Mapping Regulatory Behavioral Biases to Innovation in Financial Services

Mapping Regulatory Behavioral Biases to Innovation in Financial Services

By Joseph Lutwama and Kim Kariuki

Technology advancements in the last two decades have resulted in a chain reaction of innovations in financial services never experienced in this generation. Whereas previously financial services would only be accessed in big, tall and intimidating bank branches, now a financial transaction can be completed in just under a minute without stepping into a bank branch or even talking to a banking relationship manager across the counter.

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Report on Banking and the Status of Financial Inclusion in Uganda

Report on Banking and the Status of Financial Inclusion in Uganda

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    This report aims to give an overview of the Ugandan banking sector and the potential opportunities that exist to increase the banked population. The information generated by the FinScope Uganda survey, conducted in 2018, provides the basis for this report’s analysis.

    Information presented in all tables and figures are obtained from analysis of FinScope 2018 dataset.

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    Finscope Uganda 2018: Banking & Financial Inclusion Infographics

    Finscope Uganda 2018: Banking & Financial Inclusion Infographics

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    Report on Informal Financial Inclusion in Uganda

    Report on Informal Financial Inclusion in Uganda

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      Efforts to increase formal financial inclusion in Uganda are faced with significant challenges which are both supply and demand side in nature.

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      Analysis of status of financial inclusion for women and youth in Uganda

      Analysis of status of financial inclusion for women and youth in Uganda

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        Money management, planning and the safe building of assets are core components of a larger set of economic and social skills needed to achieve a sustainable livelihood. In recent years, there has been a growing recognition of the obstacles women and young adults face in developing these abilities. Financial service providers (FSPs), however, are still failing to meet the needs of these sections of society. In the process, they are missing out on the potential benefits of developing the female and young adult economy.

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        Report on Uptake of Insurance Services in Uganda 2018

        Report on Uptake of Insurance Services in Uganda 2018

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          The findings of the FinScope survey conducted in 2018 show that formal insurance uptake in Uganda is at 1%. Current insurance penetration in Uganda is also estimated at 1%. The low level of formal insurance uptake is attributable to public mistrust, low public awareness and a narrow insurance product range – especially for low income earners.

          Uptake of formal insurance was 6% in Kenya, 9% in Rwanda and 15% in Tanzania. This means that uptake of formal insurance in Uganda is the lowest in the region.

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          Rethinking Insurance uptake in Uganda: Why legacy models aren’t enough

          Rethinking Insurance uptake in Uganda: Why legacy models aren’t enough

          By Joel Muhumuza(FSDU) and Protazio Sande(IRA)

          It’s midnight and Muzeeyi Bizibu and his wife are meant to be asleep because they have to wake up at 5am to go to work. However, Muzeeyi Bizibu’s chest is yet again bothering him. He can’t seem to breathe well and is having coughing fits. It might be pneumonia.

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          Insurance Innovation: Needs, Gaps and Opportunities

          Insurance Innovation: Needs, Gaps and Opportunities

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            Presentation at the Innovation Forum and FSDU Insurance Challenge Fund Launch – Kampala, 10 December 2018.

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            Finscope Uganda 2018: Informal Financial Inclusion Infographics

            Finscope Uganda 2018: Informal Financial Inclusion Infographics

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            Finscope Uganda 2018: Gender and Financial Inclusion Infographics

            Finscope Uganda 2018: Gender and Financial Inclusion Infographics

             

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            Digital Payments and Identity: Laying the Rails for an Inclusive Economy

            Digital Payments and Identity: Laying the Rails for an Inclusive Economy

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            Leveraging (Alternative) Data To Deliver Efficiencies In Credit Extension

            Leveraging (Alternative) Data To Deliver Efficiencies In Credit Extension

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            FinTech in Uganda: Implications For Regulation

            FinTech in Uganda: Implications For Regulation

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              FinTech holds great potential for both financial inclusion and economic development in a wider sense. Digital financial solutions have been expanding access and reach to consumers, especially the unbanked and under-banked. They have been significantly lowering the costs of providing financial services, making it possible to serve the base of the pyramid in a more profitable way. Fintechs have also enabled new business models that offer expanded services to customers and continue to generate new revenue streams for financial service providers.

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              Solar Energy Lighting Up The Way To Financial Inclusion

              Solar Energy Lighting Up The Way To Financial Inclusion

              By Peter Kawumi (Former Manager Competitive Strategies)

              Increased access to solar energy by rural households and small businesses will drive demand for formal credit in the developing world.

              Off-grid solar energy solutions are taking off. For the over 1 billion people living without electricity, the ability to use technology to access cleaner energy over time can be life-transforming. In sub-Saharan Africa, most people lack access to electricity. This limits their opportunities to education, business growth and presents significant health risks. Grid electricity remains an expensive resource for many – especially the rural poor.

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              FinScope 2018: The case for a deeper and more inclusive financial sector in Uganda

              FinScope 2018: The case for a deeper and more inclusive financial sector in Uganda

              The FinScope Survey is often conducted to respond to a lack of information regarding the need for financial services. The study is designed to determine how individuals 16 years or older (i.e. adults) manage their money and the extent to which they use financial services to do so. The study also enhances monitoring changes in levels of financial inclusion over time. The 2018 FinScope survey was conducted in 316 Enumeration Areas, and 3002 adults responded. The weighted FinScope data represents an adult population of 18.6 million Ugandans.

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              How sandboxes can help the rural poor borrow, contribute to growth

              How sandboxes can help the rural poor borrow, contribute to growth

              According to Uganda’s National Household Survey 2016-2017, eight out of every 10 Ugandans reside in rural areas, with the majority engaged in agriculture, while those living in urban areas are mostly involved in the trade and service sectors.

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