Karandaaz Pakistan and InterMedia Jointly Launched Financial Inclusion Insights Survey, Wave II Report
Karandaaz Pakistan and InterMedia jointly launched the Financial Inclusion Insights (FII) Survey, Wave II Report. This survey was developed in response to the need identified by multiple stakeholders for timely, demand-side data and practical insights into digital financial services (DFS), including mobile money, and the potential for their expanded use among the poor. Based on over 6000 interviews carried out in 2014 with adults aged 15 and over, the report aims to provide actionable, forward-looking insights to support product and service development, and delivery. Besides Pakistan, the FII Survey is conducted in India, Bangladesh, Indonesia, Kenya, Tanzania, Uganda and Nigeria.
The 2015 Pakistan FII report tracks access to and demand for financial services including DFS; measures adoption and use of DFS among key target groups; identifies drivers and barriers to further adoption of DFS; and evaluates the agent experience. The report reveals that while Pakistan’s financial inclusion numbers remain lower than those of neighboring countries, there are clear areas of action. Only 68% of those interviewed understood the concept of mobile money, and of these even fewer could identify the full range of services accessible via mobile money – raising awareness about mobile money could thus help increase account adoption. The report further highlights that structural issues such as the gender gap in mobile phone ownership (29% of female respondents reported owning a mobile phone, compared to 77% of male respondents) are clear barriers to DFS use and must be overcome to spur progress.
The event commenced with a welcome address by Mr. Imdad Aslam, CEO of Karandaaz Pakistan, who elaborated Karandaaz’s mission to disseminate critical Financial Inclusion information from various data sets to the market in a timely manner. The keynote address was delivered by Mr. Greg Chen, Senior Financial Sector Specialist at the Consultative Group to Assist the Poor (CGAP), who emphasized that while organizations tend to focus on topline numbers, financial inclusion is about more than just creating access (points of service within reach), or increasing the number of accounts. It is about creating sustained usage (active engagement with multiple services) which can only happen when consumers have a clear value proposition. Building on this point, the CEO and President of InterMedia, Dr. Christopher Fleury said that financial inclusion is about giving financial tools to disadvantaged people so that they can decrease their financial vulnerability and truly transform their lives.
After a comprehensive presentation on the FII data set by Imran Khan, Research Manager Pakistan at InterMedia, a moderated panel discussion and Q&A session took place. In general, there was consensus that while there may be value in standardizing the definition of financial inclusion, diversity allows for different insights to be generated out of different works. The panel also agreed that while different organizations have varying incentives, pushing for financial inclusion is a universal goal that will help institutions improve their bottom line. During the Q&A session with the audience it became clear that there is a lot of optimism around Pakistan’s financial inclusion future. Advances like 3G/4G have created a solid infrastructure base which DFS institutions can build on, and there is a lot of room for collaboration between existing industries, particularly microfinance, and providers.
The report is available at: http://finclusion.org/wp-content/uploads/2014/04/InterMedia-FII-Pakistan-Wave-2-Wave-Report1.pdf
InterMedia is a global research consultancy that partners with mission-driven organizations seeking to make an impact in people’s lives around the world. InterMedia offers a full range of research and analysis, consulting, and fieldwork management and training services to strengthen development initiatives, measure social investments and enhance consumer engagement. Through quantitative and qualitative research and mixed-method evaluations, InterMedia has engaged over 2 million respondents in more than 120 countries.