What is FAB?
FAB (Financial Access at Birth) is a social and economic innovation that seeks financial inclusion. The Center for Financial Inclusion at ACCION International hosts the FAB concept as it deepens its model and prepares for pilot.
What is Inclusion?
The Center defines full financial inclusion as a state in which all people who can use them have access to a full suite of quality financial services, provided at affordable prices, in a convenient manner, and with dignity for the clients. Financial services are delivered by a range of providers, most of them private, and reach everyone who can use them, including disabled, poor, and rural populations. For more info: http://www.centerforfinancialinclusion.org/Page.aspx?pid=1940
Half the world's population (2.7 billion people) lacks access to a wide range of safe and quality financial projects and services. FAB's approach to connecting these unbanked is to open savings accounts at birth that are linked to a unique, universal ID and to make an initial deposit via a cash transfer. Once the account is created and financial identity secured, other social service providers will have the opportunity to use this delivery channel for dissemination of services such as vaccines, tuition grants, and cash transfers for food and shelter.
FAB's Relationship with Center for Financial Inclusion:
A "New Horizon" initiative at the Center for Financial Inclusion, FAB also supports the Center's goal and key pillars of its strategy, Financial Inclusion 2020. The Center aims to foster dialogue with key stakeholder groups. Learning from experts and practitioners will be integrated into a business plan and design for a pilot of the FAB model. The Center also supports the development of strategies for communications, partnerships, and fundraising.