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

Delivery Channels

North America

United States

East Asia and Pacific

Philippines

Kenya

"Fintech’s play in the <a href="https://m.economictimes.com/topic/rural-economy">rural economy</a> is driven around Aadhaar for transactions where the biggest digitization has happened during Covid," says Sasidhar N. Thumuluri, CEO and MD of Sub-K, a rural-play Fintech. The value lost in regular transactions has been made up for through the jump in the number of people using digital platforms, he adds.

Early adopters of digital banking are emerging in rural areas and there is an increased willingness among microfinance customers to stay digital, according to Thumuluri. "The journey has started and the customers will quickly catch up," he says. Sub-K expects 25-35 per cent of its MFI collections to happen in the digital format in the next couple of years.

The digital push is not the only sign of a shift towards the rural economy. For Mukherjea, the recovery being seen in auto and consumer durables shows a fundamental shift in credit disbursals towards smaller towns and villages. "This could sustain over two to three years and that will give the recovery a specific shape and pattern which could make it far more sustainable than perhaps many of us are fearing at this juncture," he said.

<a href="https://economictimes.indiatimes.com/news/economy/indicators/rural-focused-lenders-a-big-play-for-indias-revival-story/articleshow/77779725.cms" target="_blank" rel="noopener noreferrer">The Economic Times features insight</a> from the CEO of Accion portfolio partner, Sub-K.

Rural-focused lenders a big play for India’s revival story

Going cashless may seem like a simple issue of things like no more cash in birthday cards to piggy banks being a thing of the past, but the issues go deeper, the divides that a cashless society may cause could be a turning point.

Mayada El-Zoghbi, Managing Director for the <a class="color-link" title="https://www.centerforfinancialinclusion.org/" href="https://www.centerforfinancialinclusion.org/" target="_blank" rel="nofollow noopener noreferrer" data-ga-track="ExternalLink:https://www.centerforfinancialinclusion.org/" aria-label="Center for Financial Inclusion">Center for Financial Inclusion</a> (CFI), an independent U.S. think tank, isn’t thrilled for this future when she spoke to Reuters: “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. In some countries, like the U.S. where a large part of the low-income segment does not have a bank account, pushing out these payments has been a challenge,” she said.

<a href="https://www.forbes.com/sites/paularmstrongtech/2020/08/26/what-a-cashless-society-really-means-for-you/#c813e5c55539" target="_blank" rel="noopener noreferrer">In this article, Forbes features the Managing Director of CFI</a>, an independent think tank housed at Accion.

What A Cashless Society Really Means For You

Sub-K IMPACT Solutions Ltd, a leading fintech company, on Monday announced the launch of a new digital finance platform, Sub-K SARTHI, coinciding with the company’s ten-year anniversary.

SARTHI was developed with advisory services provided by non-profit Accion through a global partnership between Accion and Mastercard that aims to power micro and small businesses to successfully operate in, and benefit from, the digital economy, leading to greater financial inclusion, economic growth and job creation.

Through this partnership, Accion has worked with Sub-K since 2018, helping understand client needs, designing the concept for the platform, and developing operating processes, technology architecture, credit methodology and risk models.

<a href="http://www.uniindia.com/sub-k-launches-sarthi/business-economy/news/2115480.html" target="_blank" rel="noopener noreferrer">United News of India reports</a> on a new product from Sub-K, Accion's portfolio partner.

Sub-K Launches SARTHI

<h4 class="cms-Styles-h2">Accion Opportunity Fund</h4>
MacKenzie Scott gave <a href="https://www.opportunityfund.org/wp-content/uploads/2020/08/Press-Release-AOF-MacKenzie-Scott_8.6.20.pdf" target="_blank" rel="noopener noreferrer">$15 million</a> to provide microloans and other types of support to small businesses owned by people of color, women, and immigrants. Scott is a novelist who helped her former husband, Jeff Bezos, start the online retailing behemoth Amazon.

Formerly fairly quiet about her giving, Scott announced late last month that she had recently donated <a href="https://www.philanthropy.com/article/MacKenzie-Scott-Showers-17/249233" target="_blank" rel="noopener noreferrer">$1.7 billion</a> primarily to nonprofits devoted to racial and gender equity. Scott is currently among the top five wealthiest women in the world, with a net worth pegged at $61 billion, according to <em>Forbes.</em>

<a href="https://www.philanthropy.com/article/Twitter-Co-founderWife/249264" target="_blank" rel="noopener noreferrer">In this article</a> titled "Twitter Co-founder and Wife Give $10 Million for Distance Learning in San Francisco Public Schools (Gifts Roundup)," The Chronicle of Philanthropy reports on notable gifts.

A roundup of notable gifts compiled by the Chronicle of Philanthropy

Fintech Sub-K Impact Solutions, an associate company of BASIX Social Enterprise Group, will unveil its new fintech platform, SARTHI (Seamless Advanced Resourceful Tech-driven Hybrid Interface), for the underserved population of the country.

The Hyderabad-based Sub-K facilitates affordable financial services, including loans, savings, and payments to more than three million under-banked households and micro-enterprises across India on behalf of multiple banks as a business correspondent. So far, the company has processed over <span class="WebRupee">₹</span>3,500 crore of credit, mobilised around <span class="WebRupee">₹</span>2,000 crore of savings and facilitated around <span class="WebRupee">₹</span>20,000 crore of transactions on behalf of 11 public and private banks.

<a href="https://www.thehindubusinessline.com/news/national/sub-k-impact-solutions-to-launch-new-platform/article32287672.ece#" target="_blank" rel="noopener noreferrer">The Hindu BusinessLine covers this new product</a> from Accion portfolio partner, Sub-K Impact Solutions.

Sub-K Impact Solutions to launch new platform

In 2020 alone, Apollo Agriculture has been able to close 25,000 farmers. In total, it is serving more than 40,000 farmers in Kenya.

However, the team isn’t stopping there. It has plans to rapidly scale by partnering and securing more farmers and to that end, the four-year-old startup raised a $6m Series A in May 2020. The round was led by Anthemis Exponential Ventures. Also in participation were The Omidyar Group’s Flourish Ventures, Leaps by Bayer, and Sage Hill Capital, among others.

Njenga also mentions that the company is securing working capital funding to finance loans and grant funding to support research and development (R&amp;D).

After bringing its total raise to $7.6m, the chief customer officer says Apollo is focused on growth in the year ahead.

“We have got a great product that farmers love and we want to continue to scale it.”

To drive home its mission of maximising farmers’ productivity and profitability, per Njenga, Apollo is looking to transition its customers from subsistence farming to commercial farming so that they can make more money.

Learn more about the growth of <a href="https://techpoint.africa/2020/07/27/apollo-agriculture-feature/" target="_blank" rel="noopener noreferrer">Accion portfolio partner, Apollo Agriculture, in Techpoint Africa</a>.

How Apollo Agriculture is solving small-scale farmers’ credit problem in Kenya

<a href="https://bukuwarung.com/" target="_blank" rel="nofollow noopener noreferrer">BukuWarung</a>, an accounting and credit management app for micro, small, and medium-sized enterprises (MSMEs), has secured an undisclosed amount of funding in a pre-series A round led by Quona Capital, pushing its total funding to the eight-digit territory.

<a href="https://www.techinasia.com/bukuwarung-bags-preseries-funding-quona" target="_blank" rel="noopener noreferrer">Read more in Tech in Asia.</a>

Accounting app BukuWarung bags pre-series A funding in Quona-led round

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.

<a href="https://www.reuters.com/article/us-health-coronavirus-banks-britain-trfn/cash-isnt-king-vulnerable-short-changed-by-virus-idUSKBN23X0XE" target="_blank" rel="noopener noreferrer">Reuters quotes the Managing Director of CFI</a>, an independent think tank housed at Accion.

Cash isn't king: vulnerable short-changed by virus

<a href="https://www.inclusivefintech50.com/" target="_blank" rel="noopener noreferrer">Inclusive Fintech 50</a> is now open for applicants. The initiative aims to identify 50 innovative fintech startups driving financial inclusion and resilience for the three billion financially underserved people worldwide.

The initiative, which is now in its second year, was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid &amp; Comic Relief.

<a href="https://ventureburn.com/2020/06/inclusive-fintech-50-initiative-opens-call-for-2020-edition/" target="_blank" rel="noopener noreferrer">Read more at VentureBurn.</a>

Inclusive Fintech 50 initiative opens call for 2020 edition

<div class="vt__body body-text">

Two years ago, Bobby Price began his business, Principal Barbers, in the North Lawndale neighborhood of Chicago, where he was born and raised.

</div>
<div class="vt__body body-text">

To build his business, Price needed money. When his commercial bank turned him down for a business loan, he turned to his community for support

</div>
<div class="vt__body body-text">

Last October, he got a micro-loan to buy new equipment from a Community Development Financial Institution, or a CDFI, called Accion in Chicago. Accion is one of 1,000 CDFI's serving low-wealth neighborhoods across the country, and aims to fill the gap where mainstream lenders aren't present. Brad McConnell is the CEO at Accion in Chicago.

</div>
Brad McConnell, CEO of Accion Serving Illinois and Indiana was <a href="https://www.pbs.org/newshour/show/why-minority-owned-businesses-are-struggling-to-get-ppp-loans" target="_blank" rel="noopener noreferrer">interviewed on PBS NewsHour.</a>

Why minority-owned businesses are struggling to get PPP loans

Brittany Howard, 2 Chainz, Brandi Carlile, T-Pain, Leon Bridges and more will bring attention to the small businesses close to their hearts during “Small Business Live”: a music event to help minority-owned small businesses across the United States, with a focus on those run by women and people of color. Proceeds will benefit the <a class="css-1g7m0tk" title="" href="https://www.opportunityfund.org/" target="_blank" rel="noopener noreferrer">Accion Opportunity Fund</a>, which provides grants to at-risk small businesses hit hard by the coronavirus crisis.

<a href="https://www.nytimes.com/2020/06/18/arts/livestreaming-coronavirus.html" target="_blank" rel="noopener noreferrer">The New York Times listed an event benefiting the Accion Opportunity Fund on their website.</a>

Livestreams to Watch: A Rock the Vote Concert and Juneteenth Events

“Three and a-half million small businesses are currently at risk of permanent closure due to COVID-19, with a disproportionate number of them being minority-owned,” said Rich Goodstone, co-founder of Superfly in a statement. “We look forward to raising the profile of this issue by showcasing amazing music performances and the stories of small businesses across America that urgently need our support.”

All proceeds from the show will be donated to the <a href="https://www.accion.org/about" target="_blank" rel="noopener noreferrer">Accion Opportunity Fund</a>, which has been working towards creating economic opportunity for all since 1994, providing nearly 90% of their loans to small businesses founded by people of color, as well as supporting immigrant-owned and women-owned businesses since its foundation. Viewers will also be encouraged to donate via a text code that will be revealed later; fans can also donate on Superfly's site before and after the livestream through June 26.

<a href="https://www.billboard.com/articles/news/9400786/superfly-small-business-live-show-minority-owned" target="_blank" rel="noopener noreferrer">Read more at Billboard.</a>

Superfly Books All-Star 'Small Business Live,' Benefit for Minority-Owned Companies

<a href="https://www.rollingstone.com/t/2-chainz" target="_blank" rel="noopener noreferrer">2 Chainz</a>, <a href="https://www.rollingstone.com/t/brandi-carlile/" target="_blank" rel="noopener noreferrer">Brandi Carlile</a>, <a href="https://www.rollingstone.com/t/brittany-howard" target="_blank" rel="noopener noreferrer">Brittany Howard</a>, <a href="https://www.rollingstone.com/t/leon-bridges" target="_blank" rel="noopener noreferrer">Leon Bridges</a> and more are coming together for Small Business Live, a benefit <a id="auto-tag_livestream" href="https://www.rollingstone.com/t/livestream/" target="_blank" rel="noopener noreferrer" data-tag="livestream">livestream</a> to help small businesses in the wake of <a href="https://www.rollingstone.com/t/covid-19/" target="_blank" rel="noopener noreferrer">COVID-19</a>, with a focus on those owned by women and people of color.

The event will be held Saturday, June 20th from 4:00 p.m. to 10:00 p.m. ET on <a href="https://smallbiz.live/" target="_blank" rel="nofollow noopener noreferrer">smallbiz.live</a> and across all major digital platforms.

All proceeds from the livestream will be donated to Accion Opportunity Fund, which provides loans to small businesses founded by people of color, with additional support to women-owned and immigrant-owned businesses.

<a href="https://www.rollingstone.com/music/music-news/small-business-live-benefit-1014967/" target="_blank" rel="noopener noreferrer">Read more from Rolling Stone.</a>

2 Chainz, Brandi Carlile to Play Benefit Livestream for Small Businesses

Presented by live entertainment company <a class="" href="https://superf.ly/" target="_blank" rel="noopener noreferrer">Superfly</a> and in founding partnership with TikTok, AT&amp;T Business, Square, Vistaprint, and GoDaddy, the philanthropic musical livestream [supported] the small businesses across the country that need our help the most.

Viewers [were able to] donate via text using a special code that will be available ahead of June 20. All proceeds from Small Business Live will be donated to non-profit <a class="" href="https://opportunityfund.org/" target="_blank" rel="noopener noreferrer">Accion Opportunity Fund</a>, which focuses on providing grants to small businesses run by people of color, immigrants and women — some of the communities hit hardest by coronavirus.

<a href="https://www.bustle.com/p/bustle-digital-group-is-partnering-with-superfly-for-small-business-live-a-philanthropic-musical-experience-on-june-20-22975968" target="_blank" rel="noopener noreferrer">Read more from Bustle.</a>

Everything You Need To Know About Small Business Live, A Philanthropic Musical Livestream

Majority of Filipinos live paycheck to paycheck, with only four out of 10 of those surveyed by the country’s central bank in 2015 having emergency funds for rainy days. There are also an estimated 36 million still borrowing cash for their daily needs, leaving them vulnerable to predatory lenders that charge high interest rates.

This is why <a href="https://advance.ph/" target="_blank" rel="nofollow noopener noreferrer">Advance</a>, a Manila-based fintech startup, aims to simplify financing for Filipino workers and promote responsible debt management.

<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

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

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="https://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>