Global Ideas Institute Financial Inclusion in the Global South April 8, 2015 Munk School of Global Affairs University of Acknowledgments

Partners Guest Lecturers

Walid Hejazi Associate Professor of International Business Rotman School of Management

Dilip Soman Corus Professor of Strategy & Professor of Marketing Rotman School of Management

Bryan Devries Vice President, Mortgages ICICI Bank Canada

Susan Paetkau Sponsor Manager MaRS Solutions Lab

Walt Macnee President Mastercard Center for Inclusive Growth

Jonathan Hera Collaborator Senior Portfolio Manager Grand Challenges Canada

“The Global Ideas Institute has allowed me to view the world from a radically different perspective and challenged me to participate in teamwork in an entirely new way to find solutions to the most pressing social issues facing the world today.” – GII Alumna Welcome to the Global Ideas Institute

We live in one of the world’s most diverse cities, and we are experiencing a time of dramatic change. We see a more deeply interconnected world, fuelled by technology, with momentum enough to change corporations, media, and governments in every country. At the same time we see deep divisions politically and economically, and an ailing planet. The imperatives for a renewed sense of global citizenship and global engagement are clear and unequivocal. In this global economy, it is becoming increasingly important for students to learn about the world and to think in a global context. This exciting program provides students with the tools, knowledge, and guidance to work through a challenging global issue. Now in its fifth year, the Global Ideas Institute(GII) is an initiative of the Munk School of Global Affairs. TheGII was conceived in the Asian Institute at the Munk School and led by Professors Joseph Wong and Janice Stein to provide intensive research and learning opportunities for high school students. Starting this year, the Global Ideas Institute will be an ongoing collaborative program between the Munk School of Global Affairs, the Faculty of Applied Science & Engineering, The Learning Partnership Canada, and University of Toronto Schools. The 2014 – 15 Challenge focused on financial inclusion in the Global South – the facilitation of access to and provision of financial services to poor and developing communities. Low and moderate income people around the world need financial services such as credit, savings, and insurance to assist them in managing and protecting their lives. Unfortunately, very few have access to such services from formal financial service providers. Financial inclusion is increasingly a priority policy goal, but the diverse range of actors who need to be involved, the understanding necessary of the financial needs of the underserved, and the changing oppor­tunities technology presents make global financial inclusion an elusive goal. This symposium is bringing together and showcasing the work these remark- able students have produced in just a few short months. The work students did is fully integrated across the many fields and disciplines involved in such a complex problem. They read and grappled with everything from academic research papers to news clippings, from sophisticated demographic materials to personal stories of those working in the field. They struggled with real-world problems through a multi­disciplinary lens. They, along with their U of T men- tors, receive no credit for their work, other than the gratification of studying a pressing problem yet to be resolved, and generating solutions that can potentially better the lives of hundreds of millions.

1 2014 – 15 Advisory Committee

Dilip Soman Janice Gross Stein Rosemary Evans DILIP SOMAN is the Corus Professor of JANICE GROSS STEIN is the Belzberg ROSEMARY EVANS is the principal Strategy, Professor of Marketing and Professor of Conflict Management of University of Toronto Schools, a Senior Fellow, Desautels Centre for in the Department of Political Science secondary school for high achieving Integrative Thinking™ at the Rotman and former Director of the Munk students affiliated with the University School of Management, University of School of Global Affairs at the of Toronto. She received her BA in Toronto. His research is in the area of University of Toronto. She is a Fellow of history from the University of Western behavioural economics and its applica- the Royal Society of Canada and an and her MA, BEd, and MBA tions to consumer wellbeing, marketing Honorary Foreign Member of the from the University of Toronto. She and policy. He is also the director of American Academy of Arts and served as a teacher, department head, the India Innovation Institute at the Sciences. Her most recent publica- and subject coordinator for the Peel University of Toronto. He works with tions include Networks of Knowledge: Board of Education, and later as ideas42 and serves as advisor to a Innovation in International Learning a vice-principal in the former East number of welfare organizations. (2000); The Cult of Efficiency(2001); York Board of Education. During her Professor Soman received his PhD Street Protests and /Fantasy Parks (2001), time as an instructor in the Initial from the University of Chicago; his and Canada by Mondrian (2006). She is Teacher Education Program at OISE, mba from the Indian Institute of the co-author, with Eugene Lang, of the Rosemary was the recipient of a Management; and his be from the prize-winning The Unexpected War: Teaching Excellence Award. She later University of Bombay. His research Canada in Kandahar. She was the accepted the role of Academic Head expertise includes behavioral economics, Massey Lecturer in 2001 and a Trudeau at Branksome Hall, where she over- consumer and managerial psychology, Fellow. She was awarded the Molson saw the implementation of the public policy, spending and saving Prize by the Canada Council for an International Baccalaureate Programs behaviors, decision-making, marketing outstanding contribution by from junior kindergarten to grade strategy and pricing. Professor Soman’s a social scientist to public debate. She twelve. Rosemary is the author of a current research focuses on “helping has received an Honorary Doctorate number of history textbooks, and has people help themselves.” Professor of Laws from the University of Alberta, given presentations locally and inter­ Soman’s book, Managing Customer Value: the University of Cape Breton, and nationally on topics such as assessment One Stage at a Time (co-authored with McMaster University. She is a member and evaluation, critical thinking and S. N-Marandi) has just been published of the Order of Canada and the Order inquiry based learning, and global by World Scientific Publishing. He has of Ontario. education. published over 50 scholarly articles, book chapters, and papers in publica- tions like the Harvard Business Review, Journal of Marketing Research, and Journal of Consumer Research.

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I am thrilled to present the Global Ideas Institute, 2014-15. Now in its fifth year, the GII has continued to dig deep into our world’s most pressing challenges, while growing its breadth to include more schools and students than ever before. With the leadership and guidance of The Learning Partnership, the GII has expanded to include schools from across the GTA, both public and independent. This has enriched debate and discussion, and will no doubt shape a whole new generation of globally-minded innovators.

The challenge for this year is financial inclusion. As before, the challenge is broad, and intentionally so. Financial inclusion draws attention to multiple challenges that interact in complex ways. If the problem of financial exclusion was simple to solve, we would have done it already. Indeed, financial inclusion involves multiple platforms - such as technologies, both hard and soft - as well as multiple vantage points – from the planner to the end-user. Its impact is far-reaching as well: from ensuring unbanked people have a means to save, to empowering women to become more financially independent, to providing a safety net for would-be entrepreneurs to better their lives. What is especially appealing about the challenge of financial inclusion is that it demands innovative interventions to enable people so that they can meet their needs and improve their life circumstances.

This year's GII continues to involve students, faculty, teachers and experts from all over. Students have had the opportunity to engage with front-line workers, big idea thinkers, and academic researchers alike. They have had the opportunity to try ideas, to fail, to learn, and to try again. The GII provides the forum in which these learning processes can take place. To be sure, we are attempting to generate a new wave of forward- thinking innovators in the GII, young people willing to take smart risks to push the envelope. And of course, the GII aims to bring students' imaginations to the rest of the world, to inculcate a sense of global curiosity.

I have had the privilege of working with students and other young people on projects related to innovation in the global south. The Munk School has championed this agenda at the University of Toronto, leveraging its extraordinary convening capacity to bring people together from around the campus. The Munk One program, in which I am one of the core professors, is at the cutting-edge of practice-oriented pedagogy.

I am proud of your achievements and I am grateful to all those who have continued to make the GII a tremendous success.

My sense is the world is experienced as a much smaller place by this next generation of leaders. Of course, logistically, the world has become smaller. But metaphorically the world is smaller as students' curiosities, passions, concerns and aspirations really do transcend borders. I truly believe that this next generation of leaders before us, unlike the generation before, is unencumbered by prevailing constraints such as neo- colonial mindsets, developmental orthodoxies and ideological rigidities. They have a fecundity of mind, which when matched with global empathy, will move our world. I am certain, and I look forward to it.

Sincerely,

Joseph Wong Ralph and Roz Halbert Professor of Innovation, Munk School Professor and Canada Research Chair, Political Science University of Toronto

Symposium Schedule

9:15 am –10:00 am 1:15 pm – 2:30 pm BREAKOUT LOCATIONS Breakfast & Registration Session II: Student Pitches OISE for the Challenge of Financial Room 4422 OISE Library (Ground Floor) Inclusion in India 252 Bloor Street West Toronto, on 10:00 am – 10:30 am 2:30 pm – 2:40 pm SCHOOLS Welcome & Opening Remarks Coffee Break North Park SS Stephen Toope Central Peel SS (Director of the Munk School University of Toronto Schools 2:40 pm – 3:10 pm of Global Affairs) Bishop Marrocco / Thomas Merton CSS Expert Debrief Tiff Macklem Woodbridge College oise 4422, ww126, ccf (Dean, Rotman School of Father Michael McGivney CHS Management) Stephen Lewis SS Ms. Akela Peoples 3:10 pm-3:25 pm St. Clement's School (President & ceo of The Learning Transition to Plenary Chinguacousy SS Partnership) oise Auditorium (g162) Mr. Akhilesh Mishra Woodsworth College (Consul General of India) Room 126 3:25 pm – 3:55 pm 119 St. George Street Toronto, on 10:30 am – 11:00 am "Reaching the Unreached — a Global Challenge" SCHOOLS Transition to Breakout Rooms Madonna CHS Professor Joseph Wong oise 4422, ww126, ccf Bayview Glen HS (Global Ideas Institute) Etobicoke CI 11:00 am – 12:30 pm Pickering College 3:55 pm – 4:10 pm Session I: Student Pitches Closing Remarks St. Basil-The-Great College School for the Challenge of Financial The Inclusion in India Northview Heights SS Northern SS 12:30 pm – 1:15 pm St. Theresa of Lisieux CHS Lunch Munk School Of Global Affairs Campbell Conference Facility 1 Devonshire Place Toronto, on SCHOOLS North Toronto CI St. Michael's Choir School Cardinal Carter CHS Runnymede CI Westmount CI Branksome Hall Earl Haig SS Pickering HS The

6 Breakout Locations

OISE

WOODSWORTH COLLEGE CAMPBELL CONFERENCE FACILITY

7 Final Symposium Speakers

OPENING REMARKS Akhilesh Mishra FINAL SYMPOSIUM Stephen Toope Mr. Mishra belongs to the Indian LECTURER Foreign Service. Before arriving Before joining the Munk School, in Toronto, Mr. Mishra served as Joint Joseph Wong Professor Toope was President of the Secretary in the Ministry of External University of British Columbia from Affairs, heading the Northern Division Joseph Wong is the Ralph and Roz 2006 to 2014. He represented Western dealing with India's relations with Halbert Professor of Innovation at Europe and North America on the Nepal and Bhutan, and Joint Secretary the Munk School of Global Affairs, UN Working Group on Enforced or in charge of Multilateral Economic Professor of Political Science, and Involuntary Disappearances from Relations Division. Mr. Mishra’s Canada Research Chair in Health, 2002 – 2007. Professor Toope earned previous assignments include: Deputy Democracy and Development. He was his PhD from Trinity College, Chief of Mission in Kabul (Afghanistan), the Director of the Asian Institute at Cambridge (1987), his degrees in Deputy High Commissioner in Dar- the Munk School from 2005 to 2014. common law and civil law with es-Salaam (Tanzania), Deputy Secretary Wong is the author of many academic honours from McGill University (1983), in the Ministry of External Affairs, New articles and several books, including and graduated magna cum laude with Delhi and in different capacities in Healthy Democracies: Welfare Politics In his ab in History and Literature from Indian embassies in Kathmandu Taiwan and South Korea and Betting on Harvard University (1979). (Nepal), Rome (Italy) and Lima (Peru). Biotech: Innovation and the Limits of Asia’s Developmental State, both published by Cornell University Press. He is the co-editor, with Edward Friedman, of Tiff Macklem Akela Peoples Political Transitions in Dominant Party Tiff Macklem served as senior deputy Akela Peoplesis the President & CEO Systems: Learning to Lose. Wong recently governor of the Bank of Canada, shar- of the Learning Partnership. Akela has co-edited with Dilip Soman and Janice ing responsibility with the governor been honoured with Queen Elizabeth II Gross Stein Innovating for the Global and four deputy governors for mon- Diamond Jubilee Medal for her service South with the University of Toronto etary policy and the Bank’s role in to Canada, the Top 100: Canada's Most Press. promoting financial stability. In that Powerful Women Award in the Trail- role, he was also the Bank’s chief blazer category by the Women's Execu- Professor Wong has worked extensively operating officer and a member of its tive Network, the YWCA's Women of with the World Bank and the UN; and board of directors, overseeing strategic Distinction Award for Entrepreneurship, has advised governments on matters planning and coordinating the Bank’s the Toronto Sun’s Women on the Move of public policy in Asia, Africa, the operations. Macklem has also played a Award, and a Rotary International Paul Americas, and Europe. Wong’s current leading role in efforts to ensure stable Harris Award. research focuses on poverty and social financial systems worldwide through policy innovation. Wong was educated the Financial Stability Board. at McGill and the University of Wisconsin Madison.

8 Experts

PAUL CADARIO is a TERESA KRAMARZ is ANITA MCGAHAN is Distinguished Senior the Director of Munk One, Associate Dean (Research), Fellow in Global Innovation a program for first year Director of the phd at the Faculty of Applied undergraduate students Program and Professor Science and Engineering at the Munk School of of Strategic Management and at the Munk School of Global Affairs, and Deputy at Rotman (with a cross- Global Affairs. Prior to these Director of the Master of appointment to the Munk appointments, he spent his Global Affairs. School of Global Affairs). career working in diverse Her research is focused on roles at the World Bank SHIRI BREZNITZ is an industry change, sustain- including as a Senior economic geographer who able competitive advantage Manager. specializes in innovation, and the establishment of technology, and regional new fields. An area of par- DAVID MULRONEY economic development. ticular interest to her is in is a Distinguished Senior Her research is at the criti- global health and the diffu- Fellow at the University of cal intersection of theory sion of knowledge across Toronto’s Munk School of and policy to fit the new international boundaries. Global Affairs. He served as realities of globalization. Ambassador of Canada to LEEAT WEINSTOCK is the People’s Republic of an Investment Associate at China from 2009 to 2012. Grand Challenges Canada, "You can only and teaches ‘Investing for JOSEPH WONG is the understand Impact’ at the Rotman co-founder of the Global School of Management at Ideas Institute and the a complex the University of Toronto. Ralph and Roz Halbert problem She was previously Man- Professor of Innovation ager of Social Finance at at the Munk School of once you start Social Capital Partners. Global Affairs. to solve it." - Jan Rotmans

9 Teams

Bayview Glen High School Cardinal Carter Etobicoke North Toronto Teacher: Mr. DJ Church catholic high school collegiate institute Collegiate Institute Mentors: Seoren A’Garous Teachers: Ms. Carissa Imgrund Teacher: Mr. Murray Smith Teachers: Mr. Lorenzo Nicolet (mga ’16) & Alesha Porisky & Mr. Andrew Wai Mentors: Julia Covello & & Ms. Karen Wolfe (phd Political Science) Mentors: Rebekka Bond Stephen Lu (bcomm ’15) Mentors: Justice Durland Team members: Husain Tapia, (mga ’16) & Jared Babin (bed ’15) Team members: Ivy Venier, (mga ’15) Sabina Beluz-Neagu, Peter Team members: Ethan Chen, Tanya Iakobson, Laura Raposo, Team members: Jack Denton, Belesiotis, Rishi Vaswani, Melika Parsamanesh, Yazmeen Rachel Campbell, Nadia Forte, Diksha Kumar, Jane Bradshaw, Charlotte Koch, Sophia Slovensk Kanji, Mackenzie Judson, Dana Kokoska Kasia Yabar, Heather Kelsall, Dorota Borovsky, Margaux Gay Asimakopoulos Bishop Marrocco / Badali Father Michael McGivney thomas merton catholic catholic high school North Park secondary school Central Peel Teacher: Mr. Lou Paonessa Secondary School teachers: Ms. Emily Alonzi secondary school Mentors: Faye Williams Teachers: Ms. Miriam Mirza & Ms. Kristina Tjonasan Teacher: Ms. Nancy Cartmell (mga ’16) & Lorraine Lin & Mr. Paul Brown Mentors: Nick Dagostino Mentors: Chrysoula Sakaris (mga ’16) Mentors: Emily Scott (mga ’15) & Kelly Rahardja (bed ’15) & Shanika Johnson Team members: Atikaran (phd Political Science) & (ba ’15) (mpp ’16) Krishnamoorthy, Apaar Madan, Tasfia Hossain (bcomm ’16) Team members: Carlos Udarbe, Team members: Haris Ahmad, Jaani Sathiaselan, Roshan Team members: Kruthika James Tavares, Kelvin Urbina, Harsh Gohil, Shivani Sriragavan, Naufal, Rakul Jantharan, Mahadevan, Rie Kezia Matias, Samantha Lopez, Sofia Bianco Imama Adnan, Gurpreet Nijjar, Jiayi Zhou, Pavandeep Sehra, Gurujot Singh, Irsa Khan, Naomi Rgo Pravin Thayaparan Ibrahim Chowdhury, The Bishop Strachan School Amira Dirie Teacher: Ms. Jennifer Chinguacousy Havergal College Pietrangelo secondary school Teachers: Ms. Ameera Rajwani Northern Mentors: Monika Bassi (bed ’15) Teachers: Mr. David Weightman & Mr. Gordon Grise Secondary School & Mieka Buckley-Pearson & Mr. Michael Burgess Mentors: Sarah Blewias Teachers: Mr. Evan Grant (mga/mba ’17) Mentors: Steven Lampert (mga ’16) & Shirley Li & Mr. Timothy Dingwall Team members: Lauren Adolphe, (mga ’16) & Jon Tavone (mga ’16) Team members: Claire Dirks, Mentors: Vienna Napier Emma McInerney, Dominique Team members: Bayley Walsh, Sarah Gale, Carrie Hay Kellar, (mga ’15) & Ella Quarrey Ritchie, TJ Robins, Cassie Ravneet Randhawa, Saloni Arushi Katyal, Meagan (mga ’16) Wallace Pandya, Gautum Gupta, McCarthy, Eleanor Pilkington Team members: Robert Faraday, Jari Abbas, Connor Bryant Emma Juskovic, Neha Rahman, Branksome Hall Supporting Mentors: Madonna Catholic Secondary Iris Redinger, Allie Sherwin, Teachers: Ms. Colleen Daniel Hart (mga ’16), School Amy Thachil Ketchum, Ms. Jane Marshall, Samuel Neulander (bed ’15) Teacher: Ms. Celia Ieradi Ms. Oksana Jajecznyk, & Mentors: Manjot Brar (bed ’18) Northview Heights Secondary Ms. Allison Campbell-Rogers Earl Haig & Michelle Ren (bcomm ’15) School Mentors: Simeran Bachra secondary school Team members: Princess Teacher: Ms. Stefanie Hall (mga ’15) & Emma Stanton Teacher: Ms. Marina Moro Edogiawerie, Hilda-Matilda Mentors: Sarah Ahmed & (mga ’15) Mentors: Sunita Pillai O. Idegwu, Zalika Ruddock Vicki Alexopoulos (mga ’16) Team members: Sasha Aristotle, (mga/mba ’16) & Scott, Hope Eruabor, Hera Team members: Faizaan Baig, Siham Ally, Tasneem Mewa, Tommy Tam (msc ’15) Naqi Syed, Maria Rica Lapig Mariya Popkov, Sameer Safi, Daisy Houlihan, Mallika Team members: Hana Zhang, Rushi Shah, Anoosha Shahzad, Chandria Emily Yin, Michelle Gao, Mingxuan Wang Sophie Nakashima, Grace Lee, Rainny Qiu

10 Pickering College St. Michael’s Choir School Upper Canada College Woodbridge College Teacher: Ms. Kimberly Bartlett Teacher: Ms. Lindsay Pertolo Teacher: Mr. Marshall Webb Teachers: Mr. Ashish Patel Mentors: Mina Akrami (mga ’15) Mentors: Holly Long (mga ’16) Mentors: Masha Cemma & Mr. Moiz Biviji & Anastasia Leshchyshyn & Sean Smyth (med ’15) (phd Molecular Genetics ’15) Mentors: Michael Braun (ma ceres ’15) Team members: Jacob Brozyna, & Peter Mao (bed ’15) (phd Political Science) & Team members: Samantha Tan, Paul Picotte, William Gatchan, Team members: Camran Hansen, Allison Burtenshaw-deVries Kevin Tan, Maurice Berleth, Sebastien Duckett, Amit Nehru Ernest Leung, Elliott Birman, Team members: Medha Dutta, Jessie Hu, Joe Li Janan Illango, Jack Sarrick, Shaan Patel, David Larbi, St. Theresa of Lisieux Catholic Nikhil Kassum Vincent Nguyen, Manny Pickering High School High School Arora, Aneal Seegobin Teacher: Ms. Sarah Leaney Teacher: Mr. Matthew Kavanagh Westmount Mentors: Abhishek Sharma Mentors: Bushra Ebadi (mga ’16) collegiate institute The York School (mba ’15) & Emma Best (mga ’16) & Digvijay Mehra (mga ’16) Teacher: Mr. Neil Orlowsky Teacher: Ms. Megan Team members: Rohit Sharma, Team members: Felicity Kim, Mentors: Vivian Chung (mga ’15) Gardner Ross Devin Kerr, Neil Maatta, Steven Kim, Luke Schwade, & Maria Fakhruddin (mga ’16) Mentors: Hamza Syed (mga ’16) Mary Tran, Leonie Deraed, Hannah Lee, Jennifer Lee, Team members: Alexis Cooper, & Shirley Wu (mga ’16) Angel Hung Dyuman Buattacharya Hayley Schwartzberg, Lauren Team members: Ellie Eberlee, Kohn, Alex Frank, Taylor Milne, Jenna Bresge, Manseeb Runnymede Stephen Lewis Sari Levy Malek, Ali Afnan, Jacky collegiate institute Secondary School Davidson, Danielle Solish Teacher: Ms. Lea Konforte Teacher: Ms. Julie Plunkett Mentors: Shana Watanabe Mentors: Hannah Cohen (bed ’15) & Saad Ali (mga ’16) & Anna Foster (meng ’15) (mga ’16) Team members: Snehan Gorain, Team members: Fatemah John Yang, Jacky Yang, Ebrahim, Alex Coney, Annabelle Derek Tang, Vinshu Malakari, Kolomeisky, Valerie Bhupaul, Patrick Turner Manev Acharya, Ron Hovich

St. Basil-the-Great University of Toronto Schools college school Teachers: Ms. Amy Paradine Teacher: Mr. Joseph Prospero & Ms. Rebecca Levere Mentors: Fariha Husain Mentors: Celine Liu (bcomm ’17) (mga ’15) & Eddie Kawooya & Audrey Fried (ma ed ’15) (mga ’16) Team members: Jacob Brown, Team members: Theresa Nguyen, Alexander Cui, Kuhan Elisa Rossi, Peter Tran, Jeyapragasan, Bonnie Lao, Danielle Wright, Ayomide Michelle Li, Mia Sanders Fakude, Agi Kapllani

St. Clement’s School Teacher: Mr. David Mizener Mentors: Sarah Love (bed ’15) & Jeremy Fish (mga/mba ’16) Team members: Olivia Woodman, Kate Usher, Claire Chadwick, Hanlan McDougall, Nicole Areias, Leila Salem

11 GII Program Team

Ben Liu Iain McCauley Theo Milosevic Anah Mirza Program Director Senior Mentor Coordinator High School Coordinator Event Coordinator

Kathleen Celine Wadhera Irene Ferro Jennifer Whyte Gnocato Mentor Coordinator Communications Event Coordinator Coordinator Program Manager Richard Park Kim Ly Jennifer Mentor Training & Facilitator Claire Research Coordinator McCallum Drummond Event & Logistics Program Coordinator Coordinator Mingjun Lu Research Coordinator

12 Global Ideas Institute Stay Tuned for 2015 – 16 GII Applications in September! www.munkschool.utoronto.ca/gii | #giito

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