What will it take to achieve a state of full financial inclusion? In 2011, the Center for Financial Inclusion asked this question in a global survey, and over 300 practitioners gave their perspectives on the key opportunities and obstacles to financial inclusion.
Based on the responses, the Center identified five priority focus areas that are key to achieving financial inclusion. We have used these five areas as the basis for a broad consultative process toward a Roadmap to Full Financial Inclusion. This process engaged dozens of experts and industry participants in developing an action-oriented blueprint for reaching new and underserved markets. The five focus areas are:
- Addressing Customer Needs, chaired by Consultative Group to Assist the Poor (CGAP), focuses on deepening our understanding of client needs and translating that knowledge into practice while expanding the range of financial services available to underserved markets
- Technology-Enabled Business Models, chaired by Visa, Inc. analyzes the potential of new technology-intensive channels to reach new customers, lower operating costs, increase security, and diversify financial products available to low-income clients.
- Financial Capability, chaired by Citi, focuses on empowering clients to know their rights as consumers, and have the skills, attitudes, aspirations, and confidence to exercise those rights.
- Client Protection, chaired by the Smart Campaign, outlines steps to deepen the implementation of client protection measures for the benefit of consumers and stability of markets.
- Credit Reporting, chaired by International Finance Corporation (IFC), promotes extending credit reporting systems in order to expand access for new clients while managing risk for financial institutions.
Each of the five working groups has crafted a roadmap that asks: What is the vision for this topic? What stands in the way of achieving the vision and where are the greatest opportunities? What are the enabling actions and corresponding actors who can advance the vision?
Click on the focus area links above to read each Roadmap.
Working Group Members
Financial Capability |
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Jasmine Thomas, Citi Foundation (Chair) Anita Gardeva, Center for Financial Inclusion (Facilitator) Judy Chapa, The Financial Services Roundtable Monique Cohen, Microfinance Opportunities/Independent Advisor Sarah Gordon, Center for Financial Services Innovation Martin Hintz, Allianz Solana Cozzo, MasterCard Worldwide |
Richard Hinz, Consultant, U.S. Claire Innes, U.K. Department for International Development Ida Rademacher, The Corporation for Enterprise Development Robyn Robertson, Microfinance Opportunities Beniamino Savonitto, Innovations for Poverty Action Andrea Stiles Pullas, AVAL Consulting |
Addressing Customer Needs |
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Alexia Latortue, most recently, Consultative Group to Assist the Poor (CGAP) (Chair) Anita Gardeva, Center for Financial Inclusion (Facilitator) Asad Mahmood, Global Social Investment Funds, Deutsche Bank Roy Hynes, MasterCard Worldwide |
Olga Morawczynski, Grameen Foundation Camilla Nestor, Grameen Foundation Evelyn Stark, MetLife Foundation Graham Wright, MicroSave Nicole Zimmermann, Western Union |
Technology-Enabled Business Models |
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Bill Gajda, Visa Inc. (Chair) Loretta Michaels, HMS Wireless Consulting (Facilitator) Claire Alexandre, Vodafone Arjuna Costa, Omidyar Network Mireya Almazan, GSMA Seema Desai, GSMA Thor Hauge, Western Union Digital |
Sal Karakaplan, MasterCard Worldwide David Porteous, Bankable Frontier Associates Stephen Rasmussen, Consultative Group to Assist the Poor (CGAP) Narda Sotomayor, SBS Peru John Staley, Equity Bank Sal Karakaplan, MasterCard Worldwide |
Credit Reporting |
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Tony Lythgoe, International Finance Corporation (Chair) Anita Gardeva, Center for Financial Inclusion (Facilitator) Syed Mohsin Ahmed, Pakistan Microfinance Network Joachim Bartels, Business Information Industry Association |
Cecilia Bouras, Western Union Neil Munroe, Association of Consumer Credit Information Suppliers/Equifax Cornelio Pimentel, Consultant, Brazil Michael Turner, The Policy and Economic Research Council |
Client Protection |
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Elisabeth Rhyne, Center for Financial Inclusion (Co-Chair) David Grace, Consultant U.S. (Co-Chair) Michael Burbano, Ecuador Michael Chapman, Organisation for Economic Co-operation and Development Johanna Jaeger, World Bank |
Brigitte Klein, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) Ashok Narain, Consultant, India Karen Niederkohr, Consultant, U.S. Andrew Pospielovsky, Consultant, Egypt Clifford Rosenthal, U.S. Consumer Financial Protection Bureau |
Outreach partners
CARE International - UK • Cherie Blair Foundation for Women • Child and Youth Finance International • G3 ICT Initiative • LeapFrog Investments • Making Cents • Microcredit Summit Campaign • Microinsurance Network • SEEP • United Nations Capital Development Fund
FI2020's Roadmap to Inclusion is generously supported by Visa, Inc.
