The Helix Institute of Digital Finance, a training and information institution for digital financial services has said it will launch in Nairobi this November to help digital finance practitioners increase efficiency, improve profits, and extend financial services to low-income and rural communities globally.
The institute has partnered with the Gates Foundation, the World Bank’s International Finance Corporation, the UN Capital Development Fund (UNCDF) and MicroSave, a global financial inclusion consulting firm.
The institute is targeting mobile network operators, banks, financial institutions and third party providers seeking to increase the efficiency and impact of their digital financial services. Helix will on November 18th-22nd in Nairobi train attendees on AGENT NETWORK MANAGEMENT, ‘Risk & Fraud Management’, ‘Data Analytics’ and ‘Behavioral Science for Product Design’.
The aim of the training is to extend the reach of formal financial services to include the very poor living in the most remote areas of the developing world. According to a World Bank global survey, three quarters of the world’s poor still have no access to a bank account.
The problem is the high cost of secure and reliable financial services, particularly in inaccessible rural areas. The solution is already out there argued Bill Gates at the Alliance for Financial Inclusion Forum this September, “Digital can lower the cost of a range of transactions by as much as 90%, providing nearly universal access to innovative financial products and services”.
But, then why have these digital solutions not reached the world’s population who earn less than $2 a day and have the greatest need for efficient tools for managing the little money they have?
Some countries have pioneered this solution. Kenya’s M-PESA mobile money product has demonstrated its utility subscribing 75% adults, and similar services in Tanzania and Bangladesh are also showing great promise. However, the majority of digital finance providers have failed to emulate this success. The secret seems to be the ability to copycat selected best practices, while listening intently to local market demands. See course outline for details.