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THE MASTERCARD FOUNDATION SYMPOSIUM ON FINANCIAL INCLUSION ADVOCATES FOR FINANCIAL SERVICE PROVIDERS TO FOCUS ON THOSE LIVING IN POVERTY

Follow @eventlabgh < Two-thirds of adults in Africa do not have an account at a formal financial institution. The 2016 Symposium...

By Eventlabgh , in Celebrity Entertainment News , at October 19, 2016


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Two-thirds of adults in Africa do not have an account at a formal financial institution. The 2016 
Symposium will offer insights into sustainable business models to drive financial inclusion.

Kigali, Rwanda, October 5, 2016 – Financial inclusion is beneficial to businesses and poor 

people in developing countries, in particular to people living in rural or remote areas. Research 

shows that access to formal financial services can boost job creation, increase investments in 

education, and directly help people living in poverty to manage risk and absorb financial shocks. 

Yet two-thirds of adults in Africa, for instance, do not have an account at a formal financial 

institution. 

Recognizing the urgent need to increase access to and usage of financial products and services, 

The MasterCard Foundation will hold its fourth Symposium on Financial Inclusion on October

20-21, 2016. The two-day event, being held in Kigali, will convene global thought leaders, such 

as Eldar Shafir, co-author of “Scarcity: Why Having Too Little Means So Much,” and Nick 

Hughes, founder of mobile money leader M-PESA and co-founder of M-KOPA, who will share

the latest advances in industry practices. The Symposium will cover a range of issues including

how the work of behavioural economists can advance client centricity, methods of creating 

long-term relationships with underserved clients, and demonstrations of the business case for 

doing so. 

“Financial inclusion is essential to improving the livelihoods of people living in underserved

communities, and for advancing a country’s overall economic growth and prosperity,” said 

Reeta Roy, President and CEO of The MasterCard Foundation. “Large numbers of people across 

the developing world need and want access to modern financial products and services that 

work for them. This Symposium is promoting the innovation, learning and sharing of knowledge

that will spur more inclusive financial systems.”

At the Symposium, The MasterCard Foundation will also award its 2016 Clients at the Centre 

Prize – a US$150,000 initiative to find and recognize the organizations most focused on client 

centricity as a means to enable poor people in developing countries to access formal financial products and services 
The prize will be awarded after three finalist organizations present their ideas to the audience, 

which will vote for the winner. The three finalists are:

 Artoo IT Solutions (India), a digital lending business;

 Fourth Generation Capital (Kenya), a lending company focused on micro-entrepreneurs;

and 

 Hello Paisa (South Africa), a mobile money transfer company working with migrant 

populations. 

The full Symposium agenda can be found here. To follow the conversation at the Symposium on 

Financial Inclusion, follow the Foundation on Twitter @MastercardFdn via the event hashtag: 

#SoFI2016. 

About The MasterCard Foundatio

 


Content Source: Ameyawdebrah.com

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