Access Bank, 86
Access to capital, 102. See also Lending
Accident insurance, 94
Accion, 22
Afghanistan, 147
Afitna, 131
Africa
digital financial inclusion, 9
girls’ secondary education in, 77–79
group savings schemes, 83
African Management Institute (AMI), 113
Agent networks, 39–40
Agricultural insurance, 138
Ajo, 83
Amartha, 125–126
Andhra Pradesh crisis, 22–24
Armendáriz, Beatriz, 25
Artificial intelligence (AI), 28
ASA of Bangladesh, 50–51, 62–64
Asset-based lending, 106
Asset ownership, 59–62
ATM cards, 89–90
AXA, 138
Banco Sol, 19
Banerjee, Abhijit, 24
Bangladesh, 18–19
gender-based violence, 25
NGOs in, 62–65
Robi Axiata, 44–45
women’s borrowing, 119
Bank accounts. See also Savings accounts
and documentation, 53
and informal financial services, 18
as measure of financial inclusion, 1, 6, 33, 62
and mobile money accounts, 6, 12, 30
non-users, 6
ownership data, 7
women’s ownership of, 7
Banking industry, 73–75
customer service, 111–112
fintech partnerships, 128
gender diversity, 148
and mobile deposits, 101
and underserved market, 107
value of women clients, 102
Bank of Baroda, 39, 74–75, 94–95
BETA savings account, 81, 84–87, 92–94, 102
BIMA, 138
Biometrics, 54
Blanche (MSME owner), 110–111
Bloomberg Gender Equality Index, 156
Bolivia, 19
Borrowing, 94. See also Lending
Brummer, Chris, 148
BSR, 35
Building societies, cooperative, 17
Bull, Greta, 26
Burkina Faso, 91
Business case
extending credit, 101
managing customer data, 43–44, 48
Business club membership, 111
Capital, access to, 102. See also Lending
Caregiver microinsurance, 131, 134–137, 140
Caribbean, 25
Cash-flow-based lending, 113–114
Cash-in/cash-out (CICO) services, 29, 153
Cash transfer programs, 34–35, 67, 75
Cell phones. See Smartphones
Chen, Martha, 57
Chen framework, 61, 64, 86, 139–140, 157
Child marriage, 78
Chile, 87
Chit funds, 18
Classroom banker program, 97
Collins, Daryl, 15
Commercial Bank of Africa (CBA), 30
Community-based financial services, 15–16
Community property system, 61
Consumption, 31
Contracorriente, 36–37
Cool Teens platform, 98
COVID-19 pandemic, 71, 73–74, 142, 144
Credit. See Lending
Credit decisions, 28, 120–123, 126, 151–152
Credit infrastructure, 104–107, 147
Credit life policy, 135
Credit reporting systems, 106–107, 125
Credit unions, 17–18
Customer acquisition, 97
Customer data. See Data, customer
Customer Relationship Management (CRM) system, 112
Customer service, 111–112
Data, customer. See also Gender-disaggregated data
demand-side/supply-side, 52, 144–145
and financial inclusion, 52
men, 49
mobile phone providers, 44–45
smartphone, 125
women-led MSMEs, 108–109
Debit cards, 94
Developing countries
access to financial services, 5
CICO points, 153
financial exclusion of women, 7
government payments, 95–96
informal financial services, 88
MSMEs, 102
savings in, 88
small business assets, 105
unbanked persons, 7–8
Diamond Bank, 80–87, 92–94, 98, 102
Diamond Future account, 98
DigiAsia, 40
Digital financial services, 2, 10–13. See also Mobile money services
and banking industry, 73
and commercial opportunity, 27–32
and financial outcomes, 91–92
and legal identity, 53–54
literacy, 37
microinsurance, 137–139
mobile banking, 11–12
and obstacles to saving, 91
peer-to-peer (P2P) lending, 125–126
product offerings, 27
savings accounts, 158–159
time savings, 66
and women’s empowerment, 66–68
Digital literacy, 37
Discouraged borrowers, 119–120, 151–152
Discrimination. See also Gender gap
loan officers, 123–124
repeal of discriminatory laws, 146
Dominican Republic, 36, 80, 97
Dreamville platform, 98
Economic empowerment, 56–57. See also Empowerment, women’s
Economics of Microfinance, The, 17
Education
girls’ schooling, 78–79
and savings accounts, 77–79
Emily (MSME owner), 111–112
Empowerment, women’s
building capabilities, 62–66
defining, 55–57
and digital financial services, 66–68
and diversity of support, 65
and economic empowerment, 56–57
and financial training, 67
and freedom to choose, 72
and gender-based violence, 68–72
and insurance, 139–140
and invisibility, 58–59
land and property, 59–62
and mobile money transfers, 68
and process of transformation, 57
and savings accounts, 86–87, 101
skills acquisition, 64
Entrepreneurs, women, 154–155
Factoring company, 106
Family Bank of Kenya, 89
Farmers, 158–159
Fidelity, 156
Financial Access Survey (FAS), 52
Financial Alliance for Women, 117
Financial education, 34–37, 157
Financial inclusion
and bank accounts, 1, 6–7, 33, 62
and banking industry, 74
and COVID-19 pandemic, 74–75
and customer data, 52
defined, 6
in developing countries, 7
and digital financial services, 27, 33
and economic empowerment, 56
and economic growth, 143
as enabler of change, 1
and gender-based violence, 68–72, 155
gender gap in, 7–10
and mobile money services, 6, 153–154
national strategies, 144
obstacles to, 2–3
as revenue opportunity, 29
and savings accounts, 99
and sex-disaggregated data, 51
and smartphones, 11
and women’s agency, 3, 31–32, 54
Financial products
diversity of, 105–106
product bundling, 93–99
Financial service providers
and big tech companies, 73
business strategies, 42
customer acquisition, 97
data collection, 43
and female customers, 40, 42–45, 150
and gender diversity, 152, 155–156
and inclusion of women, 75
opportunities for, 149–152
product bundling, 93–99
savings accounts, 99
trust in, 74
Financial services. See also Digital financial services
access to, 5
affordability, 11
community-based, 15–16
exclusion of women, 141
features required by women, 42–43
formal, 17–18
history of, 2
and low-income customers, 13–17, 88
Fintech companies, 124–127
Gender agnostic policy, 51
Gender-based violence, 25, 69–71, 155
Gender bias, 123
Gender-disaggregated data, 44, 114
demand-/supply-side, 52, 144–145
and female loan officers, 50–51
and household unit, 154
mandated, 150–151
women entrepreneurs, 154–155
Gender diversity, 148
Gender gap, 7–10
and credit decisions, 28, 120–123, 126, 151–152
and customer data, 43–44, 50–52
and digital financial services, 9, 27
and investment, 51
and legal identity, 53–54
life insurance, 139
and lost revenue, 28–29
regulatory bodies, 148
and retail banking, 74
in smartphone ownership, 33, 46–47, 153
Gender lens investment strategy, 156
Gender neutrality, 3, 50–54, 143
Gender norms
and credit discrimination, 122
and privacy, 67–68
Gender sensitization training, 114–116, 123
Germany, 17
Global Findex database, 52
Government payments, 95–96, 147–148
Government regulation. See Regulation
Guddi Bajis, 49–50
Hanson, David Heinemeier, 28
Hatton National Bank of Sri Lanka, 96–97
HERFinance, 35–36
Himaya, 136
Hiyam, 131–133
Hospital cash, 133–137
Household data, 154
Identification documents, 146
Idumota, 80–81
Income inequality
India, 19
Andhra Pradesh crisis, 22–24
asset transfer project, 65–66
chit funds, 18
COVID relief, 37, 74–75, 142–143
Jan-Dhan bank account, 94–95, 142
national identification program, 54
smartphone ownership, 10
workfare study, 67
India Post Bank, 153
Industrial & Commercial Bank, 149
Informal businesses, 103–104
Informal financial services, 14, 16, 18, 88, 103
Insurance. See Microinsurance
Interest rates, MFI, 20, 22–23
Intervention with Microfinance for AIDS and Gender Equity (IMAGE), 69–70
Intimate partner violence (IPV), 69–71, 157
Invisible Women, 50
Jan-Dhan bank account, 94–95, 142
JazzCash, 45–50
Jordan Insurance Company, 135–136
JP Morgan Chase, 149
Kabeer, Naila, 25, 55–57, 62–66
Karlan, Dean, 24
Kenya
agricultural insurance, 138
Kopo-Kopo, 127
M-Pesa, 11–13, 30–31, 91, 107, 127
savings behavior, 88–90
Kenya Commercial Bank (KCB), 107–118
Kibera, 77
Know-your-customer (KYC) requirements, 82, 142, 144
Kopo-Kopo, 127
Land ownership and control, 59–62
Legal identity, 53–54
Lending
asset-based, 106
and asset title, 60
cash-flow-based, 113–114
credit decisions, 28, 120–123, 126, 151–152
and credit reporting, 106–107, 125
and job creation, 116
loan collection, 50–51
loan/savings account bundle, 95
peer-to-peer (P2P), 125–126
and saving, 88
side car loan, 59
simplification of, 43
underserved customers, 101
to women, 28, 104, 110–111, 119–120, 147
Lidya, 127
Life insurance, 139
Loans. See Lending
Low-income persons. See also Low-income women
and access to credit, 25
attitudes to banks, 110
as banking industry opportunity, 74–75
credit reporting, 106–107
and digital literacy, 37
family financial strategies, 15
and financial services, 13–17, 88
and mobile banking, 11
remittance payments, 96
risk vulnerability, 130
rotating savings and credit associations (ROSCAs), 14–17
Low-income women, 2
attitudes to banks, 83–84
business failure, 131
and credit, 101
financial products for, 9, 149
Low-income women (cont.)
and formal banking, 38–39
and savings, 87–89
and trust, 38
value as customers, 102
Madhya Pradesh, 67
Manuel, 58
Margaret (MSME owner), 109
Maria, 58–60
Marital property, 61
Marling, Brit, 72
Medium-sized enterprises, 103
Men
attitude to risk, 119
credit decisions, 151–152
customer data, 49
and gender-based violence, 25, 69
obstacles to account ownership, 90
smartphone ownership, 9–10
and starting a business, 110
#MeToo, 71
Mía girls’ savings program, 97–98
Micro, small, and medium-sized enterprises (MSMEs), 102–103
asset-based lenders, 105–106
and credit reporting, 106
and digital lending, 124–128
financing needs, 103–104
and fintech credit, 125–127
formal/informal, 103–104
and government regulation, 104–107
KCB initiative, 107–118
women-owned, 104, 117–126, 151
competitors, 26
digitization, 26–27
and gender-based violence, 25, 69
and investors, 21
and NGOs, 19
origins of, 18–19
product offerings, 26
ROA, 20
and women’s empowerment, 25–26, 64
Microfinance bank, 21
Microfinance investment vehicle (MIV), 21
Microfund for Women, 131–137, 140
Microinsurance, 129
attitudes toward, 131
as bundled product, 134–135
credit life policy, 135
digital, 137–139
hospital cash, 133–137
life insurance, 139
market size, 137
PAYG, 138
women as growth opportunity, 138–139
Middle East, 9
Migrant payments, 96–97
Mobile banking, 11–12. See also Mobile money services
Mobile money services, 11–13, 26
cash-in/cash-out (CICO) services, 29, 153
and consumption levels, 91
digital loan, 94
diversification of services, 29–30
female clients and agents, 40–42, 153
and financial inclusion, 6, 153–154
and formal financial services, 92
and poverty, 31
and privacy, 67–68
and restrictive gender norms, 69
Mobile phones. See Smartphones
Money transfer, 11–12, 34–35, 67–68
Movable collateral, 105
M-Pesa, 11–13, 30–31, 91, 107, 127
M-Shwari, 30
Mwananchi account, 89
Nandini, 129–130
Networking, 111
“NGOs’ Strategies and the Challenge of Development and Democracy in Bangladesh,” 62
Nifera Kori, 63–65
Nigeria, 80–82, 86, 127, 145–146
Nigerian Central Bank, 82
Nimri, Mazen, 135–137
Nollywood, 80
Nongovernmental organizations (NGOs), 62–65
Oliver Wyman, Inc., 149
Paraguay, 58
Partnerships, 135
PAYG insurance, 138
Payments, 95–96, 142–144, 147–148
Peer-to-peer (P2P) lending, 125–126
Perez, Caroline Criado, 50
Personal autonomy, 111
Peru, 127
Philippines, 92
Politicized Microfinance, 17
Portfolios of the Poor, 15, 24, 64
Poverty, 31. See also Low-income persons
Poverty Capital, 20
Pradhan Mantri Jan-Dhan Yogana (PMJDY) bank account, 94–95
Privacy, 67–68
Program Keluarga Harapan (PKH), 75
Property rights, 60
Proshika, 63
Prospera, 34–35
PULA, 138
Regulation, 143–148
and commercial opportunity, 29
credit infrastructure, 104–107, 147
and discrimination, 121
diversity of, 148
gender-disaggregated data, 144–145
government payments, 95–96, 147–148
mobile connectivity, 146–147
national ID documents, 146
Remittance payments, 13, 96–97
Reputational collateral, 106
Reserve Bank of India, 24
Return on assets (ROA), 20
Revolutionary Armed Forces of Colombia (FARC), 61
Risk aversion, 119
Risk management
health emergencies, 131
informal, 129
Robi Axiata, 44–45
Roome, Nigiel, 25
Rotating savings and credit association (ROSCA), 14–18, 88
Roy, Ananya, 20–21
Rutherford, Stuart, 14–15
Ruthven, Orlanda, 15
Samata, 63
Samuel (MSME owner), 110
Save the Children, 134
Savings
attitudes toward, 80
collective decisions, 63–64
and lending, 88
Savings (cont.)
as MFI eligibility requirement, 19
motivation for, 88–89
obstacles to, 87–93
and peer interaction, 92–93
and starting a business, 109–110
strategies, 15–16
Savings accounts
BETA account, 81, 84–87, 92–94, 102
Diamond Future account, 98
digital, 158–159
and financial inclusion, 99
gender parity, 80
and group savings, 87–88
and loan bundle, 95
as philanthropic/partnership opportunity, 93
potential of, 158
as source of autonomy, 77–79
subsidies, 90
types of, 82
and women’s empowerment, 86–87, 101
youth savings program, 97–98
Senegal, 9
17 Global Goals, 1
SEWA (Self-Employed Women’s Association) Bank, 19
Sexual harassment, 71–72
Shalish, 64
She for Shield, 138
SIM card registration, 146
SKS Microfinance, 23
Small enterprises, 103
Smart cards, 54
Smartphones
and credit decisions, 125
customer enrollment, 138
data collection, 44–45
and financial inclusion, 11
and identification, 146
and mobile banking, 12
and mobile money services, 13
obstacles to ownership, 9–10, 33
ownership and usage, 45–48, 146–147, 153
and savings accounts, 158
SME Finance Forum, 104
SMS messages, 13
Social mobilization, 63–65
Social security programs, 133–134
Somaliland, 41
South Africa, 69
South Asia, 12
Spain, 124
Stakeholders, 141–142
Sustainable Development Goals, 7
SWAG account, 98
Sweden, 153
Systemic change, 141–143
Telesom ZAAD, 41
10,000 Women initiative, 119–120
Term life insurance, 135–136
Tienda Pago, 127
TigoGhana, 38
Time savings, 66
TymeBank, 40–41
Unbanked persons, 1, 5–8. See also Low-income persons
education and employment, 8
KYC requirements, 82
smartphone ownership, 11
and social benefits, 147–148
Unconscious bias, 121–122
Unilever, 49–50
United Nations, 1
United States, financial discrimination in, 5
Vietnam, 44
Village savings and loan association (VSLA), 14
Vyas, Jayshree, 130
Wafuko, Joyce, 18
Wealth advisers, 156
Weinstein, Harvey, 72
West Bengal, 65
Women. See also Empowerment, women’s
access to financial services, 46
bank account ownership, 7
and cell-phone banking, 31
and credit decisions, 24, 28–29, 104, 110–111, 119–120
credit history, 106–107
cultural barriers, 10
data invisibility, 3
and digital services, 2
economic invisibility, 58–59
and financial advisers, 156
financial and digital literacy, 34
financial education, 34–37
as financial service agents and clients, 40–43, 49–50, 85
and illiteracy, 8
investment in family, 8
lack of trust, 38
legal identity, 53
lending to, 28, 104, 110–111, 119–120, 147
obstacles to inclusion, 3, 33–34, 38, 90
required financial product features, 42–43
security and privacy concerns, 39, 90
smartphone ownership and usage, 9–10, 33, 45–46
and starting a business, 109–110
and text referrals, 48
and violence, 68–72
Women, Business and the Law, 106
Women in Financial Services, 149
Women’s Empowerment Framework, 56
Women’s Leadership Fund, 156
Women’s Proposition, 114–116, 150
Women’s World Banking
pathways of change, 57–59
Princeton study, 70–71
Youth banking, 97–98
Zambia, 40
Zinman, Jonathan, 24
Zoona, 40