[x] Close

Download Link

Keep up with SEEP!

Sign up for our email list and you'll be the first to know about latest news, blog posts, events & new worldwide initiatives from SEEP and its members

Blog Image

Promoting Inclusive Markets and Financial Systems

< back to Blog Main

The Latest from Chemonics: E-Payments and Financial Inclusion

by on Apr 21, 2015  |  posted in Financial Inclusion  |  0 Comments

SEEP is very pleased to welcome Chemonics International as one of our newest members! We look forward to hearing more from them as they continue their work increasing opportunity for marginalized and vulnerable populations.

Chemonics is excited to join the SEEP Network! For years, we have been attending the annual conference and working side-by-side with SEEP Network members in the field. Now, as a member ourselves, we are eager to join in many of SEEP’s initiatives.

With 40 years of experience in more than 150 countries and over 3,300 staff worldwide, Chemonics is a well-known name in international development. Often in partnership with USAID, we implement programs spanning a wide array of technical areas, including economic growth and trade, agriculture and food security, youth and education, health, and gender equality and social inclusion, environment and natural resources, and urban development and energy. Our economic growth and trade programs address entrepreneurship and enterprise development, financial services, business enabling environment, trade and regulatory reform, and public financial management. Much of our work is cross-cutting, and we seek to integrate and leverage our technical expertise as well good practices and innovations amongst programs throughout our global portfolio.

One thing that you might not know about Chemonics is that we are a 100 percent employee-owned company; this gives us both the freedom and the responsibility to pursue our mission with single-minded focus. Another thing you might not know is that in 2010, Chemonics became the first firm of its kind to receive ISO 9001 certification for our Quality Management System (QMS), which codifies companywide processes and best practices, and ensures that we deliver high quality services and products to our clients and partners. Our QMS is the backbone of our operations and it provides staff with a comprehensive set of tools that allow us to more effectively and efficiently fulfill our mission.

We are excited to put those tools to use as we launch one of our newest programs, the USAID-funded E-PESO in the Philippines. E-PESO follows on the USAID Scaling Innovations in Mobile Money (SIMM) and the Microenterprise Access to Banking Services (MABS) projects, which were instrumental not only in facilitating the adoption of mobile money (m-money), but also in increasing access to a wide range of financial services for the rural poor and low-income households. For example, through MABS, Chemonics worked with the Rural Bankers Association to send and receive millions of dollars in m-money transactions. This new program will accelerate the ongoing shift to electronic payments, and will work with the central bank to create a national payments roadmap which will facilitate all types of e-payments including card-based payments and electronic fund transfer (EFT).

E-PESO will address challenges facing the infrastructure and enabling environment that underpin the e-payments ecosystem and simultaneously drive e-payment demand and improve product supply. The program seeks to remove barriers and address challenges in the e-payment front- and back-end infrastructure that prohibit consumers from using an e-payment product. For example, a challenge occurs when an m-money user associated with one mobile network operator (MNO) might not be able to transfer funds (or might be able to do so only at a prohibitive cost) to a bank that is not partnered with the same MNO. By tackling challenges such as this, E-PESO aims to increase the value proposition for consumers while offering e-payment providers an opportunity to conduct customer acquisition at a lower cost. As an early member of the Better Than Cash Alliance, Chemonics is committed to globally championing e-payments as a means of promoting financial inclusion, in addition to enhancing accountability and transparency.

Within our projects and throughout the industry, we are committed to communicating the true impacts and benefits of our projects by sharing our successes and good practices with our various stakeholders. We are equally committed to collaborative efforts to learn and adapt our work in order to achieve increasingly greater impacts. By joining the SEEP Network, we are expanding our ability to share and learn by contributing to valuable initiatives such as the Women’s Economic Empowerment Working Group and Market Facilitation Initiative (MaFI). We look forward to collaborating with the SEEP Network to jointly combat poverty by promoting inclusive markets and financial systems.

No Comments

No comments yet.
Get a photo next to your comment by visiting Gravatar.com & uploading a photo that links to your email address.

Post a Comment

All fields are required, unless noted.
We will never share or sell your email address.
Get our e-newsletter The Monthly Networker & you'll be the first to know about latest news, blog posts, events & new worldwide initiatives.

Like Us on Facebook Follow Us on Twitter RSS Feed
© Copyright 2017 SEEP Network. All Rights Reserved