Financial inclusion
Weidmann urges central banks to promote economic and financial literacy
Financial literacy is crucial in underpinning trust in central banks, German governor stresses; advancements in technology will help to boost financial inclusion
ECB paper compares financial inclusion in US and eurozone
Encouraging transfer payment recipients to open accounts has positive effect, study finds
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
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
RBI’s Mundra hopes to boost credit to small businesses
Deputy governor outlines “ABCD” of issues affecting small businesses’ ability to access credit, including better access to information and new forms of collateral
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
Islamic finance becoming ‘mainstream’ in Malaysia – BNM’s Ibrahim
Governor says Islamic finance has gone from a handful of firms to a quarter of the market in a matter of years; “pragmatic” approach may be part of success
UK watchdog looks to new technology to ‘transform’ bank competition
Use of “open APIs” can enable easy data-sharing, which regulator hopes will give consumers clarity on bank charges and boost competition – though some see flaws in the plan
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
Rajan sees bright future on inclusion but stresses work to be done
Outgoing governor of the Reserve Bank of India discusses different approaches open to policy-makers and some common challenges; unified payment interface effective in a ‘few weeks’
Swift paper warns not to transplant Kenya’s inclusion strategy
Harvard Kennedy School lecturer explores the factors behind M-Pesa’s success in Kenya, and warns against simply copying the country’s approach to inclusion elsewhere
Dutch central bank calls for pension reforms
Dutch pension schemes have “fundamental vulnerabilities” and need a “major overhaul”, DNB says; calls for variable contribution and accrual rates and “individual life-cycle investment policy”
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
Inclusion survey identifies ‘significant gaps’ in data collection
Report published by Irving Fisher Committee on Central Bank Statistics highlights issues around how data is collected, including lack of integration with national statistical frameworks
Measures needed to keep married women in wage sector in Sub-Saharan Africa, paper finds
Working paper examines gender gap in labour markets in Burkina Faso, Ghana, Mauritius, Rwanda and Zambia; finds education opens opportunities, but they can diminish after marriage