Financial inclusion
Paper uses Swedish refugee data to assess financial literacy
Authors say the randomly determined placement of refugees in Sweden provides a handy natural experiment on how financial literacy can spread
Cambodia to increase number of financially educated, says director general
Around 29% of Cambodia’s adult population remain financially excluded from services; central bank to coordinate financial inclusion approach with various government ministries
Tajik central bank launches consumer protection push
Plan could create stability and growth if it is successful, but resource constraints are a challenge, National Bank of Tajikistan says
Philippine president plans to amend law to hand Tetangco third term
Duterte plans to ask Amando Tetangco to stay for third term; finance minister confirms government intends to amend law specifying a two-term limit
Global crises raise need for digital financial inclusion – BIS’s Caruana
Refugee crisis, climate change, banking challenges and cyber crime all point to the need for better inclusion through the use of technology, says BIS chief
Japanese survey throws light on financial education problem
First large-scale study of financial literacy shows many people have poor understanding, contributing to higher loss aversion, herding behaviour and other problems
Central Bank of Solomon Islands commits to promoting private sector credit growth
Levels of liquidity “more than adequate”, latest monetary policy review says; central bank to maintain levels of liquidity by continuing to issue bills
Central Bank of Barbados launches biannual economic magazine
Barbados launches financial magazine after “ironing out” issues; central bank’s latest venture “demystifies” economics for the general public
Malawi launches newsletter on financial inclusion and consumer protection
Latest financial inclusion initiative to inform members of the public about new developments in the market as well as improve financial literacy; newsletter forms part of larger national initiative
Nepal employing varied approaches to financial inclusion – governor
Bank has developed a number of models to make financial services affordable; other initiatives have included interest-free loans to those in rural areas
Financial inclusion in Rwanda rising, central bank report says
ATMs and mobile money has helped reduce the number of those financially excluded, governor says; banking sector starting to benefit but high proportion of NPLs in some sectors is a concern
Philippines leads improvement in Brookings financial inclusion rankings
The Central Bank of the Philippines says rapid progress last year reflects the success of its financial inclusion strategy; Brookings report highlights the importance of a wide-ranging approach
Solomon Islands’ Rarawa praises ‘innovative’ financial inclusion plans
Financing initiative for coconut industry promises to extend “digital banking penetration” in the Pacific nation, governor says
Governments must make use of fiscal policies with regard to gender inequality – IMF paper
‘Not enough’ to just aspire for gender equality; clear scope for countries in Middle East and central Asia to make ‘more effective’ use of policies available to them
Nepal Rastra Bank pushing banks to focus on rural areas – governor
Inclusion is a key part of Nepal’s five-year financial development plan, Chiranjibi Nepal says, and the central bank has plans to encourage banks to spread from urban to rural areas
Yellen pushing for diversity at Fed and beyond
Fed chair expresses concern at uneven distribution of job gains in US, with African-American unemployment much higher than average; initiatives under way to boost diversity at Fed
Philippines creates financial inclusion steering committee
Central bank will chair the committee, which comprises 12 other government agencies; will follow up on their work creating a national strategy for financial inclusion
PMA aims for better credit allocation with upgraded scoring system
Palestine Monetary Authority rolls out latest version of its credit scoring system; new categories and adjusted variables designed to improve credit allocation
China makes strong start on economic transition
The past year has been one of progress for China’s structural reform plans. Zhang Hongli, IFF Academic Committee member and vice-president of ICBC, examines the forward momentum
Wynter considers financial inclusion in line with AML/CFT risk
Bank of Jamaica governor notes challenge in meeting both AML/CFT objectives and financial inclusion; suggests competent authorities must consider balance between the two
Afghanistan needs to use mobile money better, governor says
Mobile payments cut costs and risk, but take-up is hampered by lack of awareness, confidence and an “all-inclusive ecosystem”, says Sediq
Zeti Akhtar Aziz on crisis management, mandates and capacity building
Bank Negara Malaysia governor Zeti Akhtar Aziz speaks to Christopher Jeffery about her three-and-a-half decades spent tackling crisis management, capacity building and governance
RBI plans to regulate nascent P2P market
Central bank proposes bringing peer-to-peer lending within its regulatory remit, fearing lack of oversight might lead the rapidly growing sector to develop “unhealthy practices”
Fiji central bank will launch second financial inclusion strategy ‘shortly’
Second financial inclusion strategy to place “special emphasis” on insurance; governor praises success of first scheme in meeting targets, but 27% of population remains unbanked