The CICO Collective webinar, held on June 7, 2023, in collaboration with IDEO’s Last Mile Money, explored the Economist Impact: CICO Diagnostic—Nigeria Deep Dive, along with findings from pilots in multiple countries.

Last Mile Money, a collaboration between IDEO and the Bill and Melinda Gates Foundation, is a leader in promoting financial inclusion.

This article highlights their efforts and the impact of the CICO Initiative.

Last Mile Money, connects underserved communities to the digital economy, empowering micro-merchants and low-income individuals. Their focus is on increasing income for agents, providing liquidity, and improving training. By incorporating CICO services and formalizing finances, Last Mile Money aims to build digital financial confidence for the underserved.

About the CICO Initiative:

The CICO Initiative, led by Last Mile Money, utilizes the CICO Collective platform to share best practices and collectively build impactful products. The Cash Point Diagnostic Tool helps assess the reach, access, and quality of CICO agent networks.

What is the CICO Collective?

The CICO Collective is a group of organizations that have come together to work on unique solutions to advance the development of novel CICO innovations while ensuring that countries are meeting the financial needs of those who are typically underserved.The collective is a platform for learning and sharing best practices that empower members to build impactful products.Members convene quarterly to share knowledge and co-create design briefs that will be developed into collaborative design sprints, with insights shared across the collective.

Key Findings:

Last Mile Money’s research has revealed crucial insights for promoting financial inclusion, including:

1. Expanding Perspective: Quality and consistency at cash points are as important as proximity for an enhanced user experience.

2. Resolving Denied Transactions: Addressing connectivity challenges, especially in rural areas, is essential to optimize CICO networks.

3. Agent Support Opportunities: Agents can offer added value and consumer protection measures to support cash users, building trust in the financial system.

4. Importance of Female Agents: Including more female agents improves the user experience and fraud resolution rates among women.

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Deep Dive into Nigeria’s CICO Networks:

In Nigeria, the deep dive into CICO networks highlighted:

1. Broad Reach: Nigeria’s CICO networks have extensive coverage, providing access to cash points and agents nationwide.

2. Diversified Agent Network: Agents offer various non-financial products alongside financial transactions, impacting the user experience.

3. Limited Financial Assistance: Nigerian agents generally do not provide support for financial transactions, hindering effective utilization of services.

4. Concerns over Fraud: Nigerians have significant concerns about financial fraud, necessitating trust-building measures in CICO networks.

Impact and Future Plans:
Last Mile Money has developed over 95 prototypes, launched 23 pilots, and reached over 900,000 agents and merchants. They continue to innovate and plan additional pilots to drive financial inclusion.

Through the CICO Initiative and the CICO Collective, Last Mile Money has made substantial strides in promoting financial inclusion. By expanding access, improving user experience, and building trust, they are thought leaders in the financial inclusion space, empowering individuals and contributing to their financial well-being.