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> Posted by Juan Blanco, Associate, Financial Inclusion 2020, CFI
A Spanish-language version of this post follows the English version.
#92987851 / gettyimages.com
After five months of discussion, Colombia’s Financial Inclusion Bill has been approved by Congress, now only needing presidential sanction to become law. Earlier this year the country’s Minister of Treasury and Public Credit and Minister of Information Technologies and Communications filed the bill in Congress. The bill articulates a framework for the expansion of savings and payment services by engaging a wider range of providers in offering digital services.
The new law would allow for the creation of a new type of financial institution, Organizations Specialized in Electronic Deposits and Payments. These institutions can be established by individuals or legal entities, with a minimum capital requirement of $3 million, approximately 10 percent of the minimum currently required for commercial banks. The new electronic deposit and payment providers can receive capital investments from commercial banks and financial corporations.
> Posted by Verónica Trujillo Tejada, Consultant, MIF/ Inter-American Development Bank
Building up a regulatory framework for the development of a microfinance market is a complex task. It requires taking into account a broad variety of topics as well as country specific needs and features. There are some internationally-applicable recommendations for the design of microfinance regulatory frameworks (CGAP 2012, ASBA 2010, and Basel 2010) but little is known about how different countries have implemented their guidelines or what the effects are of these rules in each market.
In the recently released paper “Microfinance Regulation and Market Development in Latin America,” published by the B.E. Journal of Economic Analysis & Policy, we analyze the relationship between microfinance regulatory frameworks in 17 Latin American countries and the corresponding markets’ levels of development.
One way to characterize microfinance regulations is as either general or specific rules. The general rules are devoted to regulating typical financial system issues, while the specific rules target microfinance products or institutions. Two other regulation classifications are protection rules and promotion rules. Protection rules have the goal of preserving financial system stability or protecting the financial consumer, and promotion rules aim to favor the development of microfinance services or institutions by softening the restrictiveness of the overall regulatory framework.
> Posted by Amanda Lotz, Financial Inclusion 2020 Project Coordinator, CFI
The Financial Inclusion 2020 campaign at the Center for Financial Inclusion at Accion is building a movement toward full financial inclusion by 2020. Accordingly, this blog series will spotlight financial inclusion efforts around the globe, share insights coming out of the creation of a roadmap to full financial inclusion, and highlight findings from research on the “invisible market.”
Just imagine for a minute. You are in your late 20’s and about to go on a second date. You are really looking forward to it; after all, your date is attractive and shares your interests. Everything seems to be going great, until your date brings up his/her excellent credit score and then asks about yours. What do you say?
A recent article in the New York Times, “Perfect 10? Never Mind That. Ask Her for Her Credit Score,” inspired this scenario. When my boyfriend and I applied for our lease, naturally we talked about credit scores, as it was a part of the application process. Luckily, we were okay. But, I can see how this could be contentious for a couple if one person has a poor credit score.
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