CIIE Chief Operating Officer Priyanka Chopra said: "The Financial Inclusion Lab is a critical component of the continuum of the Bharat inclusion initiative and will be built on the decade-long experience of CIIE in managing incubators, accelerators and impact funds to provide inclusion of focused technology entrepreneurs. "
The initiative will also collect insights from the MicroSave international financial inclusion consulting firm. Recent research conducted by CIIE and MicroSave reveals that LMI families have uncertain financial inflows and many in the LMI segment struggle to adopt digital platforms for their financial needs.
"More than 80% of the addressable LMI market, or 470 million people, is not integrated into the mainstream economy.The initial fintechs, provided with the right mentoring, insights and capital support, can have a huge and positive impact on the lives of many people ", said Anil Gupta, Associate Director of MicroSave .
host a series of acceleration programs to identify solutions for specific financial challenges and the guiding ideas will be supported with initial capital, market access, technical assistance, mentoring and sectoral expertise.
Over the years, this initiative, managed by the Center for Financial Services Innovation in the United States, has supported the fintech participants to reach over 2.5 million Americans and has seen its users grow 20 times since he joined the program.
Fintech entrepreneurs are now invited to apply to join the Lab.