2016年-世界发展银行全球_Payment_Aspects_of_Financial_Inclusion_82页_875kb

Summary of "Payment Aspects of Financial Inclusion"

Core Content

This report, published in April 2016, explores the relationship between payment systems and financial inclusion. It is a joint effort by the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements (BIS) and the World Bank Group (WBG), led by the PAFI Task Force. The report outlines the key role of transaction accounts in enabling access to financial services and highlights the barriers that prevent individuals and businesses from utilizing them effectively.

Main Views

• Financial Inclusion and Payments: Financial inclusion involves access to and use of financial services that meet the user's needs. Transaction accounts are central to this, as they allow for making and receiving payments and storing value.

• Transaction Accounts as a Gateway: Transaction accounts are not only a core financial service but also serve as a gateway to other financial services, such as credit, insurance, and savings. They are typically held with banks or authorized payment service providers (PSPs) and may include e-money or prepaid accounts.

• Barriers to Access and Usage: Multiple barriers hinder access and regular use of transaction accounts, including high fees, low income levels, economic informality, gender-specific needs, cultural and religious beliefs, and limited awareness and financial literacy.

Key Information

Barriers Identified

1. High Fees and Low Income Levels: Fixed costs are a major component of total costs for PSPs. These costs are often not tied to the number or value of transactions, making them particularly burdensome for low-income individuals and small businesses.

2. Indirect Costs: Limited geographical coverage of PSPs increases indirect costs for users, such as transportation and time spent accessing services.

3. Economic and Labour Informality: Many individuals in informal sectors lack access to formal financial services, which are essential for transaction accounts.

4. Gender and Cultural Needs: There is insufficient attention to gender-specific and cultural aspects in the design and promotion of transaction accounts.

5. Poor Account Design: Transaction accounts and payment products that do not meet the needs of end users can discourage usage.

6. Perception of Safety and Reliability: Users often perceive transaction accounts as unsafe or unreliable, which deters them from using them.

Addressing Barriers

The report emphasizes the need for a comprehensive approach to improving access and usage, including:

• Public and Private Commitment: Strong and sustained commitment from both sectors is essential for advancing financial inclusion.

• Legal and Regulatory Framework: A robust and consumer-protective legal framework that supports innovation and competition is crucial.

• Financial and ICT Infrastructure: Reliable and accessible financial and information and communication technology (ICT) infrastructure is vital for enabling transaction account services.

• Product Design: Transaction account and payment product offerings should be tailored to meet the diverse needs of the population and be cost-effective.

• Access Points: A wide network of access points, including mobile banking and agent banking, is necessary to ensure broad geographical reach.

• Awareness and Financial Literacy: Educating individuals about the benefits and proper use of transaction accounts is important for increasing adoption and usage.

• Leveraging Payment Streams: Large-volume and recurrent payment streams, such as remittances and government payments, can be used to drive financial inclusion.

Policy Recommendations

The report proposes guiding principles and key actions to enhance access and usage of transaction accounts, with the ultimate goal of achieving universal access to a wide range of financial services. It also outlines a framework for measuring the effectiveness of financial inclusion initiatives from a payments perspective.

Structure of the Report

The report is divided into five chapters:

1. Introduction and General Overview: Describes the PAFI Task Force, its mandate, and the role of transaction accounts in financial inclusion.
2. Retail Payments Landscape: Examines the various payment instruments and their relevance to financial inclusion.
3. Enhancing Access and Usage: Outlines a framework and strategies for improving access to transaction accounts.
4. Guidance on Improving Access and Usage: Details policy objectives and suggested actions for advancing financial inclusion.
5. Measuring Effectiveness: Discusses how to evaluate the success of financial inclusion efforts, with a focus on transaction account adoption and usage.

Conclusion

The report underscores the importance of transaction accounts in promoting financial inclusion and outlines a holistic approach to addressing the barriers to their access and usage. It advocates for a combination of policy, infrastructure, product design, and education efforts to ensure that all individuals and businesses, especially those in underserved segments, can benefit from financial services through transaction accounts.