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Can AI Revolutionize Financial Consumer Protection?
AI is already transforming almost every aspect of the financial services industry. It is driving efficiencies and sparking innovation by reshaping the way financial authorities protect consumers—not just how financial service providers operate. But financial authorities need to walk a tightrope to harness the power of AI to improve consumer protection, while also addressing the novel risks and challenges that AI brings, such as new forms of financial fraud.Publication
G20 Policy Options for Financial Inclusion at the Last Mile
Despite gains in financial inclusion, several populations at the "last mile" remain excluded. This Note, prepared by CGAP, the World Bank, and the Better than Cash Alliance for GPFI, provides a framework for the necessary public infrastructure and regulatory enablers to reduce the barriers commonly faced by these last mile segments and emphasizes the need for more targeted policies and investments to address non-financial barriers.Podcast
Banking on Open Finance to Advance Financial Inclusion: Lessons from Brazil
Open Finance allows people in Brazil to securely share their financial data across financial service providers, sparking competition and innovation among providers. This empowers customers to compare and choose services that best meet their needs. But how does open finance work in practice and can it help reduce inequality and advance financial inclusion? What lessons can other countries learn from Brazil’s rapid adoption?Podcast
Empowering Micro-Retailers Through Digitization: Hype or Promise?
Micro-retailers that stock fast-moving consumer goods are universally cherished. And yet, they face numerous unique challenges. B2B e-commerce startups are promising to make a difference for these micro-retailers by digitizing order processes and extending buy-now-pay-later credit options. But challenges remain: How do we bridge the digital divide, and can these systems sustainably scale? How promising is this digitization wave in creating meaningful financial inclusion for micro retailers at the last mile?Podcast
Voices From the Frontlines of Climate Change
For those on the front lines, grappling with climate change is a daily struggle for survival. In this episode, we travel to Bangladesh to speak with two farmers who are fighting to protect their homes and livelihoods from storms, flooding, and rising sea levels. We also hear from MicroSave Consulting and CGAP about the potential role financial tools can play in bringing hope, resilience, and lasting change to climate-vulnerable communities.Publication
Key Considerations for Open Finance
Open finance frameworks have the potential to increase innovation, boost competition, empower customers, and deepen financial inclusion. However, they also introduce new risks that necessitate careful design and robust safeguards. As more countries explore or implement these frameworks, CGAP, BIS, IMF, UNSGSA, and the World Bank offer key considerations for designing effective and inclusive open finance frameworks.Publication
Trust in Transition: Afghanistan’s Hawala System in Crisis and Recovery
Afghanistan’s hawala system plays a critical and evolving role in the country’s financial ecosystem. Since August 2021 its role has only expanded as trust in the banking system faltered. Although hawala faces local competition and international skepticism due to transparency concerns, it remains a vital financial tool. The paper suggests that stakeholders should deepen engagement with hawala networks, support their regulation and formalization, and explore innovative partnerships to advance financial inclusion.Publication
A Green Future for All: How Financial Services Can Build More Inclusive Carbon Markets
Inclusive carbon markets can play a role in financing a just, green transition. CGAP highlights the challenges to and opportunities for developing inclusive carbon markets, emphasizing the potential for financial services to both overcome barriers to inclusion and drive impact at scale.Publication
Investing for Financial Inclusion: Four Enablers for Outcomes Measurement and Management
Impact investors are shifting towards outcomes-focused impact measurement and management (IMM) to enhance transparency and mitigate risks. This approach prioritizes measuring actual development and intermediate outcomes, like women's economic empowerment, and integrates this data into decision-making. The paper outlines key enablers to advance outcomes-focused IMM within financial inclusion investments.Publication