While most commercial banks have made significant advances in digitizing their business models, the pace of digitization for Cooperative Financial Institutions (CFIs) is much slower. For CFIs to continue offering quality products to their members and remain competitive, digital transformation - both client and processes-oriented - is crucial. What are some of the key pre-conditions to digitize? What are the key challenges and opportunities to expect from digital transformation? In this event, three panelists will present experiences from Latin America and Africa, including the results of a digital readiness assessments conducted in 10 CFIs across the Latin American and Caribbean region by the Inter-American Development Bank and the journeys of CFIs in Kenya and Brazil in digitizing their operations and services.
Panelists
Terence Gallagher, Head of Financial Inclusion, IDB Invest
Terence Gallagher is a British national, based in Washington, D.C.
He began his career as an investment banker at Citigroup, where he spent 9 years supporting emerging market governments and corporates access the international capital markets, working from London, New York and São Paulo. Since 1999, he has dedicated himself to Microfinance, initially working as a consultant for diverse organizations such as Accion International, Development Alternatives Incorporated, and PlaNet Finance.
He joined the IFC in 2008 in Rio de Janeiro where he spent 10 years as a Specialist for Micro and Small Enterprise Finance, responsible for investments in Latin America and Sub-Saharan Africa. As of April 2018, Terence moved to Washington to join IDB Invest as head of Financial Inclusion. He has a Masters degrees in Economics from the University of Cambridge, UK
Thiago Jacintho Muller , Team Leader – PFM and Investment products, Sicredi
Before diving into the financial services sector, Thiago Muller has had previous experiences in energy industry and retail. He Joined Sicredi in 2012 amid an endeavor to replace all the bank´s digital channels. Since then, he has been working on the implementation of several digital products and initiatives to digitize bank´s processes and relationship with customers, with most significant accomplishments being the launch of the bank´s digital channels platform (Multichannel) digital account (Woop), Sicredi Marketplace, PFM experience within the digital account experience and revamp of investment products portfolio.
Mr. Muller holds a Bachelor Computer Science and Business Management, MBA in IT Project management. He has also attended numerous courses related to topics like user experience, innovation, IT management, product design, leadership and digital capabilities
Peter Njuguna, Chief Manager - SACCO Supervision, SASRA
Mr. Peter Njuguna holds an MSc. in Operations Research from the London School of Economics, UK, and a BSc in Mathematics. He is a holder of CPA (K) and a member of the Institute of Certified Public Accountants of Kenya (ICPAK).
Peter brings over 10 years of experience from the Financial sector to SASRA having worked with Central Bank of Kenya as a Banker Examiner, as a Financial Consultant with NBC Kenya, as a manager with CIC Insurance, as a Financial Analyst Specialist and Project Director with World Council of Credit Unions in Kenyan projects.
Moderator
Xavier Faz , Lead, Business Models, CGAP
Xavier Faz is the lead for CGAP’s work on technology and business models in digital finance. His area of work includes emerging technologies, fintech and digital banking, as well as open platforms.
He is also CGAP’s Regional Head for Latin America & the Caribbean.
Prior to CGAP, Mr. Faz was VP of Strategic Planning for a development bank in Mexico, where he helped launch a line of services offering low cost banking infrastructure and payments to microfinance and nonbank financial institutions in that market.
He also worked with McKinsey & Company in Mexico and Central America, supporting large organizations in banking, retail and consumer goods, in leveraging emerging technologies to launch new base-of-the-pyramid businesses. Before that, Mr. Faz was a Systems Engineer at several startups in Mexico and Silicon Valley, as well as Field Engineer for Schlumberger in North Africa.
Mr. Faz has a Master’s degree in Computer Science from Stanford University and an Engineering degree in Electronic Systems from the Instituto Tecnológico de Monterrey, México.
Chair and Introductory Remarks
Anderson Caputo Silva, Pratice Manager, World Bank
Anderson Caputo Silva is Practice Manager for Long-Term Finance, within the Finance, Competitiveness and Innovation Global Practice, leading the Capital Markets, Infrastructure Finance, Housing Finance, Agriculture Finance, Pensions & Insurance product lines. Anderson joined the World Bank in 2006 and has been actively involved on advisory services to develop capital markets and on the design of financial solutions to mobilize financing through bond markets and for infrastructure financing. Prior to joining the World Bank, Anderson worked for the Brazilian Treasury from 1993 to 2005, where, among others, he served as Head of the Public Debt Strategic Planning Department, managing the risk and formulating refinancing strategies in domestic and international capital markets for the overall government debt portfolio. Anderson holds a Ph.D. degree in Finance from the University of Illinois at Urbana-Champaign.
Albert Boogaard, Head Innovations, Rabo Foundation.
Funded by the Rabobank Group, Rabo Foundation focusses on access to finance for farmers through more than 200 rural cooperatives and aggregators in 22 countries. In line with Rabobank’s history and background as a cooperative bank, the Foundation’s goal is to support farmers to increase their income and become self-reliant, as well as to help farmers’ cooperatives to professionalize by providing loans and technical assistance.
Albert graduated as a development economist from Wageningen University (WUR) and has over 20 years of experience in agricultural finance in different departments in Rabobank and Rabo Foundation.
Since 3 years Albert works on digital innovations in smallholder finance in order to improve outreach and services of Rabo Foundation and its partners. This includes the digitisation of supply chains, geodata and the analytical tools needed to extract value out of data and design new financial products and services. In addition to access to finance the scope of work includes improving the efficiency, transparency and knowledge transfer in supply chains. Many insights on the application of Geodata for smallholder farmers been gathered through cooperation with external organizations such as NSO /NPM (Netherlands Space Office) as well as through internal pilots.
Hi Baloko Makala, this sounds like a great learning opportunity.
Calendar » Digitization of CFIs, why and how? Comparing experiences from Latin America and Africa
Digitization of CFIs, why and how? Comparing experiences from Latin America and Africa
Digitization of CFIs, why and how? Comparing experiences from Latin America and Africa
Add the event to your calendar
Join the event
While most commercial banks have made significant advances in digitizing their business models, the pace of digitization for Cooperative Financial Institutions (CFIs) is much slower. For CFIs to continue offering quality products to their members and remain competitive, digital transformation - both client and processes-oriented - is crucial. What are some of the key pre-conditions to digitize? What are the key challenges and opportunities to expect from digital transformation? In this event, three panelists will present experiences from Latin America and Africa, including the results of a digital readiness assessments conducted in 10 CFIs across the Latin American and Caribbean region by the Inter-American Development Bank and the journeys of CFIs in Kenya and Brazil in digitizing their operations and services.
Panelists
Terence Gallagher, Head of Financial Inclusion, IDB Invest
He began his career as an investment banker at Citigroup, where he spent 9 years supporting emerging market governments and corporates access the international capital markets, working from London, New York and São Paulo. Since 1999, he has dedicated himself to Microfinance, initially working as a consultant for diverse organizations such as Accion International, Development Alternatives Incorporated, and PlaNet Finance.
He joined the IFC in 2008 in Rio de Janeiro where he spent 10 years as a Specialist for Micro and Small Enterprise Finance, responsible for investments in Latin America and Sub-Saharan Africa. As of April 2018, Terence moved to Washington to join IDB Invest as head of Financial Inclusion. He has a Masters degrees in Economics from the University of Cambridge, UK
Thiago Jacintho Muller , Team Leader – PFM and Investment products, Sicredi
Mr. Muller holds a Bachelor Computer Science and Business Management, MBA in IT Project management. He has also attended numerous courses related to topics like user experience, innovation, IT management, product design, leadership and digital capabilities
Peter Njuguna, Chief Manager - SACCO Supervision, SASRA
Peter brings over 10 years of experience from the Financial sector to SASRA having worked with Central Bank of Kenya as a Banker Examiner, as a Financial Consultant with NBC Kenya, as a manager with CIC Insurance, as a Financial Analyst Specialist and Project Director with World Council of Credit Unions in Kenyan projects.
Moderator
Xavier Faz , Lead, Business Models, CGAP
He is also CGAP’s Regional Head for Latin America & the Caribbean.
Prior to CGAP, Mr. Faz was VP of Strategic Planning for a development bank in Mexico, where he helped launch a line of services offering low cost banking infrastructure and payments to microfinance and nonbank financial institutions in that market.
He also worked with McKinsey & Company in Mexico and Central America, supporting large organizations in banking, retail and consumer goods, in leveraging emerging technologies to launch new base-of-the-pyramid businesses. Before that, Mr. Faz was a Systems Engineer at several startups in Mexico and Silicon Valley, as well as Field Engineer for Schlumberger in North Africa.
Mr. Faz has a Master’s degree in Computer Science from Stanford University and an Engineering degree in Electronic Systems from the Instituto Tecnológico de Monterrey, México.
Chair and Introductory Remarks
Anderson Caputo Silva, Pratice Manager, World Bank
Albert Boogaard, Head Innovations, Rabo Foundation.
Albert graduated as a development economist from Wageningen University (WUR) and has over 20 years of experience in agricultural finance in different departments in Rabobank and Rabo Foundation.
Since 3 years Albert works on digital innovations in smallholder finance in order to improve outreach and services of Rabo Foundation and its partners. This includes the digitisation of supply chains, geodata and the analytical tools needed to extract value out of data and design new financial products and services. In addition to access to finance the scope of work includes improving the efficiency, transparency and knowledge transfer in supply chains. Many insights on the application of Geodata for smallholder farmers been gathered through cooperation with external organizations such as NSO /NPM (Netherlands Space Office) as well as through internal pilots.