Digital financial services: essentials

Channels & Technology
Enabling Financial Inclusion
Sonia Arenaza
Director, Channels & Technology
Lauren Whitehead
Summer Associate, Channels & Technology
August 2014

Table of Contents
2
I.  Channels & Technology Overview
II.  Test Your Knowledge: Trivia Questions
III.  Digital Financial Services
IV.  Mobile and Branchless Banking Ecosystem
V.  Case Exercise: Risks to Clients
VI.  Market Archetypes
VII.  References
Channels & Technology Overview

In working with delivery channels, we have developed a
Channels Methodology consisting of 9 unique components:
Feasibility
Study
Market Research
& Value
Preposition
Business Case
Definition
Business Case
Assessment
Digital Service
Implementation
Testing Phase
Pilot Phase
Full Scale Roll-
out
On-going
Channel
Management
3
Risk
Management
•  Tools
•  Guidelines
•  Best Practices
Each component is
comprised of:

Table of Contents
4
VII.  References
Test Your Knowledge: Trivia Questions

How much do you know about Digital Financial Services
and financial inclusion?
5
Photos courtesy of CGAP, USAID, Banking Beyond Branches, Financial Spread, and Kifiya
Agent Networks Non-Banking
Correspondents
Mobile Banking/ Mobile
Money/Branchless Banking

Channels & Technology Trivia
6
The world population is estimated at 7.2
Billion. Of these, how many people lack
access to formal financial services?
A.  1 Billion
B.  2.5 Billion
C.  4 Billion
D.  5.5 Billion
Photo courtesy of Visa

7
B. 2.5 billion people have no access
to formal financial services.
According to the World Bank, 1.9 billion people
worldwide have a mobile phone but no bank account.
Photo courtesy of Visa

8
In which region of the world are banking
correspondent agents most prevalent and
still leading the way?
A.  Africa
B.  Asia
C.  Europe
D.  Latin America
E.  North America
Bonus points if you can identify which country!

9
Brazil
Latin America

10
In which region of the world is mobile
money most prevalent and
still leading the way?
A.  Africa
B.  Asia
C.  Europe
D.  Latin America
E.  North America
Bonus points if you can identify which country!

11
Kenya
Africa

12
What does P2P stand for?
A.  Pesa-to-pesa
B.  Pesa-to-provider
C.  Provider-to-provider
D.  Pesa-to-person
E.  Person-to-person

13
What does P2P stand for?
A.  Pesa-to-pesa
B.  Pesa-to-provider
C.  Provider-to-provider
D.  Pesa-to-person
E. Person-to-person

14
Which of the following is not a
branchless banking channel:
A.  ATM
B.  Agent (Mom & Pop Shops)
C.  Bank Branch
D.  Mobile Phone
E.  Retail Shop

15
Which of the following is not a
branchless banking channel:
A.  ATM
B.  Agent (Mom & Pop Shops)
C. Bank Branch
D.  Mobile Phone
E.  Retail Shop

16
Which of these terms refers to a form of
financial service delivery that interacts
directly with clients?
A.  Mobile Network Operators
B.  Brick and Mortar Banking Locations
C.  Agent Networks
D.  Branchless Banking Channels
E.  E-Banking

17
Which of these terms refers to a form
of financial service delivery that
interacts directly with clients?
A.  Mobile Network Operators
B.  Brick and Mortar Banking Locations
C. Agent Networks
D.  Branchless Banking Channels
E.  E-Banking

Table of Contents
18
VII.  References
Digital Financial Services

19
Photos courtesy of ACDI/VOCA, Mondato, Banking Beyond Branches, and Live Mint
Mobile Financial Services + Branchless Banking
Branchless Banking is the delivery of
financial services outside conventional
branches by using technology channels such
as cards, POS, ATMs, and mobile phones.
Mobile Financial Services refer to bank
and non-bank provided financial services
such as mobile payments, mobile money,
mobile wallets, and mobile banking.
Digital Financial Services combine…

What are Mobile Financial Services?
20
Mobile money, mobile banking, or mobile payments
refer to the provision of financial services via mobile
technology by either a financial institution, a mobile
network operator (MNO), or a third-party provider.
For MNOs
•  Increase average revenue per user (ARPU)
•  Reduce prepay churn
•  Reduce airtime distribution cost
•  Increase customer retention
•  New sources of revenue
For Financial Institutions
•  Improve presence and visibility
•  Strength relationship with client and upsell
•  Provide stable, low cost products: loans,
savings and other inclusive products like
micro-insurance
What are the Incentives?
•  Enable clients to access formal financial
services
•  Reduce travel time & commitments for clients
to perform/receive payments
•  Save time that can be used for work and leisure
•  Save money that can be used on household
expenses or invested in savings
Gives an institution the potential to
•  Reach a broader base of clients in remote areas
•  Encourage customer loyalty and adoption of
additional products and services
Why Mobile Financial Services?
Gives an institution the potential to:

What is Branchless Banking?
21
Branchless Banking is the delivery of financial
services outside of conventional branches by
using technology channels such as cards,
POS, ATMs, and mobile phones to conduct
transactions with clients.
Why Branchless Banking?
•  Improve operational efficiency
•  Offer better services and at lower costs to clients (clients spend
less time and money)
•  Better serve their existing customer base
•  Reach out to customers (who live in rural areas)
•  Cross sell products: mobilize savings, insurance
•  Leverage existing providers and distribution networks (retail
shops and stores, mom and pop shops)
•  Reduce infrastructure costs and gain operational efficiency
Gives an institution the potential to:

The use of technology enables scale and outreach
250,000 657,000 1,400,000
30,000,000
Estimated Worldwide Points of Presence
Western Unions Bank Branches
Post Offices ATMs
POS Devices
22
Mobile Phone
Connections
6,800,000,000
Source: Net Hope
Mobile phone connections are more than 10k times Bank Branches and 4k times ATMs.
Mobile Phone Connections

23
Mobile Money is the predominant leader, especially in
developing countries, including those where Accion operates
Accion in LatAm
ü  Colombia
ü  Peru
ü  Ecuador
ü  Brazil
Accion in Africa
ü  Tanzania
ü  Kenya
ü  Ghana
ü  Nigeria
ü  Cameroon
ü  Zambia
ü  Zimbabwe
Accion in Asia
ü  India
ü  China
Source: GSMA, State of the Industry 2013

.. and its growth is expected to continue
24
Sub-Saharan Africa is the region with the highest number of mobile money services for the unbanked.

… though each region is different
25
Region with:
•  The most registered
accounts:
Sub-Saharan Africa (98.3M)
•  The most active accounts:
Sub-Saharan Africa (42.4M)
•  Active/Registered account
ratio:
Best: Sub-Saharan Africa
(43%)
Worst: MENA regions (5.3%)
Regional Statistics

Early sprinters were leading the way but there are also
moderate growth trends and higher levels of adoptions
26
Growth rate
is much more
varied
Early sprinters
(fastest growing
mobile money
services)

Table of Contents
27
VII.  References
Mobile and Branchless Banking Ecosystem

Who are the key players in the Digital Financial
Services/ Mobile Banking ecosystem?
2828
MNOs
Banks/ Financial
Institutions
Tech Providers
Retailers Agents
Regulators
Donors
Users

Example of Mobile Money: mPesa in Kenya
2929
Key Facts
https://www.youtube.com/watch?v=nEZ30K5dBWU
•  Launched in 2007 in Kenya, mobile money
service is now in Tanzania, South Africa,
Afghanistan, and India
•  Value Proposition: “Send Money Home”
•  17.5M registered customers
•  Paved the way for other financially inclusive
products (e.g. Mshwari, Mkopa)
•  Transactions responsible for 31% of the $33.62
billion GDP of Kenya
•  35,000 agents generating $5BN USD/Yr
See Video
Source: Safaricom, GSMA, Quartz

Mobile money has the potential to reach the poor and rural
30
Source: GSMA, Jack and Suri, Mpesa Use by Daily Consumption
mPesa is used
by both poor and
rural people in
Kenya.
By 2011, more
than 70% of
people living
under 1.25 $/day
benefitted from
the service.
Percentageofpopulation(bypercapitaconsumption)usingmPesa

3131
Key Facts
…but there is a need for partnerships.
Example of Partnership: mShwari (mPesa and CBA)
•  4,800,000 accounts; 1,300,000 loans
•  Average savings: USD $4.2 (Total USD $21M)
•  Outstanding Loans Day 30: 3.8% (Total USD $9.3M)
•  Average Loan Size: USD $13
•  Credit scoring algorithm uses savings/transactional
data to assess amount available for loan; all
transactions happen via mobile, no branch
interactions involved
•  No fees for moving money between mPesa and
mShwari
•  Savings accounts are eligible to all mPesa
customers and consistent savers are rewarded while
loans are eligible based on behavior
Source: CGAP, 2013
Photos courtesy of Think Mpesa and Kenyabwala

Example of Mobile Money: bKash in Bangladesh
3232
Key Facts
•  Launched in 2011; bKash is a subsidiary
of BRAC Bank, which is part of the BRAC
microfinance group
•  80,000 agents
•  11M registered users (country has ~160M
inhabitants)
•  Average transaction size: US$27
•  Different from mPesa:
•  Bank accounts
•  Works with for four MNOs
•  Started user base from base up
See Video
https://www.youtube.com/watch?v=Dj0e7EdCOOY

Example of Mobile Money: Daviplata in Colombia
33
•  Launched in Colombia in 2011 (owned by
one of the largest local banks, Davivienda)
•  Open e-wallet with convenient cash-in and
cash-out options
•  Works with any mobile phone
•  Offers the following services:
•  Money transfers (domestic and
international), Payments for services
(partners/merchants), Payments of utilities,
top-ups, cash in-out
•  More than 2M registered users, 800k
unbanked
•  70k domestic transfers/month
•  350k payments with 1600 partner companies
Key Facts
33

Implementing DFS is not without its challenges…
34
Agents:
Issues with
networks, lack
value proposition,
profitability,
productivity, high
turnover
Customer:
Low usage and
adoption, literacy
Interoperability:
Lack of access to
service between
different networks
and providers
Business Case:
Lack of support,
uncertainty,
unpopularity
Regulation:
Pervasive
regulations,
restrictive KYC
and AML
Photo courtesy of GSMA

3535
MNOs
Banks/ Financial
Institutions
Tech Providers
Retailers Agents
Regulators
Donors
Users

Agents are the leading way in provision of financial
services in Latin America
36
5.6
9.7
19.9
34.2
50.7
6.1 9.3
21.1 23.6 26.1
5.7 8.5 10.8
14.8
18.6
0
20
40
60
2009 2010 2011 2012 2013
Colombia Mexico Peru
Source: Banca de las Oportunidades, 2014; CNBV, 2014; ASBANC, 2014
Bank

Agent

Client

The
trend
of
agents
in
Colombia,
Mexico,
and
Peru
implies
that
agents
are
on
the
rise.

Brazil: Agents help banks to reach more populations
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2007 2012
Total Banking
Correspondents
Unique locations
377,786
95,849
CAGR
32%
0
500
1,000
1,500
2,000
2,500
3,000
0 0.01 to 5 5.01 to
25
25.01 to
100
>100
Municipalities
Access points per 1,000 km sq.
Banking Correspondents
2000
2010
•  100% of municipalities have at least 2 outlets of regulated financial institutions
•  94% of municipalities have at least 5
•  67% of Brazilians now live within 5km of an access point
•  Banking correspondents are used primarily for bill payment
Source: Febraban, CGAP Research; Sanford and Cojocaru
“Do Banking Correspondents improve financial inclusion?”: Evidence from a national survey in Brazil, Bankable Frontier Associates

Peru: Banks are succeeding in migrating transactions
to cheaper channels
From 2007 to 2013, the Bank Agent channel has grown more than
700% in comparison to Tellers at the ATM.
Source: ASBANC and FIG
225
283
210
98
269
212
83
79
2013
+738%
483
11
25
45
2007
50
1,107
Teller
Other
Internet
POS
ATM
Bank Agent
Evolution of total transactions in the
banking system
(mn of transactions)

Bank

Client

Branchless Banking: Cash-in
•  Client
opens
bank

account
(accessible
by

mobile
phone,
cards)

•  Exis=ng
clients

register/link
their

account
with
mobile

phone

Agent
opens

bank
account

(accessible
by

mobile
phone,

or
POS)

2 Cash-‐in

3
Electronic

value
registered
in

client’s
account

4 Agent
account
debited

Client
account
credited

1
1
-
+
Agent

Adapted from: CGAP

Bank

Client

Branchless Banking: Cash-out
1 Electronic
value

sent
to
agent

2 Cash-‐out

3
Agent
account

credited

Client
account

debited
-
+
Agent

3
Adapted from: CGAP

4141
MNOs
Banks/ Financial
Institutions
Tech Providers
Retailers Agents
Regulators
Donors
Users

Retailers are well fitted to provide financial services
42
Well-positioned
to enhance
value
proposition
Direct Revenue Indirect Revenue
•  Fees, transaction, and
float income
•  Large footprint of store
locations
•  Financial Services takes
limited square footage of
floor space
•  No inventory to deal with
•  Increased foot traffic in stores
•  Provides additional value to
existing customers
•  Enhances knowledge of
customers (loyalty programs
and data analytics)
•  Reach new customer
segments
•  Diversify revenue streams
Adapted from CGAP, 2014 Boulder Microfinance
Photo courtesy of GSMA

Example of Retailer Partner: Banco Azteca and
Elektra in Mexico
4343
Key Facts
•  Started in 2002 as a bank built on the existing
infrastructure of Elektra departments stores
•  Over 7m Txs per day at a cost of 3 cents each
Tx), and in-depth knowledge of customers
•  Savings accounts: 16m (US$ 3 BN)
•  Credit accounts: 18m (US$5 BN loan port.)
•  Products offered: consumer / business /
personal loans, housing loans, savings
accounts, term deposits, money transfers,
insurance, pensions
•  Payments services: internet, telephone, ATMs
•  Loan officers reach out customers by using
motorcycles and tablets
•  …though APR is 110%

4444
MNOs
Banks/ Financial
Institutions
Tech Providers
Retailers Agents
Regulators
Donors
Users

What are the incentives for becoming an agent?
45
Agents are key drivers of the Mobile money / Mobile banking
service
Additional
Income
§  Agents receive fees/commissions based on the
transactions they performed
o  This can represent between 20% of total income (or 100%
when agent is dedicated shop for the service)
Increase foot
traffic
§  Agents in Brazil process more Tx/day than agents in Kenya
o  In Brazil, 73% of stores that are BCs confirm that the
volume of clients in the business has increased an
average of 37%
Brand and
recognition
§  Being an agent –specially from a top Bank or MNO-
provides more prestige to the agent
o  In South Africa, the MNO pays for marketing and
branding for the agent
Leverage network
interoperability/lack
of exclusivity
§  Freedom to work with other networks
§  Able to do many transactions with many banks and FIs
Agents can benefit from one or many of the following:

There are challenges with agents on the demand and
supply sides …
46
Agents are key drivers of Mobile Money/
Mobile Banking services…
Supply (Agents/Entrepreneurs)
•  Turnover of agents
•  Agents not fulfilling the selection criteria or
with low levels of education
•  Concentration of commissions
•  Lack of biz case and profitable
•  Agents performance
•  Dormant agents
•  Monitoring of agents (worsens when agent
network grows)
Demand (Agent Network Managers)
•  Agent is not well trained and does not provide good
service to customers
•  Agent does not identify a value proposition
•  Not enough capital to become an agent
•  Issues with liquidity to support transactions (which
could lead to additional transportation cost to rebalance)
•  Lack of protection for thefts and robbery
High quality agents stay longer and have more
transactions per month.

Agents are transforming Latin America ...but agents’
productivity remains a challenge
47
Source: FIG estimates with CNBV and ASBANC information
52
7
36
16
20
Evolution of transactions
per day, per agent,
across countries
(# transactions)
Average of
benchmarks
Countries are still struggling to increase agents’ productivity, but it also depends on the
business model of each service.

4848
MNOs
Banks/ Financial
Institutions
Tech Providers
Retailers Agents
Regulators
Donors
Users

Example Mobile Payments and Agent Network: Zoona
4949
Key Facts
•  Launched in 2009; leading provider ahead of
Airtel and MTN
•  Helps grow businesses by enabling easy, quick,
and safe payments between suppliers and
micro/small enterprises in emerging markets
•  Company’s DNA is payments solutions,
financial services, and data
•  Previously engaged via OTC (over the counter),
but now expanded into a mobile wallet offering
•  272 shops and is going to an aggregator model
to scale network
•  P2P and bringing distributors and retailers to
the ecosystem
Sandra Jere - Zoona Agent
Terry Simanya – Zoona Distributor

Example of an Agent Network Manager: GKN
5050
Key Facts
•  Founded in Peru in 2007 as Globokas Peru,
to extend the presence and coverage of
financial and business institutions
•  2,000+ agents
•  Serves financial institutions such as BBVA,
ScotiaBank, Caja Nuestra Gente, Caja
Sullana with a multi-bank platform
•  Service offered: bill payments, deposits and
withdrawals, bank transfers, credit fees
payments, credit card payment, balance
enquiry
•  Has increased network at a similar growth
rate of the agent network market.
•  Agents with a higher levels of transactions
remain in the network longer, regardless of
potential offers from competitors.

5151
MNOs
Banks/ Financial
Institutions
Tech Providers
Retailers Agents
Regulators
Donors
Users

Customer Experience: Time Lapse
52
Source: GSMA, 2013. Penetration and active user statistics compiled from GSMA 2012 Mobile Adoption Survey in Africa, Asia, and select LatAm countries
Awareness: the industry is very good at generating awareness
Registration: the industry is very good at registering users
Trial: the industry struggles to drive activity
Regular Use: the industry struggles to achieve regular usage,
a lengthy process which can take an estimated 10.5 months for a user to
reach the 6th transaction
Active mobile money users by region

Customer Experience: Revenue Generated
53
Source: Mobile User Analytics: A Case Study in Mobile Agriculture, GSMA, 2014
•  Users typically grew “stuck” at
registration (59%) while fewer were
“stuck” at trial (28%). Hurdle to
overcome.
•  This represents a loss of value as
regular use equates to 5x the
revenue of trial
•  Countrywide campaigns did not
garner a more active customer base
than cheap and easy SMS blasts
•  Many providers expressed the desire
to continue this analysis in the future
Key Findings

Potential risks to clients in using
Digital Financial Services
1.  Lack of adequate information from providers
2.  Inadequate or lack of client care channel
3.  Data protection and security
4.  Fraud perpetrated against clients
5.  Data privacy
6.  Agent incompetence leads to lack of service
7.  Blocked access to funds or float
8.  Insufficient transparency
and information disclosure
9.  Agent misconduct or corruption
10.  Agent discrimination against clients
54
Aligned with the Smart Campaign’s Seven Principles
Photos courtesy of Brookings Institute
1.  Appropriate product design and delivery
2.  Prevention of over-indebtedness
3.  Transparency
4.  Responsible pricing
5.  Fair and respectful treatment of clients
6.  Privacy of client data
7.  Mechanisms for complaint resolution
3.  Transparency
3.  Transparency
3.  Transparency
3.  Transparency
3.  Transparency
3.  Transparency
3.  Transparency
3.  Transparency
3.  Transparency
3.  Transparency
Smart Campaign Seven Principles:

Table of Contents
55
VII.  References
Case Exercise: Risks to Clients

Case Exercise: Identify potential risks to consumers
56
When:
-  Mrs. Prithi registers for the service, however, there is a power
outage and the system fails. What risks might this pose to
Prithi?
-  Mrs. Prithi is illiterate and shares her PIN with the agent to
perform transactions. What risks might this pose to Prithi?
Scenario 1: Airteam in Kyndia launches
a new mobile money service in which
customers can perform the following
transactions: deposit, withdrawal, and
transfer money to family and friends.
Photo courtesy of Cherie Blair Foundation

Case Exercise: Identify potential risks to consumers
57
Fraud
perpetrated
against clients
Data Privacy
and Security
Concern
Insufficient
Transparency
and Disclosure
Scenario 1: Airteam in Kyndia launches
a new mobile money service in which
customers can perform the following
transactions: deposit, withdrawal, and
transfer money to family and friends.
Photo courtesy of Cherie Blair Foundation

Case Exercise: Given the conditions of providing DFS,
what might be potential risks to consumers?
58
However, when new customer James goes to a designated
retailer for a withdrawal, the agent realizes:
-  There is just enough cash on hand to fulfill James’ request but
the agent know that another client will come later to perform
cash-out transactions. What risks might this pose to James?
Scenario 2: Stantbarb Bank partners with
a local retailer to provide South Mafricans
with reliable access to cash in/ cash out
services in additional areas around the
country where the bank does not have a
branch. This saves Stantbarb on the cost
of building and maintaining additional
brick and mortar locations.
Photo courtesy of Afmi Network

59
Scenario 2: Stantbarb Bank partners with
a local retailer to provide South Mafricans
with reliable access to cash in/ cash out
services in additional areas around the
country where the bank does not have a
branch. This saves Stantbarb on the cost
of building and maintaining additional
brick and mortar locations.
Photo courtesy of Afmi Network
Lack of
Adequate
Information
from Providers
Agent
Misconduct
and Corruption
Agent
Discriminates
Due to Lack of
Liquidity

60
-  Users of the service (1 in 5) are sharing their pin numbers
with one another to streamline access to their accounts, and
-  Some individuals (1 in 7) are even sharing pins with agents to
receive assistance with transactions.
What risks might this pose to users in the country?
Scenario 3: In Lanxania, Vocadom
MNO has successfully launched its
mobile money platform and expects to
continue scaling throughout the
country. The MNO contracts a research
company to monitor customer’s
experience. The research co. finds out
that contrary to expectation:
Photo courtesy of Mobile Marketing Magazine

61
Scenario 3: In Lanxania, Vocadom
MNO has successfully launched its
mobile money platform and expects to
continue scaling throughout the
country. The MNO contracts a research
company to monitor customer’s
experience. The research co. finds out
that contrary to expectation:
Photo courtesy of Mobile Marketing Magazine
Fraud
Perpetrated
against Clients
Inadequate or
Lack of Client
Care Channel
Agent
Incompetence
Leads to Lack
of Service

62
-  She is 65km from town and will not return again for two weeks when
her son can bring his truck, and she was not given any information
on how to contact either the bank or agent.
-  She needs to make a payment for her new seed stock, however,
within five days’ time.
What risk has this service poses to Ana Maria?
Scenario 4: In the country of Watepala, potential
customers attending a large festival are
encouraged by traveling non-banking agents of
Watepala Bank to sign up for new accounts with
the bank. Ana Maria arrives home and quickly
realizes that the agent incorrectly recorded the
last digit of her account and she cannot gain
access.
Photo courtesy of Women’s Worldwide Web

63
Scenario 4: In the country of Watepala, potential
customers attending a large festival are
encouraged by traveling non-banking agents of
Watepala Bank to sign up for new accounts with
the bank. Ana Maria arrives home and quickly
realizes that the agent incorrectly recorded the
last digit of her account and she cannot gain
access.
Photo courtesy of Women’s Worldwide Web
Data Privacy in
Jeopardy
Inadequate or
Lack of Client
Care Channel
Insufficient
Transparency
and Disclosure
of Information

64
Scenario 5:
Fernanda, a new agent in Crazil,
learns that she can earn:
-  0.5 reais commission for performing 1-50 tx
-  0.7 reais for performing 51-500 tx
A client approaches Fernanda with 1100 reais.
- How might she try to cheat the system to earn more
commission on her transactions?
- How might this be both fraud perpetrated against the provider
of the service and a risk to the client?

65
Scenario 5:
Fernanda, a new agent in Crazil,
learns that she can earn:
-  0.5 reais commission for performing 1-50 tx
A client approaches Fernanda with 1100 reais…
She might attempt to coerce the client into performing several smaller
transactions to accrue more commission than a large single transaction
which is clearly a risk to the client as well as the provider. On the
contrary, she might collude with the client by offering a small share of
her larger commission which is a risk to the provider.

6666
MNOs
Banks/ Financial
Institutions
Tech Providers
Retailers Agents
Regulators
Donors
Users

Regulators play a key role in balancing risk and quality
access
67
Proportionality principle: The cost of regulating should not outweigh the impact of the risk
Source: based on G20 principles for innovative financial inclusion

Example of Regulation for Agents
6868
Key Questions
•  Who can be an agent?
•  What approvals are needed for
authorize operations of agents?
•  Is the agent exclusive?
•  What are the Customer Due
Diligence (CDD) / Antimoney
Laundering (AML) norms?
•  How is liable for the behavior of the
agent?
•  What is it considered a suspicious
transaction for an agent?
•  Can the agent register clients?
Photo courtesy of SA

Table of Contents
69
VII.  References
Market Archetypes

Population density + GDP per capita are
priming factors for financial services (access and quality)
70
a)  Adequate
access
b)  Several actors
in the market
a)  Limited/weak
bank
infrastructure
b)  Gov’t/social
problems
a)  Low access
b)  Weak infrastructure
a)  Adequate
population and
GDP per capita
increases
attractiveness
of business and
financial
services
a)  Need for financial
products and
services

Which Financial Inclusion strategy prevails?
71

Thank you.
Questions, comments ?
For
more
informa=on,
please
contact:

Sonia
Arenaza

<sarenaza@accion.org>

Table of Contents
73
VII.  ReferencesReferences

References
1.  Zoona Video:
–  Lelemba Phiri, MD speaks at the 4th MobileMoneyExpo in 2014 about being
deliberate about financial inclusion in strategy and how Zoona fits the mold.
–  Watch the video at:
https://www.youtube.com/watch?v=n5BPz-
hjEa4&index=6&list=PLOcMS8DuX4uZbaHjjKrMdr1-lrFKh2kD_
2.  Bkash Video:
–  CGAP investigates how bKash is making remittances easier in Bangladesh.
–  Watch the video at:
http://www.cgap.org/photos-videos/bkash-making-remittances-easier-
bangladesh
3.  Banco Azteca Video (English):
–  World finance interviews Federico Gerdes, Treasurer of Banco Azteca, on the
conference floor of FELABAN 2013 in Miami. Federico Gerdes explains how
Banco Azteca serves the bottom of the financial pyramid.
–  Watch the video at: https://www.youtube.com/watch?v=d1Ep4DNV7xc
4.  Banco Azteca Video (Spanish):
–  Brief commercial advertising the retail and finance partnership between Elektra
and Banco Azteca.
–  Watch the video at: https://www.youtube.com/watch?v=5zfBWNMhJgo
74

Suggested Advanced Viewing/Reading Material
1.  Video The Story of Mpesa
2.  Reading Evolution of Standards: Digital Financial
Services and Microfinance Institutions (collaboration
between Smart Campaign and Channels & Technology)
3.  Powerpoint (PDF)
The Customer Journey to Regular Usage (GSMA, 2013)
http://www.gsma.com/mobilefordevelopment/wp-content/
uploads/2013/07/Customer-Journey-MMU-Global-
Event-2013.pdf
75

Advanced Viewing: How did Mpesa begin?
76
This is for advanced viewing.
The Story of Mpesa,
TechChange Video,
6:13 min
Mpesa began in
Kenya in 2007 through
an initiative led by
Safaricom and
Vodacom in response
to a call from DFID.
See Video

Digital financial services: essentials

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