Text-based behavioural messaging can reduce delinquency, with the most effective messages either referencing social norms, or sent to individuals with higher socioeconomic status or higher credit scores

Access to finance improved firm performance, product quality and price, but disadvantaged competitor firms

Digital credit does not appear to systematically improve lives, while the lack of transparency raises serious concerns about predatory lending

A financial development programme showed strong positive effects from expanding financial access to underbanked cities

Encouraging the poor to set higher savings aspirations may backfire if they fall short of these goals, leading to less economic investment

While their location in the payment chain gives payment fintechs a debt-enforcement advantage, borrower behaviour can limit their success