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Building Resilience through Financial Inclusion at Mercy Corps

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Olga Petryniak
Building Resilience through Financial Inclusion: A Review of Existing Evidence and Knowledge Gaps
Co-Organized by IFPRI and Innovations for Poverty Action (IPA)
MAY 9, 2019 - 12:15 PM TO 01:45 PM EDT

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Building Resilience through Financial Inclusion at Mercy Corps

  1. 1. BUILDING RESILIENCE THROUGH FINANCIAL INCLUSION AT MERCY CORPS Lessons and Reflections from the Field OLGA PETRYNIAK Sr. Director, Global Resilience
  2. 2. Increasing Investment Strategies in the Face of Risk: Ethiopia
  3. 3. Shukri Aden built her shop with loans from a VSLA, Rural Savings and Credit Cooperative (RuSacco), and the Somali Microfinance Institute. • VSLAs through Private Service Providers – more culturally sensitive models • Established Microfinance Institutions (SMFI) in the Somali Region • Support to Sharia compliant loan products that drove improved investments in small businesses and the livestock sector • Savings groups, coupled with Sharia compliant loans, helped cover basic needs, grow small businesses, and invest in alternative livelihoods or productive assets to better absorb shocks without selling off assets. Increasing Investment Strategies in the Face of Risk: Ethiopia
  4. 4. Resilience Effects:
  5. 5. Reducing Exposure to Risk through Financial Services: Nepal
  6. 6. Key Investments Risk Awareness and Preparedness Access to risk reducing markets - sugarcane Financial inclusion: literacy, emergency savings Capacity in improved land management
  7. 7. Cost Sharing in Sugarcane 66011 90228 169297 15700 23280 28570 78267 69677 75150 55020 108425 240308 0 50000 100000 150000 200000 250000 300000 2016 2017 2018 Community/Farmers Private Industry MRED II Government Office
  8. 8. August 2017 flooding events affected Nepal, India, Bangladesh Post-shock monitoring study of Mercy Corps “Nexus” approach (market incentives for DRR) of selected households similarly affected by flood M-RED nexus approach v. non-nexus. Nexus households: • Reported access to savings at 20% higher rates • Used savings to respond to flooding 20% more often • Relied on fewer negative coping strategies, lost fewer crops than non-nexus households and perceived higher levels of ability to recover Testing Market Incentives on DRR - Nepal Once low-income households gain access to credit or build sufficient savings for risk-mitigating investments, what is the ultimate impact of these investments on the household’s experience of shocks?
  9. 9. Responding when a Shock Hits: Philippines
  10. 10. TabangKO - emergency cash assistance to households affected by Typhoon Haiyan Testing Digital Payments and Behavioral Nudges towards Financial Inclusion: Philippines
  11. 11. TabangKO - emergency cash assistance to households affected by Typhoon Haiyan Introduced formal banking products through a UCT(Unconditional Cash transfer) program • Larger transfers were associated with greater investment in assets • One-Off Financial Literacy Trainings did not Influence Financial Behaviors • Behavioral “Nudges” Can Promote Savings in a Disaster Recovery Context • Limited overall effect on digital payment through financial institutions on long-term financial inclusion Testing Digital Payments and Behavioral Nudges towards Financial Inclusion: Philippines
  12. 12. Outstanding Questions ➢ What conditions, and design features, promote transition from digital payments to financial inclusion, post-shock? ➢ What targeted design innovations can increase the resilience effect of financial products on different market segments, and increase behavior change? ➢ What policy or regulatory changes can encourage the design of credit and insurance products that support more resilient investments?

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