Little more about it
The term “financial inclusion” has gained importance since the early 2000s, as a result of findings of financial exclusion and its direct correlation to poverty. Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society. With an estimated 2 billion working-age adults globally with no access to the types of formal financial services delivered by regulated financial institutions, Financial Inclusion is recognized as an important part of the mainstream thinking on economic development based on country leadership.
WH believes that Financial Inclusion promotes the public good and as such, financial services should be availed to the entire population without discrimination. To make this possible, WH creates innovative strategies based on practical research and active engagement with financial service providers, policy makers, and regulators. WH has a long track history in developing enabling environment to include and increase access to financial services for the underserved to improve their lives.
Our mission is to implement innovative solutions that promote responsible, sustainable, inclusive financial markets for the people that already are or may be affected by financial exclusion.
- Capacity Building
- Innovative Product Development
- Analysis of Regulatory Regime
- Drafting of New Banking/Financial Regulation or Law
- Review/Assessment of Current Financial Inclusion Practices While Providing Spot-on Recommendations
- Research on Financial Inclusion Status by Country
- Overseeing the Implementation of Financial Inclusion
- We believe financial exclusion was born not by design but by the evolution of the global financial services. An abundance of resources has been dedicated to research and policy making. WH focuses on implementing these policies by developing innovative solutions to focus areas that have been thus far serviced by organizations that provide market intel we could build on and further develop
- Addressing Customer Needs as chaired by Consultative Group to Assist the Poor (CGAP), allows us to deepen our understanding of client needs and then translate that knowledge into practice while expanding the range of financial services available to underserved markets.
- Following Technology-Enabled Business Models as chaired by Visa, Inc. analyzes the potential of new technology-intensive channels to reach new customers, lower operating costs, increase security, and diversify financial products available to low-income clients.
- Enhancing Financial Capability as chaired by Citibank, provides insight on the efforts undertaken to empower clients leading them to know their rights as consumers, and most importantly providing them with the skills, attitudes, aspirations, and confidence to exercise those rights.
- Promoting Client Protection as chaired by the Smart Campaign, outlines steps to deepen the implementation of client protection measures for the benefit of consumers and stability of markets.
- Delivering Credit Reporting as chaired by International Finance Corporation (IFC), promotes extending credit reporting systems in order to expand access for new clients while managing risk for financial institutions.
- WH views Financial Inclusion as being a movement that has to be perceived as a collective effort to broaden its expansion and effectiveness. While each nation should be leading such efforts at a policy level, and while different organizations are targeting different focus areas, WH has the expertise to build on the available resources and provide solutions at levels going from policy development and implementation to studying and answering consumer demand.
Access to Finance
WH provides Access to Finance advisory services that ultimately boost the availability and affordability of financial services for individuals, as well as micro, small and medium enterprises. In other words, we serve as links between our clients and end consumers helping the former provide broad-based financial services to individuals (such as credit, savings, payments and insurance products).
Our Access to Finance advisory services aim to:
- Improve the financial infrastructure in banking and non-banking financial institutions
- Improve the legal and regulatory framework to help develop and improve the enabling environment for increasing access to finance.
SMEs are central to local private sector development, a major driver of economic growth and are key builders of social infrastructure.
These businesses could generate up to 60% of jobs in developing and low-income countries depending on the level of economic development in each country. The jobs generated are suitable for semi-skilled and unskilled workers. More importantly, employment is a major driver of reduced conflict and social empowerment.
However, SMEs face numerous challenges in accessing the capital and support they require to start or grow successful and sustainable businesses. They are grossly under-serviced with few capable and experienced service providers and, as a result, are not making the economic and social contribution to their local communities and countries that SMEs make in developed markets.
WH’s SME development dedicated services aim to enhance:
- Dialogue and partnerships between the stakeholders (public sector, private sector and civil society) fostering ownership of strategies that are more implementable (by better addressing SME needs), politically credible, and sustainable.
- Access and integration into local, national, and global markets by implementing and reviewing supportive measures, particularly, those related to capacity building in executing institutions.
- Women’s ability to participate in SME as women account for an important share of private sector activity and contribute most to poverty reduction. We believe that gender dimensions need to be mainstreamed throughout SME development strategies and programs, with additional specific, targeted initiatives directed at critical roadblocks.