Innovations and Technology


With 1.7 billion unbanked people around the world, there is still a tremendous need for financial inclusion. Fintech is part of the solution, as digital innovations promise to make finance more convenient and less costly. FINCA Impact Finance stands at the vanguard of fintech innovation and financial inclusion, testing, developing and providing innovative financial products and services to low-income entrepreneurs in the communities we serve.

Fintech innovation and the rapid growth of mobile networks is allowing FIF to integrate digital technologies into new and existing services. This means more people can access impactful financial services without ever setting foot in a bank branch. As of the first quarter of 2019:

55% of transactions are processed through branchless channels

51% of transactions in Africa are processed by banking agents

9 subsidiaries offer mobile banking solutions

2 subsidiaries offer online banking

Fintech Innovation and Financial Inclusion

In Sub-Saharan Africa and Latin America, respectively, 27% of unbanked people report they don’t have a bank account because they live too far away from the nearest bank. In South Asia that number is 21%. Fintech innovations such as mobile and agency banking help by putting services closer to the people who need them most, right in their hands or just around the corner.

Fintech innovation can also reduce costs for users. In Pakistan, for example, FIF is providing more than 300,000 people with a free-to-use mobile wallet they can use to make payments and money transfers. That makes finance more convenient and less costly in a country where only 21% of adults have a bank account.

FIF recognizes that access alone can’t achieve financial inclusion. Empowering people means giving them the tools necessary to benefit from the products and services available. In Zambia, FIF is equipping its banking agents to provide clients with information about information on financial literacy, consumer protection and the financial products best suited to their specific needs.

Agency Banking

FIF launched agency banking in Malawi and Nigeria in 2016. Fourteen of 20 subsidiaries overall and five out of six in Africa now have agency networks. Our largest agency network operates in the Democratic Republic of the Congo. In Zambia, 51% of total transactions are now processed by banking agents.

Credit Scoring

Thirteen subsidiaries are pursuing credit scoring, with initiatives launched in Ecuador, Tanzania and Uganda. FINCA Microfinance Bank Tanzania has partnered with First Access to implement credit scoring.

Mobile Apps and E-Wallets

Nine subsidiaries now offer mobile banking and e-wallet solutions. In 2017, FINCA Pakistan launched SimSim, a free-to-use e-wallet with more than 300,000 users. In 2018, FINCA DRC launched CLICK, a mobile banking solution for smartphone and USSD users.

Biometrics

FIF’s agency banking networks are powered by biometric fingerprint scans. Fingerprint scans allow clients to access their accounts without worrying about identity theft.
Mobile Banking

Mobile Banking

Mobile credit and savings products have been launched in DRC, Georgia, Pakistan and Tanzania.

Debit Cards

Debit cards have been introduced in Azerbaijan, Georgia and Uganda.

Online Banking

Online banking has been introduced in Georgia and Armenia.

Digital Field Automation

Digital Field Automation (DFA) allows client relationship officers to digitally receive and transmit loan application data. Powered by tablets, DFA allows for faster, more efficient loan processing. Seven FIF subsidiaries now use DFA.

SimSim, Pakistan’s First Free-to-Use E-Wallet:

https://youtu.be/hIuXDrVDnro