Financial Inclusion
ANNUAL REPORT TO THE SECRETARY-GENERAL SEPTEMBER 2021UNITED NATIONS SECRETARY-GENERAL’S SPECIAL ADVOCATEFOR INCLUSIVE FINANCE FOR DEVELOPMENTFINANCIALINCLUSIONToward a More Resilient Future
Message from the UNSGSAThe Road AheadThe Path of Financial InclusionCEO PartnershipVirtual Country VisitsTABLE OF CONTENTSMessage from the UNSGSA 2The Road Ahead 4The Path of Financial Inclusion 6Ensuring Positive Impact on Development 8Serving the Underserved 13Inclusive Tech-Enabled Solutions 18CEO Partnership for Economic Inclusion 22Virtual Country Visits and Engagements 24G20 Italian Presidency 24Mexico 25Senegal and BCEAO 26Togo 29Côte d’Ivoire 30Annexes 36About the UNSGSA 37UNSGSA Activities 2020–2021 38Annexes
Message from the UNSGSAThe Road AheadThe Path of Financial InclusionCEO PartnershipVirtual Country VisitsAnnexesMessage from the UNSGSAThe world is not far off from the two-year mark since COVID-19emerged as a grave threat to our societies. A threat that transformedinto a pandemic. A pandemic that became a public health emergency.And a public health emergency that sparked a worldwide economicand social crisis. The impacts of the coronavirus can still feel noveland remain shocking. Its fury ebbs and flows across the globe,hot spots flare in one place and then another, swiftly devastatingpeople’s health, debilitating economies and communities, erodingdelicate successes.As a result, this crisis has required a sense of urgencyto confront dire situations and challenges that demandimmediate attention to save lives. Yet, it is also thegrind of life’s day-to-day hardships, compounded bythe pandemic’s effects and prolonged uncertainty,that is taking a serious toll on populations—especiallyunderserved groups like the poor, women, smallholderfarmers and MSMEs, all of whom faced limited accessto financial services, good coping mechanisms andresources prior to the pandemic.Many people are in peril. They lack sufficient savings tosafeguard them in a time of extended unemployment.They lack access to adequate credit and investments tokeep their businesses afloat and solvent—or to expandthem. They lack insurance to protect them against costlymedical bills if a family member falls ill. And they lackthe opportunity to build financial health and resilience toimprove their lives.and reforms to produce the positive outcomes essentialto achieving the vision we all believe is possible. Further,this will help in the attainment of many of the SustainableDevelopment Goals.Let’s take a look at some examples.The need to shift focus beyond access and usage toquality has been clear. Transactions alone are not themeasure of success—but merely a first step. There is apressing demand for transactions to translate to productsand services that users actually need to build resilience,such as savings and insurance.But we are also seeing some hopeful news. COVID-19recovery efforts have resulted in broad recognition forthe importance of financial inclusion and digitization.Therefore, it is crucial to build upon this momentum andpress forward to erect economies and societies that aregenuinely inclusive. The crisis can be a crucible toward amore resilient future.There has been consistent emphasis on the consequenceof digital public goods. For example, digital ID andinteroperable payment systems. However, it is now evidentthat their creation alone is insufficient. Rollouts need to bedeliberate in design for underserved markets. Do womenhave equal access to these ID systems? Are interoperablepayment systems permitting increased competition thatbreeds better and more affordable services? How canengrained fundamental barriers be broken down—such asgender gaps in internet and mobile phone access—whichmake interoperable payment systems irrelevant to thosevulnerable segments? A failure to anticipate and solve forthese sorts of inevitabilities might result in the perpetuation,as well as exacerbation, of existing inequalities.Yet, to fully seize the moment, the learnings from thepandemic should provide us with enough pause torefocus our priorities when needed. A close evaluationof what worked and what did not—strategies and tacticsmust be adjusted and updated for renewed plans andpossibilities. This includes a reevaluation of key messagesInnovation has long been heralded as a means thatchannels the dynamism of the private sector to developproducts fit for consumers where there is a strongbusiness case. My partners and I have certainly advocatedfor enabling regulations to make this happen in a safeand responsible manner.2Annual Report 2021
Message from the UNSGSAThe Road AheadThe Path of Financial InclusionCEO PartnershipVirtual Country VisitsAnnexesThe UNSGSA virtually presents the 2020 Annual Report to Secretary-General António Guterres. Photo credit: Patrick vanKatwijkAs tech-enabled solutions evolve evermore rapidly, itis more critical than ever to ensure that products andservices not only do no harm but empower individualsand families. Services cannot simply be additive, theyshould be transformative. For instance, savings productsthat not only provide a safe place to save but alsopresent prompts and embedded messages to helppeople set and reach financial goals. Or, affordable andaccessible insurance products designed to provide thepreviously uninsured with safety nets to cushion againstadverse events and external shocks.And as the pandemic demonstrated the importanceof inclusive finance, the world witnessed the needto ensure the key outcome is financial health. This,however, will require some reorientation, acceleratedwork and strong partnerships.All these considerations will require greater collaboration.This is especially true within governments. It is imperativeto have a whole-of-government approach for crosscutting reforms, such as putting in place key public goods.These reforms cut across various departments and entailsynergies crucial to delivering seamless services tothe population, allowing people to safely enter andparticipate in the formal digital economy.Annual Report 2021Yet, governments cannot solve these issues alone. Theprivate sector has a pivotal role to play to continue toinnovate, collaborate and deliver relevant, responsiveand responsible products and services. Naturally, asthe UNSGSA, I have continued to work—along with myReference Group of financial inclusion advisors—tobridge these and other stakeholders, while supportingand championing inclusive policies and initiatives. Thisincludes cross-industry private-private coordination, suchas the CEO Partnership for Economic Inclusion.These are extraordinary times. The crisis has createdruptures across our societies. Now struggles and setbacksmust be turned into opportunities. If we succeed, we willsee the exponential impact that providing meaningful,quality financial services to the underserved can have. Ifwe succeed, we will have changed the world.H.M. Queen Máxima of the NetherlandsUnited Nations Secretary-General’s Special Advocate forInclusive Finance for Development3
Message from the UNSGSAThe Road AheadThe Path of Financial InclusionCEO PartnershipVirtual Country VisitsAnnexesThe Road Ahead4Annual Report 2021
Message from the UNSGSAThe Road AheadThe Path of Financial InclusionCEO PartnershipVirtual Country VisitsAnnexesThe COVID-19 pandemic has shone a spotlight on the importance of digital and financialinclusion for response and recovery. Even in the midst of other pressing issues and competingpriorities, financial inclusion will continue to be an imperative and a key enabler in buildinga more resilient future. Moving forward, it is essential we focus our efforts on ensuring thatinclusion leads to financial health, better lives for all and sustainable economic development.We must also recognize that financial inclusion is not a standalone issue, but closely linkedwith other issues, including gender equality and climate change, and contributes to achievinga range of the Sustainable Development Goals (SDGs).During the pandemic, access to digital services becameeven more critical. Digital financial services made it easierand safer for individuals to receive timely governmentbenefits and payments from family members, employers,and customers.However, as we move forward, it is important to focuson how participation in the digital economy can helpthese individuals access the financial services and toolsthey need to be more resilient—in other words, morefinancially healthy (see pg. 11). Using financial health as alens can guide institutions in developing and deliveringpayments, credit, savings and insurance productsthat help customers fulfill their everyday needs, buildresilience against unexpected financial shocks, plan forthe future and feel financially secure.As leaders and financial providers elevate financial healthto the top of the policy agenda and develop strategiesfor bolstering and sustaining individuals’ financialhealth, there will be an ongoing need to improve theinfrastructure that can support these digital innovations.This includes access to internet, improved cybersecurityand education to build digital literacy.In this increasingly digitized age, consumer protection willcontinue to be paramount. This is a shared responsibility.Governments can establish frameworks for helpingconsumers access information and seek redress. Financialservice providers can create safe products and procedures.At the same time, it is important to help consumers becometheir own best advocates, through financial education thatis targeted to their needs and easy to understand.Annual Report 2021In order to achieve lasting improvements in financialhealth and overall wellbeing, we should ensure thatfinancial inclusion is sustainable and rooted in thebroader socioeconomic realities in which people liveand work. This means addressing inherent inequalities,including the gender gap and the digital divide, placingfinancial equality at the forefront of inclusion. We mustembed gender in all aspects of financial inclusion, fromproduct design to policy. There is also a need to focusnot simply on the process of enrolling more women infinancial services but also on the real-life outcomes theseservices produce for women.Sustainable financial inclusion also means supportingthe real economy. Providing financial services tounderserved segments, including farmers and smallbusiness owners, should fuel economic activities andopportunities for those segments, in order to spur broadbased and inclusive growth. Smallholders and smallbusinesses could see gains from digitized paymentsand internal processes but might more meaningfullybenefit from a broad range of financial services enabledby a digitized ecosystem.Finally, we can ensure that the gains brought about byincreased access to finance enable climate adaptationand resilience, and allow investments that reducecontribution to climate change. Climate change posesan existential risk to the livelihoods of millions, due toagricultural losses, displacements, loss of property fromextreme weather events, and socioeconomic stresses.There may also be opportunities to incorporate greenfinance at the micro-level to benefit entrepreneurs.5
Message from the UNSGSAThe Road AheadThe Path of Financial InclusionCEO PartnershipVirtual Country VisitsAnnexesThe Path of Financial InclusionGuillaume Gnankou, an entrepreneur in Côte d’Ivoire, used her very limited savings to start her own doughnut business called GnankInspiration in December 2016. Today, her business has grown to include one full-time employee and another part time, at two stalls.She also offers online ordering and home deliveries through external service providers. See pg. 32.6Annual Report 2021
Message from the UNSGSAThe Road AheadThe Path of Financial InclusionCEO PartnershipVirtual Country VisitsAnnexesThe path of financial inclusion is more consequential than ever as the world searches forsolutions to deal with the social and economic effects on societies due to the COVID-19 crisis.At this pivotal moment, Queen Máxima’s mission as the UNSGSA is to continue to advanceand reinforce the important role of inclusive finance for development through strategic andsustained advocacy. The aim is not only to build back from the pandemic, but also to propelall people toward a more resilient future.The UNSGSA’s three overarching areas of focus to helpachieve this are: Ensuring that diverse financial services, notably digital,are used and have a positive impact on people’s livesand financial health. Encouraging innovative solutions for underservedsegments, especially women, smallholder farmers,and micro-, small and medium-sized enterprises(MSMEs). Making policies and public goods work fortechnology-enabled financial inclusion.To advance these priorities during the pandemic, QueenMáxima concentrated on virtual engagement with keystakeholders to offer advice and support.Key engagements involved the United Nations andSecretary-General António Guterres, the G20, globalstandard-setting bodies (SSBs), the InternationalMonetary Fund (IMF), the World Bank Group, theWorld Economic Forum (WEF), as well as national andinternational leaders, technical experts, global andnational CEOs, thought leaders and more. The UNSGSAremained committed to bring together and increasedialogue between policymakers and the private sector.The Special Advocate emphasized the need to buildupon the learnings from the pandemic and momentumof reforms to ensure that efforts lead to positivedevelopment outcomes.For example, the UNSGSA continued to promoteinvestment in the digital public goods critical tobuild more inclusive financial systems. But she alsochampioned the need to take those efforts a stepAnnual Report 2021Commissioner for Financial Services, Financial Stabilityand Capital Markets Union Mairead McGuinnesslistens to the UNSGSA speak during the virtual launchof the joint European Commission/OECD-INFE projectto develop a financial competence framework in theEuropean Union on 26 April 2021. Photo credit: EuropeanUnion, 2021/ EC Audiovisual Service / Photographer:Lukasz Kobusfurther by being more deliberate in design—such asfor women and MSMEs—including consideration ofconsumer protection and algorithm biases to helpensure innovation benefits customers, and nevercauses harm.Queen Máxima advocated to leaders during the year totake a financial health lens to create more intentionalityabout what can be accomplished with financial inclusion.Throughout the previous 12 months, the SpecialAdvocate placed a heightened focus on women’s digitaland financial inclusion in Africa. Furthermore, overallshe examined and highlighted gender componentsrelated to inclusive finance for COVID-19 response andrecovery, MSMEs/digitization of merchants, agriculturefinance and access to insurance.7
Message from the UNSGSAThe Road AheadThe Path of Financial InclusionCEO PartnershipVirtual Country VisitsAnnexesEnsuring Positive Impact onDevelopmentAccess to and usage of financial services is insufficientwithout a focus on quality—they should respond to theneeds of users and create a positive impact on theirlives. In line with this, throughout the year, the SpecialAdvocate stressed the need to ensure that financialinclusion is not an end but a means to unlock economicopportunities and improve lives by providing all with thefinancial tools to protect against hardship and invest intheir futures, leading to positive development outcomes.Financial inclusion therefore facilitates the attainmentof many of the SDGs by 2030. Access to responsiveand responsible financial services provides the toolsand opportunities to help reduce inequality, spureconomic growth, improve people’s financial healthand resilience, counter climate change and enablehealthy diets.Crises such as the COVID-19 pandemic further illustratethe significance of focusing on financial inclusion’simpact on development. According to Global EconomicProspects (World Bank, 2021), the pandemic couldpotentially push 163 million people into extreme poverty.Positive outcomes, such as greater financial resilience toweather shocks, are critical for people to better mitigateand manage risk during future emergencies.To stay on course, in light of the pandemic, QueenMáxima has stressed that now is the time to worktoward a more resilient and inclusive world.Usage and Impact for Improved LivesMore and more countries have launched and startedto implement, or are currently developing, a nationalfinancial inclusion strategy (NFIS)—more than 50 since2010. These provide important blueprints for progress,and the successful implementation could dramaticallyextend financial services to the underserved in manynations. Over the last year, Queen Máxima hascontinued to advocate to launch or update financialinclusion strategies, including with leaders and ministersof the BCEAO, Côte d’Ivoire, Mexico, Pakistan, Senegaland Togo, and pushed for measuring usage and impact.8UNSGSA Queen Máxima provides virtual remarks at thelaunch of the joint European Commission/OECD-INFEproject to develop a financial competence framework inthe European Union on 26 April 2021.One component central to the UNSGSA’s agenda ispromoting customer-centric regulations that enablenew technologies to expand inclusive finance tounderserved populations, while ensuring that they donot harm users. In the digital era, it is paramount thatpeople can access and use financial services safely,responsibly and effectively.“Technology plays a very important part in financialinclusion. Today, you can actually receive a paymenton your mobile phone and exchange that for moneyat your local merchant, or save through it or get a credit the amount of transactions that one can do through it evenif you do not have an asset such as collateral—these areactually extraordinary advancements,” said the UNSGSA inan interview on CNN’s First Move with Julia Chatterleylast September. “But each country has to allow innovation,and it has to be safe, and available for everybody.”Queen Máxima continued in the interview highlightingthat not only do challenges around customer centricityneed to be considered from the regulatory perspectivebut also for the private sector. “They have to come upwith the products that are right for people. There is nouse to have a bank account if they cannot really assessthe needs of a woman in rural areas such as productsthat incentivize her to save Being mindful aboutpeople’s needs and developing those products is alsopart of the private sector’s role.”Furthermore, in a pre-recorded video message at theUK Fintech Week in April 2021, the UNSGSA challengedproviders and investors with fundamental questions:Annual Report 2021
Message from the UNSGSAThe Road AheadThe Path of Financial Inclusion“ How can you design your products to help nudgecustomers to save, to help them budget better, andto address risks that they need to hedge? And howcan you support SMEs with digital tools to run theirbusinesses better?”Enabling Healthy DietsAccess to financial services is also crucial to ensurethe supply of and demand for food systems acrossthe globe. On the supply side, financing is needed forsufficient production, risk mitigation and investmentin sustainable farming methods. On the demandside, access to savings, credit and insurance is vitalfor households to be able to afford healthy dietsacross longer periods of time—notably in the faceof economic shocks like some people experiencedduring the coronavirus pandemic.“Usage of financial services can play an important rolein achieving healthy diets for vulnerable populations.Rigorous evidence has demonstrated that in Nepal,women received free savings accounts and increasedspending on nutritious foods. These financial toolshelp ensure that vulnerable populations can withstandshocks without sacrificing food consumption,” said theUNSGSA, during remarks at the Food and AgricultureOrganization of the United Nations Special Seminar onFood and Nutrition in November 2020. “For example,with enough savings built up, an unexpected medicalexpense does not automatically mean cutting back onprotein-rich foods.”Investing in Digital Public Goods for COVID-19Response and RecoveryCOVID-19 demonstrated the importance of governmentsand the private sector putting in place digital publicgoods. These are key prerequisites championed byQueen Máxima, needed for the whole digital system towork sustainably and equitably. They include connectivity,cybersecurity, data privacy, digital and financial literacy,digital ID, fair competition, interoperability, and physicalinfrastructure.Countries that had invested in them prior to thepandemic were better positioned to support citizens inAnnual Report 2021CEO PartnershipVirtual Country VisitsAnnexeslockdowns and to bounce back with more inclusive,innovative, and digitized economies.In virtual remarks at an ID4D event during the WorldBank-IMF Annual Meetings in October 2020, theUNSGSA highlighted the vital role of digital ID andinteroperable payments to assist countries in weatheringthe crisis as well as to explore new opportunities:“Over 200 nations have expanded social protectionmeasures, many using foundational ID systems anddigital payments to provide transfers directly into bankaccounts or mobile wallets.”3 KEY INFRASTRUCTUREFor example,Chile usedFORits n SUCCESSFULFEATURESDIGITAL TRANSFERSDuring COVID-19, financial interventions weremore effective when three basic features werein place:Digital payment channelsBasic digital identification systemData on individuals and businesseslinked to the IDSource: Olivia White et al, “COVID-19: Making the casefor robust digital financial infrastructure,” McKinsey GlobalInstitute, 26 January 2021.9
Message from the UNSGSAThe Road AheadThe Path of Financial InclusionCEO PartnershipVirtual Country VisitsAnnexesCOVID-19 RELIEF AS A SHARE OF GDPGovernment aid to individuals andbusinesses totaled 11.7 trillion as ofSeptember 2020, 12% of global GDP.12%Global GDPSource: International Monetary Fund, Fiscal Monitor: Policies for the Recovery, October 2020SUCCESSFUL COUNTRY-LEVEL COVID-19 RESPONSESIn Togo, the Novissi program made cash transfers via mobile money wallets toindividuals under lockdown. As the country does not have a digital ID system, itused the national voter ID registry to verify eligibility.Thanks to its national digital ID system, Aadhar, India was able to quickly roll outpayments to nearly 250 million individuals—mostly women—within two weeks earlyin the pandemic. Through its Emergency Credit Line Guarantee Scheme (ECLGS),the country also provided loans to about six million MSMEs by November 2020.Peru was able to send COVID relief payments quickly by expanding the eligibilitycriteria for its existing social registry, increasing its scope from about 724,000households to 2.7 million, or one-third of the population. This process was madeeasy by the use of the national ID number system.Thailand set up a special website so that informal workers could apply for cashtransfers; more than 28 million people applied, exceeding expectations. Thegovernment revised its targets and deemed more than 15 million eligible forpayments.In Colombia, the government established Ingreso Solidario to reach informalworkers with rapid cash transfers via bank accounts and mobile wallets. Greaterinteroperability between platforms made it easy to roll out payments quickly, with1.6 million families receiving transfers by mid-May 2020.Sources: Olivia White et al, “COVID-19: Making the case for robust digital financial infrastructure,” McKinsey Global Institute, 26 January2021; “Scaling up Social Assistance Payments as Part of the COVID-19 Pandemic Response,” World Bank Group, 2020; “COVID-19G2P Cash-Transfer Payments Country Brief: Colombia,” World Bank Group, 2020.10Annual Report 2021
Message from the UNSGSAThe Road AheadThe Path of Financial InclusionFor example, Chile used its national ID system to helprapidly pre-enroll millions of new beneficiaries foremergency assistance, as well as request support online.And, in Pakistan, the “recent experience of setting upthe Ehsaas ‘one woman, one account’ digital wallets forseven million vulnerable Pakistani women demonstratedthe potential for rapid change and impact,” said theUNSGSA, during virtual remarks at the launch of Pakistan’sPro-Poor Micropayments Gateway in January 2021.The Special Advocate has noted that these sorts ofprograms can create a critical entry point to the formalfinancial system by establishing new account holdersand providing them access to digital financial servicesthat support recovery efforts.The UNSGSA stressed that in this time of rapid resourcemobilization there is an opportunity to invest in digitalinfrastructure, and pass reforms to enable countries andpeople to capitalize on digital technology that ensuresthe underserved are not left behind.Collaborating for Improved Financial HealthFinancial health—the extent to which a person or familycan smoothly manage their current financial obligationsand have confidence in their financial future—is auniversal issue, relevant to both developed andemerging economies. Additionally, it is more pressingthan ever due in part to the financial and economicCEO PartnershipVirtual Country VisitsAnnexesfallout from COVID-19. The pandemic exposed not onlythe vulnerability of those excluded from the financialsystem but also the need to ensure that the includedcan actually benefit from using financial services.With these issues in mind, in December 2020 theUNSGSA launched a Financial Health Working Group.This group, comprised of leaders from the financialand development sectors (see Annex, pg. 37), metregularly to develop a shared vision and directionfor how the UNSGSA and her partners can advocatefor key decisionmakers to use the lens of financialhealth to look at outcomes, instead of only access andusage of financial services. Some outputs included thedevelopment of clear advocacy messages for the publicand private sectors, guidance on measurement forpolicymakers and a plan to measure financial health tocompare results across countries.To help facilitate increased public-private dialogue, theUNSGSA, along with members of the Financial HealthWorking Group, organized a webinar for the first-everglobal gathering with key members of the private sectorin March 2021. Attendees included representativesfrom leading banks, fintech companies and insurancecompanies. Queen Máxima delivered a speech that,among other points, accentuated the importance ofdeepening private-sector commitment to the financialhealth of customers and employees.Financial health or wellbeing: The extent to which a personor family can smoothly manage their current financialobligations and have confidence in their financial future.*Day to daySmooth short-term financesto meet financial obligationsand consumption needsResilienceGoalsConfidenceCapacity to absorbfinancial shocksOn track to reachfuture goalsFeeling secure and incontrol of finances* UNSGSA Financial Health Working Group definitionAnnual Report 202111
Message from the UNSGSAThe Road AheadThe Path of Financial InclusionCEO PartnershipVirtual Country VisitsAnnexes“The financial health of employees and customersshould be central to your business. And, therefore, animportant component to your business strategy,” saidthe Special Advocate. “Like with customers, ensuringfinancial health for employees is an investment inyour most valuable resource. There is also a strongcorrelation between financial health and physicalhealth. Employees with high financial stress aretwice as likely to report poor health overall. Investingin employee financial health can therefore boostproductivity, enhance employee engagement andloyalty, as well as improve company reputation.”“The financial education of our daughters and sonsrepresents the most effective path to instill andnurture sound financial behavior in future grownups.Furthermore, young people are good at spreadingnew habits to the rest of the population. The multipliereffects are clear. People with high levels of financialliteracy tend to better save and manage credit, diversifyinvestments, and prioritize retirement planning,” saidthe Special Advocate. “They can make sound financialdecisions. This leads to better economic wellbeing forthemselves, their families, and their communities andsocieties as a whole.”The UNSGSA underscored the importance of financialeducation and financial literacy—critical building blocksto establishing good financial health—during virtualremarks to launch the International Global Money Week2021 in March. Queen Máxima noted that researchindicates that childhood financial experiences heavilyinfluence adult financial wellbeing.Additionally, the UNSGSA highlighted that in light of thefinancial vulnerabilities of individuals and householdsexposed by COVI
financial inclusion is sustainable and rooted in the broader socioeconomic realities in which people live and work This means addressing inherent inequalities, including the gender gap and the digital divide, placing financial equality at the forefront of inclusion We must embed gender in all aspects of financial inclusion, from
Chapter 3 Financial Inclusion – Conceptual and Analytical Framework 3.1 Concept of financial inclusion 17 3.2 What is financial inclusion and/or financial exclusion? 18 3.3 The role of rural banks in boosting financial inclusion and promoting access to credit facilities in unbanked locations within Ghana 20
4 full financial inclusion can only be achieved when the users of financial services "not only have access to a range of financial services but are able to use them regularly as well".7 Financial literacy has been recognized as a key driver for financial inclusion,8 and has been incorporated as an integral part of the financial inclusion policy agenda of many countries.
Financial Inclusion Forum4, the Financial subject—the ultimate goal of efforts aimed at increasing financial inclusion is not simply a rise in the share of households that rely on services provided by banks. Rather, the aim of expanding financial inclusion is to provide more households with access to safe and affordable financial services.
Financial inclusion denotes delivery of financial services at an affordable cost to the vast sections of the disadvantaged and low-income groups. The various financial services include credit, savings, insurance . extending financial inclusion. Role of RRBs RRBs, post-merger, represent a powerful instrument for financial inclusion. Their
About the Financial Inclusion Survey The Financial Inclusion Survey (FIS) is a nationally representative survey dedicated to collect financial inclusion data from users and non-users of financial products and services. The 2019 FIS is the third run of the biennial survey which began in 2015.i The survey is part of the commitment of the Bangko Sentral ng Pilipinas (BSP) to build a
Indonesia's Financial Inclusion Commitment in International Fora Indonesia plays an active role in financial inclusion discussions in international fora. As a member of G-20, Indonesia ensures that The nine G-20 Principles for Innovation Financial Inclusion are implemented at national level. Indonesia is also committed in OECD forum to
financial inclusion is multi-dimensional, both participation barriers and financial frictions will be identified. A micro-founded general equilibrium model will be developed in order to identify constraints to financial inclusion. The focus will be on three segments of financial inclusion: access, depth and intermediation efficiency.
The State of Financial Inclusion The case for financial inclusion is well known and well documented. Nevertheless much of the information on approaches to financial inclusion still lacks sex-disaggregated data, and thus maintains the prevailing gender gap in the access that women and men have to financial products and services globally.
