Professional Documents
Culture Documents
Reference Framework
JUNE 2012
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
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Version: June 2012
Financial Inclusion Strategies
Reference Framework
June 2012
Prepared by the World Bank for the G20 Mexico Presidency
Online Version Available: www.worldbank.org/fnancialinclusion
Acknowledgements
This Reference Framework overview was prepared by the Financial Inclusion Practice of the World Bank.
The lead authors of the Framework are Douglas Pearce and Claudia Ruiz Ortega.
Substantive inputs and guidance were received from: the Ministry of Finance and Public Credit, Mexico (Juan
Manuel Valle); the Comisin Nacional Bancaria y de Valores, Mexico (Raul Hernandez-Coss); the Alliance
for Financial Inclusion (Robin Newnham, Alfred Hannig); the Bill & Melinda Gates Foundation (Rodger Voo-
rhies, Claire Alexandre, Sheila Miller); World Bank experts (including Gaiv Tata, Massimo Cirasino, Leora
Klapper, Samuel Maimbo, Nataliya Mylenko, Niraj Verma, Robert Cull, Rosita Najmi); IFC experts (including
Tony Lythgoe, Rolf Behrndt, Anushe Khan); CGAP (Tilman Ehrbeck); the G20 Global Partnership for Finan-
cial Inclusion (GPFI) Sub-Group on Data and Measurement; Bangko Sentral ng Pilipinas; and Bank Negara
Malaysia.
2012 International Bank for Reconstruction and Development / The World Bank
1818 H Street NW
Washington DC 20433
Telephone: 202-473-1000
Internet: www.worldbank.org
This work is a product of the staff of The World Bank with external contributions. The fndings, interpreta-
tions, and conclusions expressed in this work do not necessarily refect the views of The World Bank, its
Board of Executive Directors, or the governments they represent.
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ors, denominations, and other information shown on any map in this work do not imply any judgment on
the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance
of such boundaries.
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FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
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Preface
Financial inclusion is emerging as a priority for poli-
cymakers and regulators in fnancial sector devel-
opment, with an increasing number of countries
introducing comprehensive measures to improve
access to and usage of tailored fnancial services,
informed by a fast-growing body of experience and
knowledge. More than 60 countries have initiated f-
nancial inclusion reforms in recent years. The grow-
ing priority placed on fnancial inclusion is illustrated
by the commitments made by fnancial regulators
from more than 20 developing countries to fnancial
inclusion and to fnancial education under the Maya
Declaration.
G20 leaders had committed to improve access to
fnancial services for the poor at the Pittsburgh Sum-
mit in November 2009 and a Financial Inclusion Ex-
perts Group (FIEG) was created to expand access to
fnance for household consumers and micro, small-,
and medium-sized enterprises. The FIEG developed
the Principles for Innovative Financial Inclusion,
which were endorsed during the Toronto Summit in
June 2010.
1
These nine principles, derived from the
experiences and lessons learned from policymakers
throughout the world, underpin the Financial Inclu-
sion Action Plan endorsed at the Korea Summit in
November 2010, which called for the creation of the
Global Partnership for Financial Inclusion (GPFI) as
the mechanism to execute the G20 commitment.
In 2011, the GPFI documented the experiences of
11countries that have already implemented some of
the principles, and proposed a number of concrete
recommendations moving forward.
2
Mexico has prioritized the commitment of G20 and
non-G20 countries to create national platforms man-
dated with achieving fnancial inclusion, and to de-
velop national strategic action plans to meet fnancial
inclusion targets, alongside fnancial education and
consumer protection measures, in its International
Financial Inclusion Agenda for the 2012 G20 Presi-
dency. This Reference Framework was prepared at
the request of the Mexico G20 Presidency. It builds
on and profles the following: country models and
examples, the work of the GPFI through its three
subgroups (Principles for Innovative Financial In-
clusion and Standard Setting Bodies Engagement,
SME Finance, and Financial Inclusion Data and
Measurement), the Alliance for Financial Inclusion
(AFI), IFC, CGAP, the World Bank, UNCDF, Asia-
Pacifc Economic Cooperation (APEC), and others.
It is anticipated that future versions of this Frame-
work will be revised, as country inputs are received,
for example with technical inputs, models, and les-
sons learned submitted by ministries of fnance
and fnancial regulators, development partners,
and fnancial sector bodies (such as industry asso-
ciations, responsible fnance networks). An online
version of the Reference Framework will provide
access to a wide set of materials, including coun-
try case studies, and will facilitate experience and
knowledge-sharing among a broad set of actors,
and would complement AFIs peer to peer mecha-
nism for fnancial regulators.
1
The Principles for Innovative Financial Inclusion are: leadership, diversity, innovation, protection, empowerment, cooperation, knowl-
edge, proportionality and framework.
2
Alliance for Financial Inclusion (AFI) 2011. The G20 Principles for Innovative Financial Inclusion: Bringing the Principles to Life, pre-
pared on behalf of the G20s GPFI, available at www.gpf.org
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AFI Alliance for Financial Inclusion
AML/CFT Anti-money laundering and
combating fnancial terrorism
APEC Asia-Pacifc Economic Cooperation
ATISG Access through Innovation
Sub-Group
ATM Automatic teller machine
BSP Bangko Sentral ng Pilipinas
CDD Customer due diligence
CEMLA Centro de Estudios Monetarios
Latinoamericanos
CGAP Consultative Group to Assist the
Poor
CNBV Comisin Nacional Bancaria y de
Valores
CNSF Comisin Nacional de Seguros y
Fianzas
CONDUSEF Comisin Nacional para la
Proteccin y Defensa de los
Usuarios de Servicios Financieros
CPFL Consumer Protection and Financial
Literacy
DFID Department for International
Development
ENEF Estratgia Nacional de Educao
Financeira
FAS Financial Access Survey
FATF Financial Action Task Force
FIDWG Financial Inclusion Data Working
Group
FIEG Financial Inclusion Experts Group
FSB Financial Stability Board
FSI Financial Soundness Indicators
G2P Government to person
GIZ Gesellschaft fr Internationale
Zusammenarbeit
GPFI Global Partnership for Financial
Inclusion
HH Household
ICR Insolvency and creditor rights
IFC International Finance Corporation
IMF International Monetary Fund
INFE International Network for Financial
Education
KPI Key performance indicator
KYC Know Your Customer
MFI Microfnance Institution
MSMEs Micro, small, and medium
enterprises
NAFIN Nacional Financiera
OECD Organization for Economic
Development and Cooperation
POS Point of sale
RBI Reserve Bank of India
RDB Regional Development Bank
ROSC Reports on Observance of
Standards and Codes
SACCO Savings and Credit Cooperative
SBS Superintendencia de Banca,
Seguros y AFP
SMEs Small and medium enterprises
SSBs Standard-setting bodies
UNCDF United Nations Capital
Development Fund
Abbreviations and Acronyms
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Table of Contents
Preface ...................................................................................................................................................... 2
I. Introduction ............................................................................................................................................. 6
II. Financial Inclusion Commitments .......................................................................................................... 7
III. Financial Inclusion Strategies ............................................................................................................. 11
Financial Inclusion Strategy Components ....................................................................................... 12
Responsible Finance and Financial Inclusion Strategies ................................................................ 13
SME Finance Compact and Financial Inclusion Strategies ............................................................ 15
IV. Financial Inclusion Data to Underpin Strategy Design and Monitor Progress .................................... 16
Dimensions of Financial Inclusion ................................................................................................... 17
How is fnancial inclusion monitored at the country-level? .............................................................. 18
Data collection efforts worldwide ..................................................................................................... 19
Core Financial Inclusion Indicators ................................................................................................. 22
Diagnostics as a complement to Data ............................................................................................. 25
V. Institutional Structure to Support a Financial Inclusion Strategy ......................................................... 26
VI. Public Sector Actions: Policies, Regulation, and Financial Infrastructure .......................................... 29
Policies and Regulation ................................................................................................................... 30
Financial Infrastructure Development ............................................................................................. 35
Public Initiatives and Market Interventions ...................................................................................... 37
VII. Private Sector Actions ....................................................................................................................... 40
Accessible Financial Accounts ........................................................................................................ 40
Innovative Retail Payments ............................................................................................................. 42
VIII. Implementation Support Framework ................................................................................................ 44
IX. Conclusions........................................................................................................................................ 43
ANNEX 1. Financial Inclusion Strategies/ Frameworks........................................................................... 48
ANNEX 2. International Financial Inclusion Indicators ............................................................................ 51
ANNEX 3. SME Finance Compact .......................................................................................................... 53
References .............................................................................................................................................. 56
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Figure 1 Financial Inclusion Strategy Components ................................................................................... 7
Figure 2 Responsible Financial Inclusion Strategies .............................................................................. 14
Figure 3 Support Framework for Financial Inclusion
Commitment and Strategies: Priorities, Mechanisms .......................................................................... 45
Table 1 Financial Inclusion Strategy Components: Overview of Models and Examples ........................... 8
Table 2 Comparison of Multi-Country Supply-Side Data Surveys of Financial Inclusion ........................ 20
Table 3 Comparison of Multi-Country Demand-Side Data on Financial Inclusion ................................... 21
Table 4 Proposed G20 Basic Set of Financial Inclusion Indicators ......................................................... 23
Table 5 Financial Inclusion and Infrastructure Diagnostics...................................................................... 25
Table 6 Institutional Structure to Coordinate Financial Inclusion ............................................................. 27
Table 7 Options for Policy and Legal Reforms ........................................................................................ 30
Table 8 Financial Infrastructure Options (Examples) ............................................................................... 36
Table 9 Options for Public Initiatives and Interventions ........................................................................... 37
Box 1 Evaluating Brazils Financial Education Program .......................................................................... 18
Box 2 Supply- and Demand-Side Data.................................................................................................... 19
Box 3 Data Informing Financial Inclusion Reforms: Mexico .................................................................... 24
Box 4 The Institutional Structure of Financial Inclusion in Mexico ........................................................... 28
Box 5 Bangko Sentral Ng Pilipinas (BSP): Enabling Regulatory Environment ....................................... 31
Box 6 Moving Towards a Basic Bank Account in the European Union .................................................... 32
Box 7 Responsible Finance: Resources, Principles, Good Practices ..................................................... 33
Box 8 Proportional AML/CFT Regulation that Promote Financial Inclusion ............................................ 34
Box 9 Proportional Risk Assessments: Country Examples ..................................................................... 35
Box 10 Government to Person (G2P) Payments..................................................................................... 38
Box 11 Accounts: Mzansi Accounts ........................................................................................................ 41
Box 12 Saving Accounts in Kenya ........................................................................................................... 42
Box 13 Innovations in Retail Payments: Global Payments Systems Survey (World Bank) .................... 43
Annex 1 Financial Inclusion Strategies/Frameworks ............................................................................... 48
Annex 2 International Financial Inclusion Indicators ............................................................................... 51
Annex 3 SME Finance Compact ............................................................................................................. 54
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I. Introduction
Financial inclusion strategies can be defned as
road maps of actions, agreed and defned at the
national or subnational level, that stakeholders fol-
low to achieve fnancial inclusion objectives. Suc-
cessful strategies coordinate efforts with the main
stakeholders, defne responsibilities among them,
and state a clear planning of resources by, for ex-
ample, prioritizing targets. A strategy can promote
a more effective and effcient process to achieve
signifcant improvements in fnancial inclusion,
and is ideally prepared with the private sector in
order to establish and achieve shared, achievable
goals for fnancial inclusion.
A comprehensive approach to fnancial inclusion
addresses at least three aspects: access to fnan-
cial services and products; usage of fnancial ser-
vices and products; and quality of fnancial services
and products, defned by consumer ability to ben-
eft from new fnancial services and products (and
linked to consumer protection and fnancial capa-
bility). Through expanded access, consumers are
able to adopt new fnancial services and products
from formal institutions. Actions to expand fnancial
access can frst identify potential barriers faced by
institutions to reach lower-income and underserved
customers and then catalyze or implement mea-
sures to address these barriers. The second aspect,
usage, refers to the regularity and frequency of the
adoption of fnancial services and products. A com-
prehensive strategy promotes not only the adoption
of fnancial products and services, but also the abil-
ity of customers to take full advantage of them. The
third aspect relates to the degree to which consum-
ers can beneft from fnancial services. Financial
inclusion efforts to reach new customers should be
responsible,,
3
incorporate a strong consumer pro-
tection framework, and promote fnancial literacy
among customers. Informed and fnancially educat-
ed customers will beneft more from fnancial ser-
vicesfor example, through a better understanding
of what type of fnancial product best suits their indi-
vidual needs, and more accurately assessing risks
associated with that product.
This Reference Framework was prepared as a re-
source for policymakers, regulators, and partner
development agencies, as an accessible reference
point for existing fnancial inclusion approaches, or
for preparing new fnancial inclusion strategies. The
Framework consists of eight sections. In the frst
section, a discussion of the key components that
defne fnancial inclusion strategies is presented.
The second section centers on fnancial inclusion
data, including an analysis of available data and
diagnostics, and potential core fnancial inclusion
indicators. The third section presents recommenda-
tions from different experiences on the institutional
structure suitable to support fnancial inclusion strat-
egies. Options for public sector actions (policy and
regulatory reforms, fnancial infrastructure, public
interventions) and then private sector responses
follow in the next two sections. Support frameworks
for design and implementation of fnancial inclu-
sion commitments and strategies from development
agencies are outlined in the fnal section.
3
Responsible Finance in this context connotes a fnancial environment in which Products are thoughtfully designed, offer reason-
able value-for-money, and minimize potential harm, such as over-indebtedness. Delivery practices... do not rely on aggressive sales,
coercive collections, or other inappropriate behavior. Clients receive clear, comprehensible information... When problems or misunder-
standings arise, customers have accessible and effective mechanisms for resolving them (CGAP 2011).
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
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II. Financial Inclusion Commitments
An increasing number of countries are committing
to improving access to and usage of fnancial ser-
vices, informed by a fast-growing body of country
experience and knowledge. While more than 60
countries have introduced reforms to stimulate an
expansion of fnancial inclusion in recent years,
there is an increasing emphasis on a compre-
hensive approach with a sequenced package of
reforms conducted by a range of relevant actors,
leading to more signifcant improvements in fnan-
cial inclusion that are benefcial for new consumers.
Financial regulators from more than 20 countries
have made fnancial inclusion commitments under
the Maya Declaration, to i) create an enabling en-
vironment that increases access and lowers costs
of fnancial services, including through new technol-
ogy; ii) implement a proportionate regulatory frame-
work that balances fnancial inclusion, integrity, and
stability; iii) integrate consumer protection and em-
powerment as a pillar of fnancial inclusion; and iv)
use data to inform policies and track results.
4
This Reference Framework outlines the following
components for these comprehensive fnancial in-
clusion strategies/plans, with actions and examples
set out for each. Table 1 outlines approaches that
have been used by countries for each component,
and examples of how countries have tailored coun-
try commitments to ft their individual market struc-
ture, institutions, fnancial inclusion characteristics,
and political context.
FIGURE 1. FINANCIAl INClUSION STRATEGy
COMPONENTS
Note: This is a highly stylized representation. Countries will be
at different stages for each component, and components may
not be sequential.
4
For further information, see www.af-global.org/gpf/maya-declaration
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
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TABLE 1. FINANCIAl INClUSION STRATEGy COMPONENTS: OVERVIEW OF MODElS AND ExAMPlES
5
COMPONENT,
SECTION OF THIS
FRAMEWORK
POTENTIAL COUNTRY
COMMITMENT MODELS COUNTRY ExAMPLES
Data and
Diagnostics,
Targets/Objectives,
Progress
Monitoring
Sections IV, V,
VIII Stock-taking
to inform strategy
and targets, and to
monitor targets and
evaluate progress
Collect data, formulate
indicators, synthesize
recommendations and
insights from diagnostics,
align targets and broader
objectives.
Regulator/, Household/
Enterprise Surveys, Financial
Inclusion & Responsible
Finance diagnostics
Data: South Africa (FinScope, Financial
Consumer Protection report), Kenya
(National Financial Access Survey),
India (National Sample Surveys)
Peru (Financial Literacy Survey),
Mexico (comprehensive data approach)
Align targets for fnancial
inclusion indicators, and
broader objectives, and
monitor progress toward
achieving them.
G20 basic fnancial inclusion
indicators, supplemented by
tailored national indicators
Financial regulators increasingly track
fnancial inclusion indicators, e.g., SBS
Peru, RBI India.
Strategy-Building,
strategy-revision
Sections III, V, VIII
Strategy design
or modifcation,
institutional
structure
to support the
strategy
Develop or update a
strategy document,
whether as a standalone
document or as a
component of a broader
fnancial sector strategy.
With buy-in from
government, regulators,
fnancial sector.
Charters, strategies, action
plans, components of fnancial
sector strategies
Indonesia (Financial Inclusion Strategy),
Kenya (Financial Access Partnership),
South Africa (Financial Sector Charter)
Put in place a cross-
agency coordination
structure for supporting
and ensuring strategy
implementation.
Ensure that adequate
regulatory and supervisory
capacity is in place to
implement and monitor
reforms and to ensure
that fnancial inclusion
does not lead to instability
or to harmful consumer
impacts.
National platform for
coordinating fnancial inclusion
(e.g., council, task force). A
dedicated fnancial inclusion
unit in regulator or ministry of
fnance can also lead reforms.
Brazil, Mexico (Financial Inclusion
Council), Indonesia, United Kingdom
(Financial Inclusion Taskforce) , India
(Committee on Financial Inclusion,
2008; Taskforce on MSMEs, 2010)
(CONTINUED)
5
This is an indicative rather than an exhaustive list.
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
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TABLE 1. FINANCIAl INClUSION STRATEGy COMPONENTS: OVERVIEW OF MODElS AND ExAMPlES
5
COMPONENT,
SECTION OF THIS
FRAMEWORK
POTENTIAL COUNTRY
COMMITMENT MODELS COUNTRY ExAMPLES
Public Sector
Actions: Policy,
Regulation,
Financial
Infrastructure
Section VI
Commit to introducing
policy and legal reforms,
and to developing fnancial
infrastructure, in order
to promote responsible
fnancial inclusion
(consistent with fnancial
integrity and stability
priorities), and enable/
stimulate the needed
fnancial sector response.
Banking agent regulation India, Brazil, Kenya, Mexico
Payments systems
development, to underpin
electronic transactions, use of
technology
Regulation simplifying
procedures for access to fnance
India (special provisions in Know Your
Customer guidelines, no-frills accounts),
Pakistan, Colombia, Mexico
Legislation allowing alternative
fnancial products/ services, and
e-money
Indonesia (Islamic fnance and
development of Sharia banking policies)
Jordan (leasing law, secured
transactions and land registration
reforms)
Philippines (e-money models, including
bank and non-bank)
Promote development of
market-level infrastructure
(national IDs, national switches,
credit information systems)
India (UIDAI)
Channel social payments
(e.g., benefts), wages, and
procurement through fnancial
accounts
Brazil (Bolsa Familiar)
Mexico (Oportunidades)
India (Bihar, health payments)
www.cgap.org/gm/document-1.9.56703/
FN76.pdf
Financial literacy and consumer
protection initiatives
Brazil (consumer protection framework)
Peru (fnancial literacy programs to
teachers, virtual classroom website)
India (fnancial literacy project launched
by RBI)
(CONTINUED)
(CONTINUED)
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TABLE 1. FINANCIAl INClUSION STRATEGy COMPONENTS: OVERVIEW OF MODElS AND ExAMPlES
5
COMPONENT,
SECTION OF THIS
FRAMEWORK
POTENTIAL COUNTRY
COMMITMENT MODELS COUNTRY ExAMPLES
Private Sector
Actions
Section VII
Financial institutions
respond to targets
and to the improved
enabling environment
and introduce products,
delivery mechanisms, and
processes that signifcantly
and responsibly expand
fnancial inclusion.
Development of viable
business models for low-
income customers is key.
Current business models
still limited.
Accessible fnancial accounts for
savings/payments
Brazil, Canada, India, Indonesia
(Tabunganku),
Mexico, South Africa (Msanzi accounts),
United Kingdom, European Union
Mobile banking products that
provide access to a broad range
of fnancial services
Still being developed several high-
profle examples and a fast-evolving
area, e.g., Kenya, Tanzania, Haiti
Microfnance through retailer
networks, SME fnance through
the supply chain (also factoring)
Mexico (NAFIN, Bancomer, Banorte,
OXXO)
Implementation
Support
Framework
Section VIII
Where demanded,
donors and technical
partners can provide
technical assistance, data,
fnancing, and other forms
of support to the design
and implementation
of fnancial inclusion
strategies.
Technical assistance, data and
analysis, fnancing, risk-sharing,
risk assessment on fnancial
integrity, capacity-building
Extensive support provided, but
nevertheless gaps and challenges
remain. Comprehensive packages of
support could be designed in parallel
with fnancial inclusion strategy design.
(CONTINUED)
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III. Financial Inclusion Strategies
Key Messages:
n A fnancial inclusion strategy can be characterized
by six components: i) stock-taking: data and
diagnostics; ii) targets and objectives; iii) strategy-
building or revision; iv) public sector actions: policies,
regulation, and fnancial infrastructure; v) private sector
actions; and vi) progress monitoring.
n Each country context varies, including in terms
of availability of data and diagnostics, institutional
capacity to implement reforms, fnancial market
structure, level of fnancial infrastructure, and
political priorities. To ft each country context, tailored
approaches can be built by national entities using the
reference material, examples, and guidance set out in
this Framework. Many countries already have many of
the components of a fnancial inclusion strategy in place.
n Financial inclusion is interlinked with fnancial
stability, fnancial integrity, market conduct, and
the fnancial capability of consumers, and should
be prepared with reference to analysis and objectives
for those areas, irrespective of whether the fnancial
inclusion strategy is a standalone document or a
component of a broader fnancial sector development
strategy.
n Financial inclusion strategies (whether standalone
or part of a broad fnancial sector development
strategy) provide a framework for prioritizing
reforms and actions, including for priority areas at
country level, for example small and medium enterprise
(SME) fnance, rural fnance, or fnancial education.
National fnancial inclusion strategies (in whatever
form) have the potential to catalyze signifcant im-
provements in fnancial inclusion for households and
enterprises, through a coordinated, prioritized, and
comprehensive framework for actions that ensures
maximum impact within institutional and resource
constraints. The aim of a fnancial inclusion strat-
egy, or action plan, can be to bring together initia-
tives from the public sector, fnancial and nonfnan-
cial institutions, and other stakeholders to expand
and improve fnancial inclusion, while maintaining
suffcient focus on fnancial stability, integrity, and
market conduct. Policymakers and regulators, for
example, can implement an organized package of
reforms to encourage private sector activity and in-
novation in line with fnancial inclusion targets.
6
Financial inclusion strategies can be broad in
scope, covering public and private sector actions.
They can stand alone, or can be a component of
broader fnancial sector development strategies.
7
Strategies can also focus on certain areas where
the need for actions has been highlighted, such as
SME fnance (through a compact, for example) or
fnancial education action plans, or they can cover
a broader set of actions to address different bar-
riers to fnancial inclusion.
8
Financial inclusion is
interlinked with fnancial stability, fnancial integrity,
market conduct, and the fnancial capability
9
of con-
sumers, and should be prepared with reference to
6
Policymaker and regulator roles include: building infrastructure, driving transaction volume and implementing an organized package
of reforms. See: Ehrbeck, Tilman, Mark Pickens, and Michael Tarazi. 2012. Financially Inclusive Ecosystems: The Roles of Govern-
ment Today. Focus Note 76. Washington, D.C.: CGAP, February.
7
For example the World Bank is working with seven African countries to support Financial Sector Development Strategies, all of which
include fnancial inclusion components.
8
Another area strategies have focused on is microfnance. For more information on microfnance strategies, see Dufos and Glisovic-
Mezieres (2008).
9
Financial capability encompasses the knowledge (literacy), attitudes, skills, and behavior of consumers with regard to understanding,
selecting, and making use of fnancial services.
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
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analysis and objectives for those areas, even if the
fnancial inclusion actions are not part of a broader
fnancial sector strategy.
The process of elaborating, implementing, and
monitoring a fnancial inclusion action plan, or strat-
egy, can be characterized by six components (not
necessarily sequential each country context is
complex and some components will already be bet-
ter developed than others, while political economy,
social, and technological factors vary): i) stock-
taking: data and diagnostics; ii) targets and ob-
jectives; iii) strategy-building or revision; iv) public
sector actions: policies, regulation, and fnancial in-
frastructure; v) private sector actions; and vi) prog-
ress-monitoring. Policy consensus can be needed
throughout, and may to an extent be institutional-
ized through multiyear commitments, coordination
mechanisms, institutional mandates and roles, and
the involvement of civil society and the private sec-
tor. As Asia-Pacifc Economic Cooperation (APEC)
states, the development of a National Financial
Inclusion Strategy needs commitment from all the
different actors but especially a strong leadership
from the government by including this as an integral
component of overall fnancial sector growth and
poverty reduction strategy.
10
Financial Inclusion Strategy Components
Country-level fnancial inclusion actions, as part of
a formal strategy or not, typically include the fol-
lowing components to some degree, although this
is a stylized typology and countries will be at dif-
ferent stages for each. The Reference Framework
explores each component in subsequent sections:
1. Stock-Taking: Data and Diagnostics: enable
policymakers, regulators, and stakeholders to
better understand the baseline or starting point
in terms of access to and usage of fnancial ser-
vices, barriers to fnancial inclusion, and how
to address them within limited institutional ca-
pacity and resources. Banks and other fnan-
cial service providers can design products and
delivery mechanisms that are more viable and
tailored to the fnancial needs of the unbanked.
Data and analysis can therefore underpin re-
forms and innovation.
2. Targets and Objectives: targets and broader
objectives are determined at the country level.
Targets for fnancial inclusion indicators can be
informed by data and diagnostics, and progress
in meeting them can be tracked through those
indicators.
11
Not all fnancial inclusionrelated
objectives can yet be translated into measur-
able indicator targets for example, fnancial
capability measurement techniques are yet to
be distilled into widely accepted headline indi-
cators, and proportionality in regulation that
tailors implementation to level of risk implies an
approach rather than an exact measure so
broader objectives are also appropriate. The
private sector should be encouraged to con-
tribute in setting targets and objectives, as they
will be key actors in reaching them, and targets
set without private sector involvement may be
unrealistic or may lead to suboptimal actions
designed to meet targets rather than to sustain-
ably scale up fnancial services. To some de-
gree, benchmarking indicator levels and objec-
tives progress relative to other countries (such
as regional neighbors or countries with similar
per capita income) can be helpful.
3. Strategy-Building or Revision: a strategy,
or action plan, can be set out or an existing
strategy can be modifed to identify and align
activities and roles for all actors concerned
in meeting those targets and objectives, and
providing or identifying a coordination mecha-
nism or institutional structure to ensure that
the strategy is implemented. Commitments by
regulators and governments are essential to
enable and stimulate private sector actions.
The involvement of the private sector (and civil
10
For an APEC review of the development of fnancial inclusion strategies, see APEC Financial Empowerment Financial Inclusion
Working Group (2011).
11
The World Bank, with funding from the Russian Financial Literacy and Education Trust Fund, is working on a framework for assess-
ing fnancial capability.
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
13
Version: June 2012
society) is also important to ensure that the
fnancial inclusion strategy is achievable and
has wide ownership. Voluntary private sector
commitments can be an effective means of
promoting fnancial inclusion and fnancial ca-
pability. Banks and other fnancial institutions
must take a leading role in achieving fnancial
inclusion, spurred on by competition, the threat
of regulation, and monitoring, and in line with
market opportunities. Financial inclusion units
in ministries of fnance or regulators can lead
and monitor the design and implementation of
fnancial inclusion strategies, while task forces
or coordination bodies can be set up with the
private sector to understand barriers, develop
shared objectives, engage wider participation,
and encourage shared ownership. A national
platform for coordinating and/or monitoring im-
plementation of the strategy can take the form
of a fnancial inclusion council, task force, or
other body.
4. Public Sector Actions: Policies, Regulation,
and Financial Infrastructure: the public sec-
tor and regulators can implement a comprehen-
sive package of reforms to encourage fnancial
sector activity and innovation in line with the
fnancial inclusion strategy targets. Financial
infrastructure is essential to enable lower costs
and risks for fnancial service providers serving
new low-income customers, including credit in-
formation systems, secured transaction frame-
works, and effcient and secure payments sys-
tems. Regulation should target the elimination
of barriers and bottlenecks that impede private
sector action, and should be proportional (risk-
based) and fexible enough to allow new busi-
ness models and fnancial service innovations
that extend fnancial inclusion while ensuring
fnancial stability and integrity.
5. Private Sector Actions: the introduction of
fnancial services, new business models, and
delivery mechanisms that expand access to
and usage of fnancial services. Technology,
fnancial infrastructure, and enabling policy
and legal reforms can allow lower-income and
more diffcult to reach consumers to be via-
bly served, and the introduction of a wider and
more appropriate suite of fnancial products to
ft household and enterprise needs.
6. Progress-Monitoring: progress toward
achieving the strategys targets would beneft
from ongoing monitoring. Not only achieve-
ment of fnancial inclusion targets and objec-
tives should be assessed, but also the effec-
tiveness of the reforms, products, or delivery
mechanisms introduced, and associated risks,
so that changes can be made to the strategy
implementation as needed. Feedback distin-
guishing successful actions from actions that
are not can be used to revise the strategy and
increase its success. Indicators can be tracked
on a frequent and regular basis, using data
from national surveys (and global cross-country
surveys as a complement), while less-frequent
impact evaluations can provide a rigorous as-
sessment of interventions effects and their
cost-effectiveness.
Responsible Finance and Financial
Inclusion Strategies
Financial capability and consumer protection can
be components of a responsible fnancial inclu-
sion strategy. As access to fnancial services in-
creases, it is important that new customers, and
existing customers with access to new services,
can make well-informed decisions about how best
to manage and use fnancial services. In addition,
since new providers and delivery mechanisms
open up scope for consumer fraud and abuse,
proper consumer protection frameworks should be
in place. Measures to strengthen consumer protec-
tion frameworks and enforcement, and to raise f-
nancial consumer awareness and capability, need
to be introduced alongside or as part of fnancial
inclusion strategies.
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
14
Version: June 2012
Responsible fnancial inclusion can lead to stronger
positive impacts and lower risks at the individual,
frm, fnancial institution, fnancial sector, and econ-
omy levels. Where consumers are not well pro-
tected or unable to make informed decisions about
any type of fnancial service, or where products or
institutions are not well monitored, the impacts of
fnancial inclusion can be reduced or even nega-
tive. This was clearly illustrated by the subprime
housing loan crisis in the United States, the recent
payments protection insurance scandal in the Unit-
ed Kingdom, and microcredit repayment crises in
India, Morocco, and elsewhere.
Consumer protection and fnancial capability can be
incorporated as pillars of fnancial inclusion strate-
gies, as responsible fnancial inclusion strategies,
or in parallel. In the case of Brazil, its National Strat-
egy for Financial Education (ENEF) promotes fnan-
cial education activities that extend beyond fnan-
cial inclusion, such as preparing consumers at all
income levels for complex fnancial decisions that
they are required to make, such as retirement plan-
ning. Brazils strategy is a public-private partnership
among four national fnancial system regulators
and supervisors; fve ministries and state secre-
tariat; national, state, and municipal education bod-
FIGURE 2. RESPONSIBlE FINANCIAl INClUSION STRATEGIES
MICROINSURANCE:Microenterprisesabletobuy
insurancethatreducesexposuretopoten>allosses
andenablesbusinessgrowth
BASICBANKACCOUNTS:Lowincomehouseholds
abletoopenanofrillsbankaccount,accessed
throughamobilephoneorATMs,tosave,receive
remiLances,makepayments
REGULATORYREFORMS:Regulatorsintroduce
reformstopromoteinnova>onbynancial
ins>tu>onstoservelowerincomeclients
MICROINSURANCE:Microenterprisesableto
understandtheriskscovered,costofpremiumcompared
topoten>albenet,selectthemostappropriateproduct
BASICBANKACCOUNTS:Lowincomehouseholdsable
toselectbankaccountthatmeetstheirneedsand
enablesthemtolowernancialtransac>oncosts,and
avoidhiddenchargesorexcessivedebtwithcreditcards
REGULATORYREFORMS:RegulatorsbeLerunderstand
andaccommodatethelevelofunderstandingof
consumers,ensuringthatreformshavethemaximum
impactontheintendedconsumers
FINANCIALINCLUSION
ExamplesofhowHouseholds/Firmscanbenet
FINANCIALINCLUSIONCOMBINEDWITHFINANCIAL
CAPABILITY,CONSUMERPROTECTION
ExamplesofhowHouseholds/Firmscanbenet
ConsumerProtec>onandFinancialLiteracyhelpbuildpubliccondence,andraisedemandfornancialservices
Disclosureandtransparencypromotenancialinclusion,lowerrisk,andcans>mulatecompe>>on
FinancialLiteracyenablesconsumerstobenetfromnancialdecisions
E
v
a
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u
a
9
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n
Real9memonitoringand
evalua9on,withfeedback-loop
toimplementa9on
Country-led
Surveys,
Monitoring
WB/IMFSurveys&
Diagnos2cs
G20FIIndicators
Peer
LearningProgram
Country-levelTA,
policydialogue
Principles,Toolkits
Supportpackage
forFIStrategies
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countrysupport
PeerLearning
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Financing,risk-
sharing
AdvisoryServices
Demonstra2on
models
SUPPORTMECHANISMS
Responsiblenancial
services,withdisclosure,
transparency
GLOBALCROSS-CUTTINGCAPACITYINCLUDES:
-WorldBank:nancing,diagnos2cs,technicalassistance,complementedbydata,globalknowledge
- AFI:knowledge-sharing,regulatornetwork,PeertoPeerLearningProgram
-IFC:SMEFinanceFacility,RegionalAdvisoryServicescapacity,investment
-RDBs,bilateralsw/exper2se&countrypresence(egDFID,GIZ),strategicfunders(egGatesFounda2on)
CGAP:Leadingedgeknowledge,cataly2crole
ResponsibleFinance:OECD,WorldBank,INFE,FinCoNet,CGAP...
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
46
Version: June 2012
IX. Conclusions
This Reference Framework rests on the following
parameters, which draw from and synthesize the
innovative approaches and lessons learned from a
range of G20 and non-G20 countries:
Financial Inclusion Strategies
Country-level fnancial inclusion actions typi-
cally include the following components, which
can overlap and are not necessarily sequential:
i) stock-taking: data and diagnostics; ii) targets
and objectives; iii) strategy-building or revision;
iv) public sector actions: policies, regulation,
and fnancial infrastructure; v) private sector
actions; and vi) progress-monitoring.
Each country context varies, including in terms
of availability of data and diagnostics, institu-
tional capacity to implement reforms, fnancial
market structure, level of fnancial infrastruc-
ture, and political priorities. The reference ma-
terial, examples, and recommendations set out
in this Framework, are not prescriptive and can
be selectively used as appropriate for each
country context.
Financial inclusion strategies can include a
focus on priority areas for a country, such as
SME fnance, womens access to fnance, rural
fnance, or fnancial education.
Financial inclusion is interlinked with fnancial
stability, fnancial integrity, market conduct,
and the fnancial capability of consumers, and
strategies should be prepared with reference to
analysis and objectives for those areas, wheth-
er the fnancial inclusion strategy is a stand-
alone document or part of a broader fnancial
sector strategy.
Stock-taking: Data and Diagnostics
Country-level data and diagnostic assess-
ments inform the design and sequencing of
reforms, and can also be valuable to the pri-
vate sector for adapting the design and deliv-
ery of fnancial services.
A country can conduct a stock-taking exer-
cise to identify the barriers to fnancial inclu-
sion, the areas where fnancial inclusion is
restricted (through survey data and diagnos-
tic assessments), and the existing measures
and policy/regulatory framework in place as
relevant to fnancial inclusion. Countries can
use that analysis and data to design and im-
plement any further actions to address gaps
and to ensure that fnancial inclusion objec-
tives and targets are on track, or to develop a
fnancial inclusion strategy.
Indicators for fnancial inclusion can be used
for the national process of target-setting, and
for monitoring progress in achieving improve-
ments in fnancial inclusion. Core indicators
consistent with the proposed G20 Basic Set of
Indicators prepared by the GPFI Sub-Group on
Data and Measurement are as follows:
20
Formally banked adults: Percentage of
adults with an account at a formal fnan-
cial institution
Adults with credit from regulated institu-
tions: Percentage of adults with at least
one loan outstanding from a fnancial in-
stitution
Formally banked enterprises: Number or
percentage of SMEs with accounts
20
The frst two indicators can be monitored for the population as a whole, and also for women, so that a fnancial strategy can place
particular emphasis on improving fnancial inclusion for women and tackling gender-specifc barriers.
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
47
Version: June 2012
Enterprises with an outstanding loan from
a regulated fnancial institution: Number
or percentage of SMEs with an outstand-
ing loan
Points of service: Number of branches per
100,000 adults
Adoption of these indicators would allow for
ownership by each country to set its own tar-
gets, as well as for benchmarking with peer
countries. Secondary indicators and targets can
be developed to further ft country priorities.
Institutional Structure
leadership the frst Principle for Innovative
Financial Inclusion is needed to coordinate
actions and maintain drive and momentum for
reforms. A National Platform for Financial In-
clusion can play this role, and can also ensure
that progress in reaching targets is monitored,
and changes to strategy content are identifed
and implemented to improve effectiveness.
A dedicated unit in a fnancial regulator or min-
istry of fnance can provide an operational lead
on public sector actions, including on regula-
tion, policies, and fnancial infrastructure. A
broad range of public sector actors also have
roles to play.
The fnancial sector must be centrally involved
in setting fnancial inclusion targets, in order to
ensure that targets are realistic, and that the
fnancial sector takes ownership in achieving
them.
Public Sector Actions: Policies, Regulation, and Fi-
nancial Infrastructure
Policy and regulatory reforms, and fnancial in-
frastructure development, which are based on
diagnostics and data, can enable expansion of
fnancial inclusion, to the beneft of households
and frms.
Public sector initiatives and market interven-
tions may be justifed in limited cases due to
market failures, or to incentivize private sector
actions in the interim while reforms and fnan-
cial infrastructure are put in place.
Private Sector Actions
The fnancial sector response is critical and
determines whether fnancial inclusion targets
are met, through fnancial institutions introduc-
ing new services, adapting existing products
and processes, rolling out new delivery mecha-
nisms, etc.
Viable business models are still being devel-
oped, and an environment is needed that en-
ables innovation and the entrance of nontra-
ditional actors, while ensuring that fnancial
stability, consumer protection, and fnancial
integrity are maintained as priorities.
Implementation Support Framework
A package of support for fnancial inclusion can
be designed in parallel with fnancial inclusion
strategies, in order to ensure sequenced and
effective support to country-led strategy imple-
mentation, in response to country demands
and priorities.
Capacity-building support may be needed for
countries facing institutional and resource limi-
tations in implementing fnancial inclusion ac-
tions to meet agreed targets and objectives.
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
48
Version: June 2012
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FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
51
Version: June 2012
ANNEX 2. International Financial Inclusion Indicators
Several initiatives are now improving the comparability of fnancial inclusion indicators across countries.
Four of these are profled here.
1. IMF Financial Access Survey (FAS)
Since 2004, the global data collected by the IMF are used to develop the following worldwide indicators of
access and usage:
Access Indicators:
n Number of commercial bank branches per 1,000 km
2
n Number of commercial bank branches per 100,000 adults
n Number of ATMs per 1,000 km
2
n Number of ATMs per 100,000 adults
Usage Indicators:
n Number of borrowers from commercial banks per 1,000 adults
21
n Outstanding loans from commercial banks (% of GDP)
n Number of depositors with commercial banks per 1,000 adults
22
n Outstanding deposits with commercial banks (% of GDP)
21,22
These indicators are available for only 13 countries. Most countries do not collect this information.
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
52
Version: June 2012
2. AFI Core Set of Financial Inclusion Indicators
The AFI Financial Inclusion Data Working Group
(FIDWG) formulated a core set of fnancial inclu-
sion indicators of access and usage of formal f-
nancial services by households that, importantly,
will be consistent across countries. It is expected
that participating countries commit to measure and
share their indicators to allow comparisons with
other economies. This effort to advance fnancial
inclusion indicators in a standardized framework
is designed to ensure country ownership and to
be the starting point for more indicators that al-
low setting realistic and evidence-based targets.
The core set of indicators consists of the follow-
ing indicators of access to and usage of fnancial
products and services:
Access indicators:
n Number of access points per 10,000 adults at
a national level and segmented by type and by
relevant administrative units
n Percentage of administrative units with at
least one access point
n Percentage of total population living in ad-
ministrative units with at least one access point
Usage indicators
n Percentage of adults with at least one type of
regulated deposit account (in countries where
these data are not available, use as proxy the
number of deposit accounts per 10,000 adults)
n Percentage of adults with at least one type
of regulated credit account (in countries where
this data is not available, use as proxy the num-
ber of loan accounts per 10,000 adults)
FIDWG expects countries to collect the core set of
indicators on a regular base. Data on access are
collected from fnancial institutions, whereas data
on usage are collected from nationally representa-
tive demand-side surveys, if available, or from the
supply-side data if not. A pilot test of the core set
was conducted in 2011 in 12 countries,
23
and feed-
back from this exercise will further refne this set
of indicators. Based on feedback from AFI member
countries, the AFIs core set may continue to ex-
pand in the next years. The sub-group is also evalu-
ating whether to include additional indicators such
as access to regulated insurance products, savings
and investment accounts, and indicators concern-
ing SMEs. Moreover, special attention is given to
the design of indicators for more complex dimen-
sions of fnancial inclusion, such as indicators on
quality of fnancial services, fnancial literacy, bar-
riers to access; access and usage indicators for
informal and nonbank providers; indicators on en-
abling environments; differentiation of active users;
and access to fnance by women-owned SMEs,
agricultural SMEs, and informal businesses. The
challenge with these potential indicators is to en-
sure comparability across countries.
A gap that the AFI core set of fnancial indicators can
help to fll in the future is data from their members
on regulation concerning fnancial inclusion. This
will facilitate comparisons among countries related
to their regulatory frameworks, such as countries
with regulation-enabling banking agents, mobile
banking, no-frills accounts, and additional regula-
tion that some countries have been implementing.
One of the key implications of implementing this set
of indicators is that their adoption could help guide
countries just beginning to measure domestic f-
nancial inclusion.
23
The current list of countries piloting the AFI indicators is: Malaysia, Burundi, Kenya, the Philippines, Mexico, South Africa, Peru,
Guatemala, Thailand, Zambia, Brazil, and Uganda.
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
53
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3. Global Findex Core Indicators
The core global Findex indicators are expected to
provide valuable information from the demand-side
perspective that will allow benchmarking progress
with other countries, track progress over time, iden-
tify priorities, and provide a baseline for research in
fnancial inclusion topics.
Findex Usage Indicators
Use of Bank Accounts
n % of adults with an account at a formal
institution
n Purpose of accounts (personal or business)
n Frequency of transactions (deposits and
withdrawals)
n Mode of access (ATM, branch, etc.)
Savings
n % of adults who saved within the past 12
months using a formal fnancial institution
n % of adults who saved within the past 12
months using an informal savings club or a
person outside the family
n % of adults who otherwise saved (e.g., in
their home) within the past 12 months
Borrowing
n % of adults who borrowed within the past 12
months from a formal fnancial institution
n % of adults who borrowed within the past
12 months from informal sources (including
family and friends)
n % of adults with an outstanding loan to pur-
chase a home or an apartment
Payments
n % of adults who used a formal account to
receive wages or government payments within
the past 12 months
n % of adults who used a mobile phone to pay
bills or send or receive money within the past
12 months
n % of adults who used a formal account to re-
ceive or send money to family members living
elsewhere within the past 12 months
Insurance
n % of adults who personally purchased private
health insurance
n % of adults who work in farming, forestry, or
fshing and personally paid for crop, rainfall, or
livestock insurance
In addition, the Findex data will provide fexibility for
a country to tailor its indicators by key covariates,
such as age, income level, or gender.
4. FinScope Indicators
FinScope indicators are produced with data col-
lected by FinScope. These demand-side indicators
have helped design policies and track progress in
covered countries.
Usage indicators
n % of adult population using fnancial products
and services/mechanisms (formal or informal)
n % of adult population formally served (using
formal fnancial products)
n % of population banked (using commercial
bank products)
n % of population served by other formal (non-
bank) institutions
n % of population informally served (using in-
formal products or mechanisms)
n % of population excluded/unserved (not using
any formal or informal product or mechanisms)
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
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Version: June 2012
ANNEX 3. SME Finance Compact
The SME Finance subgroup of the GPFI has focused its work over the past two years on identifying the best
policies, practices, and business models for lowering the barrier to SME access to capital. The outcome of
this work is a set of reports: Scaling-Up SME Access to Financial Services in the Developing World,, SME
Finance Policy Guide, Strengthening Access to Finance for Women SMEs in Developing Countries, and
Scaling Up Access to Finance for Agricultural SMEs, which document the recommendations that countries
committed to improving access to fnance for their small businesses can implement. The focus now turns to
how to convert this extensive knowledge base into action.
The GPFI Report submitted to the G20 Leaders at the Cannes Summit in 2011 states that . the SME
Finance Compact is a novel platform to engage with developing countries. The Compact should refect the
commitment of a core list of these countries to lead the effort in developing and implementing their own
national enabling policy framework for SME Finance within their fnancial inclusion agenda, and, with the
support of the GPFI and partnership with the G20, develop innovative models and approaches to address
the specifc challenges and constraints faced by low income countries with regards to SME fnance. The
objectives and mechanism of the Compact will be elaborated in time for a potential formal launch at the
2012 Summit in Mexico.
Objective
The SME Finance Compact aims to provide a way to move from principles and recommendations to ac-
tions that make a difference in developing countries. The Compact will be a vehicle for the G20, through
the GPFI, to partner with a limited number of developing countries to lead the effort in developing and
implementing SME fnance strategies focusing on the enabling environment for SME fnance. Through their
leadership and reform progress these countries can encourage other countries and contribute to a peer
learning process. Guiding principles are:
Voluntary Membership: The commitment of all partner countries and GPFI stakeholders, including
possible funding and technical assistance commitment, is voluntary and will be based on free dedication.
Country Driven: The implementation process should be driven by the selected partner country that
decided to launch a national action plan and to seek support from the GPFI.
Content Will Focus on Enabling Environment: The SME Finance Compact will focus on measures to
improve the enabling environment for SME fnance.
Content
I. Establishing an enabling environment for SMEs access to fnancial services
n Improve national policy framework along the recommendations of the Scaling-Up SME Access to Finan-
cial Services in the Developing World report (2010)
24
and based on country case examples that enhance
access to fnance for SMEs and an appropriate methodology to assess impact of SME fnance policies (by
taking further into account the challenges of developing countries, in particular LDCs).
24
The SME Finance Stocktaking Report: Scaling Up SME Financing in the Developing World, identifed SME fnance policies and
best practices based on 164 case studies, and made recommendations in these areas.
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
55
Version: June 2012
n Recognize the importance of women entrepre-
neurs access to capital by incorporating the policy
recommendations and best practices identifed in
the report Strengthening Access to Finance for
Women-Owned SMEs in Developing Countries
into the country-specifc national policy framework.
n Acknowledge the important role of access to f-
nance for agricultural SMEs in order to enhance
food security by building on the GPFI policy recom-
mendations laid out in the report Scaling Up Ac-
cess to Finance for Agricultural SMEs.
n Formulation of country-specifc recommendations
for a policy framework for a feasible and implemen-
tation oriented program of SME development un-
der three optional areas: (1) legislation, regulation,
supervision; (2) fnancial market infrastructure; and
(3) public intervention and support mechanisms.
25
II. Working in partnership with selected LDCs in
sharing experience and successful models
n As a business development support mechanism,
the SME Finance Compact will promote knowl-
edge sharing through peer-to-peer learning and
as a platform for sharing experience in defning
the country-based specifcations and challenges in
their fnancial inclusive practice. The Global SME
Finance Forum (launched in April 2012) will be a
supporting virtual platform for this purpose.
III. Providing capacity-building and technical
assistance to support implementation of SME
fnance strategies and policy frameworks
n The aim is to increase knowledge and experience
through capacity-building, training, knowledge and
information sharing, and, potentially, fnancing. To
formulate an integrated approach for closing the
gap for SME fnance, the SME Finance Compact
partners plan to provide capacity-building for solu-
tions to manage their key challenges and optimize
dedicated resources within an understanding of
promoting high growth in SME development. .
IV. Providing an effcient network platform
through the GPFI website and the Global SME
Finance Forum
n Developing countries that choose to develop an
action plan with the support of the GPFI and the
SME Finance Forum may produce an early outline
of their priorities for a national SME fnance action
plan. As input for this national SME fnance action
plan, the SME Finance Sub-Group has developed
a standardized menu drawn from the GPFI SME
Finance Policy Guide. On this basis, it will be easier
to fnd suitable partners within GPFI for supporting
the development of a more comprehensive and en-
hanced individual action plan.
V. Promoting actions to foster fnancial inclu-
sion, including fnancial education and con-
sumer protection
n Along with encouraging greater participation
in the fnancial sector, it is important to also en-
courage countries to adopt rules, institutions, and
norms of transparency that can protect new/less-
experienced fnancial actors, including SMEs.
n Mexico has made it a priority to focus on fnan-
cial literacy and consumer protection for its presi-
dency of the G20. Increasing knowledge about f-
nancial literacy and consumer protection for all the
facilitators in a country will increase the access to
fnance for SMEs by enabling them to share risks
and costs by allocating of management resources
to seek funds.
25
SME Finance Policy Guide (October 2011).
FNANCAL NCLUSON STRATEGES REFERENCE FRAMEWORK
56
Version: June 2012
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