To accelerate inclusive economic growth and strengthen the financial ecosystem, Ethiopia launched its revised National Financial Inclusion Strategy (NFIS-II) for the period 2021–2025. With an ambitious goal of increasing formal financial account ownership from 45% in 2020 to 70% by 2025, the strategy emphasizes expanding access, usage, and the quality of financial services across the country. Given Ethiopia’s geographic and socioeconomic diversity, a strong regional implementation approach was essential to ensure that the strategy translates into inclusive outcomes on the ground.

MSC was engaged by FSD Ethiopia to provide technical assistance to the National Bank of Ethiopia (NBE) in operationalizing the revised strategy. MSC supported the development of a regional implementation framework that aligns national NFIS-II goals with local contexts and capabilities. This work involved the identification of regional disparities, tailoring interventions to local realities, and strengthening coordination mechanisms to enable more effective delivery of financial inclusion programs. MSC’s support was critical in translating high-level national targets into actionable plans at the regional level.

With this contribution, the National Bank of Ethiopia is now better equipped to drive localized implementation of NFIS-II. The strategy is underpinned by initiatives that promote data-driven decision-making, strengthen financial literacy, and improve consumer protection. These efforts are helping to scale financial inclusion across the country, particularly among underserved communities. MSC’s work has played a key role to ensure that Ethiopia’s financial inclusion strategy is not only ambitious but also achievable, measurable, and responsive to the needs of all its people.

This project was commissioned by FSD Ethiopia.

Vietnam’s fast-growing microfinance sector needed a modern policy environment to scale responsibly and deepen outreach to low-income clients. The State Bank of Vietnam (SBV) asked MSC to chart that path.

MSC benchmarked existing laws and prudential norms against international good practice, and mapped the landscape of semi-formal and licensed MFIs. We also undertook field research to gauge the reach, cost, and quality of services for the underserved segments. We conducted capacity-building workshops in parallel to equip the SBV staff, at headquarters and regional branches, with risk-based supervision and consumer-protection tools. We developed a cost–benefit analysis of subsidized-credit programs to highlight efficiency gaps and inform evidence-based reforms.

These insights converged in a phased roadmap that clarifies licensing tiers, strengthens capital and governance standards, and embeds market-conduct supervision. The roadmap aligns oversight with market realities and positions Vietnam’s microfinance industry to expand safely, attract sustainable funding, and serve more people at the base of the pyramid.

The State Bank of Vietnam commissioned the project.

The Government of Bangladesh sought to realize its Smart Bangladesh Vision 2041, laid out an ambitious national agenda to transform the country into a digitally empowered, cashless, and high-income economy. Central to this vision is the transformation of the financial sector to enable inclusive growth, digital innovation, and economic resilience. As part of this effort, Bangladesh Bank intended to build a future-ready financial ecosystem that could support the country’s broader digital development goals.

MSC partnered with Bangladesh Bank to support the strategic planning process that underpins this national vision. Through a comprehensive scoping study, MSC codeveloped a digital transformation roadmap for the financial sector. The study identified key areas where innovation and technology could accelerate progress and proposed strategic actions to strengthen digital infrastructure and regulatory frameworks. MSC also helped shape an inclusive, tech-enabled regulatory ecosystem by integrating perspectives from a wide range of stakeholders. As part of this work, MSC designed a suite of scalable pilot projects to fast-track the sector’s transition toward a smart, cashless economy by 2031.

This engagement laid the foundation for a digitally inclusive financial ecosystem aligned with Bangladesh’s long-term development goals. The roadmap and pilot initiatives developed through this collaboration promote innovation, interoperability, and inclusive growth across the financial sector. By strengthening regulatory readiness and market infrastructure, the study has enabled the financial system to become more agile, resilient, and future-focused, which has helped accelerate the country’s journey toward a Smart Bangladesh.

This project was commissioned by the Gates Foundation.

Co-opBank of Vietnam is an apex lender to 1,100+ public credit funds (PCFs). It sought to modernize operations and extend digital services to millions of rural clients. MSC partnered with the bank to reimagine its business model for a cash-lite future.

We mapped end-to-end lending workflows, introduced streamlined digital credit-origination tools, and embedded data-driven risk-scoring to cut turnaround times and boost portfolio quality. MSC built on this foundation and brokered a third-party partnership that enables PCFs to offer mobile-enabled savings, payments, and microinsurance products under a shared agent network. Change-management and skills-building programs ensured staff and PCF leaders could adopt new technologies confidently.

The transformation has enabled Co-opBank and its PCF network to deliver faster, safer, and more diversified services. This strengthens rural financial inclusion and promotes Vietnam’s cash-lite agenda.

The MetLife Foundation commissioned this project.

With more than seven million clients, the Vietnam Bank for Social Policies (VBSP) saw mobile channels as a game-changer for outreach and efficiency. The VBSP engaged MSC to assess the viability of launching mobile money, SMS banking, and related digital services.

MSC blended demand-side research with operational diagnostics. We segmented customer needs, modelled potential uptake, and quantified efficiency gains from digital channels. A rigorous review of the VBSP’s technology stack, agent network, and regulatory context identified enablers and gaps. Scenario modelling compared wallet partnerships, bank-led mobile money, and hybrid approaches, which highlighted risk, cost, and scalability trade-offs.

Our final roadmap charts a phased rollout, from limited-function SMS pilots to a full mobile-money ecosystem integrated with national payment rails. The roadmap equipped VBSP with a clear business case, technology blueprint, and compliance checklist. It is now poised to deliver convenient, secure, and affordable digital financial services to Vietnam’s most vulnerable households.

The Vietnam Bank for Social Policies commissioned this project.

Bangladesh’s vibrant microfinance industry has long powered grassroots entrepreneurship. However, the industry needed to shift to a stronger, prudential oversight and diversified funding for its continued expansion. Business Finance for the Poor in Bangladesh (BFP-B) engaged MSC to assess the feasibility of converting leading NGO-MFIs into regulated microfinance banks or finance companies. This would transform financial inclusion with far-reaching implications.

MSC adopted a 360-degree diagnostic approach. We consulted the central bank, microfinance regulators, commercial banks, investors, and industry associations to gauge regulatory readiness and market appetite. We also conducted in-depth institutional assessments across representative MFIs to analyze product portfolios, capital structures, governance, and digital capabilities. Market-sizing and scenario modelling quantified current balance-sheet strength, projected growth, and the potential influx of commercial funding post-transformation.

Our analysis surfaced four critical success factors. These include balanced ownership structures that safeguard social missions, expanded access to wholesale and retail deposits, diversified products tailored to evolving client needs, and robust risk-management systems. MSC crafted a pragmatic transformation roadmap that outlined licensing pathways, phased capitalization plans, regulatory amendments, and capacity-building priorities based on these insights.

The study equips BFP-B, policymakers, and sector leaders with actionable guidance to modernize Bangladesh’s microfinance landscape. This will unlock larger, more sustainable sources of capital and deepen outreach to underserved communities.

Business Finance for the Poor in Bangladesh (BFP-B) commissioned this project. BFP-B project was commissioned to help the central bank frame a conducive policy and regulatory environment supportive to MSME development and to introduce credit guarantee scheme for micro and small enterprises.