What is financial inclusion | The Manila Times

THE Bangko Sentral ng Pilipinas (BSP) and the Department of the Interior and Local Government on June 21, 2022 signed a joint memorandum circular on the Paleng-QR Ph Program, which is a joint initiative to “promote account ownership and digital payments” among market vendors and transportation service providers. This program is only one of the

Updating Community Reinvestment Act Is Key for Financial Inclusion

The Community Reinvestment Act (CRA) was last updated in 1995, and since then, the way we invest, spend, and save money has dramatically changed with technological advances in the payments sector. The CRA encouraged Federal Deposit Insurance Corp.-covered institutions to better serve their communities, including low- and moderate-income (LMI) neighborhoods, by increasing financial services in

Bridging Southeast Asia’s digital divide for financial inclusion

Southeast Asia is experiencing incredible change, driven by the rapidly increasing availability and adoption of technology. The digital economy has brought unprecedented opportunities and sources of income and growth through platforms and tools previously unavailable. Digitization is boosting Southeast Asia’s efforts to accelerate financial inclusion. Opportunities are not equally accessible to all; a pressing digital

Allowing for Financial Inclusion Across The Globe

There is a prominent gap in financial equality in developing countries due to sparse financial infrastructure and economic pitfalls. Behavioral attitudes around particular groups can also create barriers for some to reach financial independence. For instance, it is a social norm among some cultures for women to not make financial choices and instead that duty

How financial inclusion can be improved by new technologies

Financial inclusion is key to creating a fair, equitable society, as well as a thriving economy. However, there are challenges to fostering financial inclusion, particularly in the developing world. New technologies can help improve access to affordable financial products and services. Financial inclusion is the cornerstone of not only a fair, equitable society but also

How one bank is digitalizing financial inclusion in Indonesia

One of the lessons from the pandemic has been that digitalization is the future – and financial inclusion is no different. But digitalizing financial inclusion presents a challenge in Indonesia, where both digital and financial literacy rates are low. Here’s how Indonesian bank BRI has sought to overcome some of these challenges. While Indonesia’s access

Making Digital Financial Inclusion a Reality

Digital financial inclusion is defined as digital access to and the use of formal financial services by the unserved and underserved population at an affordable cost (Lauer and Lyman 2015). Notwithstanding numerous policy initiatives undertaken by the Government of India (GoI) to reach the last mile, financial inclusion continues to remain elusive for the common man. While

3 Actions to Expand Women’s Financial Inclusion in the Midst of COVID-19 – International Women’s Forum

By IWFglobal   |  September 01, 2021 IWF member Mary Ellen Iskenderian, President & CEO of Women’s World Banking, shares three key points for expanding women’s financial inclusion in response to the impact of the ongoing pandemic. 1. Digitize government benefits payments Distributing Government-to-Person (G2P) payments via digital channels is a proven way to boost financial inclusion

Digital Financial Inclusion in China

China’s Experience in Digital Financial Inclusion [1] 1. Background Financial inclusion is the next step in the evolution of financial systems and has played a key role in the development of China’s finance. Before 1978, China’s macro economy was primarily regulated through fiscal policies, first establishing a modern banking system in 1985 with the creation