Recent Blogs
Blog
Time to Take Data Privacy Concerns Seriously in Digital Lending
Digital credit is on the rise in Kenya. While digital lenders are expanding access to credit for many Kenyans, they are operating outside regulation by any financial sector authority–and some key consumer protection concerns have started to emerge.Blog
Protecting Digital Financial Data: What Standard-Setters Can Do
A 2016 GPFI white paper highlighted privacy and data security risks in digital financial services, asking international financial Standard-Setting Bodies (SSBs) to pay attention. Why are they concerned, and what steps can SSBs take to improve data security?Blog
Will Crowdfunding Help Financial Inclusion of Unserved Crowds?
“Crowdfunding” is market-based financing where small amounts of funds are raised from large numbers of individual sources. While crowdfunding has the potential to become the next big thing for financial inclusion, risks for both borrowers and lenders need to be better understood.Blog
A Better System for Internal Complaint Handling
As with any product, there are times when financial services do not work as customers expected they would. How can financial service providers improve their internal complaint handling systems?Blog
Deepening Insights on Financial Exclusion Risks
Since 2011, financial Standard-Setting Bodies (SSBs) have taken fundamental steps on financial inclusion. However, a new GPFI White Paper observes that little progress has been made on understanding financial exclusion risks. What are these risks, and what can be done to address them?Blog
Risk-Based Supervision in the Digital Financial Inclusion Era
Lack of supervisory capacity is one of the key challenges facing financial sector supervisors in emerging markets. A risk-based approach to supervision helps to strategically allocate scarce resources and to prioritize interventions according to identified risks.Blog
Global SSBs Chart New Path in Digital Financial Inclusion
Global standard-setting bodies (SSBs) are increasingly recognizing the significant implications of developments in digital financial services. A new white paper from The Global Partnership for Financial Inclusion (GPFI) offers a roadmap through some of the most critical issues.Blog
Improving Recourse Systems in Digital Financial Services
Effective complaints handling, or recourse, reassures users of new financial services that problems can be resolved and that their money is protected. A new CGAP brief highlights the keys to improving recourse systems in digital financial services.Blog
What Information Do Customers Need to Make Informed Decisions?
We know more today than every before about how customers use financial services. But we still don’t know enough about what information customers access about products they are considering, and how this informs their financial decisions.Blog
Digital Finance and Illiteracy: Four Critical Risks
Illiteracy is still a global problem, and most financial services are not designed for illiterate customers. The Helix Institute is working with financial service providers to help develop products and services that can work better for those who cannot read.Blog
Putting Mystery Shopping to the Test in the Philippines
Typically, mystery shopping is associated with consumer market research. However, financial regulators - such as the Bangko Sentral ng Pilipinas - are also using it as a tool to check if financial institutions are complying with regulations.Blog
Mystery Shopping: A Different Way to “Listen to the Customer”
Mystery shopping is another way of "listening to the customer" and understanding what their experience at a financial institution is really like.Blog
Safaricom Launches Feature to Stop Erroneous Transfers: Hakikisha
Safaricom recently launched an additional functionality “Hakikisha” on the M-Pesa Menu in Kenya, which will enable subscribers to confirm a recipient’s name before completing an M-Pesa transaction. Hakikisha has been under pilot for the last month.Blog
DFS Risk: “When It Works, It’s Great; When It’s Bad, It’s Awful"
Many innovators in digital finance fail to grasp the potential negative implications or risks associated with customers using advanced technologies.Blog
How Will You Do Digital Finance Right?
There is evidence of a clear tension between the advantages of digital financial services and the risks to customers. This issue will be addressed at the Responsible Finance Forum in Antalya, Turkey, September 7-9, 2015.Blog
Fixing the Hidden Charges in Lipa na M-Pesa
Kenyan regulators took action to disclose Lipa na M-Pesa’s pricing structure. The move highlights a growing problem as digital financial services expand: Existing financial consumer protection rules are not being enforced consistently on these delivery channels.Blog
What Can Donors Do to Ensure Responsible Digital Finance?
For digital finance to be a transformative tool, consumers must have greater confidence in the markets and in providers that deliver those services, writes USAID's Matt Homer.Blog
Smartphone-Led Digital Finance: Three Areas to Watch
The rapid uptake of smartphones stands to enable a transformational opportunity for digital finance, also raises important questions concerning security and privacy.Blog
Consumer Risks and Rewards Amid Increased Competition in Kenya
In Kenya, product development and the growth of agent networks are moving in the right direction to provide customers with more options, but we must also remain mindful of the risks these developments pose to customers.Blog