The Center for Financial Inclusion, a branch of US-based nonprofit Accion that promotes universal access to financial services, has released a report that suggests potential implications for financial inclusion as birthrates decrease and life expectancies increase in the developing world. The report entitled, “Looking Through the Demographic Window: Implications for Financial Inclusion” notes that new economic opportunities will open for financial institutions as a greater share of the population is of working age and fewer resources will be required to care for children. According to the report, “New savings products are needed to help the poor invest in education and for longer lives; health and life insurance products would help to manage longevity risks; credit is needed to grow microenterprises; technology can lower costs for payments and remove barriers to the formal financial system. Financial education is important to help people plan and deal with demographic change.”
As of 2011, Accion reported total assets of USD 325 million and an active loan portfolio of USD 5.5 billion serving 5.1 million borrowers.
By Lena Phillips, Research Associate
About The Center for Financial Inclusion
The Center for Financial Inclusion at Accion (CFI) was established in 2008 within US-based nonprofit Accion to promote universal financial access. The center works to bring together relevant parties to perform research, produce publications and develop campaigns to further its goal of increasing financial inclusion. The mission of Accion is to alleviate poverty by providing financial products such as microenterprise loans and business training. As of 2011, Accion reports total assets of USD 325 million and an active loan portfolio of USD 5.5 billion serving 5.1 million borrowers.
About Accion
Accion is a private, US-based nonprofit organization with the mission of alleviating poverty by offering financial products such as microenterprise loans and business training. Accion was founded in 1961 and issued its first microloan in 1973 in Brazil. Accion’s partner microfinance institutions provide loans to men and women entrepreneurs through 62 microfinance institutions (MFIs) in 31 countries in the Americas, Asia and Africa. As of 2011, Accion reports total assets of USD 325 million and an active loan portfolio of USD 5.5 billion serving 5.1 million borrowers.
Sources and Additional Resources:
Financial Inclusion 2020 Blog Series, “First Report from FI2020’s Mapping the Invisible Market Highlights Implications for Financial Inclusion as World’s Demography Changes,” http://cfi-blog.org/2013/02/04/first-report-from-fi2020s-mapping-the-invisible-market-highlights-implications-for-financial-inclusion-as-worlds-demography-changes/
“Looking Through the Demographic Window: Implications for Financial Inclusion,” Center for Financial Inclusion: January 2013, http://centerforfinancialinclusionblog.files.wordpress.com/2013/02/looking_through_the_demographic_window.pdf
MicroCapital.org Article, 5 February 2013: “MICROFINANCE EVENT: Center for Financial Inclusion, Visa, Citi to Host Webinar on ‘Financial Inclusion 2020,’” https://www.microcapital.org/microfinance-event-center-for-financial-inclusion-visa-citi-to-host-webinar-on-financial-inclusion-2020/
MicroCapital.org Article, 29 January 2013: “MICROCAPITAL BRIEF: Center for Financial Inclusion at Accion, Citi, Visa Announce Launch of Financial Inclusion 2020 Initiative, to Convene Forum in London in October,” https://www.microcapital.org/microcapital-brief-center-for-financial-inclusion-at-accion-citi-visa-announce-launch-of-financial-inclusion-2020-initiative-to-convene-forum-in-london-in-october/#more-22265
MicroCapital Universe Profile: The Center for Financial Inclusion, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Center+for+Financial+Inclusion+%28CFI%29
MicroCapital Universe Profile: Accion, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Accion
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