The global findex database is the world s most comprehensive set of data on how people make payments, save money, borrow and manage risk. Official pdf, 40 pages world bank documents world bank group. However, few of these reports have addressed what may be called the payment aspects of financial. Almost half 49 percent do not report any current use of financial services formal or informal, and there is a high level of usage of sources of informal credit and saving. It found that the world bank group contributed significantly to progress in financial inclusion globally and in client countries.
G20 highlevel principles for digital financial inclusion. With slowing global growth and increasing uncertainty clouding the global economic prospects,the. Financial inclusion support framework fisf world bank. Clarify the world bank groups approach on financial inclusion by making it evidencebased and comprehensive, focused on enabling access to a range of financial services with benefits for the poor in a sustainable manner and specifying when and how to use subsidies.
The foundation for shared prosperity poses this question in the world bank s first comprehensive examination of social inclusion. Contours of financial inclusion classification of financial exclusion according to the world bank, four forms of financial exclusion are prevalent in society. Fatf 202017, antimoney laundering and terrorist financing measures and financial inclusion. Financial inclusion, defined as the proportion of individuals and firms that use financial services, has become a subject of considerable interest among policy. Financial inclusion targets have become increasingly popular over the past years, including the universal financial access goal, as formulated by the world bank group in 20, that by 2020, adults, who currently arent part of the formal financial system, have access to a.
Breaking the barriers to youth inclusion p120911esw disclaimer the findings, interpretations, and conclusions expressed herein do not necessarily reflect the views of the international bank for reconstruction and development world bank and its affiliated organizations, or those of the executive di. The regular use of financial services, through payment infrastructures to manage cash flows. Harnessing fintech for financial inclusion world bank documents. Does your country have any of the following national strategy documents to promote activities relevant to financial inclusion. The global financial inclusion global findex database is the world s most comprehensive gauge of how adults around the world save, borrow, make payments and manage risk. The little data book on financial inclusion 2018 world bank.
However, few of these reports have addressed what may be called the payment aspects of financial inclusion. Big data case study analysis of mobile phone data can help increase subscribers use of banking. Cgap consultative group to assist the poor is an independent think tank that works to empower poor people to capture opportunities and build resilience through financial services. Binyam teshome world bank the world bank group wbg, with private and public sector partners, set an ambitious target to achieve universal financial access ufa by 2020. The world bank provides lowinterest loans, zero to lowinterest credits, and grants to developing countries. World bank group support to financial inclusion and its impact on the poor. Even channels designed to increase financial access, such as bank correspondents.
Oct 31, 2018 world bank group description the global findex database 2017. The little data book on financial inclusion 2018 the data represent a third round of data collection since the global findex database was launched in 2011. Household finance, financial inclusion, gender demirguckunt, klapper, and singer are in the development research group, world bank. Global partnership for financial inclusion gpfi, the world bank, and the international fund for agricultural development ifad. Financial inclusion is emerging as a priority for policymakers and regulators in financial sector development, with an increasing number of countries introducing comprehensive measures to improve access to and usage of tailored financial services. Download the little data book on financial inclusion. This policy brief presents the summary findings of a study on promoting financial cooperatives fcs in zambia that was conducted between 2017 and 2018 with financial support from the rural finance expansion program rufep, ministry of commerce trade and industry mcti and the zambia center for accountancy studies zcas. Financial development data tables 20172018 world bank. Principles for digital financial inclusion and of international standardsetting bodies ssbs principles supporting financial inclusion. The 20 guidance on antimoney laundering and terrorist financing measures and financial inclusion was a collaboration with apg and the world bank. Financial inclusion beyond payments world bank documents. Financial sector fse 1 development economics research group and financial and private sector development, the world bank. For the world bank group, financial inclusion represents a core topic, given its implications for reducing poverty and boosting shared prosperity. The pursuit of making financial services accessible at affordable costs to all individuals and businesses, irrespective of net worth and size respectively.
Access the g20 financial inclusion indicators database download countrylevel data powered by the world bank. It continues the little data book on financial development series, and includes select measures of. The opinions expressed in this paper do not necessarily represent the views of the world bank, its executive directors or the countries they represent. Financial inclusion, defined as the proportion of individuals and firms that use financial services, has become a subject of considerable interest among policy makers, researchers, and other stakeholders. Most people would agree that inclusion matters simply from a moral standpoint. The g20 basic set of financial inclusion indicators using the g20 basic set of financial inclusion indicators, this note brings together demand and supplyside data to provide a snapshot of the penetration of basic financial services around the world. It contains operational documents project documents, analytical and advisory work, and evaluations, formal and informal research papers, and most bank publications in more than 60 languages. Amlcft measures and financial inclusion download pdf 1,058kb the fatf has prepared a guidance paper to provide support to countries and their financial institutions in designing antimoney laundering and terrorist financing amlcft measures that meet the national goal of financial inclusion, without compromising the measures that exist. Housed at the world bank, cgap is supported by over 30 leading development organizations committed to making financial services meet the needs of poor people. Asli demirguckunt, leora klapper and dorothe singer. View financial inclusion research papers on academia. Financial inclusion european bank for reconstruction. Financial inclusion is legislated as one of the primary functions of the bank under the central bank act of malaysia 2009. It also offers valuable insights for the world bank s drive for full global financial inclusion by 2020.
The 2017 global ficp survey covers key topics related to the enabling environment for financial inclusion and financial consumer protection, including national financial inclusion strategies, the issuance of emoney by nonbanks, agentbased delivery models, simplified customer due diligence, institutional arrangements for financial consumer. Ghana has low levels of financial inclusion of individuals and access to finance for firms remains a major challenge. Similarly, egypt has put financial inclusion as a priority during the last years. This paper provides the first analysis of the global financial inclusion global findex database, a new set of indicators that measure how adults in 148 economies save, borrow, make payments, and manage risk. Access dashboards showing data indicators disaggregated by country. The financial inclusion agenda continues to be advanced with the introduction of a holistic financial inclusion framework under the financial sector blueprint.
This 2017 edition combines the fatf supplement with the original 20 guidance. In 2014, the sector was the largest contributor to total employment in the country. Financial inclusion has moved up the global reform agenda and become a topic of great interest for policy makers, regulators, researchers, market practitioners, and other stakeholders. Financial exclusion refers to the lack of banking and financial services to the poor. Did financial inclusion interventions deliver to the poor. Financial inclusion can really pick up the financial conditions and standards of living of the disadvantaged groups. The authors find that greater ownership and use of accounts is associated with a better enabling environment for accessing financial services, such as lower. Cgap is housed in the world bank and is funded through member contributions to trust funds administered by the world bank. Financial inclusion and legal discrimination against women. The need for a clear definition of financial inclusion the bank of tanzania, the countrys central bank, has defined financial inclusion as. It is the protection of a fundamental human right, the right to dignity and a decent life. Financial inclusion is one of the most important concepts that recently attracted the attention of international organizations and central banks in general. The database provides nationally representative, demandside data on access to and use of accounts, credit, payments, and savings by adults age 15 and above in 144 economies.
Partnership for financial inclusion gpfi, ifad or the world bank group, provided that the publication or extract therefrom reproduced give full attribution to this work. G20 highlevel principles for digital financial inclusion 1 box 2. Toolkit developing and operationalizing a national. First, it provides a brief overview of the african financial sector landscape. Cbe participated in several regional and global initiatives to improve financial inclusion in egypt.
Financial inclusion world bank documents world bank group. Various countries are promoting financial inclusion across the world. These support a wide array of investments in such areas as education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management. The book explains that inclusion also matters because it is the foundation for shared prosperity.
The central bank of egypt cbe participated in several regional and global initiatives to improve. G20 financial inclusion indicators pdf glossary pdf explore data dashboards. Second, it uses the global financial inclusion indicators global findex database to characterize adults in africa that use formal and informal financial services and identify the barriers to formal account ownership. Sri lanka global financial inclusion global findex. The foundations of financial inclusion world bank documents. Based on the specific circumstance of each country, g20 members aim at taking concrete actions to promote digital financial inclusion. In july 2017, egypt was chosen, along with china and mexico, as a model country in a new financial inclusion global initiative launched by the world bank group. The ufa goal envisions that, by 2020, adults globally will be able to have access to a. Global financial development report 2014 the world bank. Less than a decade ago, in 2006, the united nations committee on building inclusive financial sectors urged central banks and countries to add the goal of universal financial inclusion to the two traditional financial. The g20 basic set of financial inclusion indicators.
The 2017 global ficp survey covers key topics related to the enabling environment for financial inclusion and financial consumer protection, including national financial inclusion strategies, the issuance of emoney by nonbanks, agentbased delivery models. Finally, data and diagnostics work is a critical input for. Islamic finance has emerged as an effective tool for financing development worldwide, including in nonmuslim countries. Global financial development report 2014 world bank. Antimoney laundering and terrorist financing measures and.
Innovation in financial inclusion 6 bank account penetration current state cvg current state potential banking revenues calculated on additional loans and increased consumption of financial services bank account penetration target state cvg target state 65% 74% apac pers anking e analysis c c p xpect at evenue or 3 espectively. Breaking the barriers to youth inclusion world bank. Financial inclusion in india an assessment1 overcoming poverty is not a gesture of charity. Financial inclusion is a byproduct of financial exclusion and is directly related to poverty. The financial development data tables 20172018 is a concise edition of the global financial development database published as part of the work on the global financial development report 20172018.
Sometimes abbreviated a2a, this is movement of money from one privately held bank account to another, typically electronically. This paper summarizes financial inclusion across africa. This paper documents and analyzes gender differences in the use of financial services using the global financial inclusion global findex database, which. Mozambique national financial inclusion strategy 2016 2022. Document name mozambique national financial inclusion strategy 2016 2022. Based on the specific circumstance of each country, g20 members aim at taking concrete actions to promote digital financial inclusion at their own country level. The world bank group is working with islamic finance to reduce poverty, expand access to finance, develop the financial sector, and build financial sector stability and resilience in client countries. The financial inclusion support framework fisf was launched by the world bank group in june 20 to accelerate and increase the effectiveness of reforms and other countryled actions that help achieve national financial inclusion targets and strategies. Covering more than 140 economies, the indicators of financial inclusion measure how people.
Most world bank lending is focused upstream at the policy and institutional framework level, apart from technical assistance. Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs transactions, payments, savings, credit and insurance delivered in a responsible and sustainable way. Payment aspects of financial inclusion english abstract. They are bringing finance to the unbanked, who have hitherto not had access to formal financial services whether because they had no bank branches in their areas or services were just too expensive. Launched in 2011, it includes more than 100 financial inclusion indicators in a format allowing users to compare access to financial services among adults worldwide including by gender, age and household income. In ghana, the use of project findings has already led to the financial inclusion of more than 70,000 people. Global financial inclusion global findex database 2014. Access to a transaction account is a first step toward broader financial inclusion. It has reached a substantial share of the microfinance industry. That analysis is based on household data from two sources. Opportunities for expanding financial inclusion among the unbanked 64.
The development road map also covers data and diagnostics work and steps needed to secure highlevel approval for the nfis. G20 financial inclusion indicators germany the world bank. If document is online, please provide link year approved most recent end date of the strategy. Payment aspects of financial inclusion april 2016 1 foreword in recent years, a number of reports have been prepared by organisations on financial inclusion, a topic whose importance is increasingly being recognised. Measuring financial inclusion and the fintech revolution presents key findings from the global findex database, with detailed insight into how adults in more than 140 economies access accounts, make payments, save, borrow, and manage risk. In ethiopia, women account for a disproportionate share of the unbanked, and the gap is widening. In recent years, a number of reports have been prepared by organizations on financial inclusion, a topic whose importance is increasingly being recognized. The world bank group plays a critical role in advancing financial inclusion in the world since it can leverage its financial sector expertise, country engagement and dialogue, financing and risksharing instruments, unique datasets and research capacity, and influence with standardsetting bodies and the g20. Financial inclusion in africa african development bank. The data represent a third round of data collection since the global findex database was launched in 2011. Mobile financial services have become an important driver of financial inclusion in a growing number of countries. In 2014, the sector was the largest contributor to total employment in the country more than 70 percent of 5. Global findex world bank documents world bank group. The little data book on financial inclusion 2018 is a pocket edition of the global findex database published in 2018.
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