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THE 2016 BROOKINGS FINANCIAL and DIGITAL INCLUSION PROJECT REPORT Advancing Equitable Financial Ecosystems

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THE 2016 BROOKINGS FINANCIAL and DIGITAL INCLUSION PROJECT REPORT Advancing Equitable Financial Ecosystems WASHINGTON, DC | AUGUST 2016 THE 2016 BROOKINGS FINANCIAL AND DIGITAL INCLUSION PROJECT REPORT Advancing Equitable Financial Ecosystems BY JOHN D. VILLASENOR, DARRELL M. WEST, AND ROBIN J. LEWIS About the Center for Technology Innovation at Brookings The Center for Technology Innovation (CTI) at Brookings focuses on delivering research that impacts public debate and policymaking in the arena of U.S. and global technology innovation. CTI’s goals include: Identifying and analyzing key developments to increase innovation; developing and publicizing best practices to relevant stakeholders; briefing policymakers about actions needed to improve innovation; and enhancing the public and media’s understanding of technology innovation. About the Brookings Institution The Brookings Institution is a nonprofit organization devoted to independent research and policy solutions. Its mission is to conduct high-quality, independent research and, based on that research, to provide inno- vative, practical recommendations for policymakers and the public. The conclusions and recommendations of any Brookings publication are solely those of its author(s), and do not reflect the views of the Institution, its management, or its other scholars. WASHINGTON, DC | AUGUST, 2016 THE 2016 BROOKINGS FINANCIAL AND DIGITAL INCLUSION PROJECT REPORT Advancing Equitable Financial Ecosystems BY JOHN D. VILLASENOR, DARRELL M. WEST, AND ROBIN J. LEWIS Comments and feedback regarding the Financial and Digital Inclusion Project can be submitted to [email protected]. TABLE OF CONTENTS EXECUTIVE SUMMARY ...................................................................... 2 INTRODUCTION ............................................................................. 3 Review of 2015 Findings .......................................................... 3 New in 2016: Enhancements to the report and scorecard ................... 4 KEY FINDINGS ............................................................................... 6 Country commitment ............................................................. 8 Mobile capacity .................................................................... 8 Regulatory environment .......................................................... 9 REACHING MARGINALIZED POPULATIONS ............................................. 10 CALLS TO ACTION ........................................................................... 15 Establishing measurable financial inclusion targets .......................... 15 Collecting and analyzing data ................................................... 15 Advancing an inclusive regulatory environment .............................. 17 Enhancing financial capability ................................................... 18 COUNTRY PROFILES Afghanistan ........................................................................ 19 Bangladesh ......................................................................... 22 Brazil ................................................................................ 26 Chile ................................................................................. 29 Colombia ........................................................................... 32 Dominican Republic ............................................................... 36 Egypt ................................................................................ 40 El Salvador ......................................................................... 43 Ethiopia ............................................................................. 47 Haiti ................................................................................. 50 India ................................................................................. 54 Indonesia ........................................................................... 59 Kenya ............................................................................... 63 Malawi ............................................................................... 67 Mexico .............................................................................. 70 Nigeria .............................................................................. 74 Pakistan ............................................................................. 77 Peru ................................................................................. 80 Philippines .......................................................................... 83 Rwanda ............................................................................. 87 South Africa ........................................................................ 91 Tanzania ............................................................................ 94 Turkey ............................................................................... 97 Uganda ............................................................................. 100 Vietnam ............................................................................. 103 Zambia .............................................................................. 107 METHODOLOGY ............................................................................. 110 Research process .................................................................. 110 Scoring descriptions2 ............................................................. 111 APPENDIX: SCORING CHANGES .......................................................... 118 ENDNOTES.................................................................................... 119 ACKNOWLEDGMENTS ...................................................................... 156 ABOUT THE AUTHORS ...................................................................... 158 2 ADVANCING EQUITABLE FINANCIAL ECOSYSTEMS EXECUTIVE SUMMARY he Brookings Financial and Digital Inclusion Project Haiti, and Vietnam. The report’s findings show continuing (FDIP), launched in summer 2014, examines access progress across the global financial inclusion landscape. Tto and usage of secure, affordable formal financial This assessment is driven in part by the recent launch of services among underserved populations. The objective comprehensive financial inclusion strategies in several of FDIP is to provide policymakers, the private sector, countries and, more broadly, by substantial progress in representatives of non-governmental organizations, enhancing the digital financial services ecosystem. In the and the general public with information that can help past year, for example, we have seen significant prog- improve financial inclusion in their respective countries ress in advancing platform interoperability, as well as in and beyond. As part of this aim, the FDIP team produces the expansion of nontraditional financial access points, an annual report and scorecard evaluating commitment including banking agent outlets and mobile money agent to and progress toward financial inclusion across a set outlets. These and other advancements in the digital of geographically, economically, and diverse countries. financial services landscape have helped underserved The first annual FDIP report, published in August populations in emerging economies gain access to formal 2015, considered 21 countries across four “dimensions” financial services. of financial inclusion: country commitment, mobile Moving forward, we identify four priority areas capacity, regulatory environment, and the adoption of where action is needed to advance inclusive finance: 1) traditional and digital financial services. The report’s an increased focus on establishing (and then achieving) findings highlighted the importance of developing formal specific, measurable financial inclusion targets; 2) pro- commitments to financial inclusion; engaging both public moting more comprehensive data collection and analysis and private sector stakeholders in a national financial regarding financial access and usage, particularly among inclusion dialogue; and promoting the availability and traditionally underserved groups such as women; 3) adoption of appropriate digital financial services among advancing regulatory efforts designed to facilitate finan- underserved groups through enabling regulation and cial inclusion; and 4) enhancing financial capability to innovative design. promote sustainable financial inclusion. Taken together, The 2016 FDIP Report analyzes key changes in the progress on these action items would amplify opportu- global financial inclusion landscape over the previous nities for underserved populations to participate in the year and broadens its scope by adding five new countries digital economy and leverage formal financial services to to the study: the Dominican Republic, El Salvador, Egypt, improve their well-being. THE 2016 BROOKINGS FINANCIAL AND DIGITAL INCLUSION PROJECT REPORT 3 INTRODUCTION Review of 2015 Findings valuating progress toward adoption of affordable Financial inclusion intersects with a number of formal financial services matters because financial key Sustainable Development Goals (SDGs), Einclusion is a key ingredient in promoting house- adopted in September 2015 as part of the 2030 hold well-being and broader economic development.1 2 The first annual FDIP report and scorecard, published in Agenda for Sustainable Development. These August 2015, addressed fundamental questions regard- goals “call for action by all countries, poor, ing ways to advance inclusive finance, including 1) Do rich and middle-income to promote prosperity country commitments make a difference in progress
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