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Global Panorama on Postal Financial Inclusion: Business Models and Key Issues ISBN 978-92-95025-51-6 – February 2013 – Global Panorama on Postal Financial Inclusion: Business Models and Key Issues ISBN 978-92-95025-51-6 – February 2013 – UNIVERSAL POSTAL UPU UNION © Universal Postal Union UNIVERSAL POSTAL UPU UNION Global Panorama on Postal Financial Inclusion: Key Issues and Business Models Alexandre Berthaud Gisela Davico March 2013 2 UNIVERSAL POSTAL UPU UNION Published by Universal Postal Union (UPU) Berne, Switzerland Except as otherwise indicated, the copyright in this publication is owned by the Universal Postal Union. Reproduction is authorized for non-commercial purposes, subject to proper acknowledgement of the source. This authorization does not extend to any material identified in this publication as being the copyright of a third party. Authorization to reproduce such third party materials must be obtained from the copyright holders concerned. ISBN 978-92-95025-51-6 Title: Global Panorama on Postal Financial Inclusion: Business Models and Key Issues. Published March, 2013 Universal Postal Union Postal Financial Inclusion Project P.O.Box 312 3000 BERNE 15 SWITZERLAND Tel: +41 31 350 36 23 Fax: +41 31 351 31 11 Email: [email protected] www.upu.int Printed in Switzerland by the printing services of the International Bureau of the UPU. Copyright © 2013 Universal Postal Union. All rights reserved. 3 Table of contents FOREWORD Her Royal Highness Princess Máxima of the Netherlands, UNSGSA..................... 7 EXECUTIVE SUMMARY ................................................................ 9 I. INTRODUCTION.................................................................. 11 A. One billion people banked through the Post ......................................... 11 B. The knowledge gaps ........................................................... 11 C. Financial inclusion: a postal definition .............................................. 12 D. Financial inclusion: an overview ................................................... 12 E. Key challenges in financial inclusion................................................ 13 Accessibility .................................................................. 13 Affordability ................................................................. 16 II. BUSINESS MODELS ............................................................... 17 Business model 0: real estate provider (Malawi) . 19 Business model 1: cash merchant (Kenya) ............................................... 19 Business model 2: proprietary transactional financial services (Bangladesh)....................... 27 Business model 3: partnership model – agent for financial service provider (Brazil) ................. 27 Business model 4: unlicensed postal financial services (Algeria) ............................... 31 Business model 5: licensed postal financial services (Morocco) ................................ 33 Business models – conclusions ........................................................ 35 III. KEY ISSUES IN POSTAL FINANCIAL INCLUSION......................................... 37 A. The Network ................................................................... 37 1. Capillarity ................................................................. 37 2. Connectivity ............................................................... 42 3. Full use of the network ....................................................... 43 B. Staff ....................................................................... 44 C. Financial capacity ............................................................... 49 D. Trust ....................................................................... 52 E. Automation and process integration ................................................. 52 1. Automation................................................................ 52 2. Processes.................................................................. 53 3. Cash management .......................................................... 55 F. Willingness to foster financial inclusion................................................ 58 1. Ministerial support........................................................... 58 G. Governance between the Post and postal financial services ................................ 59 1. Case of postal financial services as a department of the Post ........................... 59 2. Case of postal savings or postal banks as a subsidiary of the Post ....................... 59 3. Case of completely independent postal bank with an eroding partnership with the Post ...... 59 4 H. Legal and regulatory framework .................................................... 60 1. Oversight/supervision of the central bank ......................................... 60 2. A “light” banking licence to accommodate for postal savings .......................... 61 3. Agency banking guidelines allowing Posts to open accounts on behalf of a bank............ 61 4. Allow insurance agents ....................................................... 62 5. Direct access to national retail payment systems .................................... 62 6. Allow to issue electronic money (if requirements are met) ............................. 63 I. Marketing...................................................................... 63 J. Flexibility (opening hours, adaptation to needs) . 63 K. Conclusions: setting up a success factor index and global ranking of countries ................. 64 IV. CONCLUSIONS AND OPPORTUNITY MAP FOR FINANCIAL INCLUSION ...................... 66 Advanced Posts ................................................................... 66 Emerging Posts: able and willing modern Posts . 66 Modernizing Posts: postal operators that are willing but partially unable ........................ 67 Least developed Posts .............................................................. 68 Recommendations to donors ......................................................... 68 Potential Results of the action plan .................................................... 69 Finding the double equilibrium point between sustainability and impact, and between postal financial inclusion and safety .................................................... 69 V. REGIONAL SNAPSHOTS ........................................................... 69 ANNEX 1 Global panorama of business models in postal financial inclusion ......................... 75 LIST OF FIGURES ..................................................................... 85 LIST OF BOXES....................................................................... 87 Acknowledgments This report was authored by Mr Alexandre Berthaud, internal peer review. Special thanks go to Mr Rémy Financial Inclusion Expert at the Universal Postal Union, Pedretti for the layout. Finally, we would like to thank and Ms Gisela Davico, Financial Inclusion Consultant the Bill & Melinda Gates foundation, whose funding of who provided key assistance in the data collection and the postal financial inclusion project made this report data analysis phase. We would like to thank Ms Tamara possible. Cook, Programme Officer, Financial Services for the Poor We are especially grateful to the 123 member at the Bill & Melinda Gates foundation, Ms Isabelle countries that took the time to respond to the extensive Huynh, Senior Operational Officer, ICT department at survey. And special thanks go to those postal operators the World Bank, Ms Antonique Koning, Microfinance that participated in conference calls, which gave us Specialist at the Consultative Group to Assist the Poor valuable qualitative information for writing the country (CGAP), and Mr Hayder Al-Baghdadi, Policy and Grant cases: Argentina, Belize, Bhutan, Bolivia, Burundi, Cam- Manager at the Alliance for Financial Inclusion (AFI), for bodia, Central African Republic, Colombia, Democratic their time and expertise during the external peer review Republic of Congo, Ghana, Guatemala, Guyana, India, process. We are also very grateful to Mr Nils Clotteau, Indonesia, Kazakhstan, Lao People’s Democratic Repub- Strategic Projects Expert, for his insights throughout the lic, Lebanon, Mexico, Serbia, Solomon Islands, Suriname, development of the report, and his constructive criticism Tunisia and Yemen. in the multiple rounds of internal peer review. We also The views expressed in this paper reflect the views thank Mr José Ansón, Postal Economics Expert, and Mr of the authors alone, and do not necessarily reflect Matthias Helble, Statistics Expert, for their comments those of the Universal Postal Union or its development during the preparation of the questionnaire and in the partners. 5 Universal Postal Union Established in 1874, the Universal Postal Union (UPU), ing their postal financial inclusion strategies. This pro- with its headquarters in the Swiss capital Berne, is the gram was launched by the International Bureau during second oldest international organization in the world the 2009-2012 work cycle. It was then strengthened and a United Nations specialized agency. With its 192 through a grant received from the Bill & Melinda Gates member countries, the UPU is the primary forum for Foundation in 2011. By promoting financial inclusion cooperation between postal sector players. It helps to through postal networks, the UPU helps governments ensure a truly universal postal network of up-to-date attain their national financial inclusion goals and is products and services. doing its share to reach the UN Millennium Goals, in The organization fulfills an advisory, mediating and particular Goal 1, which is to eradicate extreme poverty
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