Drawn by their corporate responsibility agendas and the promise of profitability, commercial banks have been entering the microfinance market, with Credit Agricole and JPMorgan among recent entrants. But when it comes to serving the 4bn people living on less than $2 a day, traditional microfinance models are not the only means of expanding access to financial services.

In Ghana, for example, Barclays offers deposit accounts to traditional “Susu” collectors, who form part of an ancient system of saving. Some institutions are starting to expand into insurance and savings, while some banks are delivering services through mobile phones.