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> Posted by Brenda Santoro and Ahmed Dermish with Kim Wilson

In uncertain times do developed economies have the resiliency in their financial inclusion processes to withstand rapid change without risking systemic stability and consumer protection?

Modern, nationally integrated systems, high-capacity supervision, and flexible policymaking are helping Germany turn the refugee crisis into an economic opportunity.

The German Federal Financial Supervisory Authority, commonly known as BAFIN, this fall relaxed requirements for opening a bank account. The new rules allow accounts to be opened with a stamped document from an appropriate German authority, such as BAFIN, along with a picture and personal information. Transitional rules are in effect until the approval of the law, expected this year. A directive in the European Union, which will begin in September 2016, will require similar access to bank accounts across the EU.

Citizens of developed countries may not appreciate the role a bank account plays in providing access to basic financial services. A bank account is more than a place to secure our money – in nearly every country, it provides high social and economic value. When a bank says we are trustworthy, even for a simple bank account, doors open for many services we take for granted such as access to electronic payments, basic utilities, housing contracts, education or small business loans. This works because banks use a vetting process to ensure they know exactly who we are, often referencing a nationally issued document such as a passport or driver’s license. For us, the account becomes another form of identity. For the banks, it ensures the correct people have access to funds. With a passport and a bank account, the world is our oyster, an entrée into other services and for the bank, it is an entrée into cross-selling and more profits as they learn more about us.

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> Posted by Center Staff

This week the United Nations Food and Agriculture Organization (FAO) and MasterCard forged a new partnership to develop inclusive financial systems to support small-scale farmers and lower-income families. The team’s first effort focuses on the Kakuma refugee camp in north-western Kenya, a settlement home to roughly 170,000 refugees who have fled wars and violence in neighboring countries.

The partnership seeks to harness the duo’s respective strengths: FAO in fighting hunger and malnutrition among the most vulnerable and hardest-to-reach, and MasterCard in expanding financial inclusion through digital services. Their initiatives will center on, among other elements, providing credit and cash to households in economically-marginalized communities for the purchase of basic needs and farming inputs.

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> Posted by Sonja E. Kelly, Fellow, CFI

The U.S. Congress has recently been involved in debate on immigration, a theme also explored in President Obama’s State of the Union Address last week. Such conversations have led me to wonder… what does financial inclusion mean for people who are living outside of their home country?

There has been a marked increase in countries that have released definitions of financial inclusion, national strategies for financial inclusion, and regulations that support financial inclusion. The focus of these efforts is in part determined by how countries define the target population for financial inclusion. Often, financial inclusion is not for everyone.

At the Center for Financial Inclusion, our definition specifies that financial services are “for all who can use them.” For us, age, disability, gender, or citizen status should not keep people from formal financial services.

In the implementation of financial inclusion policy, regulation, and strategy, however, there are legal and security-based concerns affecting why our definition of financial inclusion “for all who can use financial services” isn’t reflected in every definition of financial inclusion. The OECD and the EU, for example, are very clear that financial inclusion is for citizens only. Other countries around the world similarly adopt this definition. Read the rest of this entry »

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The views and opinions expressed on this blog, except where otherwise noted, are those of the authors and guest bloggers and do not necessarily reflect the views of the Center for Financial Inclusion or its affiliates.