Table 6

Financial inclusion mix interdependence

Elements of the financial inclusion mixAdditional considerationsInterdependencies
Process
  • -

    How best can financial services be delivered to unbanked, unserved and underserved adults?

  • -

    What type of technology should be used, i.e. mobile apps, Internet banking, etc?

  • -

    What promotional or advertising method is appropriate to reach them?

  • -

    Are they financially literate or should financial literacy programs be offered to them?

  • -

    How do we communicate to them about available financial services? Should we rely on radios, TV, social media or community announcements?

  • -

    Should human agents or digital technologies be used to deliver banking services to people in remote location?

  • -

    Dependent on people, provider and price decisions

  • -

    Dependent on provider and policy decisions

  • -

    Dependent on people and provider decisions

  • -

    Dependent on policy and provider decisions

  • -

    Dependent on provider and policy decisions

  • -

    Dependent on people, provider, policy, place and price decisions

Product
  • -

    What type of basic financial services do the unbanked population want?

  • -

    Does the financial product or service solve customers' problems or meet their needs?

  • -

    What features should the financial product or service have?

  • -

    How is the product going to be used and what are the likely different usage scenarios?

  • -

    Are competitors offering similar financial product or service to the same customer segment and how can it be differentiated from that of competitors?

  • -

    Dependent on people, provider and price decisions

  • -

    Dependent on people decision

  • -

    Dependent on provider decision

  • -

    Dependent on people and provider decisions

  • -

    Dependent on provider and price decisions

Policy
  • -

    What type of policy support should be offered to providers?

  • -

    Should government policy focus on removing barriers, or focus on introducing enablers?

  • -

    Should the national financial inclusion strategy focus on a digital approach to financial inclusion?

  • -

    Should government subsidise some of the cost involved in delivering financial services to underserved, unserved adults and unbanked?

  • -

    Dependent on provider and product decisions

  • -

    Dependent on place, people, process and provider decisions

  • -

    Dependent on process decision

  • -

    Dependent on process, people and price decisions

Provider
  • -

    Can the financial service provider accelerate financial inclusion alone without government support?

  • -

    Is the provider seeking to maximise profit at the expense of unbanked, unserved and underserved adults?

  • -

    Is the provider willing to sacrifice some profit to promote financial inclusion?

  • -

    Policy decision

  • -

    Dependent on policy decision

  • -

    Dependent on place and policy decisions

Place
  • -

    Where are unbanked adults located?

  • -

    Are there banks or microfinance institutions in the location where unbanked adults live?

  • -

    Should digital apps be used to reach people in the location?

  • -

    Are there Internet, road, electricity and ICT infrastructure in the location?

  • -

    Dependent on people decision

  • -

    Dependent on policy and provider decisions

  • -

    Dependent on process decision

  • -

    Dependent on policy decision

Price
  • -

    What price is affordable for customers considering their income level and location?

  • -

    What price should be charged to allow financial service providers to a make an ethical profit margin while promoting financial inclusion?

  • -

    Is the price charged the same or lower than the price charged by competitors?

  • -

    Will the fair price seem too high for low-end customers and can the fair price be reduced further?

  • -

    Will the price change in response to changing market dynamics or will the price be fixed?

  • -

    Will the financial product or service be free to use for the first one-year?

  • -

    Dependent on price and place decisions

  • -

    Dependent on policy and provider decisions

  • -

    Dependent on product decision

  • -

    Dependent on place and people decisions

  • -

    Dependent on policy and provide decisions

  • -

    Dependent on policy decision

People
  • -

    Can the beneficiaries easily locate bank branches, ATMs?

  • -

    Dependent on provider decision

  • -

    Dependent on product decision

  • -

    Dependent on process decision

  • -

    Dependent on price decision

  • -

    Dependent on process decision

  • -

    Dependent on policy decision

  • -

    Dependent on price decision

  • -

    Is the financial product and service appropriate for beneficiaries?

  • -

    Can beneficiaries afford to purchase a mobile phone to access digital financial services?

  • -

    Can beneficiaries afford Internet broadband to access digital financial services from their mobile phone?

  • -

    Are the beneficiaries financially and digitally literate?

  • -

    Is the KYC process too burdensome for new customers participating in the financial system?

  • -

    Is the transaction fees too high or affordable for beneficiaries?

Source(s): Author's own work
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