It follows the inaugural 20 global financial development report, which reexamined the states role in. Financial inclusion initiatives 2014 bangko sentral ng pilipinas 1 the year 2014 was characterized by milestones in financial inclusion within the bsp and at the global level. It defines financial inclusion, discusses challenges involved in measuring it and why financial inclusion is important for reducing poverty and income inequality. Financial inclusion, defined as the proportion of individuals and firms that use financial services, has become a subject of considerable interest among policy makers, researchers, and other stakeholders.
Global financial development report 2014 xi foreword t he second global financial development report seeks to contribute to the evolving debate on. The afi network commitment to financial inclusion, 30 september 2011. The term financial inclusion has gained importance since the early 2000s, a result of identifying financial exclusion and it is a direct correlation to poverty according to the world bank. Focuses on why financial inclusion matters for development. Globally, about 50 percent of adults have a bank account, while the rest remain unbanked, meaning they do not have an account with a formal financial institution. Financial development is part of the private sector development strategy to stimulate economic growth and reduce poverty. Today, the world bank group is issuing global financial development report 2014. In subsaharan africa, the share of adults with financial accounts rose by nearly half over the same period. Global financial development report, 2014 washington. The global financial development report 20192020 provides new data and evidence on the regulatory remedies adopted to prevent future financial instability and sheds light on ongoing policy debates. It is also specific to the 2014 global financial development report.
Global financial development report, which reexamined the states role in. The global development community has debated the question of how financial services impact the lives of poor people for decades. This presidential address draws on the global financial development report 2014a and focuses on financial inclusion the share of individuals and firms that use financial services. Financial regulations for improving financial inclusion. This note outlines the motivation and contents of the global world bank groups 2014 financial development report gfdr. Table of select indicators 2014 download the little data book on financial inclusion. The little data book on financial inclusion 2018 data. Specifically, it means a financial system that serves as many people as possible in a. Financial inclusion can be broadly defined as an economic state where individuals and firms are not denied access to basic financial services based on motivations other than efficiency criteria. Recently, cgap has developed a theory of change to guide the financial inclusion community toward an updated narrative that shows the many ways financial services can impact the lives of poor people. Global financial development report 2014 is the second in a series of policy research reports on financial sector issues. Between 2014 and 2017, the share of adults who have an account with a financial institution or through a mobile money service rose globally from 62 percent to 69 percent.
This note outlines the motivation and contents of the global financial development 2014 report gfdr, as well as the basic timetable and contributors. In 2017, the percentage of adults with an account rose to 35%, up from 22% in 2014. Appendix c contains additional countrybycountry information on islamic banking and financial inclusion in organization of islamic cooperation oic member countries. Learn how the world bank group is helping countries with covid19 coronavirus. Financial inclusion in uganda 2 since 2001 the ugandan government has taken steps to double the number of adults accessing formal financial services from 28% in 2009 to 54% in 20. It o ers an overview of nancial inclusion status and. Implementation, presented at the fisplg meeting prior to the 2014 afi global policy forum. Global financial development report 2014 financial inclusion. Financial inclusion titled global financial development report 2014 which is part of a new world. The global financial inclusion global findex database is the worlds most comprehensive gauge of how adults around the world save, borrow, make payments and manage risk. If not done properly, it can have the opposite effect, making poor borrowers increasingly dependent on debt, and even contributing to financial instability. With 189 member countries, staff from more than 170 countries, and offices in over locations, the world bank group is a unique global partnership. The report will be the second in the gfdr eries, following the s inaugural 20 gfdr that focused on rethinking. Deeply ingrained social problems cannot be resolved purely with an infusion of debt.
It contributes to financial sector policy debates, building on new data, surveys, research, and country experience, with. The march 2016 gpfi white paper, global standardsetting bodies and financial inclusion. The global financial inclusion report 2014 released by the world bank contains all the latest data and. The subgroup focuses on two action areas under the 2017 financial inclusion action plan 2017 fiap detailed below. The little data book on financial inclusion 2018 the data represent a third round of data collection since the global findex database was launched in 2011. The 2014 global financial development report world bank, 2014 identifies four. It takes a step back and reexamines financial inclusion from the perspective of new global datasets and new evidence. The united nations defines the goals of financial inclusion as follows. The database provides nationally representative, demandside data on access to and use of accounts, credit, payments, and savings by adults age 15 and above in 144 economies.
The report is the second in a new series on global financial development. Under any methodological framework, the philippines will score well, because it benefits from having a highly. The evolving landscape, builds on the considerable progress in recent years in integrating financial inclusion into the work of global standardsetting bodies ssbs and looks forward, examining new challenges in the changing landscape of the digitization of financial services. Development financial institutions such as the bank of. Global forum on financial inclusion for development. Financial inclusion, growth and inequality international monetary. Financial inclusion 2014 global financial development report. It follows up on last years inaugural issue, which focused on rethinking the states role in finance financial inclusion is a logical choice for the reports theme. Financial inclusion has become a major subject of interest among policymakers. This process of reducing costs of acquiring information, enforcing contracts, and executing transactions results in the emergence of financial contracts, intermediaries, and markets. It continues the little data book on financial development series, and includes select measures of. The objective of the report is to contribute to financial sector policy debates, building on new data, surveys, research, and country experience, with emphasis on emerging markets and developing economies. Foreign penetration and internationalization of financial systems, 2014. Global financial inclusion global findex database 2014.
Isbn 9781912809530, pu2251 pdf, 438kb, 26 pages details the government is publishing its first annual financial inclusion report, taking. Accelerating financial inclusion in india, brookings india report, march 2019 the brookings institution india center serves as a platform for cuttingedge, independent, policyrelevant research. In subsaharan africa as a whole, the share of adults with financial accounts, either a traditional bank account or a mobile account, rose by nearly half over the same. Many other developing countries have also recorded gains in access to basic financial services. It builds on a critical mass of new research and operational work produced by world bank group staff as well as outside. Measuring financial inclusion in more than 140 economies. The present book entitled global financial inclusion environment. The g20 made the topic one of its pillars at the 2009 pittsburgh summit g20 2009.
The level of financial inclusion varies widely around the world. Issues and challenges abstract financial inclusion is a state where financial services are delivered by a range of providers, mostly the private sector, to reach everyone who could use them. As recently as 2011, only 42 percent of adult kenyans had a financial account of any kind. Global financial development report 2014 by world bank. Drawing on survey data collected in collaboration with gallup, inc. Covering more than 140 economies, the indicators of financial inclusion measure how people. The financial development data tables 20172018 is a concise edition of the global financial development database published as part of the work on the global financial development report 20172018. In november 20, world bank released its second report on financial inclusion titled global financial development report 2014 which is part of a new world bank series, following the inaugural 20 global financial development report, which reexamined the states role in finance after the global financial crisis common to both reports is that they present a nuanced approach to. It is specific to the 2014 global financial development report. Financial inclusion is a new report from the world bank group. Global financial development report 2014 published on nov 11, 20 financial inclusion has become a major subject of interest among policymakers, researchers, and other financial sector stakeholders. Measuring financial inclusion around the world asli demirguckunt, leora klapper, dorothe singer, and peter van oudheusden the authors are in the finance and private sector development team of the development research group at the world bank. Access at a reasonable cost for all households to a full range of financial services, including savings or deposit.