“As part of efforts to promote and deepen financial inclusion among the unbanked and underbanked population in Nigeria, 9mobile, Sanef, Ecobank and other stakeholders in the financial sector have discussed actualising the cashless vision of the Central Bank of Nigeria. According to a statement issued on Monday, this was at the virtual forum series, organized by Ecobank and Vanguard, which was themed ‘Mobile Payment Innovation and Closing the Financial Inclusion Gap – post COVID-19’.”

“Key Democratic senators in the banking policy realm are pressing the Federal Deposit Insurance Corp. on the exclusion of the term “underbanked” from an agency report, a decision they say makes it difficult to understand a group of financially vulnerable people, and may have been driven by “political considerations.””

“Access Bank Plc has empowered and inaugurated more than 50,000 agents to provide financial services to customers across the country during the Yuletide.”

“If you are underbanked you probably have limited access to mainstream financial services normally offered by retail banks. According to FDIC research, nearly one-quarter of the country is unbanked or underbanked and COVID-19 threatens to draw more into this consumer category. Many fintech startups offer alternative ways to measure credit risk, and assert that their products can help extend financial services to consumers who have not been well-served by traditional banks. Join our guest host, James Ledbetter, former Head of Content for Sequoia Capital and ex-editor in chief of Inc magazine and Inc.com, Mike De Vere, CEO of Zest AI and Jenny Vipperman, Chief Lending Officer of VyStar Credit Union as they explore (1) what factors will influence product design among institutions that try to step up service to this segment? (2) Which approach will work best? and (3) What are the obstacles to success? Our host for this episode of Leaders is James Ledbetter, former Head of Content for Sequoia Capital and ex-editor in chief of Inc magazine and Inc.com.”

“For years, neighborhoods on Atlanta’s Westside have suffered from a lack of banks and financial resources, making the area is one of the most “underbanked” in the country, according to the credit reporting agency Equifax.”

“Mastercard’s Pay on Demand platform is designed to accelerate digital inclusion by bringing together financial institutions, original equipment manufacturers and telcos to holistically solve issues that have limited device financing in emerging markets. In line with Mastercard’s principles for data responsibility , the solution allows consumers to access devices in a pay-as-you-go model.”

“Mastercard announced a pilot plan to transition garment factory workers from cash to digital wage payments under agreements with apparel makers Levi Strauss & Co., Marks & Spencer and VF Corp., and nonprofit BSR (Business for Social Responsibility).”

“The publisher has teamed up with iZettle to operate the system, which is selling the card readers at a discounted one-off price of £9 to any Big Issue seller who wants to get in on the contactless race. Apparently iZettle has negotiated a lower transaction fee per magazine sale too, as it’s all about appearing to be helping in the charitable world and not solely interested in acquiring mobile advertising space on the high street.”

““Financial inclusion in Pakistan is extremely low. The World Bank estimates 100 million adults, out of a total population of 189 million, lack access to formal financial services. Low income consumers in particular struggle to access credit, smooth cash flows, manage bumps and shocks, and save to meet their future goals,” says Tahira Dosani, managing director of Accion Venture Lab, a seed-stage fintech investor that has invested in Tez Financial Services and now serves on the board.”

“There’s a $700-billion opportunity for African countries over the next five years if they can close the gender gap in mobile-phone ownership, according to GSMA, the global mobile-trade body. It bases that estimate on the commercial opportunity for mobile operators and the expected boost to GDPs as more women get phones. The smartphone, vital for internet connections on the continent, will become increasingly affordable as new entrants bring cheaper (under $50) smartphones and “smart feature phones” (under $20) to market.”

“While Amazon’s overarching strategy is to engage these consumers, who represent 25.2% of the U.S. population, it is also an effort to attract more African-American and Hispanic consumers, who just so happen to be the most likely ethnic groups to be unbanked, according to an FDIC study. Several factors impact this disparity, including lower average household incomes as well as a distrust of financial institutions. Amazon’s message to these consumer groups, however, is loud and clear: “being unbanked or underbanked should not be a barrier to using our service.””

“According to the World Bank’s 2017 Global Findex Database, 69 per cent of adults in the world have bank accounts, leaving around 1.7-1.8 billion people with no bank accounts. The figure was up from 62 per cent in 2014 and 51 per cent in 2011, driven by the rise of digital payment, which has emerged in developing regions such as Africa, India, China and Southeast Asia, World Bank expert Kyle Keller told a conference on Thursday.”

“A major reason for so many people struggling towards the end of the month is that the vast majority of Brits – unlike Americans – are paid monthly. Wagestream is promising to help solve this by letting people access their ‘earned income’ at any time during the pay cycle. An app shows each employee how much they have earned for each hour worked and lets them transfer these earnings instantly to their current account for a one-off fixed fee of £1.75. The money is then deducted from the next wage packet.”

“The Bill and Melinda Gates Foundations is seeking to launch a free software that will enable Kenyans transact money across different banks and telcos. The Business Daily reports that the foundation plans to hold talks with Kenya’s Central Bank in order to rollout the software known as Mojaloop. The software will be expected to connect the six mobile money providers and 44 registered banks upon securing the necessary regulatory approvals and partnerships with industry players.”

“Developed for financial inclusion policymakers and payment service regulators, (the report)  proposes policy options and practical actions that can help moving toward developing open and inclusive digital payment infrastructures, while also incentivizing the acceptance and use of digital payments.”

“A scheme to allow shoppers to donate to the homeless using their contactless cards has been hailed a success after a trial. A total of 430 kind-hearted shoppers in Cardiff swiped their contactless cards to give money to the homeless in just three weeks. The interactive window in the city centre allows passers-by to tap their card on the screen and donate £2 to homeless charities.”