Finance for Life focuses on the impact of finance beyond financial inclusion. By expanding financial solutions in key areas like energy, health, housing, education, and sanitation - as well as enhancing agriculture and small business productivity - it works to improve everyday life for the low-income and underserved populations. Finance for Life also measures the impact that finance-oriented interventions have on low-income people’s living conditions. Lately we have extended and deepened our work in pay-as-you-go (PAYGo) energy, and financial solutions for refugees; and are building up a body of work in the economics of small retail stores.
Aiming to transform the lives of 1 million smallholder farmers, especially women and youth, using digital financial services (DFS).View Project
Concept Testing to explore adoption, scaling and business modelView Project
The Finance for Life team works to embed this perspective into other expertise areas of BFA to retain focus on the ultimate end goal – to improve the lives of low-income people. As we consider how to improve an existing financial service, we not only take into account the usual factors like convenience and user experience, but we also evaluate how a product or service can be better designed to tap into new networks, create knowledge and even empower greater user comfort with technology. We consider the whole person – not simply the financial portfolio – when designing an intervention and measuring impact.
Finance for Life is a strategy that we embed across all areas of BFA’s work, powered by the belief that though finance may underpin the broad set of challenges that low-income people face, it is not the ultimate goal that people want. By offering an integrated set of life solutions that combine finance, payment and information, a broad range of partners can touch and improve their lives.
Finance for Life also evaluates financial services and the impact they strive towards. As much as possible, BFA applies practical tech-driven methods for experimentation and evaluation to create insights in a lean and continuous way, both in survey design and implementation.
What if we tracked the trading history - the character of trading partners - rather than the history of assets themselves to reduce risk in the marketplace?
Our work on the Kenya Financial Diaries made it painfully clear to us that school fees are prohibitively expensive for low-income families.