of The Mastercard Foundation, which seeks a world where everyone has the opportunity to learn and prosper. The Foundation’s work is guided by its mission to advance learning and promote financial inclusion for people living in poverty. One of the largest foundations in the world, it works almost exclusively in Africa. It was created in 2006 by Mastercard International and operates independently under the governance of its own Board of Directors. The Foundation is based in Toronto, Canada. For more information and to sign up for updates from the Foundation, please visit <a href="http://www.mastercardfdn.org">http://www.mastercardfdn.org</a>. Follow the Foundation <a href="https://twitter.com/mastercardfdn?lang=en">@MastercardFdn</a> on Twitter.

The Tech Touch Balance

Insights on how the best fintech startups integrate digital and human interaction to accelerate financial inclusion

The tech touch balance

VentureKast is the podcast about fintech and financial inclusion. Hosted by Vikas Raj, Managing Director of Accion Venture Lab, VentureKast features the stories of the entrepreneurs and investors who are using inclusive fintech to serve the three billion people around the world who are underserved by the mainstream financial system.
In this new season of VentureKast: Rebuild, we are exploring how the global COVID-19 crisis is fundamentally redefining our industry. Every week, we will hear from investors, entrepreneurs, and their supporters on how they are dealing with the challenges of this unprecedented global health and economic crisis and working to rebuild a more financially inclusive world in its wake.

VentureKast: Rebuild explores how the global COVID-19 crisis is fundamentally redefining inclusive fintech

VentureKast: Rebuild

Inclusive fintech startups are rethinking their approach to scaling their businesses — evolving and expanding services for existing customers rather than focusing on costly and unsustainable customer acquisition. This series features interviews with CEOs from Accion Venture Lab portfolio companies that are growing sustainably and finding better ways to meet the needs of the people and businesses they already serve.

Inclusive fintech startups are growing by listening to and answering the needs of existing users

Win from within: How fintech startups build value for their customers

Women are still disproportionately excluded from the financial services that let them take control of their lives. We’re working to solve this problem, and we have a diverse team leading the charge. Get to know the women at Accion and our portfolio partners who have dedicated their careers to helping empower women on a global scale.

Series