In episode four of our series Financial Inclusion & Beyond, we spoke with José Quiñonez, the founding chief executive officer of Mission Asset Fund (MAF) and a visiting professor at UC Berkeley, Department of City and Regional Planning. MAF uses innovative national models for integrating financially excluded, low-income communities into the mainstream.

We sat down to discuss how the formal financial system leaves credit invisible (individuals without a credit background) behind. José discussed how MAF is helping those that have typically been left out get integrated into the formal financial system. MAF is drawing on the rich tradition of lending circles to help the low-income and immigrant communities develop a credit history and join the financial system. Key takeaways from the discussion include:

José draws on his experience and insights from working with the local San Francisco immigrant community and shares his view on how to improve financial inclusion and financial health.
Low-income individuals traditionally are secondary users of financial products. Banks and fintechs can 'meet people where they are,' by building products to address the primary concerns of the low-income community.
The growing awareness of financial inclusion and financial health reflects a broader understanding that there are more systemic issues at play that keep many low-income individuals credit invisible.
Having a bank account is only the first step towards financial actualization. For poor people to manage complex financial lives, financial services providers, regulators and non-governmental organizations all need to come up with innovative solutions tailored to specific needs of underserved users.

Please note that the initial interview was recorded prior to the onset of the COVID-19 crisis.

José Quiñonez on Seeing the Credit invisible