The Technologies for Financial Inclusion Program has selected 12 finalists, out of 253 project ideas submitted to the 2011 Call, which will move to a second phase in order to prepare their fundable project strategies.

The portfolio of selected ideas, coming from 10 countries of the Andean Region, Central America, Southern Cone and the Caribbean, reflects emerging trends in how to incorporate technology's potential in inclusive financial services business models.

According to a recent study by CAF, about 80% of urban households and an even higher percentage of rural residents in Latin America and the Caribbean do not use the financial system for loans or savings. These households could benefit from the use of technology to increase financial inclusion. Also, a lower cost or higher quality and variety of services could benefit those families already using financial services, thanks to the innovations proposed by the finalists.

Several of these ideas intend to use technology in order to reach rural customers more efficiently with lower-costs. Other selected ideas offer mobile financial services, promoted directly by financial intermediaries or by telephone operators, in partnership with financial intermediaries. Ideas for savings through mobile phones have also been selected and, in several cases, finalists incorporate mobile financial services in conjunction with non-banking correspondents and agents.

Selected ideas

· Mango - Micro Finance and Insurance Payment Platform for Small Island Markets; idea presented by Transfer Solutions Providers Limited (Bahamas).

· Viva Cash - Viva's Mobile Wallet: Mobile Financial Services in partnership with banks; idea presented by Empresa de Telecomunicaciones Nuevatel PCS de Bolivia S.A. - Viva GSM (Bolivia).

· Rural Microfinancial Services on your Cell Phone, in partnership with the operator and transactional platform Red Cloud; idea presented by Fundacion Profin (Bolivia).

· Non Traditional Credit Scoring Pilot based on Mobile Phone Use; idea presented by ARK Mobile Finance (Brazil).

· Bank at Home on your TV; idea presented by Banco Estado Microempresa (Chile).

· Financial inclusion through non-bank agents with cellular technologies; idea presented by BANCOLOMBIA S.A. (Colombia).

· Mobile Financial Services for unbanked people, in partnership with a bank; idea presented by Telefonica Celular S.A. -Tigo- (Honduras).

· Mini-branches: Technology for financial inclusion in southeast Mexico; idea presented by SOLUCION ASEA S.A. de C.V. SFP (Mexico).

· Personal Wallet: Financial Inclusion of Non-banked groups, in partnership with banks; idea presented by Nucleo S. A. (Paraguay).

· Non bank agents for rural woman; idea presented by Mujeres en Desarrollo Dominicana, Inc. -MUDE- (Dominican Republic).

· Microsavings for rural populations, through agents and cell phones; idea presented by Banco Santander Uruguay (Uruguay).

· Virtual account for savings and payments, in partnership with a regulated credit union; idea presented by Fundacion STRO (Uruguay).

About half of the selected ideas are expected to be converted into projects, financed by FOMIN and/or CAF, along with other Program partners.

Technologies for Financial Inclusion's Evaluation and Selection Committee included representatives from FOMIN, IDB, CAF, World Bank, USAID, GSMA and experts from the consulting firm DAI.