Showing results for "savings"
India Post Payments Bank’s phygital facilitation model has started to bridge the financial inclusion gap by helping underserved segments access and gain confidence in digital financial services. This blog offers lessons for global financial institutions that want to build robust strategies, launch new lines of pro-poor products, and unlock efficiencies in the distribution of financial services through capacity-building initiatives.
India Post Payments Bank is one of the most successful payments banks in India. Its collaboration model has created a positive impact to bridge the financial inclusion gap. This blog offers lessons for financial institutions across the globe that want to build robust strategies, launch new lines of pro-poor products, and unlock efficiencies in distribution through capacity-building initiatives.
Bhupen, a young chef from Tripura, India, uses mobile apps for remittances, as well as merchant and bill payments. He has grown fond of digital payments after his coworkers in New Delhi introduced him to payment apps. However, he discovered a different situation when he returned home to Tripura during the second wave of COVID-19. He tried to introduce his elderly father to the mobile-based payments ecosystem after seeing him risk infection to make monthly recurring deposit (RD) payments in the post-office. Bhupen and others highlight the digital revolution brewing in rural Indian households. This blog examines how we can replicate this approach beyond India to extend digital financial services to the elderly and make them digitally self-reliant.
MSC conducted primary research in Kenya to understand the challenges of female traders in open-air and cross-border markets. The study identified limitations that prevent them from using digital financial services comprehensively. We sought to learn why these owners of micro and small enterprises shy from using credit, savings, insurance, and payments. Faith Njeri is one such woman.
Our new blog discusses the financial challenges countless women like her struggle with as they work on their dream of financial independence.
Quick Response Code Indonesian Standard (QRIS) is the first experience using a digital financial service (DFS) for many micro-merchants in Indonesia. The blog explores what other DFS and nonfinancial services would benefit these merchants just beginning their digitization journey.
MSC conducted a digital readiness assessment and provided HFC a proof of concept report. We provided project management services for the pilot and helped HFC launch its mobile application—HF Whizz. By the end of 2020, HFC acquired 200,000-plus new virtual accounts through the application, mobilized more than KES 100 million (USD 1 million) from these new accounts within a year, and saw transactions on their digital platforms grow by 20% to 1.24 million.