Terence Gallagher, de nacionalidad británica, es el jefe de inclusión financiera en BID Invest desde abril de 2018, con sede en Washington, D.C. Antes de su incorporación a BID Invest, se desempeñó desde 2008 como especialista en micro y pequeñas empresas y como responsable de las inversiones en América Latina y en África Subsahariana para la Corporación Financiera Internacional (IFC) del Grupo Banco Mundial en la oficina de Río de Janeiro. Terence comenzó su carrera como banquero de inversiones en Citigroup en Londres, Nueva York y São Paulo, en esta última ciudad se dedicó casi una década a brindar apoyo a los gobiernos y corporaciones de mercados emergentes para acceder a los mercados internacionales de capital. Desde 1999, se dedica a las microfinanzas, al principio trabajando como consultor para diversas organizaciones como Acción Internacional, Development Alternatives Incorporated y Planet Finance. Posee una maestría en economía de la Universidad de Cambridge, Reino Unido.
Traditional credit screening approaches are based on qualifications that many low-income applicants do not have: credit histories, collateral, and verifiable income streams. What if these applicants could be assessed differently?
Banking agents, or small shops contracted by banks to process client transactions, are laying the foundation for the digital transformation of the financial sector. They have also become a safer channel for clients to get cash during the pandemic.
COVID-19 has stressed the need to accelerate financial inclusion through the digitization of the silver economy, that which includes older adults. This is a population segment that is increasingly tech-savvy and highly involved in business and investment.
Fintech solutions and digital banking services offer a unique opportunity to serve previously underbanked individuals and SMEs. Though most commercial banks are adopting these solutions, there is an opportunity to deepen the collaboration with Fintech firms in order to close financial inclusion gaps in the region, while promoting responsible finance practices.
Latin America is still the leading region with regard to regulations and infrastructure that support financial inclusion. How can this opportunity be exploited to achieve more ambitious results?
The Global Microscope on Financial Inclusion is a wealth of information on Latin America and the Caribbean. It is also an insightful road-map for smart decision-making in the year ahead.