Center for Financial Inclusion (CFI)

Access to reliable and comprehensive #consumerdata is fundamental to achieving #financialinclusion, but data scarcity and inadequacy limit the ability of #FSPs to evaluate risk accurately and offer appropriate financial solutions. Fintechs in #Egypt have played an important role in building #datatrails for marginalized consumers, supported by a substantial influx of venture capital investment. Our latest report, developed in partnership with FMO - Dutch entrepreneurial development bank, explores the strategies that Egyptian #fintechs are using as they aim to address the scarcity and dormancy of data trails needed to expand access to marginalized populations and identifies a series of recommendations for key stakeholders to develop a more effective #data ecosystem. https://lnkd.in/echFCeqS

Find out how resilience research for inclusive insurance is like experiencing a surprise menu at dinner with friends and partners. Surprises will likely include many courses, innovating on old recipes, purpose and profits, and a shared experience. I also provide some hot takes on resilience research focused on micro- and small-enterprise (MSE) owners in Brazil and Indonesia that was recently shared by our Swiss Re partners Edoardo Totolo and Anindita Chakraborty from Center for Financial Inclusion (CFI). The research contains many surprises that will help to guide the development of commercial opportunities that build resilience for this target underserved market. Many thanks to my Swiss Re colleagues Maria, Xin Qing Zou, Alessandra Brantegani, Joshua Jeremy, FSA, and Elsa Lengeler for their support in bringing this project to life and to Gilles Renouil for his contribution to the discussion on embedded insurance. #financialinclusion, #insurance, #resilience

Understanding how micro and small enterprises (MSEs) navigate challenges is key to building impactful solutions. This groundbreaking research by Center for Financial Inclusion (CFI) sheds light on the financial coping mechanisms of #MSEs in São Paulo and Jakarta, highlighting the gaps in insurance adoption and the resilience strategies employed during health shocks. I was amazed by the depth and quality of the research. Great job Edoardo Totolo Anindita Chakraborty and team. 👉One insight that stood out: Over 50% of MSEs in both cities lack insurance, despite recognizing its importance. This underscores the need for innovative, accessible, and tailored insurance solutions to empower businesses and safeguard their growth. 👉 In particular it’s concerning to see that coping with health shock does not include health insurance at all. This has impacted their business massively (and the slide does not even include the businesses that disappeared completely( There is a lot of potential to help those entrepreneurs with meaningful and affordable products. Let’s prioritize partnerships that address these challenges and create inclusive opportunities for MSEs to thrive in emerging markets. Together, we can redefine resilience. #financialinclusion Accion Swiss Re #healthinsurance @Elevatogether #inclusiveinsurance #microinsurance #Brazil #Indonesia #SME #MSME #MSE #entrepreneurs

This week has been full of inspiration, learning, and thoughtful conversations. The Swiss Re Institute Resilience Summit offered fascinating perspectives on the frontiers of research in health and how inclusive finance can strengthen societal resilience. It was an honor to see the Center for Financial Inclusion (CFI) recognized among Swiss Re’s key ongoing research partnerships alongside other leading institutions. Stay tuned for our upcoming study on embedded insurance in Q1 and exciting pilots in this space. Thank you, Shelly Habecker, PhD for your leadership, and Kai Zhang and her team for convening such a remarkable event. From Zurich to Luxembourg, I had the privilege of joining the European Microfinance Week, where I moderated an engaging panel on AI. We explored applications piloted by MFR, Oikocredit Musoni System and SAJIDA Foundation and tackled emerging risks for consumers. A big thank you to Daniel Rozas and Sam Mendelson for the invitation and for organizing another outstanding conference. Excited for what’s ahead Anindita Chakraborty Maria, Xin Qing Zou , Gilles Renouil, Lucia Spaggiari, Dave Smit, Sander van der Heyden, Jonathan Fu

The Center for Financial Inclusion (CFI) team is hiring a comms / publications pro - DM me if you're interested!

Feel like you have the perfect dataset to train an inclusive AI model? Think again. Have you truly considered someone's full, embodied experience beyond the digital footprint that exists about them? ❓ "𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗱𝗮𝘁𝗮 𝘁𝗿𝗮𝗶𝗹𝘀 𝘁𝗲𝗹𝗹 𝗮 𝘀𝘁𝗼𝗿𝘆, 𝗯𝘂𝘁 𝗶𝘀 𝗶𝘁 𝘁𝗵𝗲 𝗿𝗶𝗴𝗵𝘁 𝘀𝘁𝗼𝗿𝘆?" ❓ Often, we build training datasets based on available data. Unfortunately, this reifies existing digital inequalities as some people have more digital traces than others. 𝗧𝗼 𝗯𝘂𝗶𝗹𝗱 𝗺𝗼𝗿𝗲 𝗶𝗻𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗔𝗜 𝗺𝘆 𝗿𝗲𝗰𝗼𝗺𝗺𝗲𝗻𝗱𝗮𝘁𝗶𝗼𝗻𝘀 𝗮𝗿𝗲: 1. Start by assessing your dataset for who is, and who is not, included. 2. Think about the lives of the people included, build 5 “day in the life” personas. 3. Assess each “day in the life” for what data points that are digitally captured. 𝘼𝙣𝙙 𝙬𝙝𝙖𝙩 𝙩𝙝𝙚𝙮 𝙢𝙞𝙨𝙨.  4. Groundstruth your findings with your end users, asking them to fill in any blanks and validate your assessment. 5. Refine your data sources to more holistically capture the realities of the people you aim to serve. Or, gulp, walk away from AI for now. (yes, that's an option). If you're interested in inclusive AI, I recommend reading the amazing work of Alexandra R. , Alex Kessler, and Jacobo Menajovsky through Center for Financial Inclusion (CFI).                                                        Read the full report: https://lnkd.in/eNwFW4Ha

The final discussion for today at #EMW2024 is focused on "AI & Financial Inclusion: Practical Examples for Today and Tomorrow." MFR and Oikocredit launched a pilot reclassification model embedded in ATLAS in 4 countries, developed in-house through python code. Lucia Spaggiari and Dave Smit share a few of their lessons learned: 🔹Automated data model was more accurate and efficient than manual reclassification 🔹Accuracy increases through iterations 🔹Communication with financial institutions is crucial 🔹IT development should not be underestimated This panel is looking at real-world cases of what AI means for the delivery of efficient, equitable and useful financial services to low-income people with a closer look at these questions: 🔹What AI-driven changes or innovations are underway already in the financial inclusion sector? 🔹What can we expect to see in the years to come? 🔹How can we ensure these changes are managed in the right way? The panel includes: Lucia Spaggiari, MFR Dave Smit, Oikocredit Edoardo Totolo, Center for Financial Inclusion (CFI) Jonathan Fu, University of Zurich Sander van der Heyden, Musoni System Salam Faizan, SAJIDA Foundation #Microfinance #InclusiveFinance #AI #financialinclusion #consumerprotection e-MFP, FinDev Arabic, Portal FinDev - Inclusión Financiera Microfinanzas, Portail FinDev

Data trails are fundamental to achieving #financialinclusion, as reliable and comprehensive #data availability ensures that #financialinstitutions can develop comprehensive profiles of previously “invisible” consumers. In Egypt, #fintechs have adopted two main strategies to improve data trails: addressing data scarcity and tackling data dormancy. CFI's latest report highlights these strategies and dives into examples from Egypt: https://lnkd.in/eGWe56MC Colin Rice, Edoardo Totolo, Dr. Nouri Sakr, Ayman Ismail

I’m looking forward to the week ahead at the Swiss Re Resilience Summit in Zurich! At this event, I have the honor of introducing our Swiss Re partnership with Accion’s Center for Financial Inclusion (CFI). Edoardo Totolo and Anindita Chakraborty will present customer insights from research they recently completed in Brazil and Indonesia focused on understanding the insurance needs of Micro and Small Enterprise (MSE) owners who represent a large workforce in both countries. We will also explore relevant commercial opportunities that expand financial inclusion and build societal resilience in these target markets. I’m grateful to my colleagues Alessandra Brantegani, Joshua Jeremy, FSA, and Maria, Xin Qing Zou who are working with me on this exciting opportunity! Stay tuned for my next update. #financialinclusion, #resilience, #insurance.

Trust, or the lack of it, has emerged as a recurring theme in various discussions around barriers to adopting financial services. This blog shares lessons on building trust in financial services in underserved communities #inclusivefinance #trust