Banking on Open Finance to Advance Financial Inclusion: Lessons from Brazil

In Brazil, the banking world is changing fast. Open Finance allows people in Brazil to securely share their financial data across financial service providers, sparking competition and innovation among providers. This empowers customers to compare and choose services that best meet their needs. But how does open finance work in practice and what does it mean for the millions of people still excluded or underserved by formal finance?  In this episode, we talk to experts at the Central Bank of Brazil, Nubank, and CGAP about Brazil’s experience in rolling out open finance and how data can help unlock credit for informal workers, improve product offerings, and reach wider segments of society. Along the way, we tackle critical questions: Can open finance help reduce inequality? And what lessons can other countries learn from Brazil’s rapid adoption?    Featured Voices:  Matheus Rauber, Senior Advisor, Financial System Regulation Department, Central Bank of Brazil  Rafael Wowk, Head of Regulatory Affairs, NuBank  Maria Fernandez Vidal, Senior Financial Sector Specialist, CGAP  Listen and subscribe for free on your favorite platform. To learn more, visit www.cgap.org. To share feedback, connect with us at [email protected].