The Centre for the Study of Financial Innovation (CSFI), a nonprofit think tank that was established in the United Kingdom in 1993, recently released “Including Africa – beyond microfinance”, a report that emphasizes the future potential role of the commercial banking and mobile phone industries in providing greater financial inclusion for low-income households in Africa [1]. Although it acknowledges the progress made by traditional microfinance in extending financial services to the poor, the report proposes that the commercial and mobile industries must now assume this role to ensure the continued expansion of financial inclusion. It suggests that innovations such as down-scaling by commercial banks and the provision of financial services via mobile phone providers will comprise the key strategies for increasing the scope of financial inclusion in Africa.
The report was funded by Citi, a multinational financial institution, and the Department for International Development (DfID), the agency of the UK government responsible for promoting development and the reduction of poverty.
By Jacqueline Foelster, Research Associate
About Centre for the Study of Financial Innovation (CSFI): CSFI is a nonprofit think tank that was established in the United Kingdom in 1993. The center publishes reports and holds round-table meetings on developments in the financial services sector. CSFI’s goals include identifying new business areas and risks as well as initiating conversation about financial issues. CSFI publishes “Microfinance Banana Skins” reports that evaluate risk in the microfinance sector.
About Department for International Development (DfID): Department for International Development (DFID) is the department of the British government responsible for carrying out overseas development work. In fiscal year 2008/2009, the British government, through DFID, spent GBP 5.5 billion, the equivalent of over USD 8.3 billion, on international development. The major spending areas included Government and Civil Society (25 percent), Health (21 percent), Economic Growth (16 percent), Education (14 percent), and Humanitarian Assistance (10 percent).
About Citigroup: Citigroup (Citi) is a US-based international financial services conglomerate with consumer and commercial banking, brokerage, asset management and institutional securities and transactions services operations.
Sources and Resources:
[1] Centre for the Study of Financial Innovation (CSFI), “Including Africa – beyond microfinance”, http://www.microfinancegateway.org/gm/document-1.9.49634/Including%20Africa.pdf
MicroCapital.org Article, Centre for the Study of Financial Innovation (CSFI) Releases “Microfinance Banana Skins 2011” Report, a Survey of Microfinance Risk, https://www.microcapital.org/microcapital-brief-centre-for-the-study-of-financial-innovation-csfi-releases-microfinance-banana-skins-2011-report-a-survey-of-microfinance-risk/
MicroCapital Universe Profile: Centre for the Study of Financial Innovation (CSFI), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Centre+for+the+Study+of+Financial+Innovation+%28CSFI%29
MicroCapital Universe Profile: Department for International Development (DfID), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Department+for+International+Development+%28DFID%29
MicroCapital Universe Profile: Citigroup, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Citigroup
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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