New Report - The Business of Financial Inclusion: Insights from Banks in Emerging Markets
This study from the Institute of International Finance (IIF) and the Center for Financial Inclusion at Accion (CFI) examines the underreported role of banks in driving financial inclusion. Of the 3.2 billion people in the world with financial transaction accounts, 97 percent hold an account at a financial institution. According to the World Bank’s Global Findex database, over 90 percent of the 721 million new accounts opened between 2011 and 2014 were opened at financial institutions—the vast majority banks, but this figure also includes credit unions, cooperatives, microfinance institutions, and postal banks. Thanks to advances in technology, banks are increasingly designing viable business models to serve unbanked and underbanked populations, which Accenture has estimated as a $380 billion market opportunity.
The study--based on in depth interviews of 24 banks in 19 countries--includes insights and innovative solutions to the business challenges of financial inclusion.
For more information and to download the full report click here
Source: Center for Financial Inclusion at Accion (CFI)