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This paper examines the role of Fintech in financial inclusion. Using Global Findex data and emerging fintech indicators, we find that Fintech has a higher positive correlation with digital financial inclusion than traditional measures of financial inclusion. In the second stage of our empirical investigation, we examine the key factors that are correlated with the Fletcher School’s three digital divide – gender divide, class (rich-poor) divide and rural divide. The results indicate that greater use of fintech is significantly associated with a narrowing of the class divide and rural divide but there was no impact on the gender divide. These findings imply that Fintech alone may not be sufficient to close the gender gap in access to financial services. Fintech development may need to be complemented with targeted policy initiatives aimed at addressing the gender gap directly, and at changing attitudes and social norms across demographics.
Macroeconomics --- Economics: General --- Finance: General --- Industries: Financial Services --- Gender Studies --- Financial Markets and the Macroeconomy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Economics of Gender --- Non-labor Discrimination --- Economic & financial crises & disasters --- Economics of specific sectors --- Finance --- Computer applications in industry & technology --- Social discrimination & equal treatment --- Financial inclusion --- Financial markets --- Fintech --- Technology --- Digital financial services --- Gender inequality --- Gender --- Mobile banking --- Currency crises --- Informal sector --- Economics --- Financial services industry --- Technological innovations --- Sex discrimination --- Banks and banking, Mobile --- South Africa
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This paper examines the role of Fintech in financial inclusion. Using Global Findex data and emerging fintech indicators, we find that Fintech has a higher positive correlation with digital financial inclusion than traditional measures of financial inclusion. In the second stage of our empirical investigation, we examine the key factors that are correlated with the Fletcher School’s three digital divide – gender divide, class (rich-poor) divide and rural divide. The results indicate that greater use of fintech is significantly associated with a narrowing of the class divide and rural divide but there was no impact on the gender divide. These findings imply that Fintech alone may not be sufficient to close the gender gap in access to financial services. Fintech development may need to be complemented with targeted policy initiatives aimed at addressing the gender gap directly, and at changing attitudes and social norms across demographics.
South Africa --- Macroeconomics --- Economics: General --- Finance: General --- Industries: Financial Services --- Gender Studies --- Financial Markets and the Macroeconomy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Economics of Gender --- Non-labor Discrimination --- Economic & financial crises & disasters --- Economics of specific sectors --- Finance --- Computer applications in industry & technology --- Social discrimination & equal treatment --- Financial inclusion --- Financial markets --- Fintech --- Technology --- Digital financial services --- Gender inequality --- Gender --- Mobile banking --- Currency crises --- Informal sector --- Economics --- Financial services industry --- Technological innovations --- Sex discrimination --- Banks and banking, Mobile
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Financial inclusion can increase economic growth and productivity and reduce poverty and inequality by helping people and firms—particularly SMEs—to save and invest, smooth consumption, and better manage financial risks. This paper highlights Niger’s lag compared to other WAEMU countries in terms of access to and use of formal financial services, including for women and youth, and underscores key demand and supply side challenges to financial inclusion as well as structural impediments. It lays out key priorities for Niger to harness the potential of greater financial inclusion to support the country’s development agenda, including efforts to tackle low financial literacy, promote digitization, and address informality.
Money and Monetary Policy --- International Economics --- Industries: Financial Services --- Finance: General --- Demography --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Financial Literacy --- Financial Markets and the Macroeconomy --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Demographic Economics: General --- Monetary economics --- International institutions --- Finance --- Population & demography --- Distributed ledgers --- Monetary policy --- International organization --- Financial inclusion --- Financial markets --- Financial services --- Population and demographics --- Digital financial services --- Technology --- Digital currencies --- International agencies --- Financial services industry --- Technological innovations --- Population --- Niger
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This technical note looks at the systemic risks stemming from the potential issuance of Central Bank Digital Currency (CBDC) in Sweden, as well as the growing significance of the Fintech sector. The Riksbank has been one of the pioneers in the analysis of CBDC, has recognized risks, and has put in place a plan to mitigate them. The Riksbank committed to an e-krona design that fulfils the “do no harm” principle; that is, support public policy objectives and do not impede the central banks’ ability to carry out its mandate. While systemic importance of the Fintech sector seems limited, the sector should be monitored closely, as it could grow fast; firms are complex and highly visible. Widening the access to payment services could enhance competition and efficiency of the payment system. The note looks more closely at all risks, starting first with those arising from a domestic only e-krona demand. While scenarios are described separately for expositional purposes, they are not mutually exclusive, and demand for the e-krona can take all the forms underpinning the different scenarios at the same time.
Money and Monetary Policy --- International Economics --- Industries: Financial Services --- Banks and Banking --- Finance: General --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Monetary economics --- International institutions --- Financial technology (fintech) --- Distributed ledgers --- Banking --- Finance --- Monetary policy --- International organization --- Fintech --- Technology --- Central Bank digital currencies --- Commercial banks --- Financial institutions --- Bank deposits --- Financial services --- Digital financial services --- International agencies --- Financial services industry --- Technological innovations --- Banks and banking --- Sweden
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Lenders can exploit households' payment data to infer their creditworthiness. When households value privacy, they then face a tradeoff between protecting such privacy and credit conditions. We study how the introduction of an informationally more intrusive digital payment vehicle affects households' cash use, credit access, and welfare. A tech monopolist controls the intrusiveness of the new payment method and manipulates information asymmetries among households and oligopolistic banks to extract data contracts that are more lucrative than lending on its own. The laissez-faire equilibrium entails a digital payment vehicle that is more intrusive than socially optimal, providing a rationale for regulation.
Macroeconomics --- Economics: General --- Industries: Financial Services --- Money and Monetary Policy --- Databases --- Asymmetric and Private Information --- Macroeconomics: Consumption --- Saving --- Wealth --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Data Collection and Data Estimation Methodology --- Computer Programs: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Finance --- Monetary economics --- Data capture & analysis --- Credit --- Money --- Digital financial services --- Technology --- Loans --- Financial institutions --- Consumer credit --- Data collection --- Economic and financial statistics --- Currency crises --- Informal sector --- Economics --- Financial services industry --- Technological innovations --- Economic statistics
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This paper synthesizes four lessons from the experiences of six Asian e-money schemes for central banks as they consider adopting central bank digital currency (CBDC): (i) CBDC should embody four attributes: trust, convenience, efficiency, and security; (ii) CBDC service providers can facilitate CBDC adoption through four channels: leveraging digital technology, targeting use cases, developing business models, and complying with legal and regulatory requirements; (iii) central banks could incentivize CBDC service providers to develop these four channels when considering CBDC adoption; and (iv) central banks may be able to establish data-sharing arrangements that preserve privacy while leaving room for CBDC service providers to explore the economic value of data.
Macroeconomics --- Economics: General --- Industries: Financial Services --- Web: Social Media --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Firm Performance: Size, Diversification, and Scope --- Innovation and Invention: Processes and Incentives --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Economic Sociology --- Economic Anthropology --- Language --- Social and Economic Stratification --- Economic & financial crises & disasters --- Economics of specific sectors --- Distributed ledgers --- Finance --- Technology --- general issues --- Social media --- social networking --- Digital currencies --- Central Bank digital currencies --- Digital financial services --- Social networks --- Currency crises --- Informal sector --- Economics --- Financial services industry --- Technological innovations
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Financial inclusion can increase economic growth and productivity and reduce poverty and inequality by helping people and firms—particularly SMEs—to save and invest, smooth consumption, and better manage financial risks. This paper highlights Niger’s lag compared to other WAEMU countries in terms of access to and use of formal financial services, including for women and youth, and underscores key demand and supply side challenges to financial inclusion as well as structural impediments. It lays out key priorities for Niger to harness the potential of greater financial inclusion to support the country’s development agenda, including efforts to tackle low financial literacy, promote digitization, and address informality.
Niger --- Money and Monetary Policy --- International Economics --- Industries: Financial Services --- Finance: General --- Demography --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Financial Literacy --- Financial Markets and the Macroeconomy --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Demographic Economics: General --- Monetary economics --- International institutions --- Finance --- Population & demography --- Distributed ledgers --- Monetary policy --- International organization --- Financial inclusion --- Financial markets --- Financial services --- Population and demographics --- Digital financial services --- Technology --- Digital currencies --- International agencies --- Financial services industry --- Technological innovations --- Population
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The COVID-19 shock has underscored the importance of digital tools for enhancing the effectiveness and efficiency of social protection systems. Cross-country evidence suggests that digital IDs linked with bank and/or mobile money accounts can improve the delivery of social protection programs and better reach eligible beneficiaries. Using data from the Vietnam Household Living Standard Survey, we present micro simulations on the welfare gains of digital social protection during the pandemic. While digitalization offers opportunities, potential risks would need to be carefully managed. Vietnam is advancing on individual pieces of the digitalization puzzle, including full digital IDs and mobile money, and the next step is to put these pieces together.
Macroeconomics --- Economics: General --- Industries: Financial Services --- Labor --- Diseases: Contagious --- Industries: Information Technololgy --- Simulation Methods --- Unemployment Insurance --- Severance Pay --- Plant Closings --- Fiscal Policies and Behavior of Economic Agents: Household --- Comparative Studies of Countries --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Aggregate Factor Income Distribution --- Health Behavior --- Technological Change: Choices and Consequences --- Diffusion Processes --- Economic & financial crises & disasters --- Economics of specific sectors --- Financial technology (fintech) --- Finance --- Labour --- income economics --- Infectious & contagious diseases --- Mobile banking --- Technology --- Digital financial services --- Informal employment --- Income --- National accounts --- COVID-19 --- Health --- Currency crises --- Informal sector --- Economics --- Banks and banking, Mobile --- Financial services industry --- Technological innovations --- Economic theory --- Communicable diseases --- Vietnam
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The COVID-19 shock has underscored the importance of digital tools for enhancing the effectiveness and efficiency of social protection systems. Cross-country evidence suggests that digital IDs linked with bank and/or mobile money accounts can improve the delivery of social protection programs and better reach eligible beneficiaries. Using data from the Vietnam Household Living Standard Survey, we present micro simulations on the welfare gains of digital social protection during the pandemic. While digitalization offers opportunities, potential risks would need to be carefully managed. Vietnam is advancing on individual pieces of the digitalization puzzle, including full digital IDs and mobile money, and the next step is to put these pieces together.
Vietnam --- Macroeconomics --- Economics: General --- Industries: Financial Services --- Labor --- Diseases: Contagious --- Industries: Information Technololgy --- Simulation Methods --- Unemployment Insurance --- Severance Pay --- Plant Closings --- Fiscal Policies and Behavior of Economic Agents: Household --- Comparative Studies of Countries --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Aggregate Factor Income Distribution --- Health Behavior --- Technological Change: Choices and Consequences --- Diffusion Processes --- Economic & financial crises & disasters --- Economics of specific sectors --- Financial technology (fintech) --- Finance --- Labour --- income economics --- Infectious & contagious diseases --- Mobile banking --- Technology --- Digital financial services --- Informal employment --- Income --- National accounts --- COVID-19 --- Health --- Currency crises --- Informal sector --- Economics --- Banks and banking, Mobile --- Financial services industry --- Technological innovations --- Economic theory --- Communicable diseases
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