Financial Inclusion Year in Review 2024

As we get started on a new year year with fresh insights waiting to unfold, we took some time at FinDev to reflect on the highlights of 2024. Our global financial inclusion community was as active as ever, with hundreds of new publications and blog posts shared on our platform. Out of this impressive body of work, we have compiled a list of notable contributions from the past year which showed thought leadership, explored innovative ideas and approaches, challenged conventional thinking, offered practical guidance, and highlighted perspectives from regions in crisis.
The pieces we’ve listed below offer a snapshot of important issues and trends from 2024, but they represent just a fraction of the impactful publications released last year. We’d love to hear from you—are there specific publications, blogs, or events from organizations other than your own, that left a lasting impression on you or significantly influenced your work? Share them with us here, and let us know how or why they made an impact.
You can also explore our 2024 selections in Spanish and French.
Women and Equitable Growth in a Resource-Constrained World (Bill & Melinda Gates Foundation, Apr 2024)
This white paper marked a significant shift from recent thinking in the sector, making the case for reforming the international development finance architecture to build inclusive credit ecosystems that serve the needs of women. The paper, published as part of the Bill & Melinda Gates Foundation’s work on Women’s Economic Empowerment and Inclusive Financial Systems, prompted engaging discussions in the FinDev Webinar, Reassessing Microfinance as a Development Tool and the follow-up faiVLive, as well as an interview with lead author, Greta Bull, How Do We Reach 80 Million Women and Increase Their Incomes by 30%?
8 Billion Reasons: Inclusive Finance as a Catalyst for Climate Action (CGAP, Jun 2024)
This bold call to action addresses one of the most pressing issues for the sector and the world: climate change. By positioning financial inclusion within the climate action agenda, the paper broadens its relevance and illustrates how inclusive finance can help build resilience for people in low- and middle-income countries. Furthermore, its endorsement by influential leaders in development highlights its importance in shaping global discussions on financial inclusion and climate action.
Tackling Credit Fairness and Missed Business Opportunities with Reject Inference (Women’s World Banking, Apr 2024)
This report offers an innovative contribution to improving access to credit, particularly for women, by refining the "reject inference" method, which is used to identify creditworthy individuals who may have been mistakenly rejected by financial service providers. Using data science and AI, the paper enhances this approach, helping lenders improve the fairness of their credit assessments and reduce gender bias. The research is complemented by an online course and a Python toolkit to guide financial service providers in applying these techniques.
Intelligent Financial System: How AI Is Transforming Finance (Bank for International Settlements, Jun 2024)
This paper takes a big picture view of the evolution of the financial system over time, with AI being the most recent advancement in information processing to transform the sector. The authors explore how AI may impact four primary functions of the financial system (financial intermediation, insurance, asset management, and payments), as well as the implications for financial stability and prudential policy. This forward-thinking approach makes it an important contribution to understanding the broader implications of AI for the future of the financial industry.
Key Considerations for Open Finance (CGAP, Bank for International Settlements, International Monetary Fund (IMF), UNSGSA - UN Secretary General's Special Advocate, World Bank, Nov 2024)
The complexity involved in designing, implementing and operating open finance systems requires deep collaboration, commitment and alignment among multiple players. This paper represents an important step forward in high-level coordination to ensure that the implementation of open finance can contribute to deepening financial inclusion and improving financial services for underserved populations globally.
In Times of Crisis, Who Holds the Lifeline for Microfinance Institutions and Their Clients? (FinDev Blog, Jan 2024)
This FinDev Interview with Youssef Fawaz, Executive Director of the Lebanese MFI Al Majmoua, helped to shine light on the prolonged economic crisis in Lebanon and its impact on individuals and communities, as well as the microfinance institutions serving them. The conversation holds valuable lessons for the international development community on how to support institutions during crises, protect clients and ensure the sector remains resilient.
Rural Women and Financial Inclusion (FAO, Mar 2024)
This comprehensive toolkit provides practitioners with step-by-step, actionable guidance to help them reach more women in rural areas with financial services. It goes from start to finish, with tools to help FSPs identify existing barriers and potential entry points, best practices, case studies and gender-focused diagnostic guidance and tools – all aimed at increasing rural women’s financial inclusion.
What Win-Win Lost: Rethinking Microfinance Subsidy in the Past and Designing for the Future (Financial Access Initiative, Feb 2024)
This paper offers a critique of the "win-win" concept of microfinance—where lenders profit while serving low-income and excluded customers—and invites a re-examination of microfinance subsidies. It provides an insightful analysis of the lessons learned and presents new perspectives for designing more effective subsidy models, with the goal of enhancing the sustainability and impact of microfinance.
Financial Inclusion Compass 2024 (European Microfinance Platform, Jun 2024)
The annual Financial Inclusion Compass survey by e-MFP is an important contribution to understanding important trends in the financial inclusion sector. By gathering insights from key stakeholders, it provides valuable perspectives on emerging trends and challenges like the growing importance of digital services, financial literacy and cross-sector collaboration to address the challenges faced by underserved populations, including women and rural communities.
2022 Trends in International Funding for Financial Inclusion (CGAP, Mar 2024)
The 2022 Trends in International Funding for Financial Inclusion report by CGAP highlights critical shifts in funding priorities, helping to guide the sector’s strategies and investments. The report reveals an 8% increase in global funding driven by development finance institutions (DFIs) and a shift towards debt-based financing. It also underscores the rising integration of climate and gender considerations within financial inclusion projects, marking a significant shift in funders' priorities.
All of this without a word on what is arguably the largest financial incusion approach in the world, the half billion or so who are part of ROSCAS where they mobilize useful lumps of saving to move their lives forward in villages and markets around the world. These same ROSCAS used in immigrant communities are often the principal tool for taking care of daily needs given the volitility of their income initially and later for launching businesses, purchasing housing and more. See our book on immigrant ROSCAS published by Practical Action: "Backyard Bankers: Immigrants, Money Clubs and the Pursuit of the American Dream." Our projects show that with strategic nudging the leaders of existing ROSCAS organize and manage new ones where only a fifth to a half had ever been part of one of these groups. See, grassrootsfinanceaction.org
Thank you for your comment and for sharing your work. We'll keep it in mind when we compile the list of 2025 publications. We agree that savings groups are very important for financial inclusion. Do you have a recommendation for our readers for a publication that influenced your work in 2024?
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