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Climate change, poverty, inequality, and conflict are the defining challenges of our time. By 2030, 7% of the global population—over half a billion people—will still live in extreme poverty. Closing the gender gap will now take 135 years, up from 99.
Despite these setbacks, the digital economy is growing, and innovation in financial services is accelerating. Financial inclusion can help address major global challenges. Through financial services, families can save for education, youth can build futures, women can exercise their agency, and entrepreneurs can grow their businesses. If approached responsibly and inclusively, the digital economy can open doors for low-income communities by giving them access to markets and opportunities. But to ensure responsible financial services, consumer risks need to be tracked and mitigated.
In this season of Inclusive Finance Frontiers, we explore the opportunities and the obstacles, whether it’s in climate resilience, carbon markets, open finance, digitization of micro retailers, AI-powered consumer protection, or the unique challenges of fragile regions. Tune in to our episodes as we uncover how responsible inclusive finance can – and already is – contributing to a green, resilient and equitable world for all.
This is Season 2 - Trailer of CGAP's podcast, Inclusive Finance Frontiers.
Transcript
Lamis Daoud: Climate change, poverty, inequality, and conflict are the defining challenges of our time.
Sita: Last year, the flood spoiled everything here. After Aila, we couldn’t grow anything on our land for two years consecutively.
Lamis Daoud: By 2030, 7% of the global population—over half a billion people—will still live in extreme poverty. Closing the gender gap will now take 135 years, up from 99.
Claudia McKay: Globally, we see that many people resort to short-term fixes, like skipping meals or pulling kids out of school just to get by. And that's survival, but in the long-term, it's going to lead to even greater vulnerability.
Lamis Daoud: Despite these setbacks, the digital economy is growing, and innovation in financial services is accelerating.
Rafael Wowk: We believe the future of the financial system is where through technology we will be able to offer personalized and adequate financial service to the whole population.
Lamis Daoud: Financial inclusion can help address major global challenges. Through financial services, families can save for education, youth can build futures, women can exercise their agency, and entrepreneurs can grow their businesses.
Richard Wright: The digitization of supply chain holds many benefits, both for the micro retailer and for the large corporates who manufacture fast moving consumer goods. Everybody wins if you can get a good supply chain, and an efficient supply chain, and reduce the cost to serve the poorest people.
Lamis Daoud: And digital systems used by the public sector have a big role to play, including in the most fragile or conflict-affected countries.
Souraya Sbeih: Government to person payments or what we call G2P payments can be an important driver of financial inclusion as they often are the first experience with formal financial services for many recipients, for many low-income people.
Lamis Daoud: If approached responsibly and inclusively, the digital economy can open doors for low-income communities by giving them access to markets and opportunities. One example is inclusive voluntary carbon markets...
Max Mattern: What this represents is an opportunity to channel climate finance directly to those who need it most… there are emerging use cases where carbon revenues are being used to actually expand access to green technologies, more sustainable practices in ways that really do have incredible development benefits for people living in poverty.
Lamis Daoud: Of course, breaking new ground often comes with a set of obstacles and risks.
Matheus Rauber: Since we began the implementation of Open Finance, facing challenges has become part of our daily routine. But we as the regulator of the financial system here in Brazil, we are the ones that want more competition because in the end this will be good for the consumer.
Lamis Daoud: And to ensure responsible financial services, consumer risks need to be tracked and mitigated. AI-powered technologies have the potential to enhance financial regulation and supervision, not only reshape how financial services are created and delivered.
Charina de Vera-Yap: AI allows the BOB chatbot to understand and appropriately respond to financial consumers in a live conversation.
Lamis Daoud: In this season of Inclusive Finance Frontiers, we explore the opportunities and the obstacles. Whether it’s in climate resilience, carbon markets, open finance, digitization of micro retailers, AI-powered consumer protection, or the unique challenges of fragile regions... Tune in to our episodes as we uncover how responsible inclusive finance can – and already is – contributing to a green, resilient and equitable world for all.