Remittance fintechs are disrupting the world of global payments by reducing the cost of cross-border money transfers. This <a href="https://www.ft.com/">Financial Times</a> article highlights how digital transfer services are challenging the high costs of remittances and the impact that could have on global banking. CFI's managing director, Mayada El-Zoghbi, offers her insights on falling remittance prices, the impact of the pandemic on transferring money, and potential risks down the line.

El-Zoghbi believes that a target for the global average remittance charge of three percent or below by 2030 is "within reach." She also points out structural factors that have caused digital transfer payments to rise, including travelers being unable to transfer cash themselves during the lockdown. Finally, El-Zoghbi mentions the potential risks of monopolistic behavior from big payment businesses down the line.

Read the full article <a href="https://www.ft.com/content/1f11b38b-54d6-451c-ba4b-48843efa329d?shareType=nongift">here</a>.

Financial Times Quotes Mayada El-Zoghbi on Global Remittances

As a guest on <a href="https://foreignpolicy.com/podcasts/hidden-economics-of-remarkable-women-hero/">The Hidden Economics of Remarkable Women (HERO) podcast</a>, Julia Arnold talks about the Household Dialogues program, where couples meet with financial counselors to initiate open communication about household finances and decision-making, led by the nonprofit CARE in Uganda.

Arnold explains that addressing the gender gap, from bank account ownership to mobile phone ownership, is more than just providing access to resources. The <a href="https://www.careevaluations.org/evaluation/digital-subwallets-and-household-dialogues/">Household Dialogues</a> program helps address the social and normative gender constraints that can also prevent women’s financial inclusion.

She concludes with the hope that providers, governments, donors, and investors all work together to do their part in understanding where the existing gender gaps are and the various ways they can each address them.

<a href="https://www.centerforfinancialinclusion.org/bio/julia-arnold">Arnold</a> is the Senior Research Director for Women’s Financial Inclusion.

Listen to the full episode <a href="https://foreignpolicy.com/podcasts/hidden-economics-of-remarkable-women-hero/?episode=saving-more-by-changing-gender-roles-in-uganda">here</a>.

Foreign Policy Interviews CFI Gender Lead Julia Arnold About Women’s Economic Empowerment

EL-Zoghbi discusses how COVID-19’s economic shocks are affecting incomes, and elaborates on the population segments most vulnerable to pandemic-induced shocks.

She also describes why financial inclusion alone is not enough, and how financial inclusion – especially when paired with digitization – can help distribute support from humanitarian and governmental organizations to the base of the pyramid.

Furthermore, El-Zoghbi mentions the Microfinance Coalition’s calls to action aimed at awareness-raising among <a href="https://centerforfinancialinclusion.org/microfinance-coalition-call-to-action-for-investors/" target="_blank" rel="noopener noreferrer">investors</a>, <a href="https://centerforfinancialinclusion.org/microfinance-coalition-call-to-action-for-donors/" target="_blank" rel="noopener noreferrer">donors</a> and <a href="https://centerforfinancialinclusion.org/microfinance-coalition-call-to-action-for-policymakers/" target="_blank" rel="noopener noreferrer">policymakers</a>.

Lastly, she predicts that insurance products will see higher demand, and notes that the crisis requires collective action that goes beyond market-oriented solutions.

El-Zoghbi is a member of the Advisory Council of BBVA's <a href="https://www.bbvaedufin.com/en/" target="_blank" rel="noopener noreferrer">Center for Financial Education and Capability</a>.

Read the full article <a href="https://www.bbva.com/en/how-to-strengthen-the-finances-of-the-vulnerable-population-against-the-crisis/" target="_blank" rel="noopener noreferrer">here</a>.

&nbsp;

BBVA Interviews Mayada El-Zoghbi on Financial Inclusion in the Pandemic Era

The elderly, young people, the homeless and casual workers are just some of the groups that might have a difficult time participating in the economy, the article notes. Some do not have the skills to use digital payments, do not have access to the internet, do not have a credit history or a fixed address:

A dependence on cash can be linked to the digital divide that exists in both rich and poor countries, said Mayada El-Zoghbi, managing director for the Center for Financial Inclusion (CFI), an independent U.S. think tank.

“A move to a cashless society will not benefit all groups equally. The groups that are most likely to be excluded will be women, rural communities, and the elderly,” she said.

Read the full article <a href="https://www.reuters.com/article/us-health-coronavirus-banks-britain-trfn-idUSKBN23X0XE" target="_blank" rel="noopener noreferrer">here</a>.

&nbsp;

Reuters Quotes Mayada El-Zoghbi on Going Cashless During the Pandemic

On each episode of Peter Renton's long-running show, the Lending and Fintech Podcast, a different leader in fintech and finance is interviewed in depth. On episode 245, Mayada touches on the following topics:
<ul>
 	<li>Her background in inclusive finance</li>
 	<li>The work that she did on the Global Findex database</li>
 	<li>Why she decided to take the job to be the head of CFI</li>
 	<li>The mission of CFI today</li>
 	<li>Why improving financial inclusion is about far more than technology</li>
 	<li>The geographies they focus on and the types of demographics</li>
 	<li>The relationship between CFI and Accion</li>
 	<li>How COVID-19 has impacted the agenda for CFI</li>
 	<li>The silver lining that could come out of this crisis</li>
 	<li>How it will affect the gender gap</li>
 	<li>What more fintech companies should be doing today in this area</li>
 	<li>The priorities that CFI is focused on beyond the current crisis</li>
</ul>
Listen below, or visit this episode's podcast <a href="https://www.lendacademy.com/podcast-245-mayada-el-zoghbi-of-cfi/">page</a>. Lend Academy's podcasts are available on iTunes and Stitcher.

Lend Academy Podcast features Mayada El-Zoghbi

The <a href="https://www.elespectador.com/economia/colombia-lidera-entorno-para-la-inclusion-financiera-regional-articulo-888988">article</a> (in Spanish) notes that Colombia -- along with Peru, Uruguay and Mexico -- lead the <a href="https://centerforfinancialinclusion.org/global-microscope-2019/">Global Microscope 2019</a> rankings this year. Supported by CFI and the Bill &amp; Melinda Gates Foundation, an updated Microscope is published every year by the <a href="https://www.eiu.com/n/">Economist Intelligence Unit</a>. It assesses the enabling regulatory environment for financial inclusion in 55 countries worldwide.

<a href="https://events.iadb.org/calendar/event/20252?lang=en">FOROMIC</a> is hosted annually by the Inter-American Development Bank (IDB).

In El Espectador: CFI, Mayada El-Zoghbi Mentioned in Microscope Coverage

Following the <a href="/id2020-summit-2019">ID2020 Summit</a> in September, Eric Noggle, Senior Research Director, talks to Good ID about the intersection between good digital ID and broader socio-political change. Read more in <a href="https://www.good-id.org/en/articles/everything-connected-making-good-id-matter/">Everything Is Connected: Making Good ID Matter</a>.

Eric Noggle, Senior Research Director, on Making the "Good ID" Movement Matter

The event, “<a href="https://www.unsgsa.org/resources/news/unsgsa-queen-maxima-world-leaders-participate-unga/">Financial Inclusion for Development: Building on 10 Years of Progress</a>,” included the participation of António Guterres, UN Secretary-General; David Malpass, President of the World Bank; Melinda Gates, Co-Chair of the Bill &amp; Melinda Gates Foundation; Dan Schulman, President and CEO of PayPal; and Ajay Banga, President and CEO of Mastercard.

Watch Mayada ask Queen Maxima about measuring financial inclusion's progress within the framework of the SDGs, and how financial inclusion contributes to achieving the SDGs by 2030. Queen Maxima is the <a href="https://www.unsgsa.org/">United Nations Secretary General's Special Advocate for Inclusive Finance for Development</a>.

More video coverage of the event can be found <a href="http://webtv.un.org/search/financial-inclusion-for-development-building-on-10-years-of-progress/6089500721001/?term=finance%20for%20development&amp;lan=english&amp;sort=date">here</a>.

&nbsp;

CFI Managing Director Asks Queen Maxima About Financial Inclusion's Role in the Sustainable Development Goals

Bansal, the <a href="https://www.centerforfinancialinclusion.org/about/what-we-do/the-smart-campaign">Smart Campaign</a>'s Senior Director in South and Southeast Asia, notes that the problem over-indebtedness is more severe in the island country than elsewhere.

She also points out that the government's decision to write off business loans of up to 100,000 rupees falls short.

"One-off measures will not do, says Ms Bansal: Sri Lanka needs properly enforced rules that prevent over-indebtedness and ensure fair treatment of borrowers."

Read the <a href="https://www.economist.com/finance-and-economics/2019/08/15/microfinance-is-driving-many-sri-lankan-borrowers-to-despair">full article</a> (soft paywall).

In The Economist: Hema Bansal on Over-Indebtedness in Sri Lanka

Barres's questions that Libra's developers should consider when innovating for the new cryptocurrency are:
<ul>
 	<li>What would data privacy agreements look like if we wanted them to be understandable, fair and with an option to opt out?</li>
 	<li>How would algorithms that did not discriminate be set up?</li>
 	<li>How might fully transparent, low-cost and high-quality products and services that truly solve problems be brought to bear?</li>
</ul>
Read the <a href="https://www.euromoney.com/article/b1g0hvpnhqmyg0/cryptocurrency-facebook39s-libra-is-this-how-we-get-to-responsible-fintech">full article in Euromoney</a>.

In Euromoney: Smart Campaign's Isabelle Barres Poses Questions About Libra

News

In <a href="https://impactalpha.com/accion-venture-lab-bets-on-embedded-finance-in-india-pakistan-and-indonesia/" target="_blank" rel="noopener noreferrer">this article</a>, Amee Parbhoo shares why Accion Venture Lab is focusing on embedded finance. “We’re seeing a range of new revenue models and lending partnerships stemming from the power of embedded finance,” she said. She highlights Venture Lab's latest investments in Magma, Semaai, and Trukkr as examples of companies providing embedded financial services to underserved small business owners.

<a href="https://impactalpha.com/accion-venture-lab-bets-on-embedded-finance-in-india-pakistan-and-indonesia/" target="_blank" rel="noopener noreferrer">Read more</a>.

Accion Venture Lab bets on ‘embedded finance’ in India, Pakistan and Indonesia

In <a href="https://chrishood.com/podcast/financial-inclusion-with-wade-arnold-and-michael-schlein/" target="_blank" rel="noopener noreferrer">this podcast episode</a>, Michael Schlein speaks with Moov Financial CEO Wade Arnold and host Chris Hood on the role of fintechs in improving financial inclusion. “We can find ways of reaching people we’ve never reached before. So I’m very optimistic. Unfortunately, poverty is increasing, but digital acceptance is accelerating," he said.

<a href="https://chrishood.com/podcast/financial-inclusion-with-wade-arnold-and-michael-schlein/" target="_blank" rel="noopener noreferrer">Listen here</a>.

Financial Inclusion with Wade Arnold and Michael Schlein

Accion Venture Lab completed a new investment in Magma, a B2B marketplace platform for India's construction industry. The seed round was led by General Catalyst.

<a href="https://www.vccircle.com/generalcatalyst-accion-others-back-magma" target="_blank" rel="noopener noreferrer">Read more</a>.

General Catalyst, Accion, others back Magma

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)

<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?

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

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

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

Accion Venture Lab completed a new investment in AquaExchange, which provides full-stack digital and proprietary farm management solutions and financial services to aquaculture (fish and shrimp) farmers in India. Venture Lab co-led the pre-Series A round with Endiya Partners.

<a href="https://www.business-standard.com/article/companies/aquaexchange-raises-3-mn-from-endiya-partners-accion-venture-lab-122063000312_1.html" target="_blank" rel="noopener noreferrer">Read more</a>.

AquaExchange raises $3 mn from Endiya Partners, Accion Venture Lab

The Center for Financial Inclusion announced the launch of the fourth annual Inclusive Fintech 50 (IF50) Competition, a global initiative that competitively selects 50 early-stage, inclusive fintechs that aim to advance financial inclusion.

<a href="https://techcabal.com/2022/06/28/inclusive-fintech-50-launches-2022-competition-to-recognize-fintech-startups-driving-inclusive-finance/" target="_blank" rel="noopener noreferrer">Read more</a>.

Inclusive Fintech 50 Launches 2022 Competition to Recognize Fintech Startups Driving Inclusive Finance

This article provides a roundup of ImpactAlpha’s spring season of Agents of Impact Calls, which included an episode on how fintechs are building resilience in Africa featuring Accion Venture Lab's Amee Parbhoo. The co-founder of Accion Venture Lab portfolio company Apollo Agriculture was also featured on a separate episode on climate adaptation.

<a href="https://impactalpha.com/call-roundup-agents-of-impact-debate-carbon-pricing-corporate-disclosure-responsible-fintech-and-more/" target="_blank" rel="noopener noreferrer">Read more</a>.

Seven Calls: Agents of Impact on carbon pricing, political risk, climate adaptation, responsible fintech and more

This article shares findings from the <a href="http://email.accion.org/c/eJxVjjsOwyAMQE-TbI0M5hMGhi69h7GhQWqbKGHo8eu1kuXBetZ7kpOws2nu2YK1EHQZCD4t4iOzAZPCShhXMzkg5r5_lv18zluOJjoS75AKk6HkHCmOgZoH_YX5lbcxjmvC-2QfOnQcSwCp3Et9XQvvbz2-W7_1j9TvfOar7NtZz3_RyFrnY3MtElTbVGVXQHFxRZGqCYpUMK0QFs9eVIFAwLE1TEXDUzSKjHqNH2H4RaU" data-cke-saved-href="http://email.accion.org/c/eJxVjjsOwyAMQE-TbI0M5hMGhi69h7GhQWqbKGHo8eu1kuXBetZ7kpOws2nu2YK1EHQZCD4t4iOzAZPCShhXMzkg5r5_lv18zluOJjoS75AKk6HkHCmOgZoH_YX5lbcxjmvC-2QfOnQcSwCp3Et9XQvvbz2-W7_1j9TvfOar7NtZz3_RyFrnY3MtElTbVGVXQHFxRZGqCYpUMK0QFs9eVIFAwLE1TEXDUzSKjHqNH2H4RaU">60 Decibels Microfinance Index</a>, of which Accion is a founding partner. Nearly 90% of the 18,000 microfinance clients surveyed reported a higher quality of life as a result of their loan.

<a href="http://email.accion.org/c/eJxVj0tuwzAMRE8T72TQ-llaeNFN70FJZKLCsVJJhZGevgqQTQEC8zAkB2TafIpa-ilvEqQEK5UEoxc7B2N9sIDSOwTDfNGAMeZyzKVep9vGMQF5qwMwJbl4xQZc4kVHJ8eqnvbt1vujXdTHRX6OOs9z5lIDtTmW-zBa7tSG4nEQZ9rT4NcRQ8C--EV3_Co196coLBYHAOKeYy2cDzwiiVBqLSfVJho-Rb9RrmIveLTRKa1TenvfP7i_U_bMNIKnuv2eeFz__9U31JYxyRSVcxQ86bBqjTERqKDNCmOEYOGAKphokoWkACGuzMqH1S1-Xf4ABrdp7A" target="_blank" rel="noopener noreferrer">Read more</a>.

Majority Of 18,000 Microfinance Borrowers Say Their Loans Boosted Their Quality Of Life

This column profiles Mastercard as a leader in AI and mentions that Mastercard has been working with Accion to improve microfinance credit decisioning with AI.

<a href="https://sloanreview.mit.edu/article/becoming-an-ai-powerhouse-means-going-all-in/" target="_blank" rel="noopener noreferrer">Read more</a>.

Becoming an ‘AI Powerhouse’ Means Going All In

John Fischer is quoted in this article, which shares the overwhelmingly positive impact of microloans and how inflation threatens to increase interest rates and impact borrowers the most. John spoke about how portfolio companies have been affected by rising interest rates, stating that "in anticipation [of the rate increases], they are getting [funding] offers at slightly higher rates than what they were getting last year.” The article also mentions that Accion is a funder of Northern Arc Capital, which is funding microlenders in India.

<a href="http://email.accion.org/c/eJxVTjluxSAQPY3dYQ3LsBQUaXKPAYZvKz8mAiRLOX1oI73irdIrMZRsVNivqEApsEorQCPtkdCGZIFU8ARY62aAcr7afbT-2s-ovGPK7DF7oozojXPaJCyFdPLF7e94zvkzNv2xqc-F53mORL23exy5fS-H-rzym8eilYu47smdxxSdJovz-uIh3u3hvpI1YJHaWi89BEqLqCQG5_Yefx-6X___zUjGViqqZO09p8AmOWMoFwadDDpYFQZZ03qLGYuFooEgu1p1SM7L4OQfX05X1w" target="_blank" rel="noopener noreferrer">Read more</a>.

How the Fed’s Rate Hikes Will Squeeze Borrowers

At the Summit of the Americas in Los Angeles, Accion announced an additional commitment to the Partnership for Central America to expand financial services to 1 million people across the Northern Triangle countries within the next five years. Michael Schlein attended the Summit and spoke on a panel moderated by Michelle A. Williams, dean of Faculty at the Harvard T.H. Chan School of Public Health, who authored <a href="https://thehill.com/opinion/international/3514261-heres-how-to-move-the-needle-on-standards-of-living-in-the-americas/" target="_blank" rel="noopener noreferrer">an op-ed published in The Hill</a> on addressing the root causes of migration in Central America.

<a href="https://www.bloomberglinea.com/english/10-companies-to-invest-19b-in-el-salvador-guatemala-and-honduras/" target="_blank" rel="noopener noreferrer">Read more</a>.