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

News

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:

<em>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.</em>

<em>“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.</em>

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

Europe and Central Asia

United Kingdom

Aging and Older Adults

Underserved Groups

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

Challenges and Crises

Enabling Environment

Financial Inclusion Strategy

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

Colombia

Latin America and The Caribbean

Policy, Regulation and Government Initiatives

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

Open Society Foundations

IDs for Inclusion

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

Financial Inclusion Week 2019

Trends

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."

<strong>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).</strong>

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

The Smart Campaign

South Asia

Sri Lanka

Consumer Protection

Over-indebtedness

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

Appropriate Product Design and Delivery

Responsible Digital Finance

The <a href="https://www.centerforfinancialinclusion.org/about/what-we-do/the-smart-campaign/">Smart Campaign</a>'s senior director discussed the motivation behind the survey and forthcoming report with <a href="https://www.newtimes.co.rw/"><em>The New Times</em></a>, a leading Rwandan news provider.

“We want all stakeholders to understand the actual experiences and concerns of the clients they are serving, protecting or advocating for, because there hasn't been a comprehensive survey underpinning the conduct of this digital financial service before,” <a href="https://content.centerforfinancialinclusion.org/people/alexandra-rizzi/">Rizzi</a> said.

Fraud was a "major problem" for about 40 percent of respondents (with 10 percent falling victim themselves), and while nearly 90 percent trust mobile money services, that trust extends to specific services, namely person-to-person (P2P) transfers. There are approximately 11 million mobile money users in Rwanda.

The report will be available for download on this site in the coming weeks. The results were discussed at a workshop of regulators in the Rwandan capital Kigali in March and will be discussed at the <a href="https://sptf.info/annual-meetings/2019-summit-inclusive-digital-future">Inclusive Digital Future Summit</a> in Nairobi in June 2019.

Read the<a href="https://www.newtimes.co.rw/business/mobile-money-services-enjoy-public-confidence-fraud-remains-threat-survey-reveals"> full article</a> and learn more about the <a href="http://smartcampaign.org/tools-a-resources/1075">Client Voices Project</a>.

&nbsp;

&nbsp;

In The New Times: Smart Campaign's Alex Rizzi Interviewed About Client Voices Project Survey in Rwanda

Rwanda

Sub-Saharan Africa

Client Treatment

Fraud

This <a href="https://soundcloud.com/user-273615244/frt-episode-28-digital-customer-journey">episode</a> of the "FRT" podcast focuses on how digital customer journeys are enabling financial institutions to reach underserved segments in a sustainable manner. IIF’s Conan French host Rhyne and Amin Khairy to discuss the upcoming CFI-IIF paper “Charting the Customer Journey in the Digital Age.”

Rhyne discusses the persistent challenges for digital inclusion and the importance of having a “tech-touch” balance at certain stages of the customer journey.

They also discuss the potential gain in operational efficiencies for financial institutions and the positive impact digitization has on unbanked customers and provide real-life examples of digital customer journeys in various stages: pre-onboarding, onboarding and continued use.

"We're finding that the countries that are making it easy to onboard are those with a good national ID program," Rhyne said. "Having a very clear and simple to use national ID that's easily connected electronically is probably the most important thing."

Rhyne also notes that understanding the unique financial lives of lower income segments is crucial to digitization and different from transitioning banked populations from analog to digital.

Browse more <a href="https://www.iif.com/Innovation/FRT-Podcast">FRT podcast episodes</a>.

&nbsp;

IIF Podcast Features Elisabeth Rhyne Discussing the Digital Customer Journey

Human Centered Design

East Asia and Pacific

Kenya

Philippines

<a href="https://www.techinasia.com/advance-secures-seed-funding" target="_blank" rel="noopener noreferrer">Tech in Asia covered Accion Venture Lab's latest investment in Advance</a>, a digital platform providing salary on demand to workers in the Philippines.

Philippine on-demand salary platform Advance secures seed funding

Advance

Accion Venture Lab

The majority of Kenyans have mobile money accounts; their activity demonstrates digital financial services’ potential. Accion helps Kenyan innovators harness emerging technologies to create new financial services.

Apollo Agriculture believes it can attain profits by helping Kenya’s smallholder farmers maximize theirs.

That’s the mission of the Nairobi-based startup that raised $6 million in Series A funding led by Anthemis.

Founded in 2016, Apollo Agriculture offers a mobile-based product suit for farmers that includes working capital, data analysis for higher crop yields and options to purchase key inputs and equipment.

<a href="https://techcrunch.com/2020/05/19/kenyas-apollo-agriculture-raises-6m-series-a-led-by-anthemis/" target="_blank" rel="noopener noreferrer">Read more at TechCrunch.</a>

Kenya’s Apollo Agriculture raises $6M Series A led by Anthemis

Apollo Agriculture

There are a variety of lenders to research, including traditional banks large and small, online lenders, credit unions, <a href="https://www.federalreserve.gov/supervisionreg/minority-depository-institutions.htm" target="_blank" rel="nofollow noopener noreferrer">minority depository institutions</a>, and <a href="https://ofn.org/what-cdfi" target="_blank" rel="nofollow noopener noreferrer">community development financial institutions</a> (CDFIs). To start, determine what matters most to you, says Leach of Beneficial State Bank, which makes business loans of roughly $350,000 to $1 million on average. Efficient deposit services and online bill pay? A banker who you see around town who understands your business? A credit line? Help getting a PPP loan? Help tapping other SBA programs? Accion, a nonprofit lending network, offers a comprehensive <a href="https://us.accion.org/resource/business-banking-10-tips-choosing-right-bank/" target="_blank" rel="nofollow noopener noreferrer">tip sheet</a> on evaluating a lender.

<a href="https://www.bloomberg.com/news/articles/2020-05-12/not-all-small-business-lenders-are-the-same" target="_blank" rel="noopener noreferrer">Read more at Bloomberg Businessweek.</a>

Not All Small Business Lenders Are the Same

<img class="alignnone wp-image-21068" src="http://content.accion.org/wp-content/uploads/2020/05/MES-Quote_050820_PNG-300x157.png" alt="Michael Schlein quoted in The Economist" width="500" height="262" />

"The financial engine for half the world’s jobs is about to seize up,” argues Accion’s President and CEO Michael Schlein in <a href="https://www.economist.com/finance-and-economics/2020/05/05/for-microfinance-lenders-covid-19-is-an-existential-threat">this piece from The Economist</a>. “Decades of progress on reducing poverty and increasing financial inclusion—all of that is at risk,” Michael adds.

The piece highlights the “existential crisis” facing microlenders around the world, who are essential to the global economic recovery from today’s pandemic. It also features numerous Accion partners—BancoSol in Bolivia, Dvara Trust in India, Lulalend in South Africa, and Pintek in Indonesia—that are finding new ways to support underserved populations and small businesses around the world.

<a href="https://www.economist.com/finance-and-economics/2020/05/05/for-microfinance-lenders-covid-19-is-an-existential-threat">Read more.</a>

For microfinance lenders, COVID-19 is an existential threat

In this podcast, Accion president and CEO Michael Schlein explains why he’s bullish on fintech start-ups and shares how his organisation is leveraging investments in tech-led micro-finance innovation to reach the more than 2-billion people who are currently invisible and/or poorly served by the global financial system.

Read more at <a href="https://www.businesslive.co.za/bd/companies/financial-services/2020-01-30-podcast-making-the-case-for-global-financial-inclusion/">Business Day</a>.

PODCAST | Making the case for global financial inclusion

Neobank startup Joust is rolling out a new banking app to help freelancers and self-employed people manage their businesses, the company <a href="https://www.prweb.com/releases/joust_launches_a_fresh_new_banking_app_for_freelancers_self_employed_workers/prweb16862400.htm" target="_blank" rel="noopener noreferrer">announced</a> on Wednesday (Jan. 29).

The app was designed using input from customers and features an analytical dashboard, Joust Visa debit card management, invoice creation, payments and more. Additional features will be introduced throughout 2020.

Joust Chief Executive Officer and Co-Founder Lamine Zarrad said the Joust app first launched in beta, where the startup “dug deep” to tap into customer feedback.

He added that customers of Joust are “risk-takers who want one place to easily manage their finances.” Feedback indicated that people wanted a “modern, streamlined user experience, ways to quickly visualize their finances, and manage clients, income and payments.”

The new features complement PayArmour, Joust’s invoice-guaranteeing product that covers unpaid client invoices. Joust accounts are also FDIC-insured and are combined with a merchant account.

Read more at <a href="https://www.pymnts.com/news/b2b-payments/2020/neobank-joust-targets-freelancers-with-new-app/">PYMNTS</a>.

Neobank Joust Targets Freelancers With New App

Latin America’s banner year for venture capital investing was driven by eight- and nine-figure deals, particularly for fintech investments. SoftBank alone invested more than $1 billion from its $5 billion fund for the region, including in <strong>Rappi, a</strong> Colombia-based delivery startup, and <strong>Clip</strong>, a Mexican payments provider initially backed by Accion. Argentina-based digital lender Ualá has raised nearly $200 million, including from Tencent Holdings and SoftBank. Brazil’s neo-bank unicorn <strong>NuBank</strong> raised $400 million.

Read more at <a href="https://impactalpha.com/flexible-financing-gives-venture-capital-a-run-for-the-money-in-latin-america/">ImpactAlpha</a>.

Flexible financing gives venture capital a run for the money in Latin America

Back in August 2019, we <a href="https://techstartups.com/2019/08/12/fintech-startup-joust-raises-2-6-million-seed-round-nations-first-business-banking-platform-freelancers-entrepreneurs-self-employed-workers/">wrote </a>about <a href="https://joust.com" target="_blank" rel="nofollow noopener noreferrer">Joust</a> when the fintech startup raised $2.6 million seed round for the nation’s first banking platform for freelancers, entrepreneurs and the self-employed workers. Today, Joust announced the launch of a new banking app for freelancers &amp; self employed workers.

The new app has a modern, intuitive re-design, and a slate of new, consumer-driven features — with additional features releasing throughout 2020. Based on customer feedback, these new features include an analytical dashboard, Joust Visa debit card management, invoice creation/payments, and more. Joust will continue to release a host of new app features throughout 2020.

In addition to these new features, the Joust app will continue to boast its invoice-guaranteeing product, PayArmour™, which funds unpaid client invoices, and its FDIC-insured bank account combined with a merchant account.

Founded in 2017 by Lamine Zarrad and George Kurtyka, Joust is the nation’s first all-inclusive banking platform for independent professionals. It serves freelancers, contractors, and self-employed workers in all 50 states. Joust helps its users handle invoices and payments and provides protection against late or missed payments. The round was led by PTB Ventures and also included Accion Venture Lab, the seed-stage investment initiative of global nonprofit Accion; Financial Venture Studio; and Techstars. The funds will support Joust as it expands its platform to serve the growing freelance workforce segment.

“We are thrilled to announce our new app. Since our beta launch, we have kept a steady eye on our users and really dug deep into our product feedback,” says Joust’s CEO and Co-Founder, Lamine Zarrad. “Our users are risk-takers who want one place to easily manage their finances — so they can have the time and space to focus on their passions. They wanted a modern, streamlined user experience, ways to quickly visualize their finances, and manage clients, income and payments. Basically, they want one business platform that helps them from point A to Z. Our new app does that and will continue to do so throughout the year.”

Currently, the U.S. has 57 million freelancers, and by 2027, more than 50% of the country’s workforce is expected to freelance in some capacity (Upwork &amp; Freelancers Union, 2019). This rapid increase in independent workers has given rise to a range of new financial needs — including managing clients, accepting a range of payments (e.g. credit card payments), and mitigating the risk of irregular income. The Joust app was created to solve these workers’ often overlooked financial and banking needs.

The new app design is clean, intuitive and aspirational, giving users the flexibility and ability to navigate easily from one function to the next. The customizable dashboard includes bank account analytics, client management, invoice features, and bill pay services. Launched in 2019, the Joust Visa debit card can also be managed within the app.

Read more at <a href="https://techstartups.com/2020/01/28/fintech-startup-joust-launches-a-new-banking-app-for-freelancers-and-self-employed-workers/">TechStartups</a>.

Fintech startup Joust launches a new banking app for freelancers and self employed workers

Accion CEO Michael Schlein explains why he's bullish on fintech startups and shares how his organisation is leveraging investments in tech-led microfinance innovation to reach the more than two billion people who are currently invisible to and/or poorly served by the global financial system.

Listen at <a href="https://www.africantechroundup.com/accion-michael-schlein/">African Tech Roundup</a>.

Accion's Michael Schlein on Financial Inclusion, Fintech & Impact Investment Sceptics

<p class="first_paragraph">Catalyst Fund, a Boston-based accelerator for early-stage technology start-ups, has raised $15 million with its long-term backer JP Morgan and UK Aid to back 30 fintech start-ups founded across South Africa, Kenya, Nigeria, India and Mexico over the next three years.</p>
The US and UK-backed accelerator offers mentorship and non-equity funding to fintechs tackling financial inclusion in emerging markets. With fresh funding, ten fintech start-ups from across all five countries will be selected each year to take part in the fund’s programme.

The announcement came alongside this week’s UK-Africa Investment Summit, which was hosted by the UK Prime Minister Boris Johnson.

Read more at <a href="https://www.fintechfutures.com/2020/01/catalyst-fund-raises-15m-from-jpmorgan-and-uk-aid-for-emerging-market-fintechs/">Fintech Futures</a>.

Catalyst Fund raises $15m from JP Morgan and UK Aid for emerging market fintechs

<p id="speakable-summary">The Catalyst Fund has gained $15 million in new support from JP Morgan and UK Aid and will back 30 fintech startups in Africa, Asia, and Latin America over the next three years.</p>
The Boston based accelerator provides mentorship and non-equity funding to early-stage tech ventures focused on driving financial inclusion in emerging and frontier markets.

That means connecting people who may not have access to basic financial services — like a bank account, credit or lending options — to those products.

<a href="https://catalyst-fund.org/">Catalyst Fund</a> will choose an annual cohort of 10 fintech startups in five designated countries: Kenya, Nigeria, South Africa, India and Mexico. Those selected will gain grant-funds and go through a six-month accelerator program. The details of that and how to apply are<a href="https://catalyst-fund.org/accelerator"> found here</a>.

“We’re offering grants of up to $100,000 to early-stage companies, plus venture building support…and really…putting these companies on a path to product market fit,” Catalyst Fund Director <a href="https://bfaglobal.com/member/maelis-carraro/">Maelis Carraro</a> told TechCrunch.

Program participants gain exposure to the fund’s <a href="https://catalyst-fund.org/circles">investor networks</a> and investor advisory committee, that include <a href="https://techcrunch.com/2019/09/03/accion-venture-lab-launches-23m-inclusive-fintech-startup-fund/">Accion </a>and <a href="https://techcrunch.com/2019/09/23/hear-about-investing-in-african-tech-at-disrupt-sf-with-marieme-diop-wale-ayeni-and-sheel-mohnot/">500 Startups. </a>With the $15 million Catalyst Fund will also make some additions to its network of global partners that support the accelerator program. Names will be forthcoming, but Carraro, was able to disclose that India’s <a href="https://www.crunchbase.com/organization/yes-bank">Yes Bank </a>and University of Cambridge are among them.

Read more at <a href="https://techcrunch.com/2020/01/19/catalyst-fund-gets-15m-from-jp-morgan-uk-aid-to-back-30-em-fintech-startups/">TechCrunch</a>.

&nbsp;

Catalyst Fund gets $15M from JP Morgan, UK Aid to back 30 EM fintech startups

<div>
<div>Aye Finance on Thursday said one of its early investors, Accion has solid its stake in the Indian fintech company to A91 Partners.</div>
<div></div>
<div>Read more at <a href="https://www.businessinsider.in/business/news/accion-sells-stake-in-aye-finance-to-a91-partners/articleshow/73298710.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">Business Insider India</a>.

</div>
<div></div>
</div>

Accion sells stake in Aye Finance to A91 Partners

<p class="selectionShareable">Accion, a US-based non-profit organisation, has sold its stake in Aye Finance to Indian investment firm A91 Partners.</p>
<p class="selectionShareable">A91 is a venture capital firm founded by ex-Sequoia executives VT Bharadwaj, Abhay Pandey, Gautam Mago and Kaushik Anand in November 2018. The firm has been focusing on startups in consumer, financial services, technology and healthcare sectors in India.</p>
<p class="selectionShareable">The first fund of $351Mn was raised in 2019 and its portfolio includes Mumbai-based make-up brand Sugar Cosmetics, Hector Beverages which owns popular drink brand Paper Boat and Atomberg Technologies. A91 Partners is focused on making mid-stage investments, in Series B and C deals ranging between $10 Mn and $30 Mn.</p>
<p class="selectionShareable">“Over the last 2 years, Aye has grown from INR 500 Cr to over INR 1500 Cr of AUM using technology as a backbone to scale the business,” said Kaushik Anand, Partner, A91 Partners.</p>
Read more at<a href="https://inc42.com/buzz/aye-finance-investor-accion-sells-its-stake-to-a91-partners/"> Inc42</a>.

&nbsp;

Aye Finance Investor Accion Sells Its Stake To A91 Partners

<div class="FirstEle">

Venture capital firm A91 Partners has invested about $20 million in small-business lender Aye Finance through a secondary sale of shares, acquiring the stake of Accion, two people aware of the matter said.

</div>
<div class="skipable">

A91 and Aye Finance separately confirmed the investment to <em>Mint</em>, but did not comment on the deal size.

Started by Sanjay Sharma in 2014, Aye Finance typically infuses <span class="webrupee">₹</span>1-2 lakh into businesses with an annual turnover of <span class="webrupee">₹</span>10-30 lakh. It underwrites the risks in these loans with a unique cluster-based model, wherein it evaluates all the people in a particular field, say, automobile workers or textile workers, and correlates behavioural tendencies.

So far, Aye has raised nearly $70 million in primary capital from investors such as SAIF Partners, Falcon Edge Capital, Accion and Capital G. It is preparing for another equity fundraise and is scouting for a banker to run the process, said the people cited above.

</div>
Read more at <a href="https://www.livemint.com/companies/start-ups/a91-invests-in-small-business-lender-aye-finance-11579112997187.html">LiveMint</a>.

&nbsp;

A91  invests  in  small-business  lender  Aye Finance

<div>Gurugram-based Fintech lending firm Aye Finance on Thursday announced that Accion, one of its early investors, has sold its stake in the startup to Mumbai-based A91 Partners, which launched its first fund only in 2019.</div>
<div></div>
<div>Accion, the global non-profit organisation that has a commitment to create a financially inclusive world, has made its impact in microfinance and fintech impact investing for more than 50 years. It first invested in Aye through its seed-stage fintech investment initiative Accion Venture Lab in early 2015. It also co-led Aye’s first institutional investment round when the startup had just begun its lending operations.

Read more at <a href="https://yourstory.com/2020/01/aye-finance-accion-exit-a91-partners-investor">YourStory</a>.</div>
&nbsp;

<p id="speakable-summary">2019 brought more global attention to Africa’s tech scene than perhaps any previous year.</p>
A high-profile IPO, visits by both Jacks (Ma and Dorsey) and big Chinese startup investment energized that.

The last 12 months served as a grande finale to 10 years that saw triple-digit increases in startup formation and VC on the continent.

Here’s an overview of the 2019 market events that captured attention and capped off a decade of rapid growth in African tech.

Read more at <a href="https://techcrunch.com/2019/12/30/2019-africa-roundup-jumia-ipos-china-goes-digital-nigeria-becomes-fintech-capital/">TechCrunch</a>.

2019 Africa Roundup: Jumia IPOs, China goes digital, Nigeria becomes fintech capital

Fintech remains one of the hottest tech verticals in Africa. This year saw African fintech startups based on the continent raise over $53-million in 25 deals (in disclosed deals).

Fintech deals accounted for about 18% of the almost $290-million netted in 88 disclosed deals reported by Ventureburn in 2019.

The biggest chunk this year went to the mobility and logistics vertical and distribution platforms, which together netted about 41% of disclosed deal value in 2019 (see this <a href="https://ventureburn.com/2019/12/deals-african-startups-2019/" target="_blank" rel="noopener noreferrer">story</a>).

When it comes to fintech, Sub-Sahara Africa is the favoured region for some of the world’s top startups looking to tackle financial inclusion, if the names of those listed as part of the <a href="https://www.inclusivefintech50.com/" target="_blank" rel="noopener noreferrer">Inclusive Fintech 50</a> initiative is anything to go by (see this <a href="https://ventureburn.com/2019/06/inclusive-fintech-50-list/" target="_blank" rel="noopener noreferrer">story</a>).

Read more at <a href="https://ventureburn.com/2019/12/10-ways-africas-fintech-sector-boomed-in-2019/">Ventureburn</a>.

10 ways Africa’s fintech sector boomed in 2019

<div>Drawn from our comprehensive coverage of India’s entrepreneurship ecosystem, we present around a 100 quotes from investors on sector opportunities for Indian startups (see Part I of the compilation here). How are data and deep tech creating new opportunities? What will it take to boost India’s design and production capacity in hardware? What looming gaps can digital health entrepreneurs fill?</div>
<div></div>
<div>
<div>"There is strong potential for inclusive fintech startups to reach historically underserved communities while generating returns." - Vikas Raj, Accion Venture Lab

Read more at <a href="https://yourstory.com/2019/12/quotes-2019-investors-india-fintech-health-edu-agri">YourStory</a>.</div>
</div>

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10 ways Africa’s fintech sector boomed in 2019

[Year in Review 2019] Top quotes by investors on startup opportunities in fintech, health, education, deep tech