Financial Inclusion:
Bringing Opportunity
to 3 Billion People


The Poverty Trap

Around 3 billion people do not have access to even the most basic financial service that we take for granted, like an account, credit or insurance. It is almost impossible for people to get out of poverty when everything has to be done in physical cash.

"For three billion people, the global financial system is a complete failure." - Michael Schlein, CEO of Accion.

The world is changing - Mobile Money

Almost everyone in developing countries now has a cell phone, and most have available to them some kind of Mobile Money account accessible on that phone. For the first time they are able to keep their money safe from theft, are able to pay a couple of bills, and might be able to send money to family or friends.

Unfortunately these accounts have limited use, and most transactions are still done in cash.

Challenges

Reach

People can only send money electronically to others who have an account with the same mobile company.

Limited Reach

If all mobile money providers and conventional banks were connected together, anyone could easily send money to anyone else, including payroll and paying bills.

Unlimited Reach

Purchases

It’s not possible to make tiny purchases electronically, so cash is used for almost everything.

Physical Cash

If tiny purchases were able to be made cheaply and easily electronically, then everything could be done electronically, and there would no longer be a need for physical cash.

Electronic Economy

Other Services

Access to other financial services like micro-credit and insurance are costly, if available at all.

Difficult to get

If other financial services like micro-credit and insurance were available electronically, these services would be available to more people at a lower cost.

Available

Missing: Interoperability

What’s missing is interoperability: the connecting of different systems together so that transactions can happen between anyone regardless of where their accounts are held.

The Mobile Money providers must be connected together, and then also to conventional Banks, to facilitate: sending funds, payroll, bill payments, and micro-purchases.

Ideally, this interoperability infrastructure would also integrate other organizations offering other services, for example governments, lenders, utilities, and insurers.

Clear Purchase

New Financial Infrastructure for Developing Countries

We are building new Financial Infrastructure for Developing Countries, specifically intended for the poorest people on this planet.

The Clear Purchase system is a Switch to which each Mobile Money provider and conventional Bank can connect. With a single connection they will each be connected to every other organization on the network, and able to offer more services to their existing customers. Initially this will include Funds Transfers, Payroll, Bill Pay and Purchases.

Financial Infrastructure

This is a unique industry with unique challenges and requirements.

Any interoperability system that processes financial transactions must consider a wide range of system as well as legal challenges, including things like system availablility, transaction integrity, transaction liability, dispute resolution and fraud prevention.

It is also necessary to integrate with existing financial infrastructure in each country, and follow all appropriate regulations.

Our team has the necessary experience.

Developing Countries

Most importantly we must understand the specific way of life as well as challenges of the poorest people in each country. There is no point offering services that no one will use.

We must also consider the different types of financial organizations that would use this infrastructure, with different types of customers and difereing services.

Finally, we must be able to reach the right organizations in each country, with the right offering, in order to make this hapen.

Building the right partnerships.

Micro-Lenders:

"We will be able to lend more money
to more people for a lower interest rate."