ISSER launches multi-million-dollar research initiative to deepen digital financial inclusion in LMICs

ISSER has launched a new multi-million-dollar research initiative, the Retail Finance Distribution (ReFinD), focused on digital financial inclusion and improving access to financial services in low- and middle-income countries (LMICs).

Funded by the Bill and Melinda Gates Foundation (BMGF), the ReFinD research initiative will see qualified research teams, including researchers based at ISSER and those in other locations in Ghana, Africa, and elsewhere around the globe, implement competitively selected projects on the topic. Recommendations and associated outputs will be aimed at promoting access to finance among marginalized groups like women and people experiencing poverty.

The initiative was launched by the Secretary-General for African Research Universities Alliance, Prof. Ernest Aryeetey, who chaired the event. He was assisted by members of the ReFinD management team (Prof. Peter Quartey, Prof. Francis Annan, and Dr. David Ameyaw); and the representative from the BMGF, Mr. Seth Garz, with the support of the Head of Research, Bank of Ghana (BoG), Mr. Philip Otoo, who participated virtually representing the Governor, Dr. Ernest Addison.

Prof. Aryeetey thanked the BMGF, and underscored the importance of the funding support in helping ISSER advance its trailblazing work on financial inclusion studies in Ghana and West Africa.

“I am very pleased that with support from the BMGF, ISSER is in a position to contribute in a significant way to understanding how poor households can use new digital means to access finance,” he said.

In a statement delivered on the BoG Governor’s behalf by Mr. Otoo, he pledged the Central Bank’s commitment to support the research initiative and engage in further dialogue.

In brief remarks, Mr. Garz highlighted the goal of the BMGF to ensure people in vulnerable societies can have access to tools that smooth out consumption during hard times, adding: “It’s our hope that this research initiative continues to elevate the incredible work that ISSER is doing…”

Earlier in his welcome statement, Prof. Quartey acknowledged the BMGF, project staff and management team of ReFinD, the faculty and staff of ISSER, and particularly the team of researchers who worked closely with him to bring the research initiative to life.

“On behalf of everyone at ISSER, I can confidently say that we are fully committed to realizing this important undertaking. I am hopeful of what we can achieve together when we combine our expertise, networks, and commitments,” he said.

Besides launching ReFinD, the event saw the announcement of the first request for proposals, alongside other highlights including presentations on the overview, and framework paper of the research initiative, and video presentations on pipeline projects in Ghana, Indonesia, and Bangladesh.

Held on June 7 at the ISSER Conference Facility, the event was attended by representatives from banks, fintechs, academia, the media, among others.

Below are selected online media reports drawing on discussions at the event:

Daily Graphic

B&FT

GNA

Ghana Business News