Philippines: Grameen Foundation and ideas42 Launch Partnership to Expand Financial Inclusion

Date: 
22 Apr 2016
Source: 
Marketwired

Grameen Foundation and ideas42 have launched a new partnership to support financial inclusion in the Philippines using principles from behavioral science and innovations in digital financial services using mobile phones. The initiative, funded by JPMorgan Chase Foundation, aims to reach thousands of people identified in the low-income bracket throughout the country.

The initiative aligns with the National Strategy for Financial Inclusion launched in 2015 and builds on the success of previous programs designed to address the problems of access to and continued usage of financial products using principles from behavioral science. With research indicating that only 43 percent of adults in the Philippines have formal savings accounts, and even fewer have access to the means necessary to make regular payments, consumers encounter multiple bottlenecks preventing them from successfully following through on their intentions to open and use savings accounts and other beneficial financial services.

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Country: 
Philippines