ACCESS has hosted the Inclusive Finance India Summit from December 8th to 9th, 2015 at in New Delhi, India. The summit has gained recognition and the Inclusive Finance India Report has been quoted extensively in the Malegam Committee, and working report for the Microfinance Bill. The Summit has facilitated discourse on issues like-policy environment, data analytics in financial inclusion, mobile wallets, BC model, customer protection, impact of JAM, and innovations in the sector. I attended the summit as the delegate of ACCESS team.
The Summit began with release of the Sector report 2015 was followed by several sessions on microfinance and financial inclusion in the country. The buzz of the sessions were around Mudra bank, Payment banks, cash less economy and Small Finance Banks. Eight out of 10 Small Finance Banks which have been given in-principle nod by RBI are microfinance institution (MFIs). Sector experts are hopeful that Small Finance Banks fill the "missing middle" in reaching the bottom of the pyramid.
India is an interesting scenario as there is rapid updates in telecom infrastructure, IT services and progressive government spending on digital infrastructure. I was really impressed from a particular session on use of data in digital financial services. The main issues were hurdles faced in data sharing and cashless transactions. Big Data, Small Credit is a good report quoted by a speaker on the impact of the digital revolution on the emerging markets. I was impressed with a start up company - Lenddo. They use users online social connections to build their creditworthiness and access local financial services.
Also, one act in a stupid way while confronting a hero. I was glad to have seat next to Prof Malcolm Harper and was literally at the loss of the words required for having a meaningful dialogue. I am already looking forward to next year’s conference with the hope I can attend again. After coming home from the summit put on by ACCESS, I am feeling renewed, and energized.