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Quito Mifos Chapter Helps Promote National Financial Inclusion Policy

On August 22, 2017, representatives of the Mifos chapter of Ecuador, participated in an event held by Red de Instituciones Financieras de Desarrollo (RFD) to impact the broader financial inclusion community in Ecuador.  This project seeks to promote a space for the construction of a National Financial Inclusion Policy, under a broad concept that is not only limited to access and use of financial services, but also proposes the creation of an adequate environment, both in the regulatory sphere, and in enhancing the capacities of the population through financial education, under criteria of protection to the financial user.

These essential pillars of Financial Inclusion, implemented in a joint way, will have a greater probability of impact on sectors excluded populations, to generate processes of economic growth and employment

Quito Chapter president, Jorge Moncayo, participated on this panel whose objective was to have a space for dialogue and proposal by key actors in the process of constructing the national policy for financial inclusion in order to know their criteria and mechanisms of contribution in relation to the proposal presented by RFD. The 60 minute discussion was moderated by Yamile Pinto – Chief of Institutional Strengthening of RFD who conduct two rounds of questions for participants at the table with the following approach:

  • What is your analysis regarding the current situation of Financial Inclusion in Ecuador and against this what is your criterion regarding this initiative to have a national policy?
  • How would their organizations be inserted in the process of construction of this national policy? What would be your contributions and / or proposals in this construction process?

After the two rounds of questions there was an open space of interaction with the audience for approximately 20 minutes.

The Quito Mifos Chapter is looking forward to more participation in local fintech and financial inclusion events and will soon be hosting its own events to advanced thought leadership in financial inclusion and hackathons to promote innovations in technology for financial inclusion.

 

Quito Chapter launches first Mifos Chapter in Latin America

Quito Chapter, first meeting.

Last Tuesday, a group of ten people, from different backgrounds, gathered around to have the first meeting of the Quito Chapter, the first Mifos chapter in Latin America. Mifos Chapters are volunteer-led groups to bring together users, partners, and innovators right within their local communities to share ideas, collaborate, and build a flourishing ecosystem. Fill out our Chapter Startup Form if you’d like to launch a chapter in your city. img_5380

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Mifos at the Aciamericas Summit in Uruguay

The Aciamericas event started Tuesday morning. It was powerful to see the gathering of 1200 people from the cooperatives and credit unions sector.

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The day began with an opening ceremony in which Ramón Imperial Zuñiga, Aciamericas president, shared his objectives and points of view on which the cooperative movement should move forward in the next years; the Sustainable Development Goals are at the foundation of the Aciamericas program.

Mifos had its own booth there. The Latam team, along with Argentinian technological partner Flexibility+Ideas, had the chance to spread the Mifos word, explaining what our community is, networking and sharing experiences. Our booth featured the captivating message: “The system banks envy, free in your co-op”

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In the afternoon, we continued the Latam Partners Summit, in which our Community Director, Edward Cable, did a workshop about the community, resources and showcases.

The partners were very interested in this topics, but most especially the showcases with lots of questions coming up and the assurance of some grand new opportunities will come in the future.

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Mifos Latam Partner Summit, First Edition @Montevideo

Throughout this week, Montevideo will host two major events regarding financial inclusion.

The first one is the Latam Cooperatives Summit, organized by Aciamericas: The International Cooperative Alliance, an independent non-governmental organization that brings together, represents and serves cooperative organizations around the world. Mifos is sponsoring the event but we’ll speak to more of that tomorrow.

The second major event is the First-ever Mifos Latam Partner Summit. For the first time, all technological partners from Latam are gathering in the same place for a time to learn and engage more with our Community, and to discuss and share experiences about themselves and their own projects.

Mifos, Flexibility, iOU FinTech, and Jala Group - attendees of Mifos Latam Partner Summit Read more

Embracing Electronic Money with the Central Bank of Ecuador

Between the 10th and 15th October, our Latam Team was in Ecuador where many things happened.

Quito’s Chapter is taking form and is preparing to host its first meeting. Ma. Luisa Martínez, our Account Manager for Latin America, worked on this throughout the week with Jorge Moncayo, Central Bank of Ecuador’s Financial Inclusion Director and Chairman of Quito’s Chapter.

They started to set the objectives and mission of the Chapter itself and also invited some potential members.

This Chapter not only will develop and discuss about our platform, but it will be a Social Innovation and Technology Hub, where fintechs, developers, innovators, Academia, and subject matter experts can have a seat at the table to discuss, share experiences, work on solutions, and create papers and case studies about Financial Inclusion, Social Innovation and Technology.

Our Strategic Initiatives Director for Latin America, Javier Borkenztain, was a speaker at the International Seminar “Central Bank challenges in the XXI century” hosted and organized by the Central Bank of Ecuador.

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Friday in Ecuador

Friday, July 15th, 2016

IMG_0332After a week of work, the Mifos Innovation team has seen it’s last day in Ecuador.

The team met with the Dinero Electronico team in order to discuss regulations. Dinero Electronico saw eye-to-eye on the prospect of providing nano loans as a financial service. They also directed us to the right people to talk to next.

That was the last meeting for the team’s week in Ecuador. The Mifos Initiative is extremely excited for what the future holds and we are looking forward to making the vision of Financial Inclusion 2.0 a reality.

-Jacob Kobzi, Business Development Intern

Thursday in Ecuador

Thursday, July 14th, 2016

The week is almost over but the Mifos Innovation team is still hard at work in Ecuador.

The day started with the Innovation Team meeting with an organization that oversees a network of cooperatives. The biggest takeaway from the meeting is that the organization sees the value that the MifoIMG_0404s Financial Inclusion Cloud can bring to their network of financial institutions.

Then, the team met with the IT director from CONAFIPS, an organization responsible for providing support to cooperatives. They put us in contact with some of their cooperatives so that we can discuss our future with the financial institutions directly.

The team then met with Banco Desarrollo to discuss value-chain financing and nano loans further. The team also talked briefly about the integration of accounting services in the Mifos platform. Although it is going to take a little longer to get specific details out of the way, the team is working through the complexities to make the vision of Financial Inclusion 2.0 a reality.

Luisa, a member of the Innovation Team, will officially be traveling to Pindal, Ecuador to observe the entire value-chain financing production. On Monday, she will be meeting with a cooperative to clarify the best configuration of the core banking system to match their needs. She will also be interviewed at Impacto about the Electronic Money System. Javier had two more interviews today, one on TV and the other on the radio.

Tomorrow will be the last day for the Mifos Innovation Team on this week-long trip to Ecuador and we look forward to telling you all about it.

-Jacob Kobzi, Business Development Intern

Tuesday in Ecuador

Tuesday, July 12th, 2016

The Mifos innovation team saw no lack of action on their second day in Ecuador. After a busy first day, they got right back to work with multiple meetings and interviews scheduled for day 2.
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Javier started the day off presenting to SEPS, a regulator for cooperatives. The members of SEPS were very intrigued by our operational model. Then it was on to the next meeting with Banco Desarrollo to discuss some specifics on how our model is going to tie in perfectly with their financial organizations and cooperatives in place. In particular, our team discussed how nano loans and value-chain financing was going to work with our platform.

Javier had to leave the meeting with Banco Desarrollo early, since he had scheduled interviews he had to attend. He had two interviews on live television and another on the radio with FM Mundo 98.1. You can see Javier in the photo to the right in the middle of his interview!

Soon enough, it was time f20160712_195945or the Mifos Innovation Team to regather and meet with the Ministry of Economic Policy. They met with two high government officials who in turn put us in contact with dozens of other valuable individuals. After talking with them briefly about mobile wallets, the team was off to meet with Level 3, a worldwide provider of data centers. Our team was astounded by the coverage of the data centers and is happy to partner with them to launch the Mifos Financial Inclusion Cloud in Ecuador.

The end of the day came after another brief meeting with IOU Fintech. The team has found that the excitement in Ecuador is contagious. Everyone is on board and ready to announce Financial Inclusion 2.0 in Ecuador. We’ll keep you updated on all that happens in the coming days!

-Jacob Kobzi, Business Development Intern

Mifos in Ecuador

Hello Mifos Community,

There are still 2.5 billion people worldwide that do not have access to basic financial services. Financial inclusion is working to bring this number down. However, financial inclusion only works when available. It is costly to implement and difficult to access for many developing countries. This is why the Mifos Initiative has been working to develop Financial Inclusion 2.0, an innovative approach to allow every person access to financial services using just their phone.Mifos in front of Central Bank of Ecuador

Mobile Money in Ecuador

In 2013, Ecuador reported that there were more mobile phone lines than citizens in their country. Yet, 60% of the Ecuadorian population does not have access to financial services, and that number only gets higher in rural areas. Realizing this, the Ecuadorian government saw an opportunity where a mobile electronic payment system could be the answer to their financial inclusion problems. Ecuador implemented the first-ever state-run mobile electronic payment system that is low cost and easy to access for everyone that has a mobile phone. Read more