This report reiterates and enhances the guidance developed in the report on payment aspects of financial inclusion pafi issued by the committee on payments and market infrastructures and the world bank group in 2016. This data set represents a second round of data collection, following the initial round three years earlier. For the world bank group, financial inclusion represents a core topic, given its implications for reducing poverty and boosting shared prosperity. The report will highlight the importance of financial inclusion for development and poverty. 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. The forum was also the venue for the launch of the world bank s report on financial inclusion in malaysia. The global financial development report 20192020 provides new data and evidence on the regulatory remedies adopted to prevent future financial instability and sheds light on ongoing policy debates. Reserve bank of fiji fiji financial inclusion report. Financial development data tables 20172018 world bank. Financial system stability assessment, imf 2016 and report on financial.
The report will benefit from new rich sources of data and information on financial inclusion around the world, including the global findex dataset, the global payment system survey and national financial capability surveys, produced by the world bank. 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. 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. 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. Since then, the pafi framework has been adopted as the analytical underpinning for designing and implementing countrylevel. Financial inclusion european bank for reconstruction. Measuring financial inclusion and the fin tech revolution. How credit reporting contributes to financial inclusion. The 2016 edition of world development indicators is out. Financial inclusion in africa african development bank.
In recent years, a number of reports have been prepared by organizations on financial inclusion, a topic whose importance is increasingly being recognized. In march 2017, bangladesh bank permitted stateowned sonali bank to launch online moneytransfer services with paypal, signaling a commitment to furthering innovative. Committee on payments and market infrastructures world. Table of select indicators 2014 download the little data book on financial inclusion. World anks june 2017 global economic prospects report. Payment aspects of financial inclusion consultative report. The little data book on financial inclusion world bank. Gateway to financial inclusion a transaction account can be a gateway to broader financial services like credit, savings, insurance, payments and remittances. Toward universal financial inclusion in china world bank. The world bank provides lowinterest loans, zero to lowinterest credits, and grants to developing countries. 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. Demirguckunt, asli, leora klapper, dorothe singer, and peter van oudheusden. Financial inclusion and inclusive growth world bank documents.
The little data book 2016 is a pocket edition of world development indicators 2016. Financial inclusion insights bangladesh 2016 annual report. 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. It is intended as a quick reference for users of the world development indicators database, book, and mobile app. Longterm finance plays an important role in economic development. It continues the little data book on financial development series, and includes select measures of. Building an appetite for digital financial inclusion in sri lanka. Payment aspects of financial inclusion english abstract. This report provides an analysis of the payment aspects of financial inclusion, on the basis of. It is an honor for me to speak today before such a distinguished group on the theme of financial inclusion.
Lois quinn, senior payment systems specialist, world bank beth rhyne, managing director, center for financial inclusion liliana rojassuarez, senior fellow, center for global development lemma senbet, executive director, african economic research consortium tommaso valletti, professor, imperial college london and university of rome. Measuring financial inclusion in more than 140 economies. Access to a transaction account is a first step toward broader financial inclusion. Financial financial inclusion is critical in reducing poverty and achieving inclusive economic growth. Payment aspects of financial inclusion in the fintech era. Apr 15, 2016 were excited to announce the release of the 2016 edition of world development indicators wdi. Overall, there is a need to scale up the usageof accounts for adults with accounts at financial institutions. Global standardsetting bodies and financial inclusion the evolving landscape gpfi 2016 in the financial inclusion context, crowdfunding refers to a marketbased financing technique where funds are raised from large numbers of individuals or legal entities in small amounts, bypassing traditional financial intermediaries, and us. Learn how the world bank group is helping countries with covid19 coronavirus. The little data book on financial inclusion 2015 is a pocket edition of the global financial inclusion global findex database published in 2015. Global financial inclusion and consumer protection survey. World development indicators wdi is the primary world bank collection of development indicators, compiled from officially recognized international sources. In 2011 the world bank launched the world bankgroup account. World bank financial capability surveys, and world bank global payments systems survey.
Bangladesh bank, the central bank of bangladesh, maintained a strong focus on financial inclusion in 2016. The little data book 2016 contains 55 key development indicators such as population and population growth, gni, gdp, gdp growth, exports and imports, and gross capital formation, deforestation. This policy brief discusses the role that credit reporting systems play in financial inclusion and identifies challenges and solutions to address these issues. Financial regulations for improving financial inclusion.
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. Financial inclusion is a key enabler to reducing poverty and boosting. The database covers more than 1,200 indicators and spans more than 50 years. Eual opportunities in an uneual world 62 2016, and the 2014 global findex database. When people can participate in the finan cial system, they are better able to start and expand businesses, invest in their childrens education, and absorb financial shocks. Financial inclusion open knowledge repository world bank group. The world bank group wbg will help enable 1 billion previously unbanked adults to be reached with transaction accounts. Bank for international settlements and world bank group 2016.
In a progress report to the g20, the world bank and the oecd underlined the importance of financial inclusion. The crisis revealed major shortcomings in market discipline, regulation, and supervision. The little data book on financial inclusion 2018 world bank. Global financial development report 2014 the world bank. Oct 05, 2016 mba final year project on financial inclusion 1. However, few of these reports have addressed what may be called the payment aspects of financial inclusion. 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. Financial inclusion in india an assessment1 overcoming poverty is not a gesture of charity.
This report is a product of the responsible financial access team in the world bank groups finance and markets global practice. And it adds new data on the use of financial technology fintech, including the use of mobile phones and the internet to conduct financial transactions. 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. Profiles of women reformers making it easier to do business around the world march 08, 2020 more time for idiyappam.
The foundation for shared prosperity poses this question in the world bank s first comprehensive examination of social inclusion. 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. The reference citation for the 2014 global financial inclusion global findex data provided in this book is as follows. Global financial inclusion global findex database world bank. World global financial inclusion global findex database 2017. Financial access is a stepping stone for broader financial inclusion which entails a wider more tailored range of financial services being used, that are provided in a responsible manner. Global financial development report 20152016 world bank. In a progress report to the g20, the world bank and the oecd underlined the importance of financial inclusion for.
The task force was mandated to examine demand and supply side factors affecting. 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 book explains that inclusion also matters because it is the foundation for shared prosperity. Financial inclusion global financial development repor t financial inclusion 2014 financial inclusion global financial development repo r t 2014 global financial development report 2014 is the second in a new world bank series. In response, the world bank group wbg with private and public sector partners set an ambitious target to achieve universal financial access ufa by 2020. Reliable data covering the major components of sustainable financial inclusion. The pursuit of inclusive development is leading to a greater focus on financial inclusion policies and initiatives.
Drawing on survey data collected in collaboration with gallup, inc. G20 financial inclusion indicators overview the group of twenty g20 recognizes that financial inclusion is a key enabler in the fight against poverty. The group of twenty g20 recognizes the key role of financial inclusion in the realisation that financial inclusion is a key enabling element in the fight against. It is the protection of a fundamental human right, the right to dignity and a decent life. However, few of these reports have addressed what may be called the payment aspects of financial. G20 financial inclusion indicators glossary world bank. The global findex database is the world s most comprehensive set of data on how people make payments, save money, borrow and manage risk.
There are large opportunities for advancing financial inclusion by paying. The 2017 global financial inclusion and consumer protection survey project was undertaken by a team led by douglas randall and oya ardic alper and comprising minita varghese and marco traversa. G20 new high level principles on digital financial inclusion hlps the new 2016 principles are intended to catalyze countrylevel actions by g20 governments to drive financial. World bank annual report 2016 open knowledge repository. Longterm finance, frequently defined as all funding for a time. Financial inclusion report 2017 financial inclusion report 2016. Datuk seri johari bin abdul ghani, the finance minister of malaysia, and datuk muhammad bin ibrahim, the governor of bank negara malaysia, talked about the progress. In 2014, an estimated 2 billion adults lacked access to a transaction account global findex 2014 and were excluded from the formal financial system.
Most people would agree that inclusion matters simply from a moral standpoint. Global findex is a comprehensive survey conducted by the world bank that provides data on how individuals save, borrow, make payments and manage risks. G20 financial inclusion indicators overview world bank. Various countries are promoting financial inclusion across the world. Oct 31, 2018 the indicators in the 2017 global findex database are drawn from survey data covering almost 150,000 people in 144 economiesrepresenting more than 97 percent of the worlds population see table a. 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.
Leveraging technology to promote financial inclusion 19. Opportunities for expanding financial inclusion through digital technology. Official pdf, 40 pages world bank documents world bank group. The little data book 2016 is the pocket edition of world development indicators 2016. 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.
It contributes to financial sector policy debates, building on new data, surveys, research, and country experience. 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. The longrun poverty and gender impacts of mobile money. The document has been prepared for the international committee on credit reporting chaired by the world bank and composed by central banks and financial supervisory authorities, international financial institutions and industry. The data represent a third round of data collection since the global findex database was launched in 2011.
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