Bringing together global stakeholders to share ideas, research, and solutions on emerging consumer risks in inclusive finance.
THE COMPLEXITY OF THE INCLUSIVE FINANCE LANDSCAPE DEMANDS AN APPROACH THAT FACILITATES ANALYSIS AND ACTION.
Digitalization and technology-led business models are rapidly changing the inclusive finance landscape, challenging regulatory capacity, and testing policymakers and regulators’ capabilities. The Responsible Finance Forum (RFF) offers an agile and forward-thinking space for global stakeholders to work together to tackle critical questions and address consumer protection gaps to improve outcomes for low-income and vulnerable people.
CONVENINGS
RFF Convenings provide an opportunity to share research on consumer risks, emerging best practices and solutions to address these risks, and initiatives to responsibly scale inclusive financial services.
WORKING GROUPS
RFF Working Groups bring together leaders across the sector to focus on specific thematic areas of concern. The working groups convene, brainstorm, and develop outputs to inform the sector on the most pressing issues and potential solutions.
There are two RFF Working Groups currently in effect.
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Goal: To help responsible digital credit stakeholders better understand the range of solutions available to address digital credit consumer risks.
Chaired by: Consultative Group to Assist the Poor (CGAP)
Following an ecosystem approach, CGAP aims to understand digital credit solutions implemented by key stakeholders (e.g., regulators, supervisors, industry associations, consumer associations).
The group also works to build knowledge of how solutions have been implemented to address consumer risks and what benefits and challenges they have faced.
The working group encourages and promotes the exchange of knowledge, insights, and feedback on ongoing and planned responsible digital credit initiatives.
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Goal: To map out the issues around responsible AI practices in the inclusive finance sector.
Chaired by: Center for Financial Inclusion (CFI), Office of the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA)
Rapid digitalization of business models and delivery of financial services to low-income households are possible due to the use of algorithms, AI models, and machine learning. However, in a world that is inequitable, data-led models can mirror and exacerbate inequities and unfair practices.
While several frameworks and policies have emerged, there remains a lack of consensus on best practices and, in particular, on considerations for the implications for inclusive finance.
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The Responsible Redress working group was in effect during 2023. The final report from the group can be viewed here.
Goal: To collate best practices and innovative approaches around responsible redress mechanisms.
Former Chairs: Better than Cash Alliance (BTCA), Bangko Sentral ng Pilipinas
The exponential growth in the adoption of digital payment services has brought an increase in disputes and grievances, underscoring the necessity for effective and responsible redress mechanisms.
Many first-time users, especially low-income users, find it difficult to comprehend and navigate the resolution processes, and many lack alternative financial resources while awaiting resolution. Women may face additional barriers due to limited awareness, concerns about sharing personal information, and other constraints.
Establishing user-friendly and robust recourse mechanisms is critical to providing low-income and women users critical safety nets.