Published on March 6, 2014
Freedom from cash BRAC Social Innovation Lab 5 March, 2014 www.brac.net
Wardak Province, Afghanistan Photo: New York Times Read the full story www.brac.net
Send money home” “ www.brac.net
Link: http://bkash.com/media-center/videos/stories www.brac.net
Financial Inclusion 2.6 billion people live on less than $2 per day. 78% do not have a bank account. www.brac.net
Exclusion can mean….. • No safe place to keep savings; high reliance on informal tools • Lack of control over finances • Difficulty transferring, especially over long distances • No credit profile • Limited scope for add-on services (reminders, etc.) www.brac.net
84 countries developing and emerging markets now have mobile money services. more than 1 billion underserved people have access to mobile phones in June 2013, there were over 60 million ACTIVE mobile money accounts GLOBALLY. In 9 countries, more people have mobile money accounts than bank accounts www.brac.net
Improving existing models Salary, staff incentives, etc. (Tanzania, Kenya) Government schemes and social protections (Philippines, Fiji, Pakistan, Mexico) www.brac.net
New opportunities Cashless microfinance (Kenya) Pay-as-you-go schools (Kenya) Self-serve, paid water dispensers (India) www.brac.net
Common Challenges • Agent network • Client trust and familiarity • Organizational adoption of digital financial practices • Effective regulation www.brac.net
The opportunity in Bangladesh • 110 million cell phone users • Only 40% of the population banked • Fastest growing mobile money market in the world Number of registered mobile money clients grew by 266% in 2013 www.brac.net
What else? www.brac.net
BRAC Innovation Fund for Digital Financial Services Increase the adoption of digital financial services at BRAC, particularly in service delivery Increase the adoption of digital financial services by BRAC’s clients Contribute to the global discourse on digital financial services www.brac.net
Mobile money in Bangladesh Chars Livelihoods Programme Transferring stipends for asset transfer programme to 6,500 participants BRAC Microfinance Programme Collecting monthly savings from clients using bKash from over 1,200 clients www.brac.net
Potential benefits to BRAC • • • • • • Reduction of manual data entry Real-time, accurate information Fewer security risks for staff and branches Less scope for misappropriation Potential reduction of transport costs New types of products and programmes www.brac.net
BRAC Innovation Fund for Digital Financial Services • Scanning and learning from others • Frugal Innovation Forum: Scaling Digitally • First round of projects selection • Implementation!! D I S S E M I N A T I O N www.brac.net
Idea selection process Proposal submission Online idea challenge Final selection by judges Funded Projects www.brac.net
We are looking for ideas that.. Include the use of mobile money Either transition from cash to mobile money, or design a new product and/or service that is enabled through the use of mobile money Can be implemented within a year Have the potential to be sustained at scale beyond the terms of the project Is likely to influence and motivate higher adoption of mobile money by clients or BRAC Request under $100,000 (preferred) www.brac.net
Competition timeline 6 March Online competition begins 10 April Online competition closes 20 April Proposals requested for promising ideas 10 May 31 May Last day to submit full proposal Selected projects will be announced 01 June Projects officially begin www.brac.net
Get started! • Visit the website and submit an idea: – http://innovation.brac.net/fundchallenge/ • Learn what others are doing from the SIL blog – www.brac.net/sil • Engage with experts from the Frugal Innovation Forum in person or on twitter (#scalefrugal) www.brac.net
Contact the Social Innovation Lab Email: firstname.lastname@example.org Cell phone: 01729071065 Extension: 3394 www.brac.net
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