Skip to main content

Posts

Showing posts from September, 2016

Digitizing Self-Help Groups in India

Recently featured on Center for Financial Inclusion Blog, this is a collaborative blogpost by Shreya Chatterjee, Senior Research Associate and Misha Sharma, Project Manager, IFMR LEAD.


Self-Help Groups and the Need for Digitization
Despite efforts from all quarters, 2 billion people globally are still excluded from formal sources of financial services. Digital financial inclusion has emerged as the new wave in the hope that it will reach the last mile consumer in the most convenient and affordable manner. In the context of India, digital financial inclusion is still a work in progress. As per the 2015 Financial Inclusion Insight survey, 49 percent of Indian adults are digitally included – i.e., they have digital access to a financial account. However, usage of these digital accounts remains debatable. Similarly, only 0.4 percent of adults in India use mobile money, primarily due to the key challenges of poor infrastructure and lack of financial know-how. The financial inclusion divide i…