FINANCIAL INCLUSION

Physical access to financial institutions is a major constraint for low-income populations.
WOCCU is developing solutions to address the proximity challenge.
 

What We Do

A look at our different interventions
ECOSYSTEM LEVEL:
Catalyzing Markets

A systems approach
READ MORE →

A systems approach
READ MORE →

CONSUMER LEVEL:
Field Officer Banking

Combining tech & finance to create convenience
READ MORE →

Combining tech & finance to create convenience
READ MORE →

INSTITUTION LEVEL:
Shared IT Systems

Innovative solutions to the high cost of tech & high customer demand
READ MORE →

Innovative solutions to the high cost of tech & high customer demand
READ MORE →

 

ECOSYSTEM LEVEL

Catalyzing the Market
Understanding the need for rapid assistance to Peru and Ecuador, the WOCCU Economic Inclusion Project, with funding from the United States Agency for International Development (USAID), is implementing an ambitious and innovative approach aimed at providing economic opportunities and financial services to assist both Venezuelan migrants and refugees and their host communities, particularly in Lima, Peru, and Quito and Guayaquil, Ecuador. During phase one of the Economic Inclusion Project (EIP), initiated in June 2020, 109,679 individuals obtained formal financial services and 15,120 individuals received financial education and literacy training.

YoDecido and HOPE

YoDecido and HOPE

Digital financial inclusion tools

ENKO

ENKO

Helping entrepreneurs manage their finances

CONSUMER LEVEL

Field Officer Banking 
WOCCU’s partner financial institutions deploy field officers that travel by motorbike to hard-to-reach villages, bringing financial services through smartphones. The field officers form small groups and meet in person with members to collect deposits, loan applications and payments, and sign up new members. Because of this direct contact, previously unbanked individuals become more trusting of financial institutions and begin to access finance and savings. In Mexico, 54 credit unions with 235 points of service (POS) in 22 Mexican states are implementing field officer banking. These financial institutions brought financial services to more than 250,000 marginalized people within three years, which surpassed the program’s target of 15% market penetration.

In Colombia, the field officer banking model has brought affordable and convenient financial services to more than 253,000 low-income, unbanked people, including Afro-Colombians, indigenous groups, farmers, displaced people, and small and medium enterprises in rural and underserved areas.

Mexico

Mexico

Colombia

Colombia

CDP program

CDP program

Using Mobile Tech

Using Mobile Tech

to Expand Financial Inclusion

 

INSTITUTIONAL LEVEL

Shared IT Systems
Shared networking solutions enable financial institutions to improve their business processes and operations, allowing them to improve product and service delivery to their customers. This includes shared branching, core banking services (software hosting) and payment platforms.

In Haiti, we provided a grant to KOTELAM, a 73,243-member credit union, which enabled them to support critical IT upgrades needed to offer increase point-of-service options for current and potential customers. The grant was used to interconnect all their branches which enabled KOTELAM to provide real-time processing and expanded members services.

In Kenya, WOCCU is working with financial institutions to develop ICT solutions for reaching down-market, which will expand the outreach of financial institutions, reduce the cost of providing financial services to the poor, and create more innovative delivery vehicles for improving access to financial services and market information in rural areas. As of June 2017, all seven participating credit unions were using external providers for automated telling machines (ATMs) and mobile banking channels to reach more members.

Kenya programming

Kenya programming

Colombia programming

Colombia programming

Bolivia programming

Bolivia programming

Mexico programming

Mexico programming