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Microfinance is a of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; microinsurance; and payment systems, among other services. Microfinance services are designed to reach excluded customers, usually poorer population segments, possibly socially marginalized, or geographically more isolated, and to help them become self-sufficient. ID Ghana is an example of a microfinance institution.
Alternative financial services in the United States refers to a particular type of financial service, namely subprime or near-prime lending by non-bank financial institutions. This branch of the financial services industry is more extensive in the United States than in some other countries, because the major banks in the U.S. are less willing to lend to people with marginal credit ratings than their counterparts in many other countries. Examples of these companies include Springleaf, Duvera Financial, Inc., Lendmark Financial Services, Inc., HSBC Finance, Citigroup, Wells Fargo, and Monterey Financial Services, Inc. The more generic name "consumer finance" is also used, although more properly this term applies to financing for any type of consumer.
Community development bank (CDB) or Community Development Financial Institution (CDFI) is a development bank or credit union that focus on serving people who have been locked out of the traditional financial systems such as the unbanked or underbanked in deprived local communities. They emphasize the long term development of communities and provide loans such as micro-finance or venture capital.
The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks.
A community development financial institution (US) or community development finance institution (UK) - abbreviated in both cases to CDFI - is a financial institution that provides credit and financial services to underserved markets and populations, primarily in the USA but also in the UK. A CDFI may be a community development bank, a community development credit union (CDCU), a community development loan fund (CDLF), a community development venture capital fund (CDVC), a microenterprise development loan fund, or a community development corporation.
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Mobile banking is dependent on the availability of an internet or data connection to the mobile device.
Acumen is a nonprofit impact investment fund based in the U.S. that focuses on investing in social enterprises that serve low-income individuals. Acumen was founded in April 2001 by Jacqueline Novogratz. It aims to demonstrate that small amounts of philanthropic capital, combined with business acumen, can result in thriving enterprises that serve vast numbers of the poor. Over the years, Acumen has invested $154.4 million in 167 companies and has had a successful track record in sourcing and executing investment opportunities in the clean energy, education, financial inclusion, health care and agriculture sectors.
Financial deepening is a term used by economists to refer to increasing provision of financial services. It can refer both a wider choice of services and better access for different socioeconomic groups. Financial deepening can have an effect on both individuals' and societies' economic situations.
ShoreBank was a community development bank founded and headquartered in Chicago. At the time of its closing it was the oldest and largest such institution, and in 2008 had $2.6 billion in assets. It was owned by ShoreBank Corporation, a regulated bank holding company.
The Filene Research Institute is an American credit union and consumer finance think tank headquartered in Madison, Wisconsin.
The underbanked is a characteristic describing people or organizations who do not have sufficient access to mainstream financial services and products typically offered by retail banks and thus often deprived of banking services such as credit cards or loans. The underbanked can be characterized by a strong reliance on non-traditional forms of finance and micro-finance often associated with disadvantaged and the poor, such as cheque cashers, loan sharks and pawnbrokers.
Financial inclusion is the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and services which include banking, loan, equity, and insurance products. It is a path to enhance inclusiveness in economic growth by enabling the unbanked population to access the means for savings, investment, and insurance towards improving household income and reducing income inequality
In economic policy, alternative data refers to the inclusion of non-financial payment reporting data in credit files, such as telecom and energy utility payments.
The unbanked are adults who do not have their own bank accounts. Along with the underbanked, they may rely on alternative financial services for their financial needs, where these are available.
Innovations for Poverty Action (IPA) is an American non-profit research and policy organization founded in 2002 by economist Dean Karlan. Since its foundation, IPA has worked with over 400 leading academics to conduct over 900 evaluations in 52 countries. The organization also manages the Poverty Probability Index.
The Support Center is a not-for-profit organization and a community development financial institution(CDFI), based in Raleigh, North Carolina. It is a statewide nonprofit that partners with Community Development Credit Unions (CDCUs) and community-based organizations to provide small business and mortgage lending services to its members; and to provide training, grants, and loans to create economic opportunities for individuals, families, and communities in underserved markets.
The Alliance for Financial Inclusion (AFI) is a policy leadership alliance owned and led by member central banks and financial regulatory in developing countries with the objective of advancing financial inclusion.
The California Department of Financial Protection and Innovation regulates a variety of financial services, businesses, products, and professionals. The department operates under the California Business, Consumer Services and Housing Agency.
Bandhan Bank Ltd. is a banking and financial services company, headquartered in Kolkata. Bandhan Bank is present in 35 out of 36 states and union territories of India, with 6,297 banking outlets and 3.36 crore customers. Having received the universal banking licence from the Reserve Bank of India, Bandhan Bank started operations on August 23, 2015, with 501 branches, 50 ATMs and 2,022 Banking Units (BUs). The Bank has mobilised deposits of ₹1,35,202 crore and its total advances stand at ₹1,24,721 crore as of March 31, 2024.
bKash is a mobile financial service (MFS) in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank PLC. This mobile financial service company started as a joint venture between BRAC Bank Limited, and Money in Motion LLC. As a mobile financial service (MFS) provider in Bangladesh, bKash users can transfer money into their mobile accounts and then access a range of services. In particular, transferring and receiving money domestically and making payments. Services like mobile recharge prepaid and postpaid package internet service Value Added Service Customer Service or paying utility bills are also possible through bKash USSD (*247#) and bKash App. A user can receive remittance on bKash. In November 2021, bKash became the first ever unicorn startup company in Bangladesh. In May 2023, bKash became the regional sponsors of the Argentina Football Association.
References
- ↑ "From Unbanked to Homeowner: Improving the Supply of Financial Services for Low-Income, Low-Asset Customers | Joint Center for Housing Studies". jchs.harvard.edu. 2004-02-04. Retrieved 2024-06-15.
- ↑ "20th Anniversary -". Financial Health Network. Retrieved 2024-06-15.
- ↑ "Why do people use higher-cost alternative financial services? Answers vary | the Daily Gazette". 2 March 2008.
- ↑ http://findarticles.com/p/articles/mi_m0EIN/is_2005_Sept_20/ai_n15398514 [ bare URL ]
- ↑ "The Center for Financial Services Innovation (CFSI) Nonprofit Opportunities Fund — Social Edge". Archived from the original on 2008-03-25. Retrieved 2008-03-24.
- ↑ "CFSI Announces Grant Opportunities for Nonprofit Organizations | Reuters". Reuters . Archived from the original on 2012-09-08. Retrieved 2017-06-30.
- ↑ "Payments News: CFSI Releases New Research on Mobile Banking and the Underbanked - April 30, 2007". Archived from the original on 2008-07-18. Retrieved 2008-03-24.
- ↑ "CFSI Releases 'Highlights from the Inaugural Underbanked Financial Services Forum' News - CFSI Releases 'Highlights from the Inaugural Underbanked Financial Services Forum' Industry News". Archived from the original on 2009-01-09. Retrieved 2008-03-24.
- ↑ Candid. "Center for Financial Services Innovation Awards $2.5 Million". Philanthropy News Digest (PND). Retrieved 2024-06-15.