In this guide, we will explore how companies can launch Environmental, Social, and Governance (ESG) and Corporate Social Responsibility (CSR) initiatives to promote Financial Inclusion. Whether operating in the financial sector or other industries, companies can leverage various financial inclusion projects to align with the investor mandates, board requirements, or government entities.
๐จ๐ป๐ฑ๐ฒ๐ฟ๐๐๐ฎ๐ป๐ฑ๐ถ๐ป๐ด ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ป๐ฐ๐น๐๐๐ถ๐ผ๐ป:
It ensures access and usage to affordable financial products and services for individuals and businesses. According to the World Bank’s Global Findex 2021 Survey, only 71% of adults in emerging markets had a bank account, compared with 96% in high-income economies.
Specific examples of barriers:
* Living in rural areas limits access to opening a bank account.
* Existing health blocks access to buy insurance.
* Low-income individuals are not lucrative clients for investment firms.
* Small business facing challenges in securing a loan.
๐ช๐ต๐ฎ๐ ๐ฎ๐ฏ๐ผ๐๐ ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ถ๐๐ฒ๐ฟ๐ฎ๐ฐ๐?
Once people have access to financial products, financial education helps them make rational decisions in using these services. Programs that equip individuals with essential financial knowledge and skills will eventually enhance financial literacy. Based on research, a lack of financial literacy may lead individuals to incur higher fees, save less, accumulate larger debts, and be more vulnerable to financial scams.
๐๐ถ๐ป๐ธ๐ถ๐ป๐ด ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ป๐ฐ๐น๐๐๐ถ๐ผ๐ป ๐๐ผ ๐๐ฆ๐ ๐ฎ๐ป๐ฑ ๐๐ฆ๐ฅ ๐ถ๐ป๐ถ๐๐ถ๐ฎ๐๐ถ๐๐ฒ๐
Businesses can integrate Financial Inclusion goals with ESG and CSR strategies to foster sustainable practices. Aligning with financial inclusion objectives not only benefits society but also strengthens relationships with clients and communities. Financial entities and non-financial corporations can contribute to advancing Financial Inclusion through tailored products, financial education programs, and community initiatives. Further details can be read here: http://surl.li/jpiipl
๐๐ฐ๐๐ถ๐๐ถ๐๐ถ๐ฒ๐ ๐ณ๐ผ๐ฟ ๐๐๐๐ถ๐ป๐ฒ๐๐๐ฒ๐ ๐๐ผ ๐๐ผ๐ป๐๐ถ๐ฑ๐ฒ๐ฟ
I. Financial entities:
* Educating clients on financial planning, increasing product adoption.
* Creating financial content, social impact communication campaigns.
* Promoting financial health and well-being for employees through D&I and Employee Engagement.
* Conducting Train the Trainers programs on finance career development and life skills.
II. Non-financial companies can support financial inclusion by engaging in initiatives such as employee financial well-being programs, social impact sponsorships, employee volunteer programs, partnerships with NPO/NGOs who are actively in the Financial Inclusion space.
๐๐บ๐ฝ๐ฟ๐ผ๐๐ถ๐ป๐ด ๐ฅ๐ฒ๐น๐ฎ๐๐ถ๐ผ๐ป๐๐ต๐ถ๐ฝ๐ ๐๐ถ๐๐ต ๐๐น๐ถ๐ฒ๐ป๐๐ ๐ฎ๐ป๐ฑ ๐๐บ๐ฝ๐น๐ผ๐๐ฒ๐ฒ๐
๐๐น๐ถ๐ฒ๐ป๐๐: Implement client education programs on money skills and planning to boost product adoption and retention for financial entities. This will foster stronger client relationships and positively impact the bottom line.
๐๐บ๐ฝ๐น๐ผ๐๐ฒ๐ฒ๐: ‘Financial Wellbeing’ workshops to enhance Employee Engagement, Lunch & Learn, and Diversity & Inclusion efforts.
๐๐ผ๐บ๐บ๐๐ป๐ถ๐๐: Educate communities on basic money skills through staff-led โTrain the Trainersโ programs before launching university tours.
๐ ๐ฐ๐ฎ๐๐ฒ ๐ฒ๐ ๐ฎ๐บ๐ฝ๐น๐ฒ ๐ผ๐ณ ๐ผ๐๐ฟ ๐ฐ๐น๐ถ๐ฒ๐ป๐ ๐น๐ฎ๐๐ป๐ฐ๐ต๐ถ๐ป๐ด ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐ป๐ฐ๐น๐๐๐ถ๐ผ๐ป
Money With Mina provided services to MO Money, a fintech company which is dedicated to championing financial inclusion and well-being for all. There are four (4) strategic approach includes:
– Increasing awareness and understanding of financial inclusion among internal staff.
– Integrating financial inclusion into key functions and messages.
– Aligning all functions within MO Money with the vision to promote financial inclusion.
– Consistently showcasing MO Money’s proud efforts in financial inclusion in all external communication and pitches.
Through these focused efforts, MO Money has demonstrated itself as a pioneer in the realm of Financial Inclusion, setting a new standard for industry excellence and social impact.
๐๐ผ๐ป๐ฐ๐น๐๐๐ถ๐ผ๐ป
Ready to drive meaningful change and foster financial inclusion within your organization? Partner with us today to empower your team, integrate financial inclusion into your operations, and showcase your commitment to a more inclusive financial landscape.
#ESG #CSR #FinancialInclusion #FinancialLiteracy #Community #Sustainability #SocialImpacts #MoneyWithMina #MinaChung #AnTamTaiChinh