The branchless banking market in Ghana is promising but has not gained traction as expected. CGAP and Tigo Cash decided to collaborate in order to better understand what’s preventing Ghanaian customers from actively using mobile money.
In our work through applied product innovation, we are learning that being open about the products that didn’t work can be an important mandate for all providers—as what is discarded by some can be a treasure for others.
In September 2011, CGAP’s Technology team invited the Brazilian firm Plano CDE to develop a study that would help them understand the behaviour, needs and expectations of low-income Brazilians in relation to financial instruments. The goal of the study was to contribute to the development of a new financial product or service that would attend to the needs of lower-income consumers and enhance their relationship with financial institutions.
The job of financial inclusion in Brazil is arguably done. Brazil’s banks have made it a global leader in branchless banking. The underlying retail payment infrastructure is in place. There are agent locations in almost every municipality. New agent management companies from around the world regularly visit more than 30 of their counterparts in Brazil to understand how the business works. And Brazil’s Bolsa Familia program, already successful in moving beyond G2P payments to credit and savings, is considered a global flagship. We start here by presenting our learnings from Brazil and share our summary note on the industry.