About the PRFI
Formed in 2011, the Partnership for Responsible Financial Inclusion (formerly the Microfinance CEO Working Group) is a collaborative effort of leading international organizations. Harnessing the power of the CEOs and their senior managers, the PRFI advocates for responsible financial services and seeks catalytic opportunities to accelerate financial access to the unserved.
An Emerging Business Case for Consumer Protection Webinar
This research suggests that the slower-than-expected adoption of digital financial products and services is largely due to the industry’s failure to understand the values and needs of financial services consumers in developing countries. We found that effective financial service providers (FSPs) generally compete in the marketplace by prioritizing the achievement of key business objectives and improving the product or suite of services by adding new features and capabilities. However, without actively soliciting feedback from existing clients, practitioners cannot definitively determine whether or not they are providing services that satisfy existing clients and appeal to unreached populations.
By The Numbers
Voices From the Field
With help from a series of loans from FINCA, Julia Maria Ixchop Us De Ventura grew her street-based food business into a thriving restaurant inside a Guatemalan market. The income from the business has helped her and her husband pay their children’s school fees, renovate their home, and support their aging parents.
BRAC client Ruth Monger is a group leader of her village organization, a women’s group based in Jacobtown, Liberia — an area that was hit hard by the Ebola crisis of 2014. Ruth was a key source of support for her group during and after the crisis, even helping other members to make payments when they were unable to do so.
Thanks to her loan from DAWN, an Accion partner in Myanmar, tea shop owner Daw Thein Thein Win no longer needs to rely on high-interest moneylenders for financing. Instead, she can now buy milk and other supplies from the wholesale market and still have enough money left over to set something aside for her children’s education.
Innovations in Financial Inclusion
FINCA Zambia’s agent network equips local merchants and shopkeepers with devices that connect to FINCA bank accounts easily and securely through biometric fingerprints, allowing them to provide basic banking services in areas where FINCA does not have a presence. This program was awarded the Governor’s Award for Innovation in July 2016.
In Bangladesh, BRAC’s app-based cash collection system has provided 8,500 tablets to credit officers, enabling them to do cash collection in the field. This paperless process will save time and money — an estimated $1 million per year — and allow credit officers to serve clients better by having information readily available.
Through its seed-stage impact investing initiative Venture Lab, Accion partners with emerging fintech startups such as Tienda Pago, a mobile platform that provides short-term working capital for small businesses. Tools like this enable entrepreneurs to make larger purchases and keep their shelves fully stocked and their businesses growing.
Latest Blog Posts
Published by Sharlene Brown and Amélie Desrosiers Since its inception in 2011, the Partnership for Responsible Financial Inclusion (PRFI), formerly the Microfinance CEO Working Group, has been focused on accelerating responsible financial inclusion. In part, PRFI has done this by supporting Smart Campaign’s efforts to make certification a standard for the marketplace, since 2013 when […]
Investing in Responsible Financial Inclusion – A Profile of Smart Campaign Client Protection Certified Institutions
This post accompanies the release of Investing in Responsible Financial Inclusion – A Profile of Smart Campaign Client Protection Certified Institutions, a case study from the Partnership for Responsible Financial Inclusion as part of our project with the IFC to accelerate responsible microfinance. Just over seven years ago, the Smart Campaign announced their intention to launch […]
By Rupert Scofield, Chair of the PRFI In 2011, I joined the inaugural meeting of CEOs that led to the formation of the Microfinance CEO Working Group. Nearly seven years later, my colleagues and I, have continued to enjoy the trust and collaboration made possible by sitting together and sharing our strategies, challenges, and opportunities. […]