More and more policymakers are now recognizing that financial exclusion is a risk to political stability and impedes economic advancement, and that financial inclusion measures can complement, not undermine, financial stability, financial integrity, and consumer protection.
For providers of mobile money services looking to navigate complex regulatory environments, there are valuable lessons that can be extracted from failed experiences - which can sometimes be traced back to challenging legal environments.
Financial inclusion in India has the mandate at the highest level of policy making, but the market has yet to respond positively to regulations that allow both public and private actors to pursue digitized payment services. Understanding demand for financial services is key to design services that reach scale.
Policy makers, regulators, and supervisors in countries where digital financial inclusion is expanding exponentially see the financial inclusion promise clearly. Yet, they are grappling with the fast-changing risk picture.
Kenyan regulators took action to disclose Lipa na M-Pesa’s pricing structure. The move highlights a growing problem as digital financial services expand: Existing financial consumer protection rules are not being enforced consistently on these delivery channels.
The world of digital financial inclusion is growing quickly and outpacing capacity and resources to tackle it from a regulatory and supervisory standpoint. In response, CGAP and Toronto Centre piloted the first Digital Financial Inclusion Supervision training program in Tanzania.
Small and medium banks in Brazil are starting to take advantage of new regulations that make it easier to adopt fully digital business models. What impact might this development have on financial inclusion in the longer term?
Global standard-setting bodies (SSBs) are increasingly recognizing the significant implications of developments in digital financial services. A new white paper from The Global Partnership for Financial Inclusion (GPFI) offers a roadmap through some of the most critical issues.
Interoperability can greatly expand the reach and usefulness of financial services for the poor. What do regulators need to know about the complex interplay between interoperability and financial inclusion?
A 2016 GPFI white paper highlighted privacy and data security risks in digital financial services, asking international financial Standard-Setting Bodies (SSBs) to pay attention. Why are they concerned, and what steps can SSBs take to improve data security?