Policy

Approachesfor

FinancialInclusion

Anexaminationofapproachesacross

AsiaandthePacificandLatinAmerica

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TheEconomicandSocialCommissionforAsiaandthePacific(ESCAP)servesastheUnitedNations’regionalhubpromotingcooperationamongcountriestoachieveinclusiveandsustainabledevelopment.Thelargestregionalintergovernmentalplatformwith53MemberStatesand9AssociateMembers,ESCAPhasemergedasastrongregionalthink-tankofferingcountriessoundanalyticalproductsthatshedinsightintotheevolvingeconomic,socialandenvironmentaldynamicsoftheregion.TheCommission’sstrategicfocusistodeliveronthe2030AgendaforSustainableDevelopment,whichitdoesbyreinforcinganddeepeningregionalcooperationandintegrationtoadvanceconnectivity,financialcooperationandmarketintegration.ESCAP’sresearchandanalysiscoupledwithitspolicyadvisoryservices,capacitybuildingandtechnicalassistancetogovernmentsaimstosupportcountries’sustainableandinclusivedevelopmentambitions.

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iv

PolicyApproachesforFinancialInclusion-AnexaminationofapproachesacrossAsiaandthePacificandLatinAmerica

Preface

ThisreportwaspreparedaspartoftheworkoftheUnitedNationsEconomicandSocialCommissionforAsiaandthePacific(ESCAP)andtheAgenciaPresidencialdeCooperaciónInternacionaldeColombia(APC-Colombia)tosupportGovernmentsinAsiaandthePacificandLatinAmericatopromotepolicymakingforinclusiveandsustainableeconomies.

Thispublicationfocusesonpoliciestoadvancefinancialinclusionofwomen,ruralcommunities,andMSMEsincountriesacrossthetworegions.TheobjectiveistoinformpotentialfutureSouth-SouthdialogueandcollaborationbetweenpolicymakersinLatinAmericaandAsia-Pacificonfinancialinclusion.ThisreportmaybeparticularlyusefulforpolicymakersinAsiaandthePacificandinLatinAmericawhilealsoprovidingvaluableinsightsforpolicymakersglobally.

Acknowledgements

ThisreportwaspreparedundertheguidanceofRupaChanda,DirectorofTrade,InvestmentandInnovationDivision(TIID);JonathanWong,ChiefofTechnologyandInnovation,TIID;andElenaMayer-Besting,ProgrammeManagementOfficer,TIIDattheUnitedNationsEconomicandSocialCommissionforAsiaandthePacificinBangkok.

MembersofthecoreresearchanddraftingteamincludedSteffenWestermann,DepartmentofAccounting,FinanceandEconomics,GriffithUniversity;ErinWatson,AdjunctResearchFellow,GriffithAsiaInstitute;ShawnHunter,IndustryFellow,AsiaPacificEconomicCooperation;andDirector,InclusiveGrowthPrograms,GriffithAsiaInstitute;RonBevacqua,AdjunctIndustryFellow,GriffithAsiaInstituteandRachelSmith,ResearchAssistant,GriffithAsiaInstitute.Inputswere

providedbyChristinaMorrison,ESCAPconsultant,andDarshniNagaria,ESCAPconsultant.ThisreportwaseditedbyMaryAnnPerkins,anddesignedbyIpsitaSarkar.

v

PolicyApproachesforFinancialInclusion-AnexaminationofapproachesacrossAsiaandthePacificandLatinAmerica

AbbreviationsandAcronyms

ADB

AsianDevelopmentBank

AFI

AllianceforFinancialInclusion

BISP

BenazirIncomeSupportProgramme(Pakistan)

BSP

CentralBankofthePhilippines

CFI

CenterforFinancialInclusion

CGAP

ConsultativeGrouptoAssistthePoor

COVID-19

Coronavirusdisease

ESCAP

EconomicandSocialCommissionforAsiaandthePacific

G20

Groupof20

IFAD

InternationalFundforAgriculturalDevelopment

GPFI

GlobalPartnershipforFinancialInclusion

ICT

InformationandCommunicationsTechnology

ILO

InternationalLabourOrganization

MSMEs

Micro-,smallandmedium-sizedenterprises

NGO

non-governmentalorganization

UNWomen

UnitedNationsEntityforGenderEqualityandtheEmpowermentofWomen

UNDP

UnitedNationsDevelopmentProgramme

PolicyApproachesforFinancialInclusion-AnexaminationofapproachesacrossAsiaandthePacificandLatinAmerica

TABLEOFCONTENTS

Abbreviationsandacronymsvii

Chapter1:Introduction1

Chapter2:Policytoolsto4

improvefinancialinclusionof

women

Intendedbenefitsoffinancial4

inclusionforwomen

Commonobstaclestothe5

financialinclusionofwomen

Governmentasamarket7

facilitator

Governmentasamarket9

participant

Governmentasamarket12

regulator

14

Chapter3:Policytoolsto

improvefinancialtheinclusion

ofruralcommunities

Intendedbenefitsoffinancialinclusionforruralcommunities

Commonobstaclestothefinancialinclusionofruralcommunities

Governmentasamarket

facilitator

Governmentasamarket

participant

Governmentasamarket

regulator

Chapter4:Policytoolstoimprovefinancialinclusionofmicro-,smallandmedium-sizedenterprises

Intendedbenefitsoffinancialinclusionformicro-,smallandmedium-sizedenterprises

15

15

17

18

20

22

22

Commonconstraintstothefinancialinclusionofmicro-,smallandmedium-sizedenterprises

Governmentasamarket

facilitator

Governmentasamarket

participant

Governmentasamarket

regulator

Chapter5:Conclusion

References

Appendix1:Overviewofpolicytoolstodrivethefinancialinclusionofwomen

Appendix2:Overviewof

policytoolstodrivethe

financialinclusionofrural

communities

Appendix3:OverviewofpolicytoolstodrivethefinancialinclusionofMSMEs

23

25

26

28

29

31

37

52

62

vi

1

PolicyApproachesforFinancialInclusion-AnexaminationofapproachesacrossAsiaandthePacificandLatinAmerica

ChapterOne

Introduction

Financialinclusionreferstouniversalaccess

toessential,practicalandaffordablefinancial

productsandservicesthatservethevarious

needsofconsumersandbusinesses–such

astransactions,remittances,savings,credit,

insurance,pensionandsocialwelfare

payments–andareprovidedresponsiblyand

sustainably(CenterforFinancialInclusion

[CFI],2018;WorldBank,2022b).

Thisdefinitionhighlightsthataccesstofinancialproductsandservicesisonlypartofthesolution.Toimproveoutcomesforvulnerablegroups,itiscriticaltoencourageandmaintainacceptanceandusageoftheseproductsandserviceswhilealsoensuringtheirquality(e.g.providingsuitableandsafeproductsandservices).Itisalsoacrossthesethreedimensions(access,usageandquality)thatfinancialinclusionismeasuredbytheGroupof20(G20)FinancialInclusionIndicators(GlobalPartnershipforFinancialInclusion[GPFI],2023).

Thenotionoffinancialinclusionbegantoemergein1990inrecognitionthatnotallsegmentsofsocietyhadaccesstotheseessentialproductsandservices(UnitedNationsCapitalDevelopmentFund,2023).Althoughadvancementsindigitaltechnologieshaveloweredthetechnologicalandeconomichurdlestofinancialinclusion(UnitedNationsEconomicandSocialCommissionforAsiaandthePacific[ESCAP],2022),manyvulnerablegroups,includingwomen,ruralcommunities,andmicro-,smallandmedium-sizedenterprises(MSMEs),stilllackaccesstobasic

financialproductsandservicesthatenable

individualsandbusinessestoliveandworkday

today,planandreachlong-termgoals,gain

financialsecurityandcontrol,andberesilient

tounforeseenemergencies(UnitedNations

EnvironmentProgrammeFinanceInitiative,

2022;WorldBank,2023a).

Asdiscussedinthepresentreport,the

importanceoffinancialinclusioniswell

documentedandcannotbeoverstated.

Withpositiveoutcomesforindividualsand

entrepreneursaswellassocietyatlargeand

thewidereconomy(forabriefoverview,see

ESCAP,2022),financialinclusionisaglobal

objectivethatremainshighontheagendas

ofcentralbanks,internationalorganizations1

andforums,aswellasnon-governmental

organizations(NGOs).2Forinstance,theaim

oftheG20YogyakartaFinancialInclusion

Frameworkwastoharnessdigitalizationto

increaseproductivity,sustainabilityandthe

economicinclusionofwomen,youthand

MSMEs(GPFI,2022).Theframeworkwas

endorsedattheG20leadersummiton15and

16November2022.

1ExamplesincludeESCAP,theWorldBank,theInternationalMonetaryFund,theUnitedNationsCapitalDevelopmentFund,theUnitedNationsDevelopmentProgramme(UNDP)andtheofficeoftheUnitedNationsSecretary-General’sSpecialAdvocateforInclusiveFinanceforDevelopment.

2ExamplesincludetheAllianceforFinancialInclusion,theBillandMelindaGatesFoundationandtheConsultativeGrouptoAssistthePoor(CGAP).

providepolicymakers

withexamplesthat

demonstrateavariety

ofapproachesthat

GovernmentsinAsia

andthePacificand

LatinAmericahave

adoptedtoaddress

thefinancialinclusion

ofwomen,rural

communitiesand

PolicyApproachesforFinancialInclusion-AnexaminationofapproachesacrossAsiaandthePacificandLatinAmerica

Thereportaimsto

MSMEs.

Althoughnotableachievementstowardmoreinclusivesocietieshavebeenachievedover

thepastdecade,thelatestWorldBankGlobalFindex3figuresshowthatmuchremainstobedoneinthisspace(WorldBank,2022a).Forinstance,despiteglobalaccountownershipamongadultshavingincreasedfrom51percentin2011to76percentin2021,accountownershipindevelopingcountriespeakedatonly71percentin2021.Still,aboutoneinfouradultshavenoaccounttoreceive,store,saveandsendmoney.Otherkeythemesrelevanttofinancialinclusionincludethepersistentgendergapandtheimportanceoffinancialliteracyinrealizingthebenefitsofaccountownership(WorldBank,2022a),suchasusingotherfinancialservices(e.g.creditandinsurance),startingandgrowingbusinesses,buildingfinancialresilienceandinvestingineducationandhealth(seeWorldBank,2022b).Notably,twothirdsofadultswithoutabankaccount

reportedthattheywouldrequireassistance

touseanaccount(WorldBank,2022a),with

far-reachingimpactsonconsumeroutcomes

andprotectionfromfraudandcybercrime.

Alackoffinancialanddigitalliteracymay

manifestinlimiteduseofbankaccounts(e.g.

makingorreceivingadigitalpayment)(World

Bank,2022a).However,emergingevidence

showsthatfinancialinclusiondoesnotalways

translateintoeconomicprosperity;while

accesstofinancialproductsandservicesare

beneficialtosome,theyarenotnecessarily

transformativeandattimescanhavenegative

effectsonindividuals’well-being(Duvendack

andMader,2020).Financialinclusionhasnot

successfullychallengedstructuresthatenable

povertyandinequalitytoexist.Forexample,

usingloansandcredittofillconsumption

gapsratherthanforproductiveinvestments

canexacerbatepovertytraps(Banerjeeand

Jackson,2017;Karnani,2008).Eventhough

71percentofadultsindevelopingcountries

arefinanciallyincluded,only55percentare

consideredfinanciallyresilient(WorldBank,

2022a).Inaddition,havingaccesstoabank

accountdoeslittletoimprovethefinancial

resilienceofpeoplewithlittleornoassetsand

income.

Operatingwithinthebroaderspaceof

financialinclusionisthemicrofinanceindustry.

Asindicatedabove,whilefinancialinclusion

comprisesawidervarietyofactorsandtarget

groups,microfinanceserviceproviderconsist

ofmicrofinanceinstitutionsthatservicethe

poorindevelopingcountries.A2018snapshot

byConvergencesputstheglobalgrossloan

portfolioat$124billionandthenumberof

borrowersat140million,80percentofwhich

werewomen.With106.4millionborrowers,of

whicharound85percentarewomen,Asiaand

thePacificdominatesglobalmicrofinancewith

thefastestgrowthinthisregard(Convergences,

2018).Thetopthreemicrofinancemarketsin

theregion(intermsofnumberofborrowers)

areIndia,BangladeshandVietNam.The

secondfastestgrowingregionbynumberof

borrowers(22.2millionborrowers)isLatin

3TheWorldBanklaunchedtheGlobalFindexsurveyin2011,andusesarangeofdemand-sidedatatoassessnationallevelsoffinancialinclusion.Itisdistributedeverythreeyears.

2

breachofprivacyandfraudthrough:

?regulatoryframeworks

?governance

?designofsecureandsuitableproducts,servicesanddigitalbankinginfrastructure

?educationalinterventionsthatspecificallytargetfinancialanddigitalliteracyandcapability6

Toadvancedigitalfinancialinclusionandprotectconsumers,theYogyakartaFinancialInclusionFramework,guidedbytheG202020FinancialInclusionActionPlan,setsouteighthigh-levelprinciples,includingresponsibledigitalpractices(principle5)aswellasfinancialanddigitaleducationandawareness(principle6).

PolicyApproachesforFinancialInclusion-AnexaminationofapproachesacrossAsiaandthePacificandLatinAmerica

America.4AlthoughonlyafractionofthatofAsiaandthePacific,LatinAmericaaccountsfor$48.3billionofthetotalmicrofinanceportfolio(Convergences,2018).

Recentadvancementsindigitaltechnologyhavebeenasignificantcatalystforfinancialinclusionefforts.TechnologiessuchastheInternet,computers,tabletsandsmartphoneshelpconnecttheunderservedorunservedwithfinancialproductsandservicesbyremovingsomeoftheirphysicalandeconomicbarriers(ESCAP,2022).Forinstance,twooutofthreeunbankedindividualshaveaccesstoa

mobilephone,providingaplatformfordigitalfinancialservicesandproducts(Demirgü?-Kuntetal.,2018),suchasdigitalwallets,consumerauthenticationandaccesspointstofinancialservices.However,connectivityremainsasignificantissueformanyruralareas.SatelliteInternetnetworkssuchasStarlink5mayeventuallyhelptoreacheventhemostremoteareas.Whiletheriseofdigitaltechnologyhasgreatlybenefittedthefinancialinclusionagenda,italsoplacesgreaterresponsibilityonpolicymakers,regulatorsandproviderstoprotectvulnerablegroupsfromcybercrime,

Whilenotcomprehensive,thepresentreport

aimstoprovidepolicymakerswithexamples

thatdemonstrateavarietyofapproachesthat

GovernmentsinAsiaandthePacificandLatin

Americahaveadoptedtoaddressthefinancial

inclusionofwomen,ruralcommunitiesand

MSMEs.Relevantpolicytoolswereidentified

throughdeskresearchandresponsestoa

surveyofpolicymakersacrossAsiaandthe

PacificandLatinAmerica.Prioritywasgiven

topertinentsurveyresponsesanddesk

researchwasusedtofillinanygaps.Foreach

targetgroup,thereportcontainsadiscussion

oftheintendedbenefitsofandcommon

obstaclestofinancialinclusion7aswellas

therolesandpolicytoolsofGovernments,

illustratedbypracticalcasestudiesfromeach

region.Inparticular,thesepolicytoolsmay

increasedemand(Governmentsactasmarket

facilitators),improvingsupply(Governments

actasmarketparticipants),orimproving

consumerprotection(Governmentsactas

marketregulators).However,thepresent

reportdoesnotincludeanevaluationofthe

effectivenessoftheselectedpolicyexamples.It

concludeswithabriefsummaryandsuggested

stepsforward.

Withpositive

outcomes

forindividualsand

entrepreneursaswellas

societyatlargeandthe

widereconomy,

financialinclusion

isaglobalobjectivethat

remainshighontheagenda.

4ThepresentreportincludestheCaribbeaninLatinAmerica.

5StarlinkisownedandoperatedbySpaceX.

6Foramoredetaileddiscussiononharnessingdigitaltechnologyforfinancialinclusion,seeESCAP(2022).

37Benefitsandobstaclesdependtosomedegreeonspecificcircumstances.Forinstance,accesstoabankaccountmynothelpindividuals

orbusinessesthathavenomoney.Therefore,itisimportanttorecognizethelimitsoffinancialinclusionandwherealternativepolicies,

suchasstrengtheningsocialprotectionsystems,maybemoreeffective.

PolicyApproachesforFinancialInclusion-AnexaminationofapproachesacrossAsiaandthePacificandLatinAmerica

ChapterTwo

Policy

toolstoimproveinancialinclusionofwomen

Thischapterdiscussestheintendedbenefitsof

andbarrierstofinancialinclusionforwomen–

akeytargetdemographicforfinancialinclusion

effortswhosestatusasamarginalizedgroup

stemsfrompersistentgenderdisparitiesin

accesstofinancialanddigitalservicesand

products,poverty,income,education,literacy

andfinancialknowledgeandawareness

(Hendriks,2019;Matthews,2019;Porteretal.,

2015;UnitedNationsEducational,Scientificand

CulturalOrganization,2020;WorldBank,2022a;

ZarattiandMiles,2020).

Forexample,1billionwomenworldwideareunbanked,andagendergapofapproximately

7percentremainsinaccesstofinancialservices(Demirgü?-Kuntetal.,2018;GPFI,2020).Further,theWorldBank(2020)predictsthatmorethan71millionpeoplecouldfallintoseverepovertyasaconsequenceofthecoronavirusdisease(COVID-19)pandemic,withestimatesbyAzconaetal.(2020)suggestingthatwomenandgirlsareatgreaterrisk(atleast47million).ThechaptercontinueswithanevaluationofpracticalsolutionsonhowGovernmentsinAsiaandthePacificandLatinAmericaaddressthefinancialexclusionofwomenthroughpoliciesthattargetthesupply-side,thedemand-sideortheregulatoryenvironment.

Intendedbenefits

offinancialinclusionforwomen

Thebenefitsofaccessingandusingfinancialproductsandservicesforwomenarewelldocumented.Ontheonehand,theabilitytosaveandhavingfundsavailable(throughsavings,microloans,insuranceandgovernmentpayments)allowswomenandtheirhouseholdstocapitalizeoneconomicopportunities,improvetheirincomesandassets,provetheircreditworthiness,aswellasaccessgovernmentpayments,healthierfood,healthcareandeducation(Akeretal.,2016;BetterThanCashAllianceetal.,2020;DupasandRobinson,2013;Cheemaetal.,2016;Prina,2015;Swamy,2013;Zimmerman

4

andimprovetheir

empowerment,

socialparticipation,

financialsecurity,

healthandoverall

well-being.Theability

tosaveandhaving

fundsavailable

canenablebetter

resiliencewhen

experiencingfinancial

difficulties.

PolicyApproachesforFinancialInclusion-AnexaminationofapproachesacrossAsiaandthePacificandLatinAmerica

5

etal.,2013).Ontheotherhand,itenablesbetterresiliencewhenexperiencingfinancialdifficultiesasaresultofeconomicshocksorunexpectedexpensesandevents,suchasdeath,illness,disabilityandnaturaldisasters(Prina,2015;Swamy,2013;ESCAP,2022).Financialinclusionmayalsohelpwomenshifthouseholdpowerdynamicsandimprovetheirempowerment,socialparticipation,financialsecurity,healthandoverallwell-being(Ashrafetal.,2010;BetterThanCashAllianceetal.,2020;Cheemaetal.,2016;Swamy,2013;XiaoandTao,2022).Combined,thesefactorsmightmakewomenlessvulnerabletoabuseandviolence,whichcontinuestobeaglobalissuewithsevereconsequencesfortheindividualandbroadereconomicandsocialcosts(United

Financialinclusion

mayhelpwomen

shifthousehold

powerdynamics

NationsEntityforGenderEqualityandthe

EmpowermentofWomen[UNWomen],2022).

However,policymakersneedtorecognizeand

addresstherisksthatfinancialinclusionmay

haveforwomen.Womendoadisproportionate

amountofreproductivework,andifthisisnot

addressedandreducedthenloansanddebt

canincreasewomen’sburdenasproductive

venturescanincreasetheirworkload(Brickell

etal.,2020;Kabeer,2001).Inaddition,thereis

evidencethatsomewomentakeoutloanson

behalfofmalehouseholdmembersandhave

nocontroloverthefunds(e.g.Karim,2012).

Over-indebtednessandaninabilityrepay

theloanscanhaveseverenegativeimpacts

onwomen’slivesthatgobeyondfinancial

implications,includingbeingshamedwithin

theircommunities(e.g.Karim,2012).

Commonobstaclestothe

financialinclusionofwomen

Manywomenfacearangeofuniqueobstacles

thatlimittheiraccesstofinancialproducts

andservices,prohibitingthemfromreaping

thedownstreambenefits.Theseconstraints

canbebroadlycategorizedasgendernorms,

stereotypesanddiscrimination,aswellas

otherbarriersaffectingdemand,supply-side

challengesandhurdlesrelatingtoinfrastructure

andregulation.Socialandeconomicfactors

arealsocriticalbarrierstoandfacilitatorsof

financialinclusion(Gammageetal.,2017).

Whilemorewomenthanmencontinuetolive

inpoverty(Azconaetal.,2020),thegendergap

infinancialinclusionindevelopingcountries

enduresirrespectiveofclass,ruralresidency,

age,incomeandeducationlevels(Demirgü?-

Kuntetal.,2013).

Gendernormsandstereotypes,suchaswhat

womencanbeanddo,barrierstoaccessing

education,movingwithoutrestriction,working

awayfromhomeandowningpropertyorlarge

businesses,aswellascustomaryinheritance

practicesthatlimitwomen’slevelofcollateral,

areapervasiverealitythatdeterminesthe

livesofwomenaroundtheglobe(Alliancefor

FinancialInclusion[AFI],2019;Gammageetal.,

2017;Koningetal.,2021;Madan,2020;Zaratti

andMiles,2020).Suchdiscriminatorygender

norms,stereotypesandlawsareoftendecisive

6

PolicyApproachesforFinancialInclusion-AnexaminationofapproachesacrossAsiaandthePacificandLatinAmerica

Table1:Overviewofpolicytoolstodrivefinancialinclusionofwomen

GOVERNMENTROLE:Marketfacilitator(demand-side)

POLICYTOOL

CASEEXAMPLES:

AsiaandthePacific*

CASEEXAMPLES:

LatinAmerica*

Nationalgovernmentplans/strategiesforfinancialinclusion

?Bangladesh

?Fiji

?India

?Indonesia

?LaoPeople’sDemocraticRepublic

?Malaysia

?Pakistan

?Philippines

?SolomonIslands

?Cambodia

?Argentina

?Brazil

?Colombia

?Mexico

?Peru

Financialliteracydevelopment

?Cambodia

?Bangladesh

?Fiji

?Pakistan

?Philippines

?Bolivia

?Brazil

?Colombia

?Mexico

GOVERNMENTROLE:Marketparticipant(supply-side)

POLICYTOOL

CASEEXAMPLES:

AsiaandthePacific*

CASEEXAMPLES:

LatinAmerica*

Establishingdigitalpaymentsystems

?Bangladesh

?Fiji

?Indonesia

?Philippines

?Argentina

?Brazil

?Colombia

?Peru

Enhancingaccesstocredit

?Bangladesh

?Bolivia

?Brazil

?Colombia

?Mexico

Adjustingbankingpoliciestoenablemoreproductsandservicesforwomen

?Fiji

?Mexico

Government-ownedwomen’sbank

?India

?Pakistan

?Colombia

?Venezuela

GOVERNMENTROLE:Marketregulator

POLICYTOOL

CASEEXAMPLES:

AsiaandthePacific*

CASEEXAMPLES:

LatinAmerica*

Universal,secureandprivatedigitalIDs

?Bangladesh

?India

?Pakistan

?Philippines

?Brazil

?Colombia

?Panama

Genderdisaggregateddatareporting

?Fiji

?Philippines

?Mexico

Generalpromotionofwomen’srights

?Philippines

?Peru

*DetailsofeachcaseexampleareprovidedinAppendix1.

PolicyApproachesforFinancialInclusion-AnexaminationofapproachesacrossAsiaandthePacificandLatinAmerica

7

factorsinwomen’saccesstofinancialproductsandservices,mobilityandparticipationinmarketsandtheworkforce(Gammageetal.,2017;Koningetal.,2021;ESCAP,2022;ZarattiandMiles,2020).Otherissuesarisefromtheconcentrationofwomenintheinformal

economyandincertainsectorsandfromtheexpectationthatwomenwilltakeonso-calledwomen’swork,suchasunpaidcareordomesticwork.Women’senterprisesareoftensegregatedintolowermarginservicesectors,andtheyaredisadvantagedorexcludedbysuppliersandcustomers(ISFAdvisory,2019).Thisinevitablyhurtst