financial inclusion

April 29, 2016

Salaried and unbanked: A new frontier for microfinance

What comes to your mind when you think of microfinance? To me it’s 'easy access'- a key factor that has enabled the sector to reach 34 million poor people in Bangladesh, essentially bringing financial services to their doorstep.
January 22, 2016

Seven wishes from seven thought leaders for financial inclusion in 2016

2015 was an important year for the world of financial inclusion. Starting with the publication of the six randomised controlled trials results in January that sparked debate on the impacts of microcredit, the sector went on to celebrate (and question) an increase of 700 million people with access to financial services since 2011, with the publication of the 2014 Global Findex.
January 7, 2016

Credit shield insurance – Piloting microinsurance products in Bangladesh

“I can’t thank BRAC enough for standing beside me when I needed help the most,” Rahela, 24, a microfinance borrower and recipient of BRAC’s credit shield insurance, tells us. She borrowed USD 385 in January 2015 to invest in a small clothing business. Recalling her experience, she reveals, “My husband was not interested initially in having a joint insurance policy, but when the customer service assistant explained it in detail, we decided that we should pay the small premium.”
November 12, 2015

FI2020 week in retrospect: Do we need microfinance and why?

Imagine a world where there is no access to financial services. You cannot save, which means you cannot set aside money for the future. You cannot access a loan, which means you are shut off from a limitless number of opportunities, including investing in an enterprise, purchasing a home or land, or maintaining household expenses when cash is tight. You don’t have insurance or any kind of buffer against shocks, such as medical emergencies in the family, a sudden loss of a job, or natural disasters. Would you be able to manage?
October 29, 2015

How hard is it to use mobile money as a rural Bangladeshi woman?

For Shahina, a poor woman living in the remote rural district of Noakhali in southern Bangladesh, getting cash used to be a long ordeal. Since she didn’t have a mobile wallet, Shahina used to have to travel three kilometres to visit the local bKash agent to collect remittances sent by her husband and two sons, who were working in the city. Sometimes she was unable to make the trip without someone to watch her children. The roads are often impassable after rains and the market is far away. And often the agent charges informal ‘service fees’ before dispensing her cash.
October 21, 2015

Banking the poor

Stuart Rutherford is an expert in financial services for the poor, and the author of ‘The Poor and Their Money’. He founded SafeSave in 1996, to provide basic banking services in the slums of Bangladesh’s capital, Dhaka. Nearly two decades on SafeSave serves 19,000 clients, helping them afford everyday expenses and budget for bigger life events.
October 4, 2015

Global goals: A girl from Uganda has made it her mission to change lives

As world leaders shepherd in a new era of international development with the UN's Global Goals, Basemera, a young girl in rural Uganda dreams about her future and that of her friends and family.
October 1, 2015

Rating progress toward financial inclusion on a scale of 1 to 10

Originally posted on The Center for Financial Inclusion blog. BRAC welcomes the launch of the FI2020 Progress Report. BRAC has been an active supporter in the drive to facilitate universal financial access by 2020, having enabled the financial inclusion of over 6 million people in Bangladesh, Pakistan, Liberia, Sierra Leone, Tanzania, Uganda and Myanmar.
September 15, 2015

Five ways to get frontline staff excited about mobile money

Bangladesh is a fast-growing mobile money market. With bKash, the second-largest mobile money provider in the world, industry growth in the country has reached impressive heights. Between January 2013 and February of this year, the number of mobile money clients in Bangladesh increased five-fold to 25 million users, with the number of daily transactions increasing from 10 million to 77 million.
August 2, 2015

Financial inclusion of people with disabilities – Is access the biggest barrier?

Originally posted on the Center for Financial Inclusion Blog. “I am not sure if I can repay more loans, and I don’t want to be overburdened by debt.” That was how Noyon, a small grocery shop owner with a physical disability, replied when BRAC asked whether he would like to take a loan to expand his business. This is a common response we hear from clients with disabilities when they’re offered credit products. Many prefer to avoid taking loans unless absolutely necessary.
July 5, 2015

From paddy fields to tropical islands – Microfinance moves away from its traditional roots

Jannat is not your typical microfinance client. Like an increasing number of BRAC’s microfinance clients, she is not a member of a women-only savings and borrowing group, and did not take a loan to set up a micro-enterprise. Instead, her and her husband are part of new sphere of microfinance clients that is starting to catch on - migrant workers.
June 25, 2015

6 questions for microfinance’s biggest ‘haters’: Why it’s time for the sector to shake off its critics

This blog was originally posted on 59 minutes of development and  Next Billion. Since January, when six randomised control trials were published 'definitively' stating that microcredit is not a viable poverty alleviation tool, microfinance has been taking a lot of heat in the media. One recent article went so far as to compare it to "a zombie that refuses to die." What's kind of funny is that the researchers themselves weren't quite so negative, not that anyone will take the time to read a massive research document. Here's a line I liked.