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Indian Microfinance Institutions Have Just Busted a Myth
By definition, microfinance is the business of giving tiny loans to people who do not have access to formal banking services. The Investopedia website defines microfinance as a type of banking service that is provided to unemployed or low-income individuals or groups who would otherwise have no other means of gaining financial services. “...the goal of microfinance is to give-low income people an opportunity to become self-sufficient by providing a means of saving money, borrowing money and insurance,” it says. In India, microfinance institutions (MFIs) cannot collect deposits, but sell insurance products, besides offering small loans that are typically paid back in weekly or monthly instalments.
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- Uncategorized
- Region
- South Asia
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Report: Account Screening Consumer Reporting Agencies Impede Banking Access for Millions
While a lack of financial education is often cited as the key reason tens of millions of people across the country don't have bank or credit union accounts, in fact, millions are shut out from the mainstream banking system because of a small group of little-known companies who manage databases used by financial institutions to determine whether or not to allow a consumer to open an account. A new report released today by the Cities for Financial Empowerment Fund (CFE Fund) and the National Consumer Law Center (NCLC) entitled "Account Screening Consumer Reporting Agencies: A Banking Access Perspective"outlines the tremendous and deeply flawed role that "account screening consumer reporting agencies" (CRAs) play in determining whether consumers can obtain an account. The report raises concerns about these companies, financial institutions' use of their reports, and offers solutions both for industry leaders and regulators.
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- Uncategorized
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Banking on Refugees: Helping those affected by global conflict to establish an ID and a lifeline to financial services
For many refugees, especially those who have been forced to quickly and unexpectedly leave their homes, establishing who they are is a challenge. To raise awareness of this critical situation, the Digital Finance Institute, a think tank for financial technology, is working on a financial inclusion project called “Banking on Refugees.”
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MTN Rwanda Deepens Financial Inclusion with Mobile Money Regional Remittance
In yet another exciting development in mobile money innovation, MTN Rwanda, the country’s telecommunications leader has announced that it has opened its corridor with Safaricom in Kenya that will see MTN Mobile Money and M-PESA users send and receive money seamlessly and affordably between the two countries.
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- Technology
- Region
- Sub-Saharan Africa
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Airtel, Tigo to Launch a Mobile Money Interoperability Pilot in Rwanda
Airtel Rwanda and Tigo Rwanda, a subsidiary of Millicom, have announced a partnership to pilot interoperability between their two mobile money transfer service platforms.
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- Uncategorized
- Region
- Sub-Saharan Africa
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Innovations in Systems Thinking – 5 Things the World Can Learn From SOCAP15
The biggest challenges of our time do not require patchwork solutions, innovative smartphone apps, or miracle pills, instead they require systems-level innovations that can tackle the root cause of the world's most serious issues.
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- Education, Environment, Health Care
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New Initiative Encouraging Indian Diaspora to Invest Launched
A new investment initiative, announced by President Barack Obama during his New Delhi visit early this year, that makes it easier for the Indian diaspora to invest in small and medium businesses in India has been launched here.
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- Uncategorized
- Region
- South Asia
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Indian Banks’ Association Wants to Be Made Party in Supreme Court Challenge to Aadhaar Validity
To protect the interests of the banking industry, Indian Banks’ Association (IBA) on Monday moved the Supreme Court seeking to be made a party in a batch of petitions challenging the validity of the Aadhaar card.
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- Uncategorized
- Region
- South Asia
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