Financial inclusion
Central banks told to handle financial inclusion with care
Greater inclusion benefits the poor but could damage monetary policy or financial stability if it is not kept under control, BIS research and IMF officials warn
Brazil’s central bank launches financial education website
The Central Bank of Brazil wants to ‘get closer to the population’, thus launching a new website with contents, videos and online courses on financial education
IMF paper finds weak link between Islamic banking and financial inclusion
Empirical link between Islamic banking and financial inclusion ‘tentative and relatively weak’; researchers suggests ways financial inclusion could be better served by sharia-compliant banks
Good data vital for effective financial inclusion policies
With the World Bank soon to release the first update to its global financial inclusion database, Central Banking speaks to the Alliance for Financial Inclusion on the importance of good data
Central Bank of Nigeria sets up steering committee on financial inclusion
Committee comprising central bank governor and finance minister is tasked with coordinating national strategy; will meet three times per year and approve annual reports
Basel Committee: Microfinance firms may far exceed supervisory capacity
Some banking supervisors may be struggling to cope with the vast number of small firms they are expected to oversee, finds a survey of the interaction between financial inclusion and regulation
Chilean deputy analyses financial education
Chile made good progress in financial inclusion but ‘belatedly noticed that it should be accompanied by adequate financial education’, Enrique Marshall finds in research
IMF paper rejects one-size-fits-all approach to financial inclusion
Working paper published by the IMF argues country-specific characteristics ‘play a central role’ in determining impacts of different policies aimed at improving financial inclusion
Zambian governor fears shariah scholar shortage
Michael Gondwe identifies challenges to the growth of Islamic finance in Zambia, which he believes is necessary to provide affordable products and services to the population
Optimal policy changes as financial inclusion rises, BIS paper finds
Working paper presents evidence that both output volatility and inflation volatility fall as financial inclusion rises, but monetary policy will optimally lean more towards controlling prices
Malaysian deputy says Islamic banking has inclusion role to play
Muhammad bin Ibrahim highlights potential of Islamic banking products to improve financial inclusion, by channelling funds directly to small businesses
Caruana sees role for BIS in ‘digital financial inclusion’
Standard-setting bodies need to work together to maximise benefits of new technology, and the BIS provides an excellent forum, Caruana says; RBI board member offers lessons from India
Yellen: Unexpected $400 expense would put majority of US households in financial bind
Federal Reserve chair notes many of 25 million poorest US households have no wealth or negative net worth
Mobile money accounts trump number of adults in Kenya, IMF data show
African bank depositors increased five-fold between 2004 and 2013, IMF's fifth annual Financial Access Survey shows; includes data on mobile money for first time
Zeti: Proportionate regulation necessary to ‘advance’ financial inclusion
Bank Negara Malaysia governor lays out plan to ‘advance financial inclusion to its next level’, saying global standard-setting bodies will play an ‘important role’
Rwandan paper maps out path to financial inclusion
National Bank of Rwanda vice-governor says ‘meaningful’ financial inclusion is measured by constant usage, which ‘lags behind access in most of the cases'
Timor-Leste central bank green lights mobile money pilot
Initiative will allow users to execute payments, transfers and withdrawals through mobile phones, and follows the introduction of a ‘master plan’ for financial sector development
RBI's Joshi: Direct benefit transfers a ‘game changer' but have ‘not progressed smoothly enough'
Indian financial inclusion initiative needs government streamlining and the help of commercial banks to work, says Deepali Pant Joshi
Philippines achieves ‘meaningful’ progress towards financial inclusion
Central bank assesses state of inclusion in the country; finds 3.6 million new deposit accounts were opened in 2013, while the total value of deposits rose by 32%
Rajan urges ‘direct cash transfers' to poor people
RBI governor says transfer system would give the poor ‘choice and respect' and break the links between poor public service, patronage and corruption
Financial inclusiveness and financial stability are key to success
Bangladesh has achieved growth in excess of 6% for the past decade, aided by its focus on financial inclusion. The next step is to modernise finance, writes Atiur Rahman
Tanzania hits financial inclusion target early due to mobile surge
Benno Ndulu says the number of adults with access to financial services has doubled in five years; describes mobile phones as ‘critical link’ between the unbanked and the formal system
Lagarde says financial inclusion has key role in closing gender inequality gap
IMF managing director says women face extra cultural and educational hurdles in tapping into financial services, but financial inclusion can empower them
Zambia governor opens conference on financial inclusion for women
Michael Gondwe says deliberate policies and a long-term commitment will be needed to ensure financial inclusion for all Zambia's women