Ensuring that digital financial services are used successfully by poor communities requires a new customer-centric approach. Financial service providers can empower customers to engage with new technology and financial services in several ways.
The behavior and practices of "oral communities" - where most people are illiterate - may help to explain both the scale of account dormancy in mobile money and the prevalence of over-the-counter (OTC) mobile money services.
PIN sharing is recurring problem amongst mobile money users. However, providers should realize that when people do something with a product that they are not intended to, the reaction shouldn’t be “educate!” but rather to see what about the product can be changed to accommodate the behavior of the customer in a better way.
The competitiveness and sizable growth of microlending in the Andean Region can be largely attributed to the favorable regulatory framework, but the creativity of the stakeholders in the industry has been an important factor as well. The supervisory authorities in the region’s financial sector have recognized the importance of microlending in the promotion of financial inclusion and have gradually created an environment that has been open to creativity and has enabled the different players to come up with financial services for previously underserved populations in rural areas.
There are an estimated 1.2 billion young people around the world between the ages of 15-24, with the vast majority living in developing countries. Whether countries are able to harness the potential of the vast numbers of youth in their economies will depend in part on how they manage the individual transitions that youth make in their lives.