CGAP awarded more than USD 600,000 to support five projects aimed at better understanding and serving the financial needs of poor customers. The projects will yield insights into the preferences and behaviors of unbanked and under-banked customers and how financial service providers can meet their needs. The CGAP Customers at the Center Financial Inclusion Research Fund, in partnership with The MasterCard Foundation awarded funds to: Freedom from Hunger, ideas42, IFMR Finance Foundation, Innovations for Poverty Action, and Microinsurance Centre. The selected projects cover diverse locations from Burkina Faso to India and Peru and involve issues ranging from resilience diaries among poor households to studying the impact of branchless banking agent networks.
Gerhard Coetzee, a Senior Financial Sector Specialist at CGAP said, “These projects will deepen our understanding of people’s financial needs, preferences, and behaviors in important ways. Insights from these projects have the potential to help us overcome obstacles to formal financial service access and use among the poor.”