#tbt: 2011 workshop paper on financial literacy

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#Tbt_18

In 2011, we commissioned more than 40 papers to accompany the workshops and plenaries organized at our Global Microcredit Summit 2011. This week’s #ThrowbackThursday is a great opportunity to review the wealth of knowledge generated by the Summit. Continue to the blog post to read “Financial Literacy: A Step for Clients Towards Financial Inclusion” by Monique Cohen and Candace Nelson and listen to the audio recording from the workshop.


Introduction: Financial Education for Financial Inclusion

These are tumultuous and exciting times for microfinance, marked equally by the stunning potential of the cell phone to change the face of financial services and disturbing reports of suicides linked to over-indebtedness. Against this backdrop, a shift in the industry is taking place, drawing our attention from the financial institution back to the client. Indicators of a renewed concern for clients include research to quantify the “unbanked,” rallying calls for consumer protection, and efforts to better meet customer needs with diversified products. A key driver of this change in focus is the now widely embraced goal of “financial inclusion.” Governments of developed economies, in G20 Summit agreements, have recognized financial inclusion and consumer protection as integral to achieving financial stability and integrity. Financial access has been highlighted as a “key accelerator” to meet the Millennium Development Goals. Key to attaining this laudable goal is financial education (World Savings Bank Institute, 2010).

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Voices from the Field: Essma Ben Hamida

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Pathways: financial inclusion to end extreme poverty | Find out what we heard from the industry in this year’s Listening Tour

In preparation for our 18th Microcredit Summit, the Campaign conducted a Listening Tour from December 2014 through February 2015. The Listening Tour served two purposes. First, it was our hope to find out how our audience (you) felt about on the World Bank’s goal of eradicating poverty by 2030, and equally important, we wished to consult you in identifying the topics that were at the top of everyone’s mind.

Q: What do you think will be needed to achieve the goal of global financial inclusion by 2020 and how can this contribute to the goal of eradicating extreme poverty by 2030?

I’m not very optimistic, given the current situation. Banks and MFIs are having a crisis of liquidity especially during this last financial crisis. There is a lot of money in the MENA region, but our outreach numbers are low compared to other regions. Also, with just 1% of the population projected to own 50% of global wealth by end-2015[1], it is hard to see how the poorest can hope for financial inclusion…

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