MicroSave Consulting (MSC) is a boutique consulting firm that has, for 25 years, pushed the world towards meaningful financial, social, and economic inclusion. These podcast series are hosted by MSC for dedicated founders, start-ups, investors, and other stakeholders in the startup ecosystem. Through this bouquet of curated conversations around developments in the financial inclusion space, we offer insights and lessons based on our research and expertise.
In our latest podcast, Edward Obiko, Senior Manager, MSC, discusses with Anup Singh, MSC Africa Regional Director, and Richard Jabel, CEO of the Agent Banking Company, the vast opportunity to lend to cash-in cash-out (CICO) agents. Investors have an attractive opportunity to lend USD 0.5-1 billion to agents in nine diverse low- and middle-income countries (LMIC), such as Bangladesh, Côte d’Ivoire, Ghana, India, Indonesia, Kenya, Nigeria, Senegal, and Uganda. This credit market is expected to grow to USD 1.2-2.3 billion by 2027.
The adverse effect that climate change is having on farmers and their farming operations cannot be disputed and includes reduced crop yield, access to nutritional food, and increased production costs. This session will touch on farmer vulnerabilities induced by climate change and whether climate resilient agriculture practices will help farmers alleviate the impact of weather-related changes. In this context we will discuss how farmers can be nudged to adopt climate smart agricultural practices. Integral to this discussion is the role that agtechs play in this dynamic, what is the business case for their services, and the barriers and opportunities they foresee as they attempt to tackle one of the most pressing development challenges of the century.
The public financial management (PFM) ecosystem facilitates digital payments from governments to its citizens (G2P payments) thereby impacting the pace of financial inclusion. A robust PFM system is, in part, the reason that the Direct Bank Transfer (DBT) scheme in India has become one of the flagship success stories of the Government of India’s digitization initiatives. During this session, we will discuss PFM systems and how the use of a smart payment system and/or just-in-time funding for social sector programs can strengthen financial inclusion, one of the SDGs, address key issues around inclusion and exclusion errors in social sector programs, and whether industry practitioners can develop replicable digital public goods for payment systems. We expect a lively discussion in which best in practice stories will be shared.
COVID-19 had a devastating impact on micro and small enterprises in developing markets, with evidence pointing to women entrepreneurs being the hardest hit. The panel will briefly discuss the challenges female entrepreneurs have faced in the aftermath of COVID-19. We will speak with a female entrepreneur, as well as an organization dedicated to supporting women led startups and businesses to learn about their experiences. Focus will be given to innovative interventions from which women entrepreneurs benefited during and after the pandemic, and lessons learned that have ultimately made female entrepreneurs more resilient.
We organized a discussion with a panel of experts drawn from leading microfinance institutions, banks, regulators, and philanthropic organizations worldwide. Their conversation focused on the following:
Digital transformation strategy and framework,
Data privacy and consumer protection in the digital age, and
The role of regulators in supporting digital transformation.
Click on the timestamps from the webinar stream to hear specific segments.
00:05 – 03:37 Welcome note and introduction by Dr. Ravi Kant (Digital Transformation Emerging Area Group Lead, MSC).
03: 38- 09:56 Presentation on the importance of digital transformation by Anup Singh (MSC Africa – Regional Head).
10:07- 56:03 – A panel discussion: Two rounds of conversations with our panelists, moderated by Juliet Ongwae (Digital Financial Specialist, MSC)
Panelists:
George Njuguna: Information Technology Director (CIO) Safaricom (Kenya)
Imran Ahmed: Deputy Executive Director, Shakti Foundation (Bangladesh)
Selim R.F. Hussain: Managing Director & CEO, BRAC Bank Ltd (Bangladesh)
Tatiana Bet: Head of Business Support Unit, MicroInvest (Moldova)
Round 1
11:41- 15:34 George Njuguna: Safaricom, Information Technology Director (CIO) (Kenya), responds to Question 1: Safaricom and its innovations have been a huge enabler for the FinTech explosion in Kenya. This has led to an entirely new and transformed financial services landscape. What are your thoughts on how the digital infrastructure and future business models will look like?
16:13- 21:02 Imran Ahmed: Shakti Foundation, Deputy Executive Director (Bangladesh), responds to Question 2: Shakti has been on this digital transformation journey with the digitization of your microfinance and SME programs. How have digital initiatives helped Shakti Foundation offer customer-centric savings and credit products for low-income customers?
16:13- 29:36 Akhilesh Singh: Sonata Finance, Chief Financial Officer (India), responds to Question 3: As microfinance institutions digitize, what are some of the biggest roadblocks they face when doing so (in India)?
30:14 – 40: 25 Selim R.F. Hussain: BRAC Bank Ltd, Managing Director & CEO (Bangladesh) responds to Question 4: BRAC Bank has focused on transforming into a digitally-led organization, and the numbers show your tremendous success in this journey. How did you manage and execute a culture shift for digital transformation on a large scale (more than 700 agent banking outlets, almost 200 branches, and 300+ ATMs, per its 2021 annual report)?
41:00 -43: 11 Tatiana Bet: MicroInvest, Head of Business Support Unit (Moldova) responds to question 5: As an NBFI focused on lending to MSMEs, what has been your journey in transformation of credit risk management, specifically with credit scoring? What are some of the key lessons learned?
Round 2: Panelists answer the question: What is the biggest myth about digital transformation? Could you please debunk these myths for us?
44:37 – 46:11 George Njuguna: Safaricom, Information Technology Director (CIO) (Kenya), responds to this question.
46:15 – 49:37 Imran Ahmed: Shakti Foundation, Deputy Executive Director (Bangladesh), responds to this question.
49:59 -: 53:57 Selim R.F. Hussain: BRAC Bank Ltd, Managing Director & CEO (Bangladesh), responds to this question.
54:07 – 54:48 Tatiana Bet: MicroInvest, Head of Business Support Unit (Moldova), responds to this question.
56:04 – 58:43 Anup Singh (MSC Africa – Regional Head) MSC presents the concluding remarks.
This case study on BRAC Bank shares lessons from its journey and its experiments with agent banking. It highlights its unique initiatives in making the agent banking channel a profit-making proposition. By reading the case study, you will get more insights into the key differentiating factors of BRAC Bank’s agent banking for its agents and customers.
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