info session on brac innovation fund challenge
DESCRIPTION
This presentation describes BRAC's Innovation Fund for Digital Financial Services challenge, which is crowdsourcing ideas about the ideas for how mobile money can be used to better serve the poor, decrease costs, and improve organizational efficiency. Up to six of the most promising ideas will be selected and implemented at BRAC in 2014.TRANSCRIPT
![Page 1: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/1.jpg)
www.brac.net
Freedom from cash
BRAC Social Innovation Lab
5 March, 2014
![Page 2: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/2.jpg)
www.brac.net
Wardak Province, Afghanistan
Photo: New York Times Read the full story
![Page 3: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/3.jpg)
www.brac.net
“Send money home”
![Page 4: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/4.jpg)
www.brac.net
Video
![Page 5: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/5.jpg)
www.brac.netLink: http://bkash.com/media-center/videos/stories
![Page 6: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/6.jpg)
www.brac.net
Financial Inclusion
2.6 billion people live on less than $2 per day.
78% do not have a bank account.
![Page 7: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/7.jpg)
www.brac.net
Exclusion can mean…..
• No safe place to keep savings; high reliance on informal tools
• Lack of control over finances• Difficulty transferring, especially over long
distances• No credit profile• Limited scope for add-on services
(reminders, etc.)
![Page 8: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/8.jpg)
www.brac.net
more than 1 billion underserved people have access to mobile phones
84 countries developing and emerging markets now have mobile money services.
In 9 countries, more people have mobile money accounts than bank
accounts
in June 2013, there were over 60 million ACTIVE mobile money accounts GLOBALLY.
![Page 9: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/9.jpg)
www.brac.net
Government schemes and social protections (Philippines, Fiji, Pakistan, Mexico)
Salary, staff incentives, etc. (Tanzania, Kenya)
Improving existing models
![Page 10: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/10.jpg)
www.brac.net
Cashless microfinance (Kenya)
Pay-as-you-go schools (Kenya)
Self-serve, paid water dispensers (India)
New opportunities
![Page 11: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/11.jpg)
www.brac.net
Common Challenges
• Agent network• Client trust and familiarity• Organizational adoption of digital financial
practices• Effective regulation
![Page 12: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/12.jpg)
www.brac.net
The opportunity in Bangladesh• 110 million cell
phone users• Only 40% of the
population banked• Fastest growing
mobile money market in the world
Number of
registered
mobile money clients
grew by
266% in 2013
![Page 13: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/13.jpg)
www.brac.net
What else?
![Page 14: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/14.jpg)
www.brac.net
Increase the adoption of digital financial services at
BRAC, particularly in service delivery
Contribute to the global discourse on digital financial services
Increase the adoption of digital financial services by BRAC’s clients
BRAC Innovation Fund for Digital Financial Services
![Page 15: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/15.jpg)
www.brac.net
Mobile money in Bangladesh
Chars Livelihoods ProgrammeTransferring stipends for asset
transfer programme to 6,500 participants
BRAC Microfinance Programme
Collecting monthly savings from clients
using bKash from over 1,200 clients
![Page 16: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/16.jpg)
www.brac.net
Potential benefits to BRAC
• Reduction of manual data entry• Real-time, accurate information• Fewer security risks for staff and branches• Less scope for misappropriation• Potential reduction of transport costs• New types of products and programmes
![Page 17: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/17.jpg)
www.brac.net
BRAC Innovation Fund for Digital Financial Services
•Scanning and learning from others
•Frugal Innovation Forum: Scaling Digitally
•First round of projects selection
•Implementation!!
DISSEMINATION
![Page 18: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/18.jpg)
www.brac.net
Idea selection process
Funded Projects
Final selection by judges
Proposal submissio
n
Online idea
challenge
![Page 19: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/19.jpg)
www.brac.net
We are looking for ideas that..
►Include the use of mobile money
►Either transition from cash to mobile money, or design a new product and/or service that is enabled through the use of mobile money
►Can be implemented within a year
►Have the potential to be sustained at scale beyond the terms of the project
►Is likely to influence and motivate higher adoption of mobile money by clients or BRAC
►Request under $100,000 (preferred)
![Page 20: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/20.jpg)
www.brac.net
Competition timeline
16 MarchOnline
competition begins
10 AprilOnline
competition closes
20 April
Proposals requested
for promising
ideas
10 May
Last day to submit
full proposal
31 May
Selected pilots will
be announced
01 JunePilots
officially begin
![Page 21: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/21.jpg)
www.brac.net
Get started!
• Visit the website and submit an idea:– http://innovation.brac.net/fundchallenge/
• Learn what others are doing from the SIL blog– www.brac.net/sil
• Engage with experts from the Frugal Innovation Forum in person or on twitter (#scalefrugal)
![Page 22: Info session on BRAC Innovation Fund Challenge](https://reader035.vdocuments.us/reader035/viewer/2022062511/54b9b76e4a7959ea558b4584/html5/thumbnails/22.jpg)
www.brac.net
Contact the Social Innovation Lab
Email: [email protected]
Cell phone: 01729071065
Extension: 3394