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The New Face of Poverty: Why Unemployment isn’t the Issue – And How Financial Inclusion Can Help
When you think about poverty, what does it look like? Many people might picture an undernourished African child, or an elderly beggar sitting in the street. But as Oakam CEO Frederic Nze explains, the reality can be far different. Poverty today often involves the struggles of the working poor, and it’s defined less by extreme deprivation and more by lack of access – to clean water, to power, to basic education, and increasingly to the internet. Nze explores the implications of this shift for the financial inclusion and development sectors.
- Categories
- Finance, Telecommunications
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Press release: Prodigy Finance Launches Refinance Product for International Working Graduates Looking to Reduce Financial Costs
Prodigy Finance, the pioneer in cross-border finance, announces the launch of a loan refinance product for international working graduates looking to reduce their student debt. The product will allow these alumni, who previously had limited options available to them, to save at least US$20,000 over the life of the loan, by accessing lower rates and choice of terms.
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- Press release
- Tags
- financial health
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You Can’t Change What You Can’t See: Taking America’s Financial Health Pulse
Last week, a new FDIC survey revealed that the number of unbanked U.S. households has reached the lowest point since the survey started in 2009. Meanwhile, advances in fintech and a strong overall economy suggest that the financial prospects of most Americans should be looking up. But as Center for Financial Services Innovation president Jennifer Tescher points out, the story is not that simple. In reality, she says, a massive number of Americans are struggling financially. She explores this and other troubling findings in the U.S. Financial Health Pulse, a landmark new study that aims to show the true picture of Americans’ financial lives.
- Categories
- Finance
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The Impact of Inconsistency: Uncovering the Hidden Cost of Variable Work Schedules
There’s no shortage of apps and initiatives intended to help low-income people budget their money and boost their savings. But for millions of Americans, no amount of budgeting or discipline can overcome a lack of stable income. Studies show that almost 40 percent of working adults experience a drop in income at least one month per year, making it difficult to cover expenses like food, rent and other necessities. Analysts at Duke's Common Cents Lab explore the often-hidden impact of this problem – and discuss some ways product developers and employers could help.
- Categories
- Finance
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Press release: MetLife Named to the 2018 Dow Jones Sustainability Index
“MetLife is committed to delivering value for all of its stakeholders,” said Mike Zarcone, MetLife executive vice president and head of Corporate Affairs. “It is the nature of our business to create value for the world at large, and we are proud to be recognized by DJSI for the continued progress we are making to be a more sustainable company.”
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- Press release
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Fewer Poor People are Saving: What Does That Mean for Microfinance and Mobile Money?
As the world grows richer and the financial inclusion movement steams ahead, savings rates are abysmally low across the globe. In fact, over half of all adults on the planet saved nothing in the last year – neither bank deposits nor cash stuffed in drawers. In the third of a four-part series analyzing the much-discussed 2017 Global Findex, Scott Graham of FINCA International explores the savings habits of individuals worldwide – particularly in the developing world – and the implications for financial services providers.
- Categories
- Finance
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A Shifting Frontier: How Mobile Money is Reshaping the Gender Gap in Financial Inclusion
Mobile banking can undoubtedly be a useful tool when it comes to closing the financial services gender gap – with the key word being "can." But as the results of the Global Findex report show, fintech is no panacea for addressing longstanding disparities in financial access, and the gap between men and women remains great. Scott Graham of FINCA International explores the potential – and limitations – of digital finance to boost women’s inclusion and empowerment.
- Categories
- Finance
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Announcing the Latest NextBillion E-book: Insights and Innovations in Financial Health
In response to a growing recognition that financial access alone doesn’t guarantee social impact, many of the sector’s leading voices are shifting their focus to financial health. MetLife Foundation and its partners explored that topic on NextBillion's Financial Health site, through 20 articles that discuss what’s working—and sometimes, what’s not working—in inclusive finance. We’ve compiled these articles into an e-book, which you can download and share here.
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