Boat Dealers in Aswan. Photo by Mustafa Shorbaji, 2018 CGAP Photo Contest Photo by Mustafa Shorbaji, 2018 CGAP Photo Contest

Regulation for Inclusive Digital Finance

CGAP developed the Basic Regulatory Enablers framework for digital financial services drawing upon its country experience partnering with service providers and regulators to offer a ground-level view of ideas in action. Some of that work included analyses on how to balance the goal of financial inclusion with other core regulatory objectives of financial stability, integrity and consumer protection, together known as the I-SIP approach. CGAP has produced case studies to illustrate these concepts and, approaches, and how policies can be adapted to country-specific contexts.

Photo by Brandon Smith, CGAP Photo Contest Photo by Brandon Smith, CGAP Photo Contest

Across Sub-Saharan Africa, new success stories are playing out, yet little is understood about the approaches many countries in the region have taken to develop inclusive payment ecosystems. CGAP set out to examine pathways to inclusive payment ecosystems in two Sub-Saharan African countries, Tanzania and Ghana, to learn from their experiences.
My Cycle by Rajesh Bhattacharjee, Cote D’Ivoire Photo by Rajesh Bhattacharjee, 2016 CGAP Photo Contest

This diagnostic provides an analysis of the regulatory framework for DFS in Côte d’Ivoire, including its coverage, conducive features, and gaps and obstacles. The paper also offers recommendations on how to address these issues.
Additional Resources



This study looks at Pakistan’s nearly decade-old experience with regulating digital financial services (referred in the local context as branchless banking) as a test case for the RIA Lite methodology,

Pakistan is the second country selected for an I-SIP rapid research exercise. The main objectives of the research were to develop and refine the I-SIP Methodology, raise awareness of I-SIP linkages, and help Pakistani policy makers adopt the I-SIP Methodology.



Find out how Russia's central bank is using the I-SIP approach to promote financial inclusion.

South Africa


This report introduces and develops the concept that a proportionate approach to any financial inclusion measure (and specifically to its regulatory and supervisory design and implementation) should seek to optimize the I-SIP linkages.



Learn how the Philippine Central Bank is advancing financial inclusion using a new CGAP toolkit for policy makers.
Harvesting flowers (Philippines) by Irvin Jethro Velas Photo by Irvin Jethro Velas, 2016 CGAP Photo Contest

Under the right circumstances, financial inclusion, stability, integrity, and consumer protection (collectively referred to as I-SIP) can be positively related, and the failure to consider any one of these objectives can lead to problems.