Financial service providers have traditionally offered products that serve the needs of workers and enterprises in the formal economy. However, in many countries, the majority of the population earns income in the informal economy, which limits their ability to access formal financial services.
Compounding the issue, financial institutions that have tried to build products and services to bring this underserved population into the formal financial system have faced difficulties in defining a business model that allows them to scale up and provide majority access.
To address the need to build formal financial services for the informal majority, Digital Frontiers Institute (DFI) has introduced a new course: Digital Finance for All.
The course provides an introductory perspective on how credit, insurance, and savings products for the informal majority have evolved, the possibilities that digitization brings and the scalability needed to make these products suitable for clients and profitable for providers.
“Professionals in the financial inclusion space, start-up entrepreneurs looking to enter the space and executives in financial services who are interested in building financial products for the informal majority are encouraged to apply,” said Justine Vlok, Marketing Manager at Digital Frontiers Institute.
The course is also intended for international development professionals who wish to gain a holistic understanding of digital payments and emerging digital financial services, particularly those working to accelerate a financial inclusion agenda. It further enables individuals, teams and leaders to develop a stronger, more unified understanding of digital financial services through debates, knowledge-sharing, and the exchange of resources and tools.
Through the four-week online certification course, students will:
- Have an integrated 360-degree view of digital payments
- Be familiar with a standard set of concepts and vocabulary
- Be able to illustrate how credit, insurance, and savings products have evolved
- Compare business models of established and emerging players
- Analyze the impact of legal and regulatory conditions
Ultimately, following the completion of the course, students will be able to apply these learnings to their work through developing innovative products needed to overcome the constraints of the space while achieving profitability.
Enrolments for the first intake are open, and close on 1 September 2019. Find out more and apply here.