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#finaccess2020

Women and finance: unlocking new sources of economic growth

Ceyla Pazarbasioglu's picture
Also available in: العربية | Français | Español


From basic financial services to board rooms, strengthening women’s role in finance is one of the keys to boosting economic growth.

In every country, women and men alike need access to finance so that they can invest in their families and businesses.  But today, 42% of women worldwide – about 1.1 billion – remain outside of the formal financial system, without a bank account or other basic tools to manage their money.   
 

Vietnam’s financial inclusion priorities: Expanding financial services and moving to a ‘non-cash’ economy

Ceyla Pazarbasioglu's picture



 Also available in: Tiếng Việt

It’s nighttime and the streets are bustling in Vietnam’s cities and towns. Buoyed by years of strong growth, the country has a burgeoning middle class with purchasing power to sustain restaurants and cafes, full and open late into the night, busy retailers and a high penetration of mobile phones – more than one per person. The economy, however, continues to run on cash and a majority of adults still don’t have formal financial services such as a basic transaction account. Moving to a “non-cash” system is a priority for the government to increase efficiency, promote business and economic development and reduce poverty including in remote rural areas where traditional financial providers have difficulty reaching.

Since 2016 the State Bank of Vietnam, the country’s central bank, has been partnering with the World Bank Group on a comprehensive approach to financial inclusion which will result in a national financial inclusion strategy. While still in development, several key elements of the strategy are clear: a focus on digital finance including shifts in government payments to digital products and platforms; providing financial services to rural and agricultural communities and ethnic minorities, where growth has lagged and poverty rates are above the national average; and strengthening consumer protection and financial education so that the next generation of consumers are prepared for a modern financial marketplace.

4 actions for Mexico to fast-track progress toward financial inclusion

Gloria M. Grandolini's picture
Also available in: Español
A girl with a bankcard in Mexico. Photo: Alberto Canche/ World Bank

Last month, I traveled to Mexico to attend the launch of the country’s national financial inclusion policy.

The launch was an important milestone for the country, since just 44% of adults have access to a financial account, according to Mexico’s latest national survey on financial inclusion. The policy outlines a vision of how to extend access to formal financial services to the unbanked half of the population, and provides a roadmap for how to get there.

Worldwide, there are 2 billion unbanked adults and the international development community considers financial inclusion necessary to reducing poverty and boosting shared prosperity.

Mexico accounts for 2.6% of that global number.  The country is also among the 25 countries the World Bank Group and partners have prioritized in the Universal Financial Access by 2020 initiative. The goal of this initiative is to enable access to a transaction account to store money, and send and receive payments by adults who are not a part of the formal financial system.

Well-regulated financial technology boosts inclusion, fights cyber crime

Joaquim Levy's picture
Also available in: العربية | Español | Français | 中文

Luceildes Fernandes Maciel is a beneficiary of the Bolsa Família program in Brazil. © Sergio Amaral/Ministério do Desenvolvimento Social e Agrário

Financial technology — or FinTech — is changing the financial sector on a global scale. It is also enabling the expansion of financial services to low-income families who have been unable to afford or access them. The possibilities and impact are vast, as is the potential to improve lives in developing countries.

The financial sector is beginning to operate differently; there are new ways to collect, process, and use information, which is the main currency in this sector. A completely new set of players is entering the business. All areas of finance — including payments and infrastructure, consumer and SME credit, and insurance — are thus changing.

Achieving Universal Financial Access by 2020: what the private sector, governments and multilaterals must do

Nina Vucenik's picture
What needs to happen for everyone in the world to have access to a transaction account by 2020? And, more importantly, why does it matter?

This was the issue the president of the World Bank Group, UN Secretary-General, UN Secretary-General’s Special Advocate for Inclusive Finance for Development, private and public sector leaders discussed at an event, Universal Financial Access 2020, during the 2015 World Bank Group-IMF Spring Meetings.