Tuesday, 08 January 2019 12.36PM / Proshare Foundation
Proshare Foundation, as part of efforts to deepen financial inclusion in Nigeria recently signed a memorandum of understanding with the Center for Financial Services Innovation (CFSI), the authority on consumer financial health in the United States.
The MOU will provide an avenue for Nigeria through Proshare foundation to leverage on the capacity of CFSI to improve the financial health of consumers with a focus on underserved and financially struggling communities.
Recently, the EFINA 2018 Financial report showed that Nigeria’s Adult financial exclusion rate is 36.8%, while 58.4% are financially served. This partnership is an opportunity to scale Nigeria’s target of achieving a 20% adult financial exclusion rate, with a broad service delivery in the rural areas
Through the MOU, Proshare Foundation and CFSI seek to help the Nigerian financial market understand the customers that they serve in the development of products and services that will cater and capture the unbanked in the ecosystem.
The collaboration between Proshare Foundation and CFSI will also achieve the development of a special research work that will present an understanding of the specific financial health challenges facing Nigerians.
To this effect, a stakeholder forum will be holding in Q1, 2019 to create more awareness and sensitization about the research work and the support required.
The planned Proshare Foundation-CFSI research project on financial inclusion has four (4) phases namely;
The Center for Financial Services Innovation (CFSI) is the nation’s authority on consumer financial health. CFSI leads a network of financial services innovators committed to building a more robust financial services marketplace with higher quality products and services, specifically for those who are struggling. Through its Compass Principles and a lineup of proprietary research, insights, and events, CFSI informs, advises, and connects members of its network to seed the innovation that will transform the financial services landscape. For more on CFSI, go to www.cfsinnovation.org and follow on Twitter at @CFSInnovation.
About Proshare Foundation
Proshare Foundation is a non-governmental organization set up to develop innovative solutions through practical research and active engagement with financial service providers, policy makers, innovators and funders to enable approaches at scale; working with and through partners like CFSI. For more on the Proshare Foundation, go to http://prosharefoundation.com/ and follow on Twitter at @proshareFDN.
For further enquiries, kindly contact the Executive Director via firstname.lastname@example.org
Related Links On Financial Health
5. Measuring Financial Health: Not as Easy as It Looks - CGAP