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Definitive Data on What Poor People Buy When They’re Just Given Cash
It is increasingly common for governments to give poor people money. Rather than grant services or particular goods to those in poverty, such as food or housing, governments have found that it is more effective and efficient to simply hand out cash. In some cases, these cash transfers are conditional on doing something the government deems good, like sending your children to school or getting vaccinated. In other cases, they’re entirely unconditional.
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Financial Inclusion Forum: The Technology Revolution
Technology was a recurring theme during the recent Financial Inclusion Forum. Eugene Amusin, chairman of the event, points out that while fintech is an enabler – it can decrease costs, providing new entrants with a competitive edge over incumbents who have legacy systems – there is a risk of new technology looking for problems to solve vs. creating technology to address identified obstacles.
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Where Do Microfinance Firms Go From Here?
If you have your ear to the ground, you may hear 1.2 million employees of the Indian microfinance industry singing an old song of country-and-western singer and songwriter Jim Reeves:
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- South Asia
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- microfinance
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Indian MFIs Say All Is Now Well in Loan Repayment
While India’s cash-dominated microfinance sector was reeling under stress following the recall of high value currencies, sector leaders such as Ujjivan Financial Services and Bharat Financial Inclusion have come forward to defuse concerns raised by stakeholders.
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- South Asia
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America’s Poor Still Lack Access to Basic Banking Services
Despite a sprawling and varied financial industry, more than one-quarter of Americans don’t have adequate access to basic banking tools, such as checking accounts, credit cards, or loans for instance. That group—known as the underbanked—is made up of those who suffer the most from growing inequality and systemic marginalization: Americans with low incomes, those with less than a college degree, and minorities.
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- North America
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China’s Zhongyuan Bank to Replicate Grameen Microcredit Model
Zhongyuan Bank Co Ltd, a leading banking group in China, has signed an agreement with Grameen Trust for replicating Grameen Bank's microcredit model on a large scale in China.
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- Uncategorized
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- South Asia
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- microfinance
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India’s demonetization makes low-deposit accounts ‘parking lots for black money’
Jan Dhan accounts, integral to the Modi government’s plan for financial inclusion and direct benefit transfer, were meant to have a transformational role in the uplift of the underprivileged, but, ironically, demonetisation has made them a parking lot for black money. Official sources told FE that these accounts saw transactions of R19,250 crore in the 10 days to November 19; over R15,000 crore was deposited and some R4,250 crore was withdrawn.
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- South Asia
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OPIC Announces $3.7 Billion in New Commitments for FY2016
The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today announced $3.7 billion in financing and insurance commitments during Fiscal Year 2016 to support economic development in emerging markets. OPIC’s portfolio reached a record-setting $21.5 billion across 100 developing countries and the Agency marked the 39th year of achieving its mission at no net cost to taxpayers.
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- Region
- North America
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- insurance
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