Category: Finance

Goldman Sachs will pay CEO David Solomon $25 million for his work in 2022, the bank disclosed Friday in a Securities and Exchange Commission filing. That’s a 28.6% drop from the $35 million Solomon made in 2021. Friday’s pay package also ensures he is no longer the highest-paid CEO at a U.S. Wall Street bank. […]

Visa, Mastercard and American Express all reported double-digit revenue increases for the last quarter of 2022 as their payment volumes rose on consumer spending that remained sturdy despite the threat of a recession this year. The card companies’ growth for the quarter slowed, compared to earlier in the year, as they moved past comparisons to […]

Wells Fargo CEO Charlie Scharf asked the bank’s board to pay him less than it could have, according to a Securities and Exchange Commission filing Thursday. The bank will pay Scharf $24.5 million for 2022, the same amount it did for the previous year, it said. Wells Fargo’s board had established a target compensation level […]

For the past decade, India has been a leader in developing its digital public infrastructure to enable the next generation of inclusive financial development (see India Stack). Despite significant advances, however, formal credit in rural and low-income households remains a significant challenge. Per the 2021 Global Findex, 45% of adults reported borrowing in India; however, […]

Cote d’Ivoire’s mobile money market is an excellent opportunity to reflect on whether market disruptions contribute to financial inclusion, given a recent revamp of mobile money business models in the country. CGAP analysis identified significant risks from this change that could reduce financial inclusion in rural areas. These risks will require monitoring by industry and […]

As 2022 comes to a close, it’s time for our annual roundup of the year’s most popular blog posts. As always, we hope that you’ve found the CGAP blog to be a useful source of expert commentary on the latest developments in financial inclusion, timely research and data, and new ideas.  Our blog covered a […]

“This agent is always reminding us to change our PINs from time to time, especially if we ever get to think that our PINs have been compromised. Also, he is constantly sharing information about the new ways the fraudsters are using to dupe people, so that we are aware and take care.” Safina, 30, female […]

Dive Brief: Keith Hughes resigned from the Fidelity National Information Services board last week for “personal reasons,” according to a filing the payments processor made with the Securities and Exchange Commission Wednesday.  The company, known as FIS, said Hughes was already “scheduled to retire from the Board and not stand for re-election” at its upcoming […]

As emphasized in CGAP’s Leadership Essay on resilience, low-income communities in emerging markets and developing economies (EMDEs) are hit the hardest by climate-related disasters and environmental impacts. They will need a variety of financial services to adapt and grow more resilient to climate change. Are they getting them?   In order to get an approximate […]

Dive Brief: Sen. Elizabeth Warren, D-MA, on Wednesday praised Securities and Exchange Commission Chair Gary Gensler’s efforts to rein in the crypto market, but said the regulator still needs to do more to bolster its scrutiny of the industry in an effort to fight fraud. In a speech at a virtual event hosted by the […]