With an emphasis on inclusive financial integrity, Cenfri provides technical assistance, tools and skills building to policymakers, regulators, supervisors and compliance heads looking to apply risk-based and outcomes accountable approaches to money laundering, terrorism financing and proliferation-financing risk strategies. Combining our understanding of relevant risks, familiarity with the FATF guidelines, knowledge of identity and identity-proofing capabilities and leveraging our competency in risk data analytics, we support financial service value chains undertake assessments from national level to the financial product level, thereby enabling the adoption of appropriate customer due diligence practices. Cenfri is committed to assisting countries to move off the grey list responsibly, shaping national risk assessment processes with empirical data and working with remittance services’ compliance managers to ensure that low-income households are not disproportionately affected in receiving low-value remittances. We are interested in mitigating the longer-term impact of illicit financial flows using digital technology (regtech, suptech and AI) to evaluate and monitor illicit flows and enhance inclusive financial integrity. We have worked with BankServ Africa, FSD Africa, GIZ, IFAD’s Financing Facility for Remittances, UNCDF and AFI on a range of financial integrity and identity projects. |
Mobile insurance (m-insurance) can play an important role in enhancing access to insurance, especially in regions where distribution and reach pose challenges to serving the market. Due to the significant penetration of mobile phones, airtime vendors, and mobile money agents, m-insurance initiatives have the potential to reach scale almost overnight.
Retailers in South Africa provide a range of financial services that include credit, insurance, money transfer and savings products. By identifying the key factors that influence the decision to use financial services from retailers this study aims to position the current and potential role of retailers in servicing the financial
An update on microinsurance in South Africa. In 2011, a policy document entrenched and refined a proposed microinsurance regulatory framework for South Africa that was envisaged to be incorporated into a forthcoming Microinsurance Act and subordinate legislation. However, in 2013 the decision was made to no longer pursue standalone microinsurance
M-insurance – insurance sold through or with a mobile network operator (MNO) – has gained significant attention in recent years due to its rapid growth in African and Asian markets and its potential to grow inclusive insurance markets. However, not all schemes have had the same success. In Zimbabwe, the
Insurers are using mobile phones to address two main challenges facing the microinsurance sector: increasing efficiency and reaching scale. By leveraging mobile phone infrastructure insurers have made processes more efficient across the insurance value chain; reducing turnaround times for enrolment, premium collection, claims processing; lowering costs; and bridging geographical distances.
Achieving scale is a significant success factor for microinsurance schemes, as low premiums with high costs require substantial volumes to make an initiative sustainable. However, achieving scale is difficult. This report analysed 95 initiatives that achieved scale and evaluated eight case studies in detail to understand what drives scale. The
SADC faces high levels of exclusion in insurance. It is therefore appropriate for SADC supervisors to pursue inclusive insurance markets based on international guidance. Since the vast majority of SADC populations are excluded from insurance, it also holds that retail markets are extremely small. Microinsurance can, therefore, form a foundation for
Distribution is one of the key challenges in extending microinsurance to the low-income market. Traditionally, insurance distribution is either via brokers or agents or, in the low-income space, on a compulsory sales basis on the back of credit. More recently, commercial insurers have started to employ other, alternative distribution channels
Hospital cash plans (HCPs) have emerged as an affordable risk cover for many low-income South Africans without access to medical aid. HCPs pay out a cash amount directly to the client on hospitalisation, rather than by providing comprehensive care cover. The increasing popularity of HCPs in South Africa have become
