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financial inclusion

Advancing Digital Financial Inclusion in ASEAN

Ana Maria Aviles's picture
People standing in line at check cashing Malaysia
Photo credit: Shutterstock


How can digital financial services effectively support financial inclusion? To answer this question, the World Bank recently collaborated with the Association of Southeast Asian Nations (ASEAN) Working Committee on Financial Inclusion (WC-FINC) on a study titled “.” This study analyzes a wide range of digital financial services (DFS) through a framework based on that of the Payment Aspects of Financial Inclusion (PAFI) .

According to the use of the PAFI framework (see figure below), three foundations must be present to enable the spread of DFS: government and private sector commitment to DFS development, a sound legal and regulatory framework concerning DFS, and an enabling financial and information and communications technology infrastructure. Atop these three foundations stand four catalytic pillars that increase uptake and use of DFS: improving the design of DFS products (and of the regulations that govern them), expanding agent networks and other access points, spreading financial literacy, and shifting large payment streams to flow through digital channels.

3 Ways to advance usage and drive impact in financial inclusion

Dan Salazar's picture

Unprecedented technological advancements and corresponding innovations in business models have helped financial inclusion evolve beyond merely connecting people to a bank account. It is, for instance, helping  by providing access to buyers, more efficient pricing, and speedier payments. It is  with prepaid cards for food and supplies. And it is by leveraging purchase data to enable credit scoring.

FinTech Adoption and its Spillovers. Guest post by Sean Higgins

Development Impact Guest Blogger's picture
During my last trip to Mexico, I bought tamales from a street vendor and paid by card—something that would have been impossible not long ago. The vendor, who had a Bluetooth card reader connected to his cell phone, told me that his potential customers are not always carrying cash, and as a result, accepting card payments has increased his sales. This anecdote illustrates a broader trend: as the adoption of financial technologies (FinTech) increases on both the supply and demand sides of the market (see Figure 1), both consumers and small retail firms benefit.

Leveraging technology to close gaps between men and women

Mirai Maruo's picture


Technology serves as a key driver of change and opens new avenues to address the world’s most complex challenges. It is changing the nature of work and challenging traditional production patterns. And it is changing the skills that employers seek, how people work and the terms on which they work.
 
This month, the will meet for its twice-yearly meeting to discuss the World Bank Group (WBG)’s recent developments and initiatives to close key gaps between men and women. Chaired by Kristalina Georgieva and comprising senior government representatives from client and donor countries, private sector and civil society, the Council is the main external consultative body helping the WBG consider frontier issues and accelerate progress towards gender equality.
 
Earlier this year, the Council undertook a learning session on the role of technology in promoting gender equality. The discussion mapped out some key challenges in this area.

Releasing the 2017 Global Findex microdata

Leora Klapper's picture

It’s —a series of events exploring "the most pressing actions needed to advance financial inclusion globally"—making this a perfect time to launch the 2017 .

In April, we country-level indicators on account ownership, digital savings, savings, credit, and financial resilience. Now comes the microdata – individual-level survey responses from roughly 150,000 adults living in more than 140 economies globally.

Global Findex 2017 microdata available for download

Leora Klapper's picture
We're thrilled to release the , featuring individual survey responses from roughly 150,000 adults globally. Get it , along with documentation including a variable list, questionnaire, and information on sampling procedures and data weighting.
 
Downloading the data is easy. At the microdata library, you'll see a screen that looks like this:
 

 

Five ways Nigeria can realize mobile technology's potential for the unbanked

Leora Klapper's picture

Although it’s Africa's largest economy, Nigeria is missing out on the region’s most exciting financial innovation: mobile money.
 
Twenty-one percent of adults in Sub-Saharan Africa have a mobile money account, nearly double the share from 2014, according to the latest report.
 
By contrast, Nigeria lags behind: just 6% of adults have a mobile money account, a number virtually unchanged from 2014.

Financial inclusion in Ethiopia: 10 takeaways from the latest Findex

Mengistu Bessir's picture
In Ethiopia, women account for a disproportionate share of the unbanked, and the gap is widening. Photo: Binyam Teshome/World Bank

The World Bank Group (WBG), with private and public sector partners, set an ambitious target to achieve (UFA) by 2020. The UFA goal envisions that, by 2020, adults globally will be able to have access to a transaction account or electronic instrument to store money, send and receive payments. The WBG has committed to enabling one billion people to gain access to a transaction account through targeted interventions. Ethiopia is one of the 25 priority countries for UFA initiative.

Too poor to save?

Markus Goldstein's picture
Across developing countries, only 63 percent of adults have a bank account, according to our friends over at the .  And we’ve seen a couple of papers with targeted populations that suggest savings vehicles could be good for some development outcomes.   So is it time for a big push on banking the unbanked?  
 

African leaders committed to building a digital economy

Ceyla Pazarbasioglu's picture
Mbarak Mbigo helps his colleagues who are software developers at Andela, in Nairobi, Kenya. © Dominic Chavez/IFC


We only have to look at the way we communicate, shop, travel, work and entertain ourselves to understand how technology has drastically changed every aspect of life and business in the last 10 years.

But disruptive technology also increases the stakes for countries, which cannot afford to be left behind.

Now again, there is huge potential for digital impact in Africa. But to achieve that, the five foundations of a digital economy need to be in place - digital infrastructure, literacy and skills, financial services, platforms, and digital entrepreneurship and innovation.


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