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FINANCIAL ACCESS 2010 I Financial Public Disclosure Authorized Access 2010 The State of Financial Inclusion Through the Crisis Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized FINANCIAL ACCESS 2010 i Financial Access 2010 The State of Financial Inclusion Through the Crisis THE WORLD BANK GROUP © 2010 by the Consultative Group to Assist the Poor/The World Bank Group MSN P 3-300, 1818 H Street, NW, Washington DC 20433 USA All rights reserved Manufactured in the United States of America First printing September 2010 This volume is a product of the staff of the Consultative Group to Assist the Poor (CGAP) and the World Bank Group, and the judgments herein do not necessarily reflect the views of CGAP’s Council of Governors or Executive Committee or the World Bank Group’s Board of Executive Directors or the countries they represent. CGAP and the World Bank Group do not guarantee the accuracy of the data included in this publication and accept no responsibility whatsoever for any consequence of their use. The boundaries, colors, denominations, and other information shown on any map in this volume do not imply on the part of CGAP or the World Bank Group any judgment on the legal status of any territory or the endorsement or acceptance of such boundaries. This publication uses the Robinson projection for maps, which represents both area and shape reasonably well for most of the earth’s surface. Nevertheless, some distortions of area, shape, distance, and direction remain. The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to CGAP at the address in the copyright notice above. CGAP and the World Bank Group encourage dissemination of their work and will normally give permission promptly and, when reproduction is for noncommercial purposes, without asking a fee. Permission to photocopy portions for classroom use is granted through the Copyright Center, Inc., Suite 910, 222 Rosewood Drive, Danvers, MA 01923 USA. Design and layout by Gerry Quinn Information Design, Cabin John, MD. If you have questions or comments about this product, please contact: CGAP MSN P 3-300 The World Bank Group 1818 H Street, NW Washington DC 20433 USA Phone: 202-473-9594 Fax: 202-522-3744 E-mail: [email protected] Web: www.cgap.org/financialindicators FINANCIAL ACCESS 2010 CONTENTS Acknowledgments iv Overview 1 Changes in access to financial services 5 Deposit services 5 Access to credit services 9 Physical outreach 11 Financial inclusion mandates 16 Consumer protection 23 Legal framework 24 Institutional structure 28 Dispute resolution mechanisms 31 Regional trends in consumer protection 33 SME finance: Supply-side data availability 35 Data availability 43 Methodology 45 References 47 Regional profiles 49 Statistical and policy tables 55 Consumer protection legislation 88 iv FINANCIAL ACCESS 2010 ACKNOWLEDGMENTS Financial Access 2010 was made possible by the generous contribution of time and expertise by central bank and financial regulatory authority officials in the 142 economies who responded to this year’s survey. The report was researched and written by a team led by Nataliya Mylenko and comprising Hédia Arbi, Oya Pinar Ardic, Kristine Cronin, Maximilien Heimann, Joyce Ibrahim, and Valentina Saltane. The report benefited from review by a panel of experts including Thorsten Beck, Asli Demirgüç-Kunt, Gregory Chen, Susanne Dorasil, Erik Feyen, Michael J. Fuchs, Michael Goldberg, Neil Gregory, Jake Kendall, Alexia Latortue, Samuel Maimbo, Maria Soledad Martinez Peria, Ignacio Mas, Atsushi Oshima, Douglas Pearce, S. Rajcoomar, Xavier Reille, Roberto Rocha, Richard Rosenberg, Peer Stein, Jeanette Thomas, Marilou Uy, and Kim Nguyen Van. Juan Carlos Izaguirre, Katharine McKee, and Sue Rutledge provided guidance on the topic of consumer protection. The section on small and medium enterprise finance data benefited from inputs from Joshua Wimpey and Rita Ramalho. World Bank regional staff assisted in the data collection process and provided valuable guidance in the drafting of the report. Gerry Quinn designed the report and the graphs. Anna Nunan proofread the report. FINANCIAL ACCESS 2010 1 OVERVIEW Financial Access 2010 is the second in a series of annu- The positive relationship between financial develop- al reports by CGAP (Consultative Group to Assist the ment and economic growth is well documented in the Poor) and the World Bank Group to monitor statistics literature.2 In more recent years, the debate has ex- for financial access around the world and to inform panded to include the notion of financial “exclusion” the policy debate. The series was launched in response as a barrier to economic development and the need for to the increasing interest in financial inclusion among building inclusive financial systems.3 Recent empirical policy makers and the development community. The evidence using household data indicates that access first report,Financial Access 2009, introduced statis- to basic financial services such as savings, payments, tics on the use of financial services in 139 economies and credit can make a substantial positive difference in and mapped a broad range of policies and initiatives poor people’s lives.4 For firms, especially SMEs, lack of supporting financial inclusion. access to finance is often the main obstacle to growth.5 Access to basic financial services continued Building on last year’s data, Financial Access 2010 reviews to improve, albeit at a slower rate, as the survey responses from 142 economies, updates statistics financial crisis took its toll on the use of financial services, and analyzes changes that took place in 2009—a turbulent year for the financial sec- Nearly 60 percent of the economies experienced a con- tor in most economies. In addition, Financial Access 2010 traction in real per capita income in 2009 as a result of expands on last year’s work by reviewing three policy ar- the deepening of the global financial crisis. Worldwide eas relevant to the current financial access debate: finan- volume of deposits and loans shrank, with a median cial inclusion mandates, consumer protection in finan- decrease of 12 percent in the ratio of deposit value to cial services, and access to finance by small and medium gross domestic product (GDP) and a median decrease enterprises (SMEs). The report does not intend to suggest of 15 percent in the ratio of value of loans to GDP. De- that these three topics are the most important ones for fi- spite this fact, Financial Access 2010 finds that use of nancial inclusion. Rather, these topics are timely because basic deposit services expanded, showing a 4 percent much of the discussion in the aftermath of the financial median growth rate in the number of deposit accounts crisis centered on the role of the government in finan- per 1,000 adults. Use of credit services suffered more cial services, financial consumer protection regimes, and from the crisis, and on average, the number of loans the urgent need for jobs. Consequently, the report seeks per 1,000 adults remained broadly unchanged between to clarify the role of financial regulators in implement- 2008 and 2009. ing policies to support the financial inclusion agenda. For the first time, it provides a detailed overview of the A simultaneous increase in the number of accounts main features of financial consumer protection regimes, and decrease in the value of deposits support the view a topic of great interest to policy makers in the aftermath that access to savings and payment services is a basic of the financial crisis. Financial Access 2010 also surveys need. The use of these services is inelastic with respect availability of data on SME financing to contribute to the to the macroeconomic conditions. This finding under- global effort to improve the measurement of SME financ- scores the need to promote access to basic payments ing led by the G-20.1 and savings services as essential tools in an increas- ingly digitized and globalized world. Financial Access 2010 aims to contribute to the efforts to measure financial access at the country level world- Physical outreach of the financial system, consist- wide, to develop a consistent database, and to present ing of branch networks, automated teller machines the data in a coherent manner for future analyses. At (ATMs), and point-of-sale (POS) terminals, expanded the same time, the report recognizes that not all institu- in 2009. ATM and POS networks expanded faster than tions that serve low-income and poor people report to bank branches. The macroeconomic situation strong- the financial regulators. However, evaluation of specific ly influenced changes in retail infrastructure, and policy interventions is beyond the scope of this report. economies hit by the crisis saw bank branches close. 2 FINANCIAL ACCESS 2010 Low- and middle-income countries lag behind proxy for implementation capacity. On average, high-income countries in terms of the number of across the financial inclusion topics surveyed, bank branches, ATMs, and POS terminals. How- only about 80 percent of economies with re- ever, the number of ATMs exceeded the number sponsibility for a financial access area have an of bank branches for the first time in low-income allocated team or unit implementing the policy. countries. New technological developments and The capacity gap is larger in low-income coun- the expansion of electronic payments through tries, with the paradox that it is precisely in these mobile and Internet banking offer hope for economies that the agenda is broader. Taking a bringing financial services closer to clients. systematic approach and having a clear financial access strategy as an organizing principle for im- Even though access to deposit services continued plementing financial access reforms may help in to expand, data analysis points to the importance planning resources better. TheFinancial Access of macroeconomic and financial stability for ac- 2010 data indicate that economies with financial cess.
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