{"id":31742,"date":"2018-07-31T23:24:17","date_gmt":"2018-08-01T03:24:17","guid":{"rendered":"http:\/\/cfi-blog.org\/?p=25760"},"modified":"2018-09-17T03:46:35","modified_gmt":"2018-09-17T03:46:35","slug":"dialogue-with-africa-board-fellows-navigating-challenging-macroeconomic-environments","status":"publish","type":"post","link":"https:\/\/content.centerforfinancialinclusion.org\/dialogue-with-africa-board-fellows-navigating-challenging-macroeconomic-environments\/","title":{"rendered":"Dialogue With Africa Board Fellows: Navigating Challenging Macroeconomic Environments"},"content":{"rendered":"
The following is part of a blog series<\/a> spotlighting the perspectives and experiences of CEOs and board members of financial institutions, as well as industry experts, who have participated in CFI\u2019s Africa Board Fellowship<\/a> program.<\/em><\/p>\n In recent years, some African countries have experienced slower economic growth and less stability in their currencies. This deterioration in macroeconomic conditions has presented challenges for financial service providers (FSPs) seeking to serve the base of the pyramid and improve financial inclusion. Some ways macroeconomic conditions impact FSPs include:<\/p>\n We’re talking to Africa Board Fellowship<\/a> (ABF) alumni to share their experiences dealing with deteriorating macroeconomic conditions.<\/p>\n ABF alumnus Deji Fisho, Board Member of Fortis Microfinance Bank in Nigeria, provides insights into the implications for FSPs on the 2016 decision by the Central Bank of Nigeria to allow the exchange rate for the Naira to be market driven.<\/p>\n It affects a microfinance bank\u2019s exposure to dollar loans. When the currency devalues, MFIs have to spend three times more Naira to keep money in dollars. But with the oil market crash, there weren\u2019t even enough dollars coming in for repayments, so people have to go outside the bank to the black market to get dollars. In a currency devaluation situation like this, MFIs won\u2019t have money to lend. The bigger banks borrow from the government and the smaller banks borrow from the bigger banks. So there is no trickle down to MFIs if the larger banks don\u2019t have the cash.<\/em><\/p>\n Learn more in Deji’s full interview<\/a>.<\/p>\n ABF Fellow Nkosilathi Moyo, CEO of VisionFund in Zambia, comments on how currency devaluations impact clients:<\/p>\n Some of our clients are traders, so they buy goods from Democratic Republic of Congo, South Africa and Tanzania. Devaluation meant that our clients had limited foreign currency to meet their business needs, resulting in default.<\/em><\/p>\n After the fluctuations, we revised our risk appetite statement to ensure that it is aligned with prevailing market conditions. For instance, the board made a decision that we should not contract any foreign currency denominated loans. Additionally, we reviewed our risk concentration to ensure we do not have too much focus on any one region or industry. For example, we are shifting some of our focus away from traders in the mine areas to smallholder farmers.<\/em><\/p>\n Read more in Nkosilathi’s full interview<\/a>.<\/p>\n Regulators can sometimes respond to macroeconomic problems by imposing regulations designed to keep risks out of the financial sector. One response is to impose higher minimum capital requirements or higher reserve requirements. These may sometimes be imposed directly after a collapse of a similar type of financial entity due to a sudden bank run. Such restrictions can be debilitating for financial institutions, especially when they are imposed suddenly. Although meant to protect depositors, this type of regulation can push smaller FSPs out of the market.<\/p>\n In 2017, Mozambique recently faced challenges arising from multiple factors: political tensions and violent clashes, a debt scandal that resulted in the suspension of aid from key donors and endemic corruption. This affected macroeconomic variables, with a significant currency devaluation in 2016 and high inflation (15 percent) in 2017. These tough macroeconomic conditions led regulators to impose a higher minimum capital requirement on financial institutions. ABF Fellow Titos Macie, Socremo Board Chair, discusses the impact of that increase on the institution.<\/p>\n The deteriorating macroeconomic fundamentals, along with the non-performance of two major banks (one liquidated and one placed under the central bank administration), caused the central bank to increase minimum capital requirements. Initially, the central bank had indicated that the new capitalization requirements would be 500 million meticais, an increase from MZM 70 million, so the board made plans to meet that requirement within three years by not paying out shareholder dividends [and using] share premium and retained earnings to capitalize the bank. When the official decree was actually issued by the central bank, the capitalization requirement was much higher: MZM 1.7 billion (US $26 million). Facing this requirement, the board had little room for maneuver. It took a decision to downgrade Socremo from a full commercial banking license to a micro bank license. Socremo can still do almost all financial services, except for forex business.<\/em><\/p>\n Titos’ full interview<\/a> includes a discussion of the impact of currency devaluation on its clients. Accion discusses its recent investment in Socremo here<\/a>.<\/p>\n Titos sums up how many FSPs operating in challenging macroeconomic and regulatory environments feel: We are surviving and looking at a better future.<\/em><\/p>\n CFI is currently recruiting fellows for the next cohort of the Africa Board Fellowship program<\/a>. If you or someone you know is a board member or executive at an Africa-based MFI or financial service provider, we recommend considering this opportunity.<\/strong><\/em><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" The following is part of a blog series spotlighting the perspectives and experiences of CEOs and board members of financial institutions, as well as industry experts, who have participated in CFI\u2019s Africa Board Fellowship program. In recent years, some African countries have experienced slower economic growth and less stability in their currencies. This deterioration in […]<\/p>\n","protected":false},"author":4,"featured_media":31755,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"regions":[3333,3158,59,3170],"series":[3509],"types":[3123],"client":[],"topics":[3188,52,47,3155,3210,3254,3163],"personas":[],"institutional_partnerships":[],"clients":[],"program_teams":[],"acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2202,"filter":"raw"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"We're talking to Africa Board Fellowship (ABF) alumni to share their experiences dealing with deteriorating macroeconomic conditions."},"post_default":{"description":""}},"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"authors":[{"ID":26326,"post_author":"1","post_date":"2018-08-20 13:50:31","post_date_gmt":"2018-08-20 13:50:31","post_content":"","post_title":"Danielle Piskadlo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"danielle-piskadlo","to_ping":"","pinged":"","post_modified":"2019-05-15 15:19:18","post_modified_gmt":"2019-05-15 15:19:18","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/danielle-piskadlo\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":false,"acf":{"body":" Danielle Piskadlo worked with the Investing in Inclusive Finance team from 2011 to 2019. She was responsible for developing capacity of board members through peer learning and exchange. Danielle also worked closely with investors to make active, sustainable investments in financial institutions that serve the base of the pyramid.<\/p>\n Danielle holds Master\u2019s Degrees in International Business from the Fletcher School of Law and Diplomacy at Tufts University, and in Public Administration from the Harvard Kennedy School. She received her Bachelor\u2019s Degree in Business Administration from the University of Vermont.<\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n","title":"Former Director, Investing in Inclusive Finance","position":"staff","social_media_links":{"email":"dpiskadlo@accion.org","linkedin":"","twitter":""},"header":{"header_type":"people_aligned","people_aligned":{"description":""}},"blocks":[{"acf_fc_layout":"card_row","title":"Reports by Danielle Piskadlo","link_text":"","link_url":"","entry_mode":"select","automatic":{"regions":false,"series":false,"types":false,"topics":false,"institutional_partnerships":false,"clients":false,"program_teams":false},"select":{"card_type":"preview","cards":[{"ID":26307,"post_author":"1","post_date":"2016-12-01 00:00:00","post_date_gmt":"2018-08-20 13:48:40","post_content":"Initial public offerings (IPOs) are widely viewed as markers of commercial success. However, in the financial inclusion industry, IPOs are sometimes viewed with suspicion, if not alarm. This paper examines the 2016 IPOs of two Indian microlenders \u2013 Equitas Holdings and Ujjivan Financial Services \u2013 and how \u201chardwiring\u201d their missions into their operations and corporate culture helped drive their success. The experience of these two companies suggests how a responsible financial services company can position itself to go public while maintaining its social mission.\r\n Danielle Piskadlo worked with the Investing in Inclusive Finance team from 2011 to 2019. She was responsible for developing capacity of board members through peer learning and exchange. Danielle also worked closely with investors to make active, sustainable investments in financial institutions that serve the base of the pyramid.<\/p>\n Danielle holds Master\u2019s Degrees in International Business from the Fletcher School of Law and Diplomacy at Tufts University, and in Public Administration from the Harvard Kennedy School. She received her Bachelor\u2019s Degree in Business Administration from the University of Vermont.<\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n","title":"Former Director, Investing in Inclusive Finance","position":"staff","social_media_links":{"email":"dpiskadlo@accion.org","linkedin":"","twitter":""},"header":{"header_type":"people_aligned","people_aligned":{"description":""}},"blocks":[{"acf_fc_layout":"card_row","title":"Reports by Danielle Piskadlo","link_text":"","link_url":"","entry_mode":"select","automatic":{"regions":false,"series":false,"types":false,"topics":false,"institutional_partnerships":false,"clients":false,"program_teams":false},"select":{"card_type":"preview","cards":[{"ID":26307,"post_author":"1","post_date":"2016-12-01 00:00:00","post_date_gmt":"2018-08-20 13:48:40","post_content":"Initial public offerings (IPOs) are widely viewed as markers of commercial success. However, in the financial inclusion industry, IPOs are sometimes viewed with suspicion, if not alarm. This paper examines the 2016 IPOs of two Indian microlenders \u2013 Equitas Holdings and Ujjivan Financial Services \u2013 and how \u201chardwiring\u201d their missions into their operations and corporate culture helped drive their success. The experience of these two companies suggests how a responsible financial services company can position itself to go public while maintaining its social mission.\r\n\n
Featured Companies<\/h2>\r\nEquitas Holdings<\/strong>\r\nFounded in 2007 to provide the underserved and disenfranchised people in the Indian State of Tamil Nadu with reasonably and transparently priced microcredit, Equitas diversified after the microfinance crisis in 2010 into affordable housing, small and medium enterprise (SME) and vehicle loans. At the time of its April 2016 IPO, traditional microlending made up slightly more than half of the total portfolio, with over half of assets under management in Tamil Nadu.\r\n\r\nIn September 2015, Equitas was one of ten companies to receive in-principle approval from the Reserve Bank of India (RBI) for the Small Finance Bank (SFB) license. In order to become an SFB, regulations require that Equitas bring foreign ownership, which comprised 93 per cent of equity before the IPO, below 49 per cent. This requirement was one of the key factors behind the IPO. Once Equitas transitions to a SFB, it will be able to accept deposits, starting with its client base of approximately 3 million.\r\n\r\nUjjivan Financial Services<\/strong>\r\nFounded in 2005, Ujjivan Financial Services\u2019 vision was to make financial services available to the urban working poor in India. At the time, most Indian microfinance was focused on the rural population. Started as a four-person team in a Bangalore garage, at the time of its IPO in April 2016, the company had 8,000 employees, three million borrowers, disbursed loans worth Rs.15,600 crore (approx. USD 2.6 billion), and had operations in every Indian state. Like Equitas, Ujjivan received approval to become a SFB and therefore also needed to reduce foreign shareholding. As of September 2016, Ujjivan was on its way to becoming a SFB with diversified product lines.\r\n
Authors<\/h2>\r\nGrassroots Capital Management PBC and The Financial Inclusion Equity Council (FIEC), with support from the Center for Financial Inclusion at Accion.\r\n\r\n ","post_title":"How to IPO Successfully and Responsibly: Lessons From Indian Financial Inclusion Institutions","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"how-to-ipo-successfully-and-responsibly-lessons-from-indian-financial-inclusion-institutions","to_ping":"","pinged":"","post_modified":"2023-09-21 09:10:13","post_modified_gmt":"2023-09-21 13:10:13","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/how-to-ipo-successfully-and-responsibly-lessons-from-indian-financial-inclusion-institutions\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":26286,"post_author":"1","post_date":"2012-01-01 13:48:40","post_date_gmt":"2012-01-01 13:48:40","post_content":"The Practice of Corporate Governance in Microfinance Institutions: Consensus Statement of CMEF<\/em>\r\n\r\nBy Council of Microfinance Equity Funds - Published: 2012\r\n
\r\n \t
\r\n \t
Download the Publication (Spanish) >><\/a>\u00a0<\/span><\/h3>\r\n
Download the Publication (French) >><\/a><\/h3>","post_title":"The Practice of Corporate Governance in Microfinance Institutions (2012)","post_excerpt":"","post_status":"draft","comment_status":"open","ping_status":"open","post_password":"","post_name":"the-practice-of-corporate-governance-in-microfinance-institutions-2012","to_ping":"","pinged":"","post_modified":"2023-05-05 14:26:50","post_modified_gmt":"2023-05-05 18:26:50","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/the-practice-of-corporate-governance-in-microfinance-institutions-2012\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":31825,"post_author":"66","post_date":"2014-04-14 00:00:48","post_date_gmt":"2014-04-14 00:00:48","post_content":"As the microfinance industry matures, a question that has come into sharper focus is how social investors committed to advancing responsible finance practices should \u201cexit responsibly\u201d from the microfinance institutions (MFIs) in which they have invested over the years. As they prepare to sell their stakes, what options do development-minded investors have to help ensure responsible behavior by their partner MFI into the future and healthy development of the broader market?\r\n\r\nIn this paper the Center for Financial Inclusion at Accion (CFI) and the Consultative Group to Assist the Poor (CGAP) seek to spark discussion among the stakeholders working to advance financial inclusion and in particular the investor community that will result in greater clarity around the goal of responsible exits and the policies and practices that would support it.","post_title":"The Art of the Responsible Exit in Microfinance Equity Sales","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"the-art-of-the-responsible-exit-in-microfinance-equity-sales-2","to_ping":"","pinged":"","post_modified":"2018-09-24 15:14:53","post_modified_gmt":"2018-09-24 15:14:53","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/?p=31825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}]},"custom":{"card_type":"","cards":false},"full_width":false,"colored_background":false}],"page_settings":{"":null,"email_sign_up":true,"show_related_content":false,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"is_author":true,"person_name":{"first_name":"Danielle","last_name":"Piskadlo"}},"url":"danielle-piskadlo"}],"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"related_content":{"cards":[{"ID":46223,"post_author":"87","post_date":"2023-08-02 14:05:10","post_date_gmt":"2023-08-02 18:05:10","post_content":"Sierra Leone is a highly climate-vulnerable country, meaning that most of the population does not have appropriate coping strategies or resources to deal with the unpredictable effects of climate-related shocks. The country is also heavily dependent on agriculture. In 2020, the IMF found<\/a> that the agricultural sector in Sierra Leone employed 54 percent of the population, and, together with fishing and tourism, it contributed 59 percent to the country\u2019s GDP. Today, limited access to finance or crop insurance makes it challenging for farmers to manage climate-related risks, exacerbating the link between Sierra Leone\u2019s climate vulnerability and poverty.\r\n\r\nIn partnership with Boston University\u2019s Fulbright Humphrey Fellowship, CFI worked closely with Humphrey Fellow Alfred Jusu<\/a> to conduct 12 key informant interviews with agriculture and financial services experts in Sierra Leone to understand how low-income and vulnerable populations respond to climate change. From these conversations, we found that farmers face three major climate-related challenges in Sierra Leone: flooding, extreme heat, and irregular rainfall. We suggest ways for inclusive financial services providers (FSPs) to support low-income and vulnerable communities in Sierra Leone \u2013 and other countries \u2013 to adapt to climate-related threats.\r\n
Major Climate-Related Challenges for Farmers in Sierra Leone<\/strong><\/h1>\r\nClimate risk impacts vulnerable populations in many ways, including increased food insecurity, waterborne diseases, dehydration-induced fatigue, biodiversity loss, and low agricultural production. Among these many challenges, based on the 12 interviews conducted, the three greatest climate-related concerns facing farmers in Sierra Leone are flooding, extreme heat, and irregular rainfall.\r\n
Flooding<\/strong><\/h3>\r\nOf the total number of people affected by disasters in Sierra Leone in the last 30 years, 90 percent were affected by flooding<\/a>. In recent years, the delayed onset of the monsoon rains caused water scarcity, followed by extensive flooding once the heavy rain eventually arrived. This year alone, by the beginning of the rainy season in May<\/a>, flooding reportedly caused seven deaths in Freetown and six in Koinadugu.\r\n\r\nFlooding also heavily impacts the country in other ways, including displacing farmers and people living in water catchment areas; flooding and the subsequent rotting of crops \u2013\u00a0 especially rice fields; flooding of roads that link farms to markets, making it difficult for farmers to transport their agricultural goods; property loss; and the proliferation of waterborne diseases<\/a>, as water from flooded sewers enters broken city pipes.\r\n
Extreme Heat<\/strong><\/h3>\r\n
In a country with weak energy infrastructure, many families struggle to acquire air conditioners to combat excessive night sweats that cause dehydration.<\/blockquote>\r\nSierra Leone\u2019s average annual temperature has increased by 33.4 degrees Fahrenheit (0.8 degrees Celsius) since 1960. By 2060, the annual temperature is projected to increase<\/a> by an additional 33.8 to 36.7 degrees Fahrenheit (1.0 to 2.6 degrees Celsius). Extreme heat causes excess perspiration, dehydration, fatigue, reduced stamina, and increased rest times during physical activity. Many farmers struggle to work in these conditions, resulting in a decrease in the total area of cultivated land. In a country with weak energy infrastructure, many families struggle to acquire air conditioners to combat excessive night sweats that cause dehydration; others spend a significant amount of their limited budget on generators and fuel to keep cool at night.\r\n\r\nThe consequences of extreme heat are also significant for crops. Cocoa<\/a> \u2013 the leading agricultural export of Sierra Leone \u2013 is particularly at risk from extreme heat. Extreme heat exacerbates the spread of diseases and pests on cocoa plantations. For example, a pest called a cocoa pod borer can damage cocoa plants and affect the quality of the beans. Warmer temperatures can also decrease<\/a> the flavonoids and aroma compounds of the beans, negatively affecting the taste and quality and ultimately reducing farmers\u2019 profits.\r\n
Irregular Rainfall<\/strong><\/h3>\r\nOver the years, Sierra Leone has seen changes in rainfall patterns and seasonal precipitation, with average annual rainfall decreasing since 1960<\/a>. Because Sierra Leone\u2019s crop production depends on rainfed agriculture, this reduction in total rainfall takes a significant toll on the agricultural sector. Farmers decide when to till the land, plant, and harvest based on historical knowledge of when the rains fall. However, because of climate change, it is now more difficult to predict seasonal rainfall. As a result, birds or rodents may eat the seeds, seeds can die in the scorching heat, or their germination rates can decline. For cocoa plantations, changes in rainfall patterns affect the growth, development, and yield of cocoa trees \u2013 too much rainfall can cause cocoa pods to rot, while too little can lead to stunted growth and reduced yields.\r\n\r\nConsidering the climate risks that Sierra Leoneans \u2013 particularly farmers \u2013 face on a daily or seasonal basis, we must examine how financial institutions are helping them adapt to changing landscapes and livelihoods, mitigate risk, and build resilience.<\/a> While some efforts are in place to support consumers responding to climate shocks, FSPs must prioritize products and services that offer clients flexibility and access during emergencies.\r\n
How Can FSPs Help Consumers in the Face of Climate Change?<\/strong><\/h1>\r\n
1. Offer voluntary savings<\/strong>.<\/h3>\r\nVery few microfinance institutions in Sierra Leone offer voluntary savings accounts that clients can access when they want, regardless of any outstanding loans. However, offering this type of flexibility to consumers is important, as it allows them to access critical funds in an emergency. Munafa Social Microfinance<\/a> is one of a few MFIs offering voluntary savings for low-income clients.\r\n
2. Mainstream social safety net payments<\/strong>.<\/h3>\r\nCurrently, the National Commission for Social Action (NaCSA) in Sierra Leone provides social protection payments for low-income and vulnerable citizens. These payments help people buy food and other essential supplies during floods and help cushion shocks from poor harvests. There is an opportunity for FSPs to take over the role of disbursing social safety net payments, which would help clients build transaction and credit histories. In 2020, Rokel Commercial Bank made cash transfer payments<\/a> on behalf of NaCSA, amounting to approximately USD $4 million. As practiced in other countries, vulnerable individuals could use those funds to buy food and supplies or move themselves and their livestock to temporary shelters in anticipation of impending climate-induced disasters.\r\n
3. Offer remittance services.<\/strong><\/h3>\r\nRemittance services can help farmers and other vulnerable populations receive foreign and local funds to help cope with severe climate-related events, including poor harvests or famines. There are also efforts to link remittances to climate-friendly investments directly. For example, Easy Solar\u2019s<\/a> digital sales platform allows friends and relatives abroad to purchase solar products \u2013 solar lanterns, home systems, appliances, and cookstoves \u2013 through a secure online payment portal on behalf of people in Sierra Leone. Another example of how innovative models can promote climate adaptation is Smiling Through Light\u2019s PAYG<\/a>o (Pay-As-You-Go) business model, which allows rural and off-grid communities to pay for solar energy in a way that lowers transaction costs, improves transparency, facilitates savings, ensures privacy, and builds women\u2019s autonomy.\r\n
4. Mainstream the distribution of energy-efficient products like rechargeable solar lights and improved cookstoves<\/strong>.<\/h3>\r\nDistributing energy-efficient products through FSPs, and making them part of standard credit offerings for clients, could help to increase their adoption. At the same time, purchasing these products allows first-time clients an opportunity to build a credit history, enabling them to access a range of financial services in the future.\r\n
5. Offer innovative financing products.<\/strong><\/h3>\r\nFSPs can provide innovative financing to help clients adapt and build resilience in the face of climate change. For example, a recent initiative in Freetown found that covering homes with a cheap mirror film<\/a> can substantially reduce indoor temperatures. Additionally, the recurring floods can devastate livelihoods by washing away stock-in-trade and tools or submerging crop fields. FSPs could offer products that fund vocational training to support people transitioning to alternative livelihoods, such as welding, plumbing, or masonry.\r\n\r\nAnother resilience-building product is weather indexation insurance, representing a vast untapped market. This insurance system relies on established weather thresholds, such as a minimum or maximum predicted rainfall. If the actual rainfall in a given year exceeds the maximum or falls below the minimum, farmers will receive compensation, assuming that the rain \u2013 or lack thereof \u2013 has damaged their crops or reduced their yield. Typically, farmers purchase this insurance as part of a bundle when they buy their inputs.\r\n
6. Finance the introduction of clean cookstoves powered by biomass<\/strong>.<\/h3>\r\nThe World Health Organization found that in 2021, less than 1% of Sierra Leoneans<\/a>\u00a0use clean fuels and technologies for cooking. Although bio-slurry-fed clean cooking<\/a> is common in many parts of the world, it could be a transformative innovation if introduced in Sierra Leone. While the number of cattle in Sierra Leone may not be large enough to provide for a high volume of stoves, the innovation could trigger an expansion of the cattle value chain. If affordable and widely distributed, these products could also help reduce logging for firewood, further lessening the environmental strain. FSPs could mainstream these innovative products and allow clients to use such transactions to build credit and transaction history.\r\n
7. Introduce climate-smart agriculture and digitize agricultural lending.<\/strong><\/h3>\r\nExamples may include availing funding for high-value crop or livestock diversification and value chain linkages, drought-resistant crops, and irrigation pumps (e.g., hand, foot, and solar pumps). While Sierra Leone currently lacks the value chain organization required to digitize its agricultural lending, the case of Akellobanker<\/a> in Uganda demonstrates that digitization can be an effective and efficient way to bundle services and offer them on a cash or credit basis. Agricultural credit has moved beyond appraising farmers based on the 5Cs of credit \u2013 character, capacity, collateral, capital, and conditions \u2013 to a simple system of appraisal based on transaction data, emphasizing the importance of having quality transaction data. Using transaction data for the appraisal process reduces administrative costs for FSPs and gives farmers access to finance to help them adapt, mitigate, and build resilience against climate-related challenges.\r\n
Research-Driven Innovation is Key<\/strong><\/h1>\r\nSierra Leone\u2019s temperature is rising, and 2021 was the warmest<\/a> year in the country\u2019s history. The average daily high temperature was 89.8 degrees Fahrenheit (32.1 degrees Celsius), and the average low was 72.1 degrees Fahrenheit (22.3 degrees Celsius), indicating a correlation between rising temperatures, extreme heat, and irregular rainfall.\r\n
FSPs must work to understand their customers better and focus on how extreme flooding and irregular rainfall impact the incomes and livelihoods of vulnerable populations such as smallholder farmers and microentrepreneurs.<\/blockquote>\r\nWhile mitigating these risks falls outside the scope of financial services, FSPs can help vulnerable clients transition into alternative livelihoods.<\/a> However, this will require a commitment to research-driven innovation. FSPs must work to understand their customers better and focus on how extreme flooding and irregular rainfall impact the incomes and livelihoods of vulnerable populations such as smallholder farmers and microentrepreneurs. This foundational approach will allow FSPs to develop client-centric and climate-responsive products.","post_title":"How FSPs Can Help Low-Income Populations in Sierra Leone Respond to Climate-Related Shocks","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"how-fsps-can-help-low-income-populations-in-sierra-leone-respond-to-climate-related-shocks","to_ping":"","pinged":"","post_modified":"2023-08-04 13:27:38","post_modified_gmt":"2023-08-04 17:27:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=46223","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2023\/08\/iStock-586068786.jpg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2202,"filter":"raw"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"Interviews with 12 agriculture and financial experts in Sierra Leone identify 3 major climate risks for the country. How can FSPs better understand the impact of these risks and help vulnerable populations transition to alternative livelihoods?"},"post_default":{"description":""}},"authors":[{"ID":46226,"post_author":"87","post_date":"2023-08-02 00:12:26","post_date_gmt":"2023-08-02 04:12:26","post_content":"","post_title":"Alfred Jusu","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alfred-jusu","to_ping":"","pinged":"","post_modified":"2023-08-02 00:14:11","post_modified_gmt":"2023-08-02 04:14:11","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=46226","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"how-fsps-can-help-low-income-populations-in-sierra-leone-respond-to-climate-related-shocks"},{"ID":45749,"post_author":"87","post_date":"2023-02-22 14:51:25","post_date_gmt":"2023-02-22 18:51:25","post_content":"At COP27, the finance ministers from <\/span>58 climate-vulnerable economies<\/span><\/a> estimated that 98 percent of their nearly 1.5 billion citizens lack financial protection \u2013 a massive source of vulnerability for countries that already have lost about 20 percent of their collective GDP, or $525 billion, due to climate shocks since the year 2000. The past year alone was one of the worst in history: floods in Pakistan killed 1,700 people and left one-third of the country underwater. Persistent drought in East Africa has killed livestock and destroyed livelihoods. In Fiji, communities have been forced to relocate to escape rising sea levels. Initiatives discussed at COP27, such as the \u201c<\/span>Global Shield<\/span><\/a>\u201d for quickly deploying financial support during climate disasters, and a fund to cover \u201c<\/span>loss and damage<\/span><\/a>,\u201d are designed to help vulnerable countries deal with the consequences of these shocks.<\/span>\r\n\r\nThe role of the inclusive finance sector in this context is still up for debate. On the one hand, the role varies depending on the <\/span>nature of climate impact<\/span><\/a>: Long-term gradual impact, such as sea-level rise and soil salinization, requires different coping mechanisms compared to sudden climate shocks like floods and hurricanes. On the other hand, the sector still lacks a quantitative layer to assess the role that inclusive finance can play in building resilience at the country level.\u00a0 The sector has made progress in <\/span>measuring vulnerability<\/span><\/a> and understanding the <\/span>impact pathways<\/span><\/a> and <\/span>policy options<\/span><\/a> in <\/span>green inclusive finance.<\/span><\/a> But we still have a limited quantitative understanding of how inclusive finance can help prepare for and respond to climate shocks. <\/span>\u00a0<\/span>\r\n\r\nLet\u2019s examine how we can better address these gaps.\r\n<\/span>\r\n\r\n\r\n
What Do We Know About Climate Shocks and Finance?<\/h1>\r\nAnswering the question of how households in developing economies prepare for and deal with climate shocks is not straightforward. Research<\/a> has shown that most households affected by shocks face increased expenses. They need to secure their food supplies, make essential house repairs and replace essential tools and equipment, including mobile phones, electricity, livestock and farming equipment, that were damaged or lost. The range of immediate needs is extremely diverse and context dependent, hence virtually impossible to map comprehensively.\r\n\r\nWhat we can model more accurately, however, is the role that financial services can play in the context of climate shocks. Existing literature (e.g.: El-Zoghbi et al 2017<\/a> and Linnerooth and Hochrainer 2015<\/a>) has created useful taxonomies that show that households have limited financial options in face of calamities. They can:\r\n\r\n\r\n
1. Tap into their own funds<\/strong>:<\/h4>\r\nHouseholds and small businesses often turn to their own savings as the first source of emergency funds<\/a>\u00a0to pay for urgent needs. To be accessible in the short term, savings need to be liquid and safe.\r\n
2. Access solidarity networks<\/strong>:<\/h4>\r\nHelp from social networks, via remittances, mobile payments, and other means, can be vital during emergencies. To receive this money digitally, households need accounts at financial institutions or mobile money accounts, and they need to have access to cash-in\/cash-out points such as bank agents and mobile money agents. Disruptions to the agents\u2019 networks<\/a> can limit the effectiveness of remittances in the context of shocks.\r\n
3. G2P payments and humanitarian aid<\/strong>:<\/h4>\r\nGovernment payments (G2P) and various forms of humanitarian cash transfers can play a critical role in building resilience to climate shocks. In particular, \u201cadaptive\u201d social protection<\/a> programs can be designed to address contexts of emergencies such as climate shocks.\r\n
4. Leverage formal financial services<\/strong>:<\/h4>\r\nHouseholds may be able to access traditional financial services,<\/a> such as credit<\/a> and insurance, to address their increased expenses. However, payouts may be slow and access challenging for consumers with thin credit files.\r\n\r\nAnother critical dimension is the speed with which households can access financial resources. Timing can vary from days or weeks, to far longer. For example, illiquid savings such as land and cattle for a farmer may be of little use in an emergency, irrespective of how valuable these assets are. Similarly, if payouts are too slow, formal loans and insurance products may fail to improve a household\u2019s resilience.\r\n
Which Countries Show Financial Resilience?<\/h1>\r\nTo answer this question, we looked at data showing which countries are most exposed to climate shocks and how easily their populations can access different forms of finance.\r\n
1. Exposure to climate shocks<\/h3>\r\nLooking at climate shocks at the country level, we found that populous countries like India, China, and the Philippines were the most exposed. To measure this, we used data on natural disasters from CRED<\/a> and calculated the number of people who were affected by or who had died from a natural disaster between 2011 and 2021. Disasters examined included droughts, extreme temperatures, floods, landslides, storms and wildfires. However, when we normalize the indicator by population size (see table below), we see that some of the world\u2019s poorest countries, like Afghanistan and South Sudan, had some of the highest rates of exposure to climate shocks.\r\n\r\n\r\n
2. Access to emergency funds<\/h3>\r\nNext, we measured whether people in countries most exposed to climate shocks could access emergency funds within 30 days.\u00a0 The chart below shows that South Asian countries such as India, Afghanistan, Bangladesh, and Pakistan are the most vulnerable. Not only do they have the highest number of people affected by climate shocks in absolute terms, households also have the least ability to come up with emergency funds. India is by far the most affected. CRED estimates that almost 500 million people in that country were cumulatively affected by climate shocks in the last decade, primarily from events such as the drought in 2015-16<\/a> and the 2018 Kerala floods<\/a> among others, and yet fewer than 10 percent can access emergency funds within 30 days. Other countries such as the Philippines, Brazil, Kenya and South Africa perform only slightly better, with 15-20 percent of individuals capable of accessing emergency funds; this means that four in five individuals are financially exposed to climate risks.\u00a0 In contrast, the bottom right quadrant shows that Eastern European countries such as Serbia, Ukraine and Bulgaria are relatively less vulnerable, having lower exposure to climate shocks and higher capacity to come up with emergency funds.\r\n\r\n \r\n\r\n\r\n
3. Access to finance<\/h3>\r\nOur analysis mapped the exposure to climate risks with the levels of access to financial services. We used Findex data<\/a> to measure access to digital payments, savings, loans and G2P payments, which our conceptual framework identified as important coping mechanisms in case of climate shocks. Due to limitations in the data, we do not include analysis on insurance and humanitarian cash transfers.\r\n\r\n \r\n\r\n \r\n\r\n\r\n\r\n \r\n\r\nThere is a lot we can unpack from the figure above. Here are some takeaways:\r\n
Mapping climate risks against access to financial services can be a valuable diagnostic tool to identify vulnerable countries.<\/strong><\/h4>\r\nThe chart shows, for example, that people living in Afghanistan and South Sudan are the world\u2019s most vulnerable to climate shocks because they are both the most affected by climate emergencies (on a per capita basis) and have the least access to financial services. Countries such as India, Burkina Faso, Mali, and Bangladesh are also at risk as their exposure to climate shocks is high and access to financial services is limited in large parts of their populations.\r\n
High penetration of digital payments indicates a potentially important role for solidarity networks.<\/strong><\/h4>\r\nDigital payments have relatively high levels of penetration in most countries. Kenya, Uganda, and Ghana, for example, have a penetration rate above 60 percent. Even Venezuela, which has extremely low access to formal savings and credit, has very high penetration of digital payments. On the other hand, countries like Pakistan, Afghanistan and South Sudan have very low penetration, hence internal remittances are likely to be slower and more expensive, making it more difficult for solidarity networks to be fast and efficient. Several studies have shown the importance of digital payments in contexts of shocks -- for example, the seminal work by Jack and Suri<\/a> in Kenya on the role of MPesa, and in Mozambique,<\/a> mobile money was an essential coping mechanism during severe floods.\r\n
Savings and credit have limited penetration, with a few exceptions.<\/strong><\/h4>\r\nThe data suggests that a majority of households do not have any savings in formal financial institutions. Countries such as Bangladesh, Venezuela, and Uzbekistan are particularly vulnerable, as their level of savings in formal institutions is extremely low, even lower than access to credit. Countries such as Kenya, Ukraine, and Uganda have relatively high access to both formal savings and credit, though the effectiveness of these services during shocks is not yet fully understood. Formal savings require a functioning and effective cash-in\/cash-out network, which can be disrupted<\/a> in cases of climate shocks.\r\n
G2P payments are low in most countries.<\/strong><\/h4>\r\nWith a few exceptions such as Indonesia and the Philippines, the level of government transfers is low. While Kenya has the highest levels of financial inclusion overall, it has few G2P payments, despite its high exposure to climate shocks. Countries such as Nigeria, Ghana, Tanzania, and Cameroon also have extremely low levels of G2P penetration, though the populations have been relatively less affected by climate shocks.\r\n
What next?<\/h1>\r\nWe have only scratched the surface in exploring the intersection of climate shocks and inclusive finance.\u00a0 Much more research is needed if the inclusive finance industry is to fully understand and fulfil its role in building resilience in face of climate shocks. This analysis was based on publicly available historical data, which helps paint a general picture. But it excludes the impact of prolonged and gradual environmental stresses, which are expected to become more pronounced as climate change accelerates. Moreover, each country context is different, and the types of climate shocks they are subject to have very diverse implications. Extreme heat in India, for example, affects livelihoods very differently from floods or droughts in other countries. \u00a0And the role that financial services can play also differs from country to country.\r\n\r\nDemand, however, for this work is accelerating. Humanitarian organizations are increasingly interested in understanding the role of financial services in responding to emergencies, especially given the frequency and scale of climate-driven shocks. Their efforts so far have largely focused on designing efficient cash transfer programs and working with local savings and loan associations to distribute the financial aid. \u00a0As humanitarian organizations focus more on building resilient market systems in the long term, the role of green inclusive finance can help them address emergencies at a market system level.","post_title":"Exploring the Intersection of Climate Shocks and Financial Inclusion","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"exploring-the-intersection-of-climate-shocks-and-financial-inclusion","to_ping":"","pinged":"","post_modified":"2023-02-22 16:28:08","post_modified_gmt":"2023-02-22 20:28:08","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=45749","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2023\/02\/iStock-458317131.jpg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2202,"filter":"raw"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"The inclusive finance sector has only scratched the surface in exploring the intersection of climate shocks and inclusive finance. This blog post considers what we already know, the gaps that we still need to address, and how we can better understand the role of green inclusive finance."},"post_default":{"description":""}},"authors":[{"ID":43949,"post_author":"87","post_date":"2022-02-01 14:13:01","post_date_gmt":"2022-02-01 18:13:01","post_content":"","post_title":"Lucciana Alvarez Ruiz","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lucciana-alvarez-ruiz","to_ping":"","pinged":"","post_modified":"2022-03-29 14:58:44","post_modified_gmt":"2022-03-29 18:58:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=43949","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":44414,"post_author":"87","post_date":"2022-05-02 10:12:27","post_date_gmt":"2022-05-02 14:12:27","post_content":"","post_title":"Edoardo Totolo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"edoardo-totolo","to_ping":"","pinged":"","post_modified":"2022-05-02 15:40:32","post_modified_gmt":"2022-05-02 19:40:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=44414","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"exploring-the-intersection-of-climate-shocks-and-financial-inclusion"},{"ID":45494,"post_author":"87","post_date":"2022-12-07 14:35:06","post_date_gmt":"2022-12-07 18:35:06","post_content":"About two dozen leaders of inclusive finance organizations, impact investors, and analysts from around the world convened recently at a workshop hosted by Lehigh University\u2019s Martindale Center<\/a> to share views on how financial inclusion interacted with the socio-economic crises of the COVID-19 pandemic. The event built on the success of a previous similar workshop that resulted in the publication of The Future of Microfinance<\/a> by Brookings Institution Press in 2020.\r\n\r\nParticipants included practitioners working, building, promoting, advocating, and leading commercial financial inclusion providers in Africa from a private sector perspective. As such, they are close to the reality of the people they are serving or invest in and their insights are anchored in the on-the-ground dynamics of the African market in the wake of COVID. Here is what they are telling us.\r\n
Impact of COVID on African MFIs, Banks, and Clients<\/strong><\/h1>\r\n
Ongoing crises in Africa are not uniquely due to COVID-19, but rather are a conjunction of many crises during the last several years.<\/blockquote>\r\nThe CEOs of leading African inclusive financial services organizations participating at the Lehigh workshop uniformly agreed that ongoing crises in Africa are not uniquely due to COVID-19, but rather are a conjunction of many crises during the last several years. COVID, in fact, did not affect the continent much health-wise; instead, the impact came more from restrictions on domestic and cross-border mobility, which caused substantial economic downturns, especially in countries and regions dependent on imports and exports. At the same time, climate change effects such as droughts, floods, and ruined crops have created substantial threats to food security<\/a> and increased social unrest in many parts of Africa. Compounding the turmoil, security crises fueled by terrorism, refugees, and displaced populations (millions in the Sahelian countries<\/a>) have also significantly destabilized Sub-Saharan Africa.\r\n\r\nAiming to alleviate rapid deterioration in household financial positions<\/a> during the pandemic, governments and central banks across Africa issued loan repayment moratoriums, which squeezed lenders\u2019 liquidity, including mainstream commercial banks but especially microfinance institutions (MFIs). Nevertheless, even though the rate of late or restructured loan repayments from clients\u2014the credit risk ratio\u2014increased everywhere<\/a>, debt write-offs among African MFIs have not been as bad as feared. Overall, the sector has shown substantial resilience in Africa<\/a>, although the situation remains tenuous; \u201cseriously fragilized\u201d is how one CEO at the workshop described it.\r\n\r\nAs for impacts on MFI clients, a stark distinction is apparent between urban and rural settings. Urban clients have suffered most due to lockdowns affecting micro and small enterprises. Many rural clients, by contrast, fell back into an agricultural self-subsistence economy during a season or two, as there were no markets to sell to. Low-income households in both settings saved as much as they could during the pandemic and reduced spending. Workshop participants at Lehigh uniformly agreed that African MFIs\u2019 clients, especially the most vulnerable ones, were\u2014perhaps more than ever\u2014remarkably resilient and able to cope.\r\n
Crisis Begets Opportunities<\/strong><\/h1>\r\nAs is often true in times of crises, opportunities appear. Workshop participants pointed out that in Africa, new opportunities for MFIs and lower-income clients came directly from constraints dictated by lockdowns. Logistical barriers hindered possibilities for exporting goods<\/a>, including agricultural products, and for importing things like fertilizer and animal feed. Trade in services plummeted as people stopped moving and spending, and tourism collapsed in countries like Kenya where incomes are especially dependent on spending by tourists.\r\n\r\nHowever, from these difficulties, layered on top of effects from climate change, new behaviors are emerging in various parts of Africa. Some farmers have decided to shift to organic production practices like agroecology and raising chicken and pigs using only farm-produced feed and farm waste, saving on expensive imported inputs. Similarly, farmers unable to export have increased selling locally in neighboring towns, expanded direct selling along major roads, or began selling door-to-door<\/a> where possible. Others are leveraging digital approaches<\/a>, including e-commerce platforms, social media, and mobile payments. In short, because of COVID restrictions, many farmers in Africa adopted organic, sustainable, and digital agriculture practices.\r\n
Because of COVID restrictions, many farmers in Africa adopted organic, sustainable, and digital agriculture practices.<\/blockquote>\r\nMany people in Africa also changed their consumption habits, switching to local producers for vegetables, meats, and other staples. Circular economy trends appeared in a wide range of sectors<\/a> \u2013 including agri-food, textiles, fashion, electronics \u2013 and also in packaging. Consumers are also moving towards sustainable brands<\/a>, thanks both to heightened awareness of climate effects and to experiences in lockdowns. Surprisingly, the African response to COVID has been to adopt more sustainable norms and practices in agriculture and consumption \u2013 a fascinating resilience outcome.\r\n\r\nAnother substantial trend evident in these times of security crises and risks is high rates of youth entrepreneurship<\/a>. This is occurring across the social spectrum \u2013among youth from both rural and urban communities, as well as those with diplomas and those who did not finish school. Youth are choosing not to migrate and instead are staying put and creating non-traditional businesses and entering new types of apprenticeships, such as small enterprises in agriculture transforming crops or raw materials, and in green economy enterprises<\/a> such as renewable energy, recycling, utilizing waste, or addressing pollution. This trend is strongly supported by national and local governments, as well as by civil society and corporate social responsibility initiatives, which are promoting and funding incubators and seed capital investments, as well as\u2014in collaboration with MFIs and banks\u2014credit guarantee mechanisms, all aimed at fostering the startup and scaling phases of the young enterprises of Africa\u2019s increasingly entrepreneurial youth.\r\n\r\nAfrica has the world\u2019s largest population share of youth and the potential is enormous. Often discussed, enhancing youth entrepreneurship has unfortunately seemed a somewhat quixotic policy quest for decades in Africa. But remarkably, the consensus at the Lehigh workshop was that this time the initiatives seem to be working and helping fulfill the aspirations of many young people to be autonomous and contribute to their communities and local economies. Additionally, many African women entrepreneurs<\/a> have proven to be very resilient and are growing their businesses due to COVID.\r\n
Acceleration of Digital Inclusive Finance in Response to COVID<\/strong><\/h1>\r\nThe digital revolution in inclusive financial services<\/a> is unquestionably progressing quickly throughout Africa in the wake of COVID, including West and Francophone Africa and rural areas that have been neglected until recently.\r\n\r\nWhile financial access in Africa remains low, mobile penetration is high, exceeding 90 percent<\/a>. Due to COVID restrictions on mobility, mobile phones have been indispensable not only for communication but also for domestic and international remittances. Facing limited access to markets coupled with security risks in using cash for transactions, farmers, cooperatives, and food processing companies accelerated their embrace of digital marketplace platforms<\/a>. Survey evidence suggests that most African micro and small enterprises did too which improved their financial resilience<\/a>. Banks and MFIs throughout Africa also are going digital and embracing \u201cbank to wallet, and wallet to bank<\/a>\u201d transactions and agency banking. Many banks and MFIs are teaming up to deliver financial services jointly or as agents to deepen outreach to clients and improve cost efficiency<\/a> \u2013 for example by reducing the need to operate separate branches everywhere. Governments have also gone more digital by ramping up mobile money transfers from social protection programs<\/a> during COVID.\r\n\r\nMoving beyond financial services, agricultural value chains are rapidly leveraging the high mobile penetration by also digitizing delivery services, distribution channels, electronic learning, and messaging at scale to reach out to remote populations (e.g., for health, financial education, agricultural practices, prices, weather warnings), enhancing inclusion and informed decision making.\r\n
Financial Inclusion\u2019s Green Future in Africa<\/strong><\/h1>\r\nThe African MFI leaders at the workshop reflected on how their clients fared through the pandemic and other recent crises. Uniformly, they agreed clients responded with resilience<\/a>, innovative abilities to adapt, and incredible capacities to seize opportunities to not just recover but even advance. As such, African MFIs must follow the dynamics of their clients and deliver products and services that fit customers\u2019 new needs. Client centricity is essential to meet client needs but is also a key element of client protection in light of heightened risks for digital finance consumers<\/a>.\r\n\r\nFinancial institutions also need to better understand the market intricacies and client opportunities in the green (micro)economy and develop financial products accordingly, partnering with those who can deliver services and technical advice to assist the transformation. Working towards an ecosystem approach to deliver green inclusive financial services<\/a> in an efficient, secured, synergetic, and sustainable manner will be the way forward.\r\n
Working towards an ecosystem approach to deliver green inclusive financial services in an efficient, secured, synergetic, and sustainable manner will be the way forward.<\/blockquote>\r\nGreen inclusive finance ecosystem platforms will surely develop in Africa. However for that to happen, the impact investing sector and climate finance will need to collaborate, which would be a giant step forward as the two sectors have largely ignored the other for the last decade. Impact investors will need to learn how to invest in the green microeconomy as a mainstream target. In parallel, climate finance\u2014so far largely directed elsewhere\u2014will have to understand that unless communities, especially the most vulnerable among them, benefit significantly from environmental rehabilitation, preservation, and protection of biodiversity, sustainable development is not possible.\r\n\r\nIn Africa, impact investment remains an emerging sector, focused\u2014rightly so\u2014on financial inclusion and agriculture. Climate finance and green inclusive finance are at infant stages. Supporting, from the funding side, post-COVID initiatives from youth and local communities in climate adaptation, will be the next challenge and opportunity for Africa. And inclusive finance stakeholders should play significant roles in close partnership with others in that ecosystem.\r\n\r\nThe African inclusive finance leaders at the Lehigh workshop collectively sent a very positive and energetic message to their peers. During these crisis times, clients in Africa have shown high levels of resilience and of capacity to overcome. They have developed innovative strategies in the green economy. Financial institutions should accompany them by being client centric in product and service development, in using digital delivery channels, and in working as a collaborative ecosystem to manage new digital risks and protect customers. Africa is a vulnerable continent in the face of climate change, but it can be the most resilient one if we act together.\r\n\r\n \r\n\r\nThe authors were panelists at the Lehigh University workshop and this note is the result of workshop discussions and subsequent analysis. Participating leaders from African MFIs included Anne Marie Chidzero, Chief Investment Officer at FSD Africa Investements, Kimanthi Mutua, founder of KREP, the first microfinance institution in Africa to be transformed into a full-fledged commercial bank, now named SIDIAN Bank where Kimanthi has been CEO and remains a board member, and Pierrette Kouakou, Managing Director of FIN\u2019ELLE in Cote D\u2019Ivoire. Views expressed are the authors\u2019 and not necessarily those of other participants.<\/em>","post_title":"Post-COVID Crisis & Opportunity in African Inclusive Finance","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"post-covid-crisis-opportunity-in-african-inclusive-finance","to_ping":"","pinged":"","post_modified":"2022-12-07 14:35:06","post_modified_gmt":"2022-12-07 18:35:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=45494","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2022\/12\/iStock-1226900791-e1670429180576.jpg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2202,"filter":"raw"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"This blog post is part of a series that highlights takeaways from a global workshop at Lehigh University, where leaders from the inclusive finance sector discussed the question of whether financial inclusion is more relevant than ever during the pandemic crisis."},"post_default":{"description":""}},"authors":[{"ID":45496,"post_author":"87","post_date":"2022-12-07 10:24:19","post_date_gmt":"2022-12-07 14:24:19","post_content":"","post_title":"Renee Chao-Beroff","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"renee-chao-beroff","to_ping":"","pinged":"","post_modified":"2022-12-07 12:51:40","post_modified_gmt":"2022-12-07 16:51:40","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=45496","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":45267,"post_author":"87","post_date":"2022-11-07 16:29:55","post_date_gmt":"2022-11-07 20:29:55","post_content":"","post_title":"Todd A. Watkins","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"todd-a-watkins","to_ping":"","pinged":"","post_modified":"2022-11-07 16:30:40","post_modified_gmt":"2022-11-07 20:30:40","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=45267","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"post-covid-crisis-opportunity-in-african-inclusive-finance"},{"ID":45142,"post_author":"87","post_date":"2022-09-27 14:01:11","post_date_gmt":"2022-09-27 18:01:11","post_content":"The use of digital payments surged during the pandemic, forcing many MSMEs to turn to a range of digital tools for their businesses, including payments via mobile money, marketing products on social media, and selling on e-commerce platforms. Digital tools helped many MSMEs address challenges in the wake of the pandemic and ongoing economic conditions, but digital adoption among MSMEs has been slow and uneven.\r\n\r\nIn this report, CFI explores how MSMEs used digital products during the pandemic, what barriers they faced with digital adoption, and what can be done to support the growth of MSMEs in the digital economy.","post_title":"Digital Adoption of MSMEs During COVID-19","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"digital-adoption-of-msmes-during-covid-19","to_ping":"","pinged":"","post_modified":"2022-10-05 11:48:45","post_modified_gmt":"2022-10-05 15:48:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=45142","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2022\/09\/Screen-Shot-2022-09-27-at-7.27.04-AM.png","acf":{"types":{"term_id":28,"name":"Report","slug":"report","term_group":0,"term_taxonomy_id":28,"taxonomy":"types","description":"","parent":0,"count":139,"filter":"raw"},"header":{"header_type":"post_cover","post_cover":{"description":""},"post_aligned":{"description":""},"post_default":{"description":""}},"authors":[{"ID":38032,"post_author":"75","post_date":"2020-04-10 08:56:43","post_date_gmt":"2020-04-10 12:56:43","post_content":"","post_title":"Shradha Modi","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"shradha-modi","to_ping":"","pinged":"","post_modified":"2022-10-13 10:36:46","post_modified_gmt":"2022-10-13 14:36:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=38032","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":true,"cta_button_text":"DOWNLOAD PUBLICATION","cta_media":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2022\/09\/Digital-adoption-of-Msmes-During-covid19-1.pdf","cta_url":"","additional_links":false},"blocks":[{"acf_fc_layout":"call_to_action","cta":[{"text":"More insights on MSMEs","subtext":"How businesses navigated the challenges of COVID-19 and what we can do to help support their resilience.","button_text":"Read the Report","button_url":"https:\/\/www.centerforfinancialinclusion.org\/preparing-msmes-for-future-crises-lessons-from-covid-19"}],"background":"light"}],"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"digital-adoption-of-msmes-during-covid-19"},{"ID":45059,"post_author":"87","post_date":"2022-09-07 14:09:58","post_date_gmt":"2022-09-07 18:09:58","post_content":"Accounting for about 90 percent of businesses and employing more than 50 percent of the labor force in some markets, micro, small, and medium enterprises (MSMEs) are the backbone of the economy. However, since the pandemic began, MSME owners have experienced severe crises and challenges to their businesses. To understand the impact of the pandemic on these businesses and households, CFI conducted a longitudinal survey<\/a> of over 1,600 MSME owners from June 2020 to October 2021 over six waves, and conducted focus groups of 130 MSME owners from march to April 2022 in four countries \u2014 Colombia, India, Indonesia, and Nigeria.\r\n\r\nThis publication provides insights into how MSMEs have navigated challenges presented by the pandemic and what support they had available. It also presents lessons learned to help prepare for future crises, as well as recommendations for what inclusive finance stakeholders can prioritize to improve MSME resilience.","post_title":"Preparing MSMEs for Future Crises: Lessons From COVID-19","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"preparing-msmes-for-future-crises-lessons-from-covid-19","to_ping":"","pinged":"","post_modified":"2022-11-08 14:46:25","post_modified_gmt":"2022-11-08 18:46:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=45059","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2022\/09\/Screen-Shot-2022-09-06-at-3.19.39-PM.png","acf":{"types":{"term_id":28,"name":"Report","slug":"report","term_group":0,"term_taxonomy_id":28,"taxonomy":"types","description":"","parent":0,"count":139,"filter":"raw"},"header":{"header_type":"post_cover","post_cover":{"description":""},"post_aligned":{"description":""},"post_default":{"description":""}},"authors":[{"ID":38340,"post_author":"75","post_date":"2020-05-01 13:47:50","post_date_gmt":"2020-05-01 17:47:50","post_content":"","post_title":"Lauren Braniff","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lauren-braniff","to_ping":"","pinged":"","post_modified":"2023-02-03 13:57:52","post_modified_gmt":"2023-02-03 17:57:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=38340","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":true,"cta_button_text":"DOWNLOAD PUBLICATION","cta_media":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2022\/09\/Preparing-MSMEs-for-Future-Crises-Lessons-From-COVID-19-2.pdf","cta_url":"","additional_links":[{"link_text":"VIEW INFOGRAPHIC","link":"","link_media":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2022\/09\/MSME-InfographicLB.pdf"}]},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"preparing-msmes-for-future-crises-lessons-from-covid-19"}]}},"featured_image_url":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2018\/07\/abf-graphic-harvest-gov-dynamics.jpg","featured_image_caption":"Copyright: Accion","parent_slug":false,"parent_name":false,"taxonomy_terms":{"post_format":{"name":"post_format","label":"Formats","labels":{"name":"Formats","singular_name":"Format","search_items":"Search Tags","popular_items":"Popular Tags","all_items":"Formats","parent_item":null,"parent_item_colon":null,"name_field_description":"The name is how it appears on your site.","slug_field_description":"The “slug” is the URL-friendly version of the name. It is usually all lowercase and contains only letters, numbers, and hyphens.","parent_field_description":null,"desc_field_description":"The description is not prominent by default; however, some themes may show it.","edit_item":"Edit Tag","view_item":"View Tag","update_item":"Update Tag","add_new_item":"Add New Tag","new_item_name":"New Tag Name","separate_items_with_commas":"Separate tags with commas","add_or_remove_items":"Add or remove tags","choose_from_most_used":"Choose from the most used tags","not_found":"No tags found.","no_terms":"No tags","filter_by_item":null,"items_list_navigation":"Tags list navigation","items_list":"Tags list","most_used":"Most Used","back_to_items":"← Go to Tags","item_link":"Tag Link","item_link_description":"A link to a tag.","menu_name":"Formats","name_admin_bar":"Format","archives":"Formats"},"description":"","public":true,"publicly_queryable":true,"hierarchical":false,"show_ui":false,"show_in_menu":false,"show_in_nav_menus":false,"show_tagcloud":false,"show_in_quick_edit":false,"show_admin_column":false,"meta_box_cb":"post_tags_meta_box","meta_box_sanitize_cb":"taxonomy_meta_box_sanitize_cb_input","object_type":["post"],"cap":{"manage_terms":"manage_categories","edit_terms":"manage_categories","delete_terms":"manage_categories","assign_terms":"edit_posts"},"rewrite":{"with_front":true,"hierarchical":false,"ep_mask":0,"slug":"type"},"query_var":"post_format","update_count_callback":"","show_in_rest":false,"rest_base":false,"rest_namespace":false,"rest_controller_class":false,"rest_controller":null,"default_term":null,"sort":null,"args":null,"_builtin":true},"regions":{"name":"regions","label":"Regions","labels":{"name":"Regions","singular_name":"Region","search_items":"Search Regions","popular_items":"Popular Regions","all_items":"All Regions","parent_item":"Parent Region","parent_item_colon":"Parent Region:","name_field_description":"The name is how it appears on your site.","slug_field_description":"The “slug” is the URL-friendly version of the name. It is usually all lowercase and contains only letters, numbers, and hyphens.","parent_field_description":"Assign a parent term to create a hierarchy. The term Jazz, for example, would be the parent of Bebop and Big Band.","desc_field_description":"The description is not prominent by default; however, some themes may show it.","edit_item":"Edit Region","view_item":"View Category","update_item":"Update Region","add_new_item":"Add new Region","new_item_name":"New Region name","separate_items_with_commas":"Separate Regions with commas","add_or_remove_items":"Add or remove Regions","choose_from_most_used":"Choose from the most used Regions","not_found":"No categories found.","no_terms":"No categories","filter_by_item":"Filter by category","items_list_navigation":"Categories list navigation","items_list":"Categories list","most_used":"Most Used","back_to_items":"← Go to Categories","item_link":"Category Link","item_link_description":"A link to a category.","menu_name":"Regions","name_admin_bar":"Region","archives":"All Regions"},"description":"","public":true,"publicly_queryable":true,"hierarchical":true,"show_ui":true,"show_in_menu":true,"show_in_nav_menus":true,"show_tagcloud":true,"show_in_quick_edit":false,"show_admin_column":false,"meta_box_cb":"post_categories_meta_box","meta_box_sanitize_cb":"taxonomy_meta_box_sanitize_cb_checkboxes","object_type":["post","page","people"],"cap":{"manage_terms":"manage_categories","edit_terms":"manage_categories","delete_terms":"manage_categories","assign_terms":"edit_posts"},"rewrite":{"with_front":true,"hierarchical":false,"ep_mask":0,"slug":"regions"},"query_var":"regions","update_count_callback":"","show_in_rest":true,"rest_base":"regions","rest_namespace":"wp\/v2","rest_controller_class":false,"rest_controller":{},"default_term":null,"sort":null,"args":null,"_builtin":false},"series":{"name":"series","label":"Series","labels":{"name":"Series","singular_name":"Series","search_items":"Search Series","popular_items":"Popular Series","all_items":"All Series","parent_item":"Parent Series","parent_item_colon":"Parent Series:","name_field_description":"The name is how it appears on your site.","slug_field_description":"The “slug” is the URL-friendly version of the name. It is usually all lowercase and contains only letters, numbers, and hyphens.","parent_field_description":null,"desc_field_description":"The description is not prominent by default; however, some themes may show it.","edit_item":"Edit Series","view_item":"View Tag","update_item":"Update Series","add_new_item":"Add new Series","new_item_name":"New Series name","separate_items_with_commas":"Separate Series with commas","add_or_remove_items":"Add or remove Series","choose_from_most_used":"Choose from the most used Series","not_found":"No tags found.","no_terms":"No tags","filter_by_item":null,"items_list_navigation":"Tags list navigation","items_list":"Tags list","most_used":"Most Used","back_to_items":"← Go to Tags","item_link":"Tag Link","item_link_description":"A link to a tag.","menu_name":"Series","name_admin_bar":"Series","archives":"All Series"},"description":"","public":true,"publicly_queryable":true,"hierarchical":false,"show_ui":true,"show_in_menu":true,"show_in_nav_menus":true,"show_tagcloud":true,"show_in_quick_edit":false,"show_admin_column":false,"meta_box_cb":"post_tags_meta_box","meta_box_sanitize_cb":"taxonomy_meta_box_sanitize_cb_input","object_type":["post","page","resources"],"cap":{"manage_terms":"manage_categories","edit_terms":"manage_categories","delete_terms":"manage_categories","assign_terms":"edit_posts"},"rewrite":{"with_front":true,"hierarchical":false,"ep_mask":0,"slug":"series"},"query_var":"series","update_count_callback":"","show_in_rest":true,"rest_base":null,"rest_namespace":"wp\/v2","rest_controller_class":false,"rest_controller":{},"default_term":null,"sort":null,"args":null,"_builtin":false},"types":{"name":"types","label":"Content Types","labels":{"name":"Content Types","singular_name":"Content type","search_items":"Search Content Types","popular_items":"Popular Content Types","all_items":"All Content Types","parent_item":"Parent Content type","parent_item_colon":"Parent Content type:","name_field_description":"The name is how it appears on your site.","slug_field_description":"The “slug” is the URL-friendly version of the name. It is usually all lowercase and contains only letters, numbers, and hyphens.","parent_field_description":null,"desc_field_description":"The description is not prominent by default; however, some themes may show it.","edit_item":"Edit Content type","view_item":"View Tag","update_item":"Update Content type","add_new_item":"Add new Content type","new_item_name":"New Content type name","separate_items_with_commas":"Separate Content Types with commas","add_or_remove_items":"Add or remove Content Types","choose_from_most_used":"Choose from the most used Content Types","not_found":"No tags found.","no_terms":"No tags","filter_by_item":null,"items_list_navigation":"Tags list navigation","items_list":"Tags list","most_used":"Most Used","back_to_items":"← Go to Tags","item_link":"Tag Link","item_link_description":"A link to a tag.","menu_name":"Content Types","name_admin_bar":"Content type","archives":"All Content Types"},"description":"","public":true,"publicly_queryable":true,"hierarchical":false,"show_ui":true,"show_in_menu":true,"show_in_nav_menus":true,"show_tagcloud":true,"show_in_quick_edit":false,"show_admin_column":true,"meta_box_cb":"post_tags_meta_box","meta_box_sanitize_cb":"taxonomy_meta_box_sanitize_cb_input","object_type":["post"],"cap":{"manage_terms":"manage_categories","edit_terms":"manage_categories","delete_terms":"manage_categories","assign_terms":"edit_posts"},"rewrite":{"with_front":true,"hierarchical":false,"ep_mask":0,"slug":"types"},"query_var":"types","update_count_callback":"","show_in_rest":true,"rest_base":null,"rest_namespace":"wp\/v2","rest_controller_class":false,"rest_controller":{},"default_term":null,"sort":null,"args":null,"_builtin":false},"client":{"name":"client","label":"Clients","labels":{"name":"Clients","singular_name":"Client","search_items":"Search Clients","popular_items":"Popular Clients","all_items":"All Clients","parent_item":"Parent Client","parent_item_colon":"Parent Client:","name_field_description":"The name is how it appears on your site.","slug_field_description":"The “slug” is the URL-friendly version of the name. It is usually all lowercase and contains only letters, numbers, and hyphens.","parent_field_description":null,"desc_field_description":"The description is not prominent by default; however, some themes may show it.","edit_item":"Edit Client","view_item":"View Tag","update_item":"Update Client","add_new_item":"Add new Client","new_item_name":"New Client name","separate_items_with_commas":"Separate Clients with commas","add_or_remove_items":"Add or remove Clients","choose_from_most_used":"Choose from the most used Clients","not_found":"No tags found.","no_terms":"No tags","filter_by_item":null,"items_list_navigation":"Tags list navigation","items_list":"Tags list","most_used":"Most Used","back_to_items":"← Go to Tags","item_link":"Tag Link","item_link_description":"A link to a tag.","menu_name":"Clients","name_admin_bar":"Client","archives":"All Clients"},"description":"","public":true,"publicly_queryable":true,"hierarchical":false,"show_ui":true,"show_in_menu":true,"show_in_nav_menus":true,"show_tagcloud":true,"show_in_quick_edit":false,"show_admin_column":false,"meta_box_cb":"post_tags_meta_box","meta_box_sanitize_cb":"taxonomy_meta_box_sanitize_cb_input","object_type":["post"],"cap":{"manage_terms":"manage_categories","edit_terms":"manage_categories","delete_terms":"manage_categories","assign_terms":"edit_posts"},"rewrite":{"with_front":true,"hierarchical":false,"ep_mask":0,"slug":"client"},"query_var":"client","update_count_callback":"","show_in_rest":true,"rest_base":null,"rest_namespace":"wp\/v2","rest_controller_class":false,"rest_controller":{},"default_term":null,"sort":null,"args":null,"_builtin":false},"topics":{"name":"topics","label":"Topics","labels":{"name":"Topics","singular_name":"Topic","search_items":"Search Topics","popular_items":"Popular Topics","all_items":"All Topics","parent_item":"Parent Topic","parent_item_colon":"Parent Topic:","name_field_description":"The name is how it appears on your site.","slug_field_description":"The “slug” is the URL-friendly version of the name. It is usually all lowercase and contains only letters, numbers, and hyphens.","parent_field_description":"Assign a parent term to create a hierarchy. The term Jazz, for example, would be the parent of Bebop and Big Band.","desc_field_description":"The description is not prominent by default; however, some themes may show it.","edit_item":"Edit Topic","view_item":"View Category","update_item":"Update Topic","add_new_item":"Add new Topic","new_item_name":"New Topic name","separate_items_with_commas":"Separate Topics with commas","add_or_remove_items":"Add or remove Topics","choose_from_most_used":"Choose from the most used Topics","not_found":"No categories found.","no_terms":"No categories","filter_by_item":"Filter by category","items_list_navigation":"Categories list navigation","items_list":"Categories list","most_used":"Most Used","back_to_items":"← Go to Categories","item_link":"Category Link","item_link_description":"A link to a category.","menu_name":"Topics","name_admin_bar":"Topic","archives":"All Topics"},"description":"","public":true,"publicly_queryable":true,"hierarchical":true,"show_ui":true,"show_in_menu":true,"show_in_nav_menus":true,"show_tagcloud":true,"show_in_quick_edit":false,"show_admin_column":false,"meta_box_cb":"post_categories_meta_box","meta_box_sanitize_cb":"taxonomy_meta_box_sanitize_cb_checkboxes","object_type":["post","page","people"],"cap":{"manage_terms":"manage_categories","edit_terms":"manage_categories","delete_terms":"manage_categories","assign_terms":"edit_posts"},"rewrite":{"with_front":true,"hierarchical":false,"ep_mask":0,"slug":"topics"},"query_var":"topics","update_count_callback":"","show_in_rest":true,"rest_base":null,"rest_namespace":"wp\/v2","rest_controller_class":false,"rest_controller":{},"default_term":null,"sort":null,"args":null,"_builtin":false},"personas":{"name":"personas","label":"Personas","labels":{"name":"Personas","singular_name":"Persona","search_items":"Search Personas","popular_items":"Popular Personas","all_items":"All Personas","parent_item":"Parent Persona","parent_item_colon":"Parent Persona:","name_field_description":"The name is how it appears on your site.","slug_field_description":"The “slug” is the URL-friendly version of the name. It is usually all lowercase and contains only letters, numbers, and hyphens.","parent_field_description":null,"desc_field_description":"The description is not prominent by default; however, some themes may show it.","edit_item":"Edit Persona","view_item":"View Tag","update_item":"Update Persona","add_new_item":"Add new Persona","new_item_name":"New Persona name","separate_items_with_commas":"Separate Personas with commas","add_or_remove_items":"Add or remove Personas","choose_from_most_used":"Choose from the most used Personas","not_found":"No tags found.","no_terms":"No tags","filter_by_item":null,"items_list_navigation":"Tags list navigation","items_list":"Tags list","most_used":"Most Used","back_to_items":"← Go to Tags","item_link":"Tag Link","item_link_description":"A link to a tag.","menu_name":"Personas","name_admin_bar":"Persona","archives":"All Personas"},"description":"","public":true,"publicly_queryable":true,"hierarchical":false,"show_ui":true,"show_in_menu":true,"show_in_nav_menus":true,"show_tagcloud":true,"show_in_quick_edit":false,"show_admin_column":false,"meta_box_cb":"post_tags_meta_box","meta_box_sanitize_cb":"taxonomy_meta_box_sanitize_cb_input","object_type":["post"],"cap":{"manage_terms":"manage_categories","edit_terms":"manage_categories","delete_terms":"manage_categories","assign_terms":"edit_posts"},"rewrite":{"with_front":true,"hierarchical":false,"ep_mask":0,"slug":"personas"},"query_var":"personas","update_count_callback":"","show_in_rest":true,"rest_base":null,"rest_namespace":"wp\/v2","rest_controller_class":false,"rest_controller":{},"default_term":null,"sort":null,"args":null,"_builtin":false},"institutional_partnerships":{"name":"institutional_partnerships","label":"Institutional Partnerships","labels":{"name":"Institutional Partnerships","singular_name":"Institutional Partnership","search_items":"Search Institutional Partnerships","popular_items":"Popular Institutional Partnerships","all_items":"All Institutional Partnerships","parent_item":"Parent Institutional Partnership","parent_item_colon":"Parent Institutional Partnership:","name_field_description":"The name is how it appears on your site.","slug_field_description":"The “slug” is the URL-friendly version of the name. It is usually all lowercase and contains only letters, numbers, and hyphens.","parent_field_description":null,"desc_field_description":"The description is not prominent by default; however, some themes may show it.","edit_item":"Edit Institutional Partnership","view_item":"View Tag","update_item":"Update Institutional Partnership","add_new_item":"Add new Institutional Partnership","new_item_name":"New Institutional Partnership name","separate_items_with_commas":"Separate Institutional Partnerships with commas","add_or_remove_items":"Add or remove Institutional Partnerships","choose_from_most_used":"Choose from the most used Institutional Partnerships","not_found":"No tags found.","no_terms":"No tags","filter_by_item":null,"items_list_navigation":"Tags list navigation","items_list":"Tags list","most_used":"Most Used","back_to_items":"← Go to Tags","item_link":"Tag Link","item_link_description":"A link to a tag.","menu_name":"Institutional Partnerships","name_admin_bar":"Institutional Partnership","archives":"All Institutional Partnerships"},"description":"","public":true,"publicly_queryable":true,"hierarchical":false,"show_ui":true,"show_in_menu":true,"show_in_nav_menus":true,"show_tagcloud":true,"show_in_quick_edit":false,"show_admin_column":false,"meta_box_cb":"post_tags_meta_box","meta_box_sanitize_cb":"taxonomy_meta_box_sanitize_cb_input","object_type":["post"],"cap":{"manage_terms":"manage_categories","edit_terms":"manage_categories","delete_terms":"manage_categories","assign_terms":"edit_posts"},"rewrite":{"with_front":true,"hierarchical":false,"ep_mask":0,"slug":"institutional_partnerships"},"query_var":"institutional_partnerships","update_count_callback":"","show_in_rest":true,"rest_base":null,"rest_namespace":"wp\/v2","rest_controller_class":false,"rest_controller":{},"default_term":null,"sort":null,"args":null,"_builtin":false},"clients":{"name":"clients","label":"Clients","labels":{"name":"Clients","singular_name":"Client","search_items":"Search Clients","popular_items":"Popular Clients","all_items":"All Clients","parent_item":"Parent Client","parent_item_colon":"Parent Client:","name_field_description":"The name is how it appears on your site.","slug_field_description":"The “slug” is the URL-friendly version of the name. It is usually all lowercase and contains only letters, numbers, and hyphens.","parent_field_description":null,"desc_field_description":"The description is not prominent by default; however, some themes may show it.","edit_item":"Edit Client","view_item":"View Tag","update_item":"Update Client","add_new_item":"Add new Client","new_item_name":"New Client name","separate_items_with_commas":"Separate Clients with commas","add_or_remove_items":"Add or remove Clients","choose_from_most_used":"Choose from the most used Clients","not_found":"No tags found.","no_terms":"No tags","filter_by_item":null,"items_list_navigation":"Tags list navigation","items_list":"Tags list","most_used":"Most Used","back_to_items":"← Go to Tags","item_link":"Tag Link","item_link_description":"A link to a tag.","menu_name":"Clients","name_admin_bar":"Client","archives":"All Clients"},"description":"","public":true,"publicly_queryable":true,"hierarchical":false,"show_ui":true,"show_in_menu":true,"show_in_nav_menus":true,"show_tagcloud":true,"show_in_quick_edit":false,"show_admin_column":false,"meta_box_cb":"post_tags_meta_box","meta_box_sanitize_cb":"taxonomy_meta_box_sanitize_cb_input","object_type":["post"],"cap":{"manage_terms":"manage_categories","edit_terms":"manage_categories","delete_terms":"manage_categories","assign_terms":"edit_posts"},"rewrite":{"with_front":true,"hierarchical":false,"ep_mask":0,"slug":"clients"},"query_var":"clients","update_count_callback":"","show_in_rest":true,"rest_base":null,"rest_namespace":"wp\/v2","rest_controller_class":false,"rest_controller":{},"default_term":null,"sort":null,"args":null,"_builtin":false},"program_teams":{"name":"program_teams","label":"Programs \/ Teams","labels":{"name":"Programs \/ Teams","singular_name":"Program \/ Team","search_items":"Search Programs \/ Teams","popular_items":"Popular Programs \/ Teams","all_items":"All Programs \/ Teams","parent_item":"Parent Program \/ Team","parent_item_colon":"Parent Program \/ Team:","name_field_description":"The name is how it appears on your site.","slug_field_description":"The “slug” is the URL-friendly version of the name. It is usually all lowercase and contains only letters, numbers, and hyphens.","parent_field_description":"Assign a parent term to create a hierarchy. The term Jazz, for example, would be the parent of Bebop and Big Band.","desc_field_description":"The description is not prominent by default; however, some themes may show it.","edit_item":"Edit Program \/ Team","view_item":"View Category","update_item":"Update Program \/ Team","add_new_item":"Add new Program \/ Team","new_item_name":"New Program \/ Team name","separate_items_with_commas":"Separate Programs \/ Teams with commas","add_or_remove_items":"Add or remove Programs \/ Teams","choose_from_most_used":"Choose from the most used Programs \/ Teams","not_found":"No categories found.","no_terms":"No categories","filter_by_item":"Filter by category","items_list_navigation":"Categories list navigation","items_list":"Categories list","most_used":"Most Used","back_to_items":"← Go to Categories","item_link":"Category Link","item_link_description":"A link to a category.","menu_name":"Programs \/ Teams","name_admin_bar":"Program \/ Team","archives":"All Programs \/ Teams"},"description":"","public":true,"publicly_queryable":true,"hierarchical":true,"show_ui":true,"show_in_menu":true,"show_in_nav_menus":true,"show_tagcloud":true,"show_in_quick_edit":false,"show_admin_column":false,"meta_box_cb":"post_categories_meta_box","meta_box_sanitize_cb":"taxonomy_meta_box_sanitize_cb_checkboxes","object_type":["post","page","people"],"cap":{"manage_terms":"manage_categories","edit_terms":"manage_categories","delete_terms":"manage_categories","assign_terms":"edit_posts"},"rewrite":{"with_front":true,"hierarchical":false,"ep_mask":0,"slug":"program_teams"},"query_var":"program_teams","update_count_callback":"","show_in_rest":true,"rest_base":null,"rest_namespace":"wp\/v2","rest_controller_class":false,"rest_controller":{},"default_term":null,"sort":null,"args":null,"_builtin":false},"ep_custom_result":{"name":"ep_custom_result","label":"Custom Results","labels":{"name":"Custom Results","singular_name":"Custom Result","search_items":"Search Custom Results","popular_items":"Popular Tags","all_items":"All Custom Results","parent_item":"Parent Custom Result","parent_item_colon":"Parent Custom Result:","name_field_description":"The name is how it appears on your site.","slug_field_description":"The “slug” is the URL-friendly version of the name. It is usually all lowercase and contains only letters, numbers, and hyphens.","parent_field_description":null,"desc_field_description":"The description is not prominent by default; however, some themes may show it.","edit_item":"Edit Custom Result","view_item":"View Tag","update_item":"Update Custom Result","add_new_item":"Add New Custom Result","new_item_name":"New Custom Result Name","separate_items_with_commas":"Separate tags with commas","add_or_remove_items":"Add or remove tags","choose_from_most_used":"Choose from the most used tags","not_found":"No tags found.","no_terms":"No tags","filter_by_item":null,"items_list_navigation":"Tags list navigation","items_list":"Tags list","most_used":"Most Used","back_to_items":"← Go to Tags","item_link":"Tag Link","item_link_description":"A link to a tag.","menu_name":"Custom Results","name_admin_bar":"Custom Result","archives":"All Custom Results"},"description":"","public":true,"publicly_queryable":true,"hierarchical":false,"show_ui":false,"show_in_menu":false,"show_in_nav_menus":true,"show_tagcloud":false,"show_in_quick_edit":false,"show_admin_column":false,"meta_box_cb":"post_tags_meta_box","meta_box_sanitize_cb":"taxonomy_meta_box_sanitize_cb_input","object_type":{"post":"post","page":"page","people":"people"},"cap":{"manage_terms":"manage_categories","edit_terms":"manage_categories","delete_terms":"manage_categories","assign_terms":"edit_posts"},"rewrite":false,"query_var":false,"update_count_callback":"","show_in_rest":false,"rest_base":false,"rest_namespace":false,"rest_controller_class":false,"rest_controller":null,"default_term":null,"sort":null,"args":null,"_builtin":false}},"meta_info":{"date":"2018-07-31T23:24:17","regions":[{"term_id":3333,"name":"Mozambique","slug":"mozambique","term_group":0,"term_taxonomy_id":3333,"taxonomy":"regions","description":"","parent":59,"count":11,"filter":"raw"},{"term_id":3158,"name":"Nigeria","slug":"nigeria","term_group":0,"term_taxonomy_id":3158,"taxonomy":"regions","description":"Though Nigeria\u2019s government has set ambitious goals for financial inclusion, the majority of its people lack a formal bank account. Accion has worked in the country since 2007 to expand access to financial services.","parent":59,"count":72,"filter":"raw"},{"term_id":59,"name":"Sub-Saharan Africa","slug":"sub-saharan-africa","term_group":0,"term_taxonomy_id":59,"taxonomy":"regions","description":"","parent":0,"count":124,"filter":"raw"},{"term_id":3170,"name":"Zambia","slug":"zambia","term_group":0,"term_taxonomy_id":3170,"taxonomy":"regions","description":"","parent":59,"count":6,"filter":"raw"}],"topics":[{"term_id":3188,"name":"Challenges and Crises","slug":"challenges-and-crises","term_group":0,"term_taxonomy_id":3188,"taxonomy":"topics","description":"","parent":0,"count":238,"filter":"raw"},{"term_id":52,"name":"Enabling Environment","slug":"enabling-environment","term_group":0,"term_taxonomy_id":52,"taxonomy":"topics","description":"","parent":0,"count":393,"filter":"raw"},{"term_id":47,"name":"Governance","slug":"governance","term_group":0,"term_taxonomy_id":47,"taxonomy":"topics","description":"","parent":0,"count":46,"filter":"raw"},{"term_id":3155,"name":"Microfinance","slug":"microfinance","term_group":0,"term_taxonomy_id":3155,"taxonomy":"topics","description":"","parent":0,"count":86,"filter":"raw"},{"term_id":3210,"name":"Microfinance Institutions","slug":"microfinance-institutions","term_group":0,"term_taxonomy_id":3210,"taxonomy":"topics","description":"","parent":0,"count":101,"filter":"raw"},{"term_id":3254,"name":"Policy, Regulation and Government Initiatives","slug":"policy-regulation-and-government-initiatives","term_group":0,"term_taxonomy_id":3254,"taxonomy":"topics","description":"","parent":0,"count":223,"filter":"raw"},{"term_id":3163,"name":"Risk Management","slug":"risk-management","term_group":0,"term_taxonomy_id":3163,"taxonomy":"topics","description":"","parent":0,"count":24,"filter":"raw"}],"cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"institutional_partnerships":false,"program_teams":false,"authors":[{"ID":26326,"post_author":"1","post_date":"2018-08-20 13:50:31","post_date_gmt":"2018-08-20 13:50:31","post_content":"","post_title":"Danielle Piskadlo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"danielle-piskadlo","to_ping":"","pinged":"","post_modified":"2019-05-15 15:19:18","post_modified_gmt":"2019-05-15 15:19:18","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/danielle-piskadlo\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":false,"acf":{"body":"
Featured Companies<\/h2>\r\nEquitas Holdings<\/strong>\r\nFounded in 2007 to provide the underserved and disenfranchised people in the Indian State of Tamil Nadu with reasonably and transparently priced microcredit, Equitas diversified after the microfinance crisis in 2010 into affordable housing, small and medium enterprise (SME) and vehicle loans. At the time of its April 2016 IPO, traditional microlending made up slightly more than half of the total portfolio, with over half of assets under management in Tamil Nadu.\r\n\r\nIn September 2015, Equitas was one of ten companies to receive in-principle approval from the Reserve Bank of India (RBI) for the Small Finance Bank (SFB) license. In order to become an SFB, regulations require that Equitas bring foreign ownership, which comprised 93 per cent of equity before the IPO, below 49 per cent. This requirement was one of the key factors behind the IPO. Once Equitas transitions to a SFB, it will be able to accept deposits, starting with its client base of approximately 3 million.\r\n\r\nUjjivan Financial Services<\/strong>\r\nFounded in 2005, Ujjivan Financial Services\u2019 vision was to make financial services available to the urban working poor in India. At the time, most Indian microfinance was focused on the rural population. Started as a four-person team in a Bangalore garage, at the time of its IPO in April 2016, the company had 8,000 employees, three million borrowers, disbursed loans worth Rs.15,600 crore (approx. USD 2.6 billion), and had operations in every Indian state. Like Equitas, Ujjivan received approval to become a SFB and therefore also needed to reduce foreign shareholding. As of September 2016, Ujjivan was on its way to becoming a SFB with diversified product lines.\r\n
Authors<\/h2>\r\nGrassroots Capital Management PBC and The Financial Inclusion Equity Council (FIEC), with support from the Center for Financial Inclusion at Accion.\r\n\r\n ","post_title":"How to IPO Successfully and Responsibly: Lessons From Indian Financial Inclusion Institutions","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"how-to-ipo-successfully-and-responsibly-lessons-from-indian-financial-inclusion-institutions","to_ping":"","pinged":"","post_modified":"2023-09-21 09:10:13","post_modified_gmt":"2023-09-21 13:10:13","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/how-to-ipo-successfully-and-responsibly-lessons-from-indian-financial-inclusion-institutions\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":26286,"post_author":"1","post_date":"2012-01-01 13:48:40","post_date_gmt":"2012-01-01 13:48:40","post_content":"The Practice of Corporate Governance in Microfinance Institutions: Consensus Statement of CMEF<\/em>\r\n\r\nBy Council of Microfinance Equity Funds - Published: 2012\r\n
\r\n \t
\r\n \t
Download the Publication (Spanish) >><\/a>\u00a0<\/span><\/h3>\r\n
Download the Publication (French) >><\/a><\/h3>","post_title":"The Practice of Corporate Governance in Microfinance Institutions (2012)","post_excerpt":"","post_status":"draft","comment_status":"open","ping_status":"open","post_password":"","post_name":"the-practice-of-corporate-governance-in-microfinance-institutions-2012","to_ping":"","pinged":"","post_modified":"2023-05-05 14:26:50","post_modified_gmt":"2023-05-05 18:26:50","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/the-practice-of-corporate-governance-in-microfinance-institutions-2012\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":31825,"post_author":"66","post_date":"2014-04-14 00:00:48","post_date_gmt":"2014-04-14 00:00:48","post_content":"As the microfinance industry matures, a question that has come into sharper focus is how social investors committed to advancing responsible finance practices should \u201cexit responsibly\u201d from the microfinance institutions (MFIs) in which they have invested over the years. As they prepare to sell their stakes, what options do development-minded investors have to help ensure responsible behavior by their partner MFI into the future and healthy development of the broader market?\r\n\r\nIn this paper the Center for Financial Inclusion at Accion (CFI) and the Consultative Group to Assist the Poor (CGAP) seek to spark discussion among the stakeholders working to advance financial inclusion and in particular the investor community that will result in greater clarity around the goal of responsible exits and the policies and practices that would support it.","post_title":"The Art of the Responsible Exit in Microfinance Equity Sales","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"the-art-of-the-responsible-exit-in-microfinance-equity-sales-2","to_ping":"","pinged":"","post_modified":"2018-09-24 15:14:53","post_modified_gmt":"2018-09-24 15:14:53","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/?p=31825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}]},"custom":{"card_type":"","cards":false},"full_width":false,"colored_background":false}],"page_settings":{"":null,"email_sign_up":true,"show_related_content":false,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"is_author":true,"person_name":{"first_name":"Danielle","last_name":"Piskadlo"}},"url":"danielle-piskadlo"}],"series":[{"term_id":3509,"name":"Africa Board Fellowship Spotlight","slug":"africa-board-fellowship-spotlight","term_group":0,"term_taxonomy_id":3509,"taxonomy":"series","description":"Spotlighting the experiences of Africa Board Fellowship Fellows and reflections from industry experts","parent":0,"count":8,"filter":"raw"}],"personas":false,"start_date":null,"start_time":null,"end_date":null,"end_time":null,"event_timezone":null,"location":null,"host":null},"_links":{"self":[{"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/posts\/31742"}],"collection":[{"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/comments?post=31742"}],"version-history":[{"count":6,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/posts\/31742\/revisions"}],"predecessor-version":[{"id":32074,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/posts\/31742\/revisions\/32074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/media\/31755"}],"wp:attachment":[{"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/media?parent=31742"}],"wp:term":[{"taxonomy":"regions","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/regions?post=31742"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/series?post=31742"},{"taxonomy":"types","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/types?post=31742"},{"taxonomy":"client","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/client?post=31742"},{"taxonomy":"topics","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/topics?post=31742"},{"taxonomy":"personas","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/personas?post=31742"},{"taxonomy":"institutional_partnerships","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/institutional_partnerships?post=31742"},{"taxonomy":"clients","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/clients?post=31742"},{"taxonomy":"program_teams","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/program_teams?post=31742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}