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Financial Inclusion Beyond Payments Policy Considerations for Digital Savings

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Financial Inclusion Beyond Payments Policy Considerations for Digital Savings TECHNICAL NOTE Public Disclosure Authorized Financial Inclusion Beyond Payments Policy Considerations for Digital Savings LESSONS FROM SELECT ECONOMIES IN AFRICA AND ASIA Public Disclosure Authorized 2019 Public Disclosure Authorized Public Disclosure Authorized FINANCE, COMPETITIVENESS & INNOVATION GLOBAL PRACTICE TECHNICAL NOTE Financial Inclusion Beyond Payments Policy Considerations for Digital Savings LESSONS FROM SELECT ECONOMIES IN AFRICA AND ASIA 2019 © 2019 International Bank for Reconstruction and Development/The World Bank Group 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org DISCLAIMER This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, 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. RIGHTS AND PERMISSIONS The material in this work is subject to copyright. Because the World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2422; e-mail: [email protected]. CONTENTS Acknowledgments v Acronyms and Abbreviations vii EXECUTIVE SUMMARY 1 PART 1: INTRODUCTION 4 PART 2: SCOPE OF REPORT 6 2.1: Financial product scope 6 2.2: Geographic scope 7 2.3: Access channel scope 7 2.4: Temporal scope 7 PART 3: MARKETS, MODELS, AND PRODUCTS 8 3.1: Assessing the Digital Savings Market Opportunity 8 3.2: Digital Savings Account Delivery Models and Characteristics 10 3.2.1: Digital Savings Account Delivery Models 10 3.2.2: Key Digital Savings Account Characteristics 11 3.3: How Innovative Business Models Enhance Savings Account Accessibility 16 3.3.1: Disaggregation of the Digital Savings Account Value Chain 16 3.3.2: Product Tailoring and Customization 17 3.3.3: Leveraging Existing DFS Ecosystems 17 PART 4: DIGITAL SAVINGS POLICY CONSIDERATIONS 20 4.1: G20 HLP 1: Promote a Digital Approach to Financial Inclusion 20 4.2: G20 HLP 2: Balance Innovation and Risk to Achieve Digital Financial Inclusion 21 4.3: G20 HLP 3: Provide an Enabling and Proportionate Legal and Regulatory Framework for 22 Digital Financial Inclusion 4.4: G20 HLP 4: Expand the DFS Infrastructure Ecosystem 23 4.5: G20 HLP 5: Establish Responsible Digital Financial Practices to Protect Consumers 23 4.6: G20 HLP 6: Strengthen Digital Financial Literacy & Awareness 23 4.7: G20 HLP 7: Facilitate Customer Identification for Digital Financial Services 24 4.8: G20 HLP 8: Track Digital Financial Inclusion Progress 24 iii iv Financial Inclusion Beyond Payments: Policy Considerations for Digital Savings PART FIVE: FUTURE RESEARCH 26 ANNEXES Annex A: E-money accounts offering financial return 28 Annex B: Digitally-enabled, market-based wealth-building products 30 Annex C: Saving-oriented digital transaction accounts 32 Annex D: Savings patterns across focus countries 33 Annex E: Digital savings-relevant indicators from Global FICP survey 34 Glossary of Key Terms 39 References 41 BOXES, FIGURES, AND TABLES Box 1. M-Shwari (Kenya) 14 Box 2. Digital Savings Potential at Payments Banks in India 18 Box A: E-Money Profit-Sharing Arrangements in Tanzania 29 Box B: Digitally Enabled, Market-Based, Wealth-Building Products in Kenya 30 Box C: Saving-oriented digital transaction accounts in Uganda 32 Figure 1: Saving Patterns across Focus Regions (% age 15+) (excluding high income countries) 9 Figure 2. Reason for not having a financial institution account (% without a financial institution account, age 15+) 9 (excluding high income countries) Figure 3. Trends in Saving Patterns: 2014 and 2017 (% of age 15+) 10 Figure 4. Three common digital savings account delivery models 13 Figure 5. Basic Savings Account Activity under the PMJDY Program 21 Figure 6. Percentage of Unregistered Population in Focus Regions (2017) 25 Figure D.1: Saving Patterns among SSA Focus Countries 33 Figure D.2: Saving Patterns among Asia Focus Countries 33 Table 1: Summary of Digital Savings Policy Considerations 3 Table 2: Saving at a Financial Institution among Vulnerable Segments (2017, Percent of Age 15+) 10 Table 3: Documented Digital Savings Accounts in Focus Countries 11 Table 4: Primary Driver of Technology and Distribution among Documented Digital Savings Accounts 13 (Entity Type, Number of Instances, by Country) Table 5: NBEI Frameworks and Agent Banking in Focus Regions 23 Table 6: State of Customer Funds Protection in Focus Countries 24 Table 7: National Identification Systems in Focus Countries 24 Table 8. Future research questions 28 Table E.1: Select policy approaches that encourage digital savings 34 Table E.2: Institutions for which legal/regulatory framework is in place 34 Table E.3: Select permitted activities among institutional categories 35 Table E.4: Select permitted activities of retail agents, by institutional category 35 Table E.5: Requirement to store customers’ e-money funds in a segregated account at one or more 36 prudentially regulated financial institutions Table E.6: Disclosure requirements for deposit products at shopping or pre-contractual stage 37 Table E.7: Specific rules exist which indicate that financial service providers are liable for any actions or 38 omissions of the agent ACKNOWLEDGMENTS This report is a product of the Financial Access and Inclusion team in the World Bank Group’s Finance, Competitiveness and Innovation Global Practice. The team was led by Oya Ardic and Ivor Istuk and included Helen Gradstein and Loretta Michaels. Jeffrey Allen conducted the research and contributed significantly to the drafting. The team is grateful for the substantive inputs provided by the peer reviewers Gregory Chen (Lead Financial Sector Specialist, CGAP), Matthew Saal (Principal Industry Specialist, CFGDF and GFCFI), and Mehnaz Safavian (Lead Financial Sector Specialist, GFCSS), as well as members of the Financial Access and Infrastructure team, including Jennifer Chien, Massimo Cirasino, Karol Karpinski, Bal- akrishnan Mahadevan, Margaret Miller, Harish Natarajan, Douglas Randall and Ghada Teima. The team benefitted from inputs and the overall guidance of Douglas Pearce and Mahesh Uttamchan- dani. Charles Hagner provided editorial assistance, and Naylor Design, Inc. designed and laid out the report. This report would not be possible without the generous support of the Ministry of Foreign Affairs of the Netherlands and the Bill and Melinda Gates Foundation, provided through the World Bank Group’s Financial Inclusion Support Framework program. v ACRONYMS AND ABBREVIATIONS ADB Asian Development Bank GSMA Groupe Spéciale Mobile Association AFI Alliance for Financial Inclusion HLP High-Level Principle API application program interface IFC International Finance Corporation ATM automated-teller machine IMF International Monetary Fund BB Bangladesh Bank ITU International Telecommunication Union BCBS Basel Committee on Banking Supervision KCB Kenya Commercial Bank BCEAO Banque Centrale des Etats de l’Afrique de KDIC Kenya Deposit Insurance Corporation l’Ouest KWFT Kenya Women’s Finance Trust BOT Bank of Tanzania LMI Lower-middle income BOU Bank of Uganda MCB Mwanga Community Bank BOZ Bank of Zambia MNO mobile network operator BSP Bangko Sentral ng Pilipinas MoFP Ministry of Finance and Planning of Tanzania CB Commercial bank MVNO mobile virtual network operator CBA Commercial Bank of Africa NBC National Bank of Cambodia CBK Central Bank of Kenya NBEI nonbank e-money issuer CDD customer due diligence NMB National Microfinance Bank CFP customer funds protection ODTI Other deposit-taking institution CGAP Consultative Group to Assist the Poor PMDJY Pradhan Mantri Jan-Dhan Yojana CPMI Committee on Payments and Market POS point of sale Infrastructures PPP purchasing power parity DBBL Dutch-Bangla Bank Limited RBA Retirement Benefits Authority DFI digital financial inclusion RBBL Rastriya Banijya Bank Ltd. DFS digital financial services RBI Reserve Bank of India DTMFI deposit-taking microfinance institution SBI State Bank of India EAP East Asia & Pacific SSA Sub-Saharan Africa EBL Everest Bank Ltd. SoV Store of Value FAFT Financial Action Task Force TPB Tanzania Postal Bank FICP Financial inclusion and consumer protection UNCDF United Nations Capital Development Fund FCP financial consumer protection VSLA Village Savings and Loan Association FSD Financial Sector Development WAEMU West African Economic and Monetary Union GPFI Global Partnership for Financial Inclusion WBG World Bank Group vii EXECUTIVE SUMMARY Innovative, technology-driven savings products are In analyzing digital savings deployments across the focus emerging across the developing world. Access to reliable countries, the report finds that digital technology and savings products at regulated financial institutions is innovative business models enable three broad product important for helping low-income and financially under- and market properties that advance the savings aspects
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