Fdip 20170831 Project Report

WASHINGTON, DC | AUGUST 2017
THE 2017 BROOKINGS

FINANCIAL AND DIGITAL
INCLUSION PROJECT
REPORT
Building a Secure and Inclusive
Global Financial Ecosystem
BY ROBIN J. LEWIS,
JOHN D. VILLASENOR, AND
DARRELL M. WEST
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, 2017
THE 2017 BROOKINGS

FINANCIAL AND DIGITAL
INCLUSION PROJECT
REPORT
Building a secure and inclusive
global financial ecosystem
BY ROBIN J. LEWIS,
JOHN D. VILLASENOR, AND
DARRELL M. WEST
Comments and feedback regarding the Financial and Digital Inclusion Project
can be submitted to FDIPcomments@brookings.edu.
TABLE OF CONTENTS
EXECUTIVE SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
INTRODUCTION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Review of 2015 and 2016 Findings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
KEY FINDINGS FOR 2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Country commitment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Mobile capacity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Regulatory environment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
KEY TRENDS AND CALLS TO ACTION.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
COUNTRY PROFILES
AFGHANISTAN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
BANGLADESH.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
BRAZIL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
CHILE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
COLOMBIA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
DOMINICAN REPUBLIC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
EGYPT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
EL SALVADOR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
ETHIOPIA.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
HAITI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
INDIA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
INDONESIA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
KENYA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
MALAWI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
MEXICO.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
NIGERIA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
PAKISTAN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
PERU. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
PHILIPPINES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
RWANDA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
SOUTH AFRICA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
TANZANIA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
TURKEY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
UGANDA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
VIETNAM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
ZAMBIA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
METHODOLOGY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Research process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Scoring descriptions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
APPENDIX: SCORING CHANGES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

ENDNOTES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
ACKNOWLEDGMENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
ABOUT THE AUTHORS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

2 BUILDING A SECURE AND INCLUSIVE GLOBAL FINANCIAL ECOSYSTEM
EXECUTIVE SUMMARY
S
ince the summer of 2014, the Brookings Financial several scorecard metrics in order to address stakeholder
and Digital Inclusion Project (FDIP) has exam- input regarding thematic areas that might merit greater
ined efforts across a diverse array of countries to focus, such as consumer protection.
advance access to and usage of secure, affordable, formal That report demonstrated continuing progress on
financial services among underserved populations. As part global financial inclusion regarding the development of
of its aim to provide policymakers, private sector entities, national financial inclusion strategies and advancements
representatives of nongovernmental organizations, and toward mobile money platform interoperability. In it, we
the public with information that can help improve finan- also identified several priority action areas for public
cial inclusion in their respective countries and beyond, the sector, private sector, and civil society stakeholders
FDIP team has produced an annual report that evaluates aiming to augment financial inclusion: 1) Establishing
countries’ progress toward financial inclusion. and achieving specific, measurable financial inclusion
The first annual FDIP report, published in August targets; 2) Promoting more comprehensive data col-
2015, examined financial inclusion developments in 21 lection and analysis regarding financial access and
geographically, politically, and economically diverse usage, particularly among traditionally underserved
countries. The report featured a scorecard that assessed groups such as women; 3) Advancing regulatory efforts
each of the FDIP countries across four “dimensions” of designed to facilitate financial inclusion; and 4) Enhanc-
financial inclusion: country commitment, mobile capacity, ing financial capability among customers in order to
regulatory environment, and the adoption of traditional promote sustainable financial inclusion. 2
and digital financial services. The report’s findings The new annual FDIP report, published in August
emphasized the importance of developing formal com- 2017, highlights selected financial inclusion-related
mitments to financial inclusion; engaging both public updates for each of the 26 countries featured in last year’s
and private sector stakeholders in a national financial report and identifies possible next steps for advancing
inclusion dialogue; and promoting the availability and financial inclusion. It identifies three key overall findings,
adoption of appropriate digital financial services among based upon trends observed across the international
underserved groups through enabling regulation and financial inclusion landscape throughout the course of the
innovative design.1 FDIP lifecycle: 1) There has been growth in national-level
The second annual FDIP report, published in August recognition among the FDIP countries that financial
2016, featured the addition of five new countries: the inclusion is a key ingredient for sustainable development;
Dominican Republic, El Salvador, Egypt, Haiti, and Vietnam. 2) “Fintech,” the intersection of technological innovation
These countries were added to the FDIP sample in order to and the financial sector, possesses tremendous poten-
broaden the geographic scope of the focus countries and tial to accelerate progress toward financial inclusion; and
reflect feedback from members of the international finan- 3) Countries must amplify investments in cybersecurity
cial inclusion community regarding countries that might efforts and knowledge-sharing in order to fully reap the
warrant further examination. The report also enhanced benefits of financial services innovation.
THE 2017 BROOKINGS FINANCIAL AND DIGITAL INCLUSION PROJECT REPORT 3
For each of these three key findings, the FDIP team maximize the benefits and avoid the potential pitfalls
has identified several action steps that we believe of fintech:
will help to further advance financial inclusion. • Traditional financial institutions and fintech entities
should coordinate closely in order to leverage the
First, while countries have increasingly recognized that strengths of each sector, such as robust infrastruc-
advancing access to and usage of affordable, secure ture and technological expertise.
formal financial services can contribute to their develop-
• Policymakers and regulators should consider estab-
ment objectives, there are a number of steps that would
lishing regulatory “sandboxes” for fintech entities to
bring this closer to reality:
explore various opportunities for innovation within a
• As discussed in the 2015 FDIP report, national-level
supportive and clear regulatory environment.
financial inclusion entities should set specific, measur-
able targets related to financial inclusion progress. For • Policymakers, regulators, financial service providers,
example, countries can enshrine these targets in their fintech startups, and any other entities that utilize fin-
national financial inclusion strategies and/or submit tech should invest in cybersecurity assessments and
them to entities such as the Alliance for Financial Inclu- risk management training to improve the integrity of
sion as part of their Maya Declaration targets. their services and enhance consumer confidence in
• National-level financial inclusion entities should the formal financial sector.
establish specific financial consumer protection • Policymakers and regulators should develop or
guidelines and coordinate with financial service pro- strengthen targeted financial consumer protection
viders and civil society entities to determine how to frameworks and related initiatives to help ensure that
ensure customers understand the terms of financial robust consumer protections are in place.
products and services available to them, as well as
relevant redress mechanisms. Third, given the increasing prevalence of digital finan-
cial services and the considerable diversity of players
• Where possible, regulators and policymakers
involved in the financial services sector, the issue of
should consistently provide updated, detailed data
cybersecurity merits greater attention and action from
on progress toward their financial inclusion objec-
the financial inclusion community:
tives within a publicly available platform in order to
• Policymakers and regulators, fintech firms, civil soci-
facilitate greater transparency, accountability, and
ety entities with financial inclusion expertise, and
knowledge-sharing.
traditional financial institutions such as banks should
• Financial inclusion stakeholders such as financial amplify discussions surrounding cybersecurity in
service providers and civil society entities should order to facilitate technical assistance and identify
collaborate closely with government entities both best practices.
domestically and internationally to share their var-
• Regulators and policymakers should consider the use
ious perspectives on financial inclusion pathways
cases and technologies involved when developing
and challenges. This dialogue will enable countries
appropriate cybersecurity guidance and solutions.
to identify promising financial inclusion-related
interventions and share key learnings regarding best • Financial service providers must take steps to ensure
practices for advancing access to and usage of qual- that the development of innovative products is cou-
ity, affordable financial services. pled with stringent testing and monitoring.
Second, while fintech can help enhance the accessibility • Financial service providers and entities that house
and utility of financial services for customers and render financial data should invest in bolstering the security
the deployment of these services more cost-effective of outdated or centralized systems in order to protect
for providers, there are a number of opportunities to the integrity of the financial ecosystem.
INTRODUCTION
Review of 2015 and 2016 legislation and news stories, reviewing multinational
datasets, and corresponding with financial inclusion
Findings experts in the focus countries and beyond.
T
he objective of the Brookings Financial and Dig- The FDIP team developed a set of metrics to mea-
ital Inclusion Project (FDIP), which began in the sure countries’ commitment to and progress toward
summer of 2014, is to provide policymakers, pri- financial inclusion. The metrics were designed to eval-
vate sector entities, representatives of nongovernmental uate four “dimensions” of financial inclusion: country
organizations, and the public with information that can commitment, mobile capacity, regulatory environment,
help improve financial inclusion in their respective coun- and adoption of traditional and digital financial services.
tries and beyond. To that end, the FDIP team produces
an annual report and scorecard that evaluate countries’ The 2015 report yielded the following key takeaways:
commitment to and progress toward financial inclusion. • Country commitments to advancing financial inclu-
sion matter.
• The movement toward digital financial services will

The objective of the Brookings Financial accelerate financial inclusion.
and Digital Inclusion Project (FDIP), • Geography generally matters less than policy, legal,
which began in the summer of 2014, and regulatory factors, although some regional
is to provide policymakers, private trends in terms of financial services provision are
evident.
sector entities, representatives of
nongovernmental organizations, and • Central banks, ministries of finance, ministries of
the public with information that can communications, banks, nonbank financial service
help improve financial inclusion in their providers, and mobile network operators have
major roles in achieving greater financial inclusion
respective countries and beyond.
and should coordinate closely with respect to policy,
regulatory, and technological advances.
The first annual FDIP report and scorecard, • Full financial inclusion cannot be achieved without
published in August 2015, examined key questions sur- addressing the financial inclusion gender gap and
rounding ways to advance financial inclusion, including accounting for diverse cultural contexts with respect
1) Do country commitments make a difference in prog- to financial services.
ress toward financial inclusion?; 2) To what extent do
mobile and other digital technologies advance financial In 2016, the FDIP team added five new countries to the
inclusion?; and 3) What legal, policy, and regulatory study: the Dominican Republic, Egypt, El Salvador, Haiti,
approaches promote financial inclusion?3 and Vietnam. We also enhanced our metrics list to incor-
The 2015 report assessed the financial inclusion porate feedback from members of the financial inclusion
landscape across 21 economically, geographically, and community and better capture progress toward financial
politically diverse countries by examining country-specific inclusion. The 2016 report found that substantial progress
had been made toward advancing financial inclusion in leveraging digital channels to advance convenient access
many countries. Generally, we found that the right blend to financial services; and considering how to best ensure
of stakeholder buy-in across the public, private, and customers are comfortable accessing financial services.
civil society sectors, coupled with an enabling regula- We also identified three actions items for fostering
tory framework for digital financial services, was key for a more accessible and inclusive ecosystem for refugees
amplifying access to financial services among under- and under-resourced migrants. These actions items
served populations.4 include 1) ensuring that the design and delivery of
The 2016 report honed in on opportunities to facil- financial services is conducive to the needs of non-na-
itate greater access to and usage of financial services tive customers where possible; 2) developing financial
among select groups of marginalized populations— policies that consider the needs of young refugees and
specifically, women, refugees, and under-resourced migrants; and 3) facilitating inclusive access to digital
migrants. Action items that may help reduce the gender identity mechanisms.
gap5 in financial inclusion include advancing data col- Additionally, the 2016 report identified four priority
lection efforts to determine how groups utilize existing areas that warrant additional action on the part of the
services and identify gaps in the market; leveraging that international financial inclusion community: 1) establish-
data to develop specific targets, initiatives, and strategies ing specific, measurable financial inclusion targets; 2)
for advancing women’s financial inclusion; identifying and collecting and analyzing data relevant to financial access
cultivating “champions” to amplify awareness among and usage, particularly among underserved groups; 3)
government entities and private sector representatives advancing regulatory changes designed to facilitate
regarding gender disparities in financial inclusion; pro- financial inclusion; and 4) enhancing financial capability
moting the development of digital identity programs; among consumers.
KEY FINDINGS FOR 2017
Score Country Commitment (%) Mobile Capacity (%) Regulatory Environment (%) Adoption (%)
Kenya 86% 89 89 94 78
Brazil 79% 89 89 83 67
Mexico 79% 100 94 83 58
Colombia 78% 100 89 89 56
South Africa 78% 83 94 67 72
Uganda 78% 100 78 94 58
Philippines 76% 100 94 100 42
Rwanda 76% 94 83 100 50
Chile 74% 89 72 61 75
Nigeria 74% 94 83 89 53
Turkey 73% 89 83 67 64
India 72% 100 72 100 44
Peru 72% 100 72 100 44
Indonesia 71% 72 94 94 47
El Salvador 69% 72 94 83 47
Pakistan 69% 100 83 89 36
Tanzania 68% 94 72 89 42
Zambia 67% 94 78 78 42
Bangladesh 66% 89 83 78 39
Dominican Rep. 64% 72 78 56 58
Vietnam 64% 72 83 67 50
Malawi 61% 83 67 83 36
Afghanistan 60% 61 89 78 36
Haiti 60% 72 72 72 42
Ethiopia 54% 67 61 72 36
Egypt 53% 61 67 72 33
F
or the third year in a row, Kenya ranked at the top Moreover, among the countries that have made
of the FDIP scorecard, driven by its robust commit- progress on indicators such as the development of
ment to advancing financial inclusion, widespread national financial inclusion strategies and bodies, these
adoption of mobile money services among traditionally financial inclusion entities often emphasize the quality
underserved groups, an increasingly broad range of dimension of financial inclusion, not just access to and
mobile money services (including insurance and loan use of services. One example of this phenomenon can
products), and an enabling regulatory environment for be found in Afghanistan, where Da Afghanistan Bank’s
digital financial services. Financial Inclusion Department, established in June
As in previous years, the top-performing countries 2016,7 expresses a vision of providing “convenient,
were regionally diverse. In addition to Kenya, the other secure, proper, economical, high quality and continuous
top-scoring countries were distributed across Latin access to financial services […] especially [for] the low-in-
America and Sub-Saharan Africa: Brazil and Mexico come, vulnerable and deprived section of the society.”8
tied for second place, and Colombia, South Africa, and That department focuses on areas such as responsible
Uganda tied for third. finance and consumer protection, data measurement,
Countries in Asia were also represented near the and financial inclusion policy and regulation.9 Among its
top of the scorecard, with the Philippines scoring only responsibilities is the preparation of a national strategy
two percentage points behind Colombia, South Africa, for financial inclusion.10
and Uganda. We expect that other FDIP countries in this
region will continue to enhance their digital ecosystems
and adoption rates of formal financial services over time,
given the region’s robust technology environment and
For the first time in the course
widespread adoption of mobile phones (the Asia Pacific of project lifecycle, all of the FDIP
region is expected to account for about two-thirds of the countries are members of international
860 million new mobile subscribers anticipated globally financial inclusion-oriented
by 2020).6 organizations or networks.
Below, we drill down into dimension-level findings
from the FDIP scorecard. For selected financial inclu-
sion-related highlights and suggested next steps for
each of the 26 countries in our sample, please consult the Other FDIP countries’ recent efforts to advance
country summaries on pages 14–44. More background financial inclusion demonstrate their interest in helping
on these countries’ financial inclusion environments is enhance and monitor access to financial services, as
available in the 2015 and 2016 FDIP reports. well as bolster the quality of customers’ experiences
with those services. Examples of countries that have
improved their country commitment scores since 2016
include Egypt, where the central bank established a
Country commitment financial inclusion support unit in May 2017;11 the Domin-
As in last year’s report, the 2017 report finds that sev- ican Republic, which serves as a member of the BTCA;12
eral FDIP countries have enhanced their national-level and Mexico, which launched its national financial inclusion
commitments to advancing financial inclusion. Indeed, strategy in June 2016.13
for the first time in the course of our project lifecycle, all With respect to the latter, Mexico’s strategy reflects
of the FDIP countries are members of international finan- a holistic perspective of financial inclusion by focusing
cial inclusion-oriented organizations or networks. These on data collection and quality in addition to access and
entities include organizations such as the Better Than usage. The strategy is structured around six pillars,
Cash Alliance (BTCA) and networks such as the Alliance which emphasize issues like financial education (par-
for Financial Inclusion (AFI). ticularly for children and youth), the development of
telecommunications infrastructure and financial infra- another provider, maximizing the utility of these services
structure in underserved areas, client protection, and for some customers. As of 2016, the GSMA found that 15
generation of data and measurements.14 markets exhibited this form of interoperability, including
ten FDIP countries. 20
The top-scoring countries on the mobile capacity
dimension of the FDIP scorecard are quite economically
Mobile capacity and regionally diverse, representing Latin America and
The global mobile environment has continued to demon- the Caribbean, Africa, and Asia. The five top-scoring
strate considerable progress over the past year, with countries for 2017 are El Salvador, Indonesia, Mexico, the
current and future growth concentrated in developing Philippines, and South Africa.
markets. According to the GSMA (a trade body that rep- Among the 26 FDIP countries, Mexico and Peru
resents the interests of mobile operators globally), by the made the greatest scoring improvements between 2016
end of 2016, 65 percent of the world’s population had a and 2017 with respect to the mobile capacity dimension.
mobile subscription, with that penetration rate expected Mexico’s scoring increase was due in part to significant
to reach 73 percent by 2020. Developing markets are
15 advancements in the adoption of smartphones, which
expected to account for nine out of ten new subscribers can provide a more user-friendly platform for engaging
in the period between 2016 and 2020. 16 in financial transactions than feature phones. 21
However, there are ample opportunities for growth In the case of Peru, increases in the adoption of
with respect to infrastructure, particularly in developing smartphones and the expansion of mobile money offer-
markets. The GSMA’s 2017 report on the global mobile ings helped drive its scoring increase, which was the
economy noted that about 1.3 billion people are not cov- largest increase of any FDIP country on the mobile capac-
ered by a mobile broadband network. Certain areas face ity dimension. We expect Peru to continue to augment
particularly acute challenges in terms of infrastructure the diversity of its mobile money offerings and adoption
investment. For example, in Sub-Saharan Africa, the rates in the future as the fully-interoperable Bim mobile
GSMA noted that “two thirds of the population live in rural money platform continues to adapt to market needs and
areas where capital-intensive infrastructure deployment scale up. 22
is commercially unviable.” 17 The Bim payments platform got off to a slower start
than expected due to various challenges, including diffi-
culty among agents adapting from point of sale devices
to mobile phones and mobile network coverage gaps. 23
The global mobile environment has However, broad buy-in from key stakeholder groups
and strong commitment from the company managing
continued to demonstrate considerable
the platform should help Bim meet its revised financial
progress over the past year, with current
inclusion-related targets in the future. 24
and future growth concentrated in
developing markets.
Regulatory environment
In terms of mobile money, by the end of 2016 more Across the full FDIP country sample, changes in countries’
than half a billion mobile money accounts were registered regulatory environment scores were less pronounced
around the world,18 and mobile money services were avail- than in the country commitment and mobile capacity
able in two-thirds of low- and middle-income countries. 19
dimensions. This is likely in part because regulatory
Domestic mobile money account-to-account interopera- adjustments are particularly time-intensive to develop
bility arrangements may have boosted adoption of these and implement. However, several countries have made
services, as customers from one mobile money provider progress toward fostering a more enabling regulatory
can send money directly to the accounts of customers of environment. For example, countries such as Egypt and
the Philippines instituted mobile money account-to-ac-

count interoperability in 2016, according to the GSMA. 25
It should be noted that the country summaries in Mexico and Peru made the greatest
this report highlight several possible next steps for finan- scoring improvements between 2016
cial inclusion experts to consider when evaluating how and 2017 with respect to the mobile
to best advance an enabling regulatory environment for capacity dimension.
traditional and digital financial services. Suggested action
items and highlights from the 2015 and 2016 reports have
been reaffirmed or adjusted in accordance with financial
inclusion developments in each country.
KEY TRENDS AND CALLS TO ACTION
B
elow we identify three key overall findings and asso- such as AFI, BTCA, and the Global Partnership for Financial
ciated calls to action, based upon trends observed Inclusion provide platforms for policymakers, regulators,
across the international financial inclusion land- private sector representatives, and civil society entities to
scape throughout the course of the FDIP lifecycle. discuss those key questions and share valuable learnings
about ways to advance financial inclusion through digital
1. Growth in national-level recognition among and traditional mechanisms.28 As noted above, all 26 FDIP
the FDIP countries of financial inclusion as a focus countries have joined international knowledge-shar-
key ingredient for sustainable development is ing networks such as AFI and BTCA.
consistent with a broader global pattern. Moreover, the vast majority of FDIP countries are
The potential social and economic benefits of digital members of the Maya Declaration, a framework for
finance and financial inclusion are widely recognized. financial regulatory and policymaking institutions to
Access to and usage of formal financial services helps “make concrete financial inclusion targets, implement
improve local economic activity, enable customers to in-country policy changes, and regularly share progress
plan for the future, and boost household welfare, among updates.” 29 When the Maya Declaration was launched
other benefits. With respect to digital finance specifi-
26
at the 2011 AFI Global Policy Forum, 17 AFI members
cally, a September 2016 study by the McKinsey Global made commitments under the declaration. Five years
Institute found that “widespread use of digital finance later, that number had more than tripled. 30 While this
could boost annual GDP of all emerging economies by trend indicates considerable progress, given that the
$3.7 trillion by 2025.” 27
58 member institutions with commitments represent
about 51 percent of AFI’s membership, there are still
opportunities for further growth.
While financial inclusion is widely accepted as a
While the micro- and macroeconomic mechanism for helping to achieve broader sustainable
benefits of fostering financial inclusion development goals such as gender equity and poverty
have received significant attention reduction, there are several steps that countries should
globally, many important questions take to transform this understanding into action.
about how best to balance principles First, as discussed in the 2015 FDIP report, poli-
cymakers, regulators, and other national-level financial
such as financial security, privacy,
inclusion entities should set specific, measurable targets
inclusion, and consumer protection
related to financial inclusion. For example, countries can
remain. enshrine these targets in their national financial inclusion
strategies and include them among their Maya Declara-
tion targets.
While the micro- and macroeconomic benefits Second, policymakers and regulators should estab-
of fostering financial inclusion have received significant lish specific financial consumer protection guidelines
attention globally, many important questions about how and coordinate with financial service providers and civil
best to balance principles such as financial security, pri- society entities to determine how to ensure customers
vacy, inclusion, and consumer protection remain. Entities understand the terms of financial products and services
available to them, as well as relevant redress mechanisms.

There is evidence to suggest consumer protection is
already a priority area for many countries: Of the specific Where possible, regulators and
commitments under the Maya Declaration as of June 2016, policymakers should consistently
more than a quarter were related to consumer empow- provide updated, detailed data on
erment and market conduct, which includes consumer progress toward their objectives within
protection, financial literacy, and financial education. The
a publicly available platform in order
second-highest number of commitments involved digital
to facilitate greater transparency,
financial services, with the collection of financial inclusion
data coming in third. 31
accountability, and knowledge-sharing.
As we noted in the 2016 FDIP report, financial lit-
eracy and financial education programs should consider
how to enable customers to fully absorb and leverage available platform in order to facilitate greater transpar-
information related to financial products and services in ency, accountability, and knowledge-sharing. The AFI
ways that help advance their financial health. In other Data Portal is one valuable platform for this kind of infor-
words, these programs should seek to advance financial mation exchange. 36 Regulators and policymakers should
capability, defined by the Center for Financial Inclusion share regular updates where possible on specific financial
as “the combination of knowledge, skills, attitudes, and inclusion targets and initiatives in order to maximize the
behaviors a person needs to make sound financial deci- utility of the data among financial inclusion stakeholders.
sions that support well-being.” 32
Organizations like the Center for Financial Inclusion 2. Fintech possesses tremendous potential to
and the World Bank Group have published a number of accelerate progress toward financial inclusion
studies highlighting tools for regulators, policymakers, but requires a collaborative approach to facilitate
financial service providers, and other interested parties innovation and ensure security.
to utilize when assessing financial capability and devel- “Fintech” is a broad term situated at the intersection of
oping financial capability programs. 33 34
Among these the financial services and technology sectors. 37 Given
best practices for financial capability interventions are the complexity of these sectors, a variety of players
taking advantage of teachable moments; learning by are involved in the fintech space, including startups,
doing; providing reminders and default options (e.g., established technology companies, financial service
default savings options); sharing heuristics (i.e., mental institutions, consumers, regulators, other government
shortcuts); using gamification and other approaches to entities, and investors. 38 As noted by the International
make learning enjoyable; tailoring the programs to spe- Monetary Fund, one of the challenges of fintech is that
cific customers or groups; and using the power of social the diversity of entities involved in this space, along with
connections to provide support and positive reinforce- rapidly evolving technological capabilities, have led to a
ment to customers. 35 blurring of boundaries “among intermediaries, markets,
Third, financial inclusion stakeholders such as finan- and new service providers.”39 Indeed, the Financial Sta-
cial service providers and civil society entities should bility Board notes that fintech activities can be sorted
collaborate closely with government entities, both into several categories of financial services, including “(i)
domestically and internationally, to share their various payments, clearing and settlement; (ii) deposits, lending
perspectives on financial inclusion pathways and chal- and capital raising; (iii) insurance; (iv) investment man-
lenges. This dialogue will enable countries to identify agement; and (v) market support […].”40
interesting financial inclusion-related interventions and The potential benefits of leveraging technology
share key learnings regarding best practices. in the financial services sector include reducing costs,41
Finally, where possible regulators and policymak- enhancing opportunities to meet customers’ evolving
ers should consistently provide updated, detailed data needs with new financial service offerings and platforms,42
on progress toward their objectives within a publicly and streamlining operations and speeding processes.43
For these reasons and others, mainstream financial insti- fintech entities to explore various opportunities for
tutions are embracing the possibilities of complementary innovation within a supportive and clear regulatory
roles with fintech entities. For example, a 2017 PwC report environment. These sandboxes serve as a “set of rules
found that 82 percent of survey respondents from the that allows innovators to test their products/business
financial services sector on average expected to increase models in live environment without following some or all
fintech partnerships in the next three to five years. 44
legal requirements, subject to predefined restrictions,”
including limitations on the number of clients and risk
exposure, time-limited testing, predefined exemptions,
and testing under the regulator’s supervision. 50
Given the social and economic
Third, policymakers, regulators, financial service
opportunities afforded by fintech, it providers, fintech startups, and any other entities that
is perhaps not surprising that global utilize fintech should invest in cybersecurity assess-
fintech funding has experienced ments and risk management training to help protect
significant growth. the integrity of their services, which in turn supports
consumer confidence in the formal financial sector.
(More information on this topic is included in the third
As noted by the Institute of International Finance key finding, below.)
and the Center for Financial Inclusion at Accion, these Finally, policymakers and regulators should
partnerships can help address financial inclusion chal- develop or strengthen targeted financial consumer
lenges by facilitating access to new market segments; protection frameworks and related initiatives to ensure
developing new products for existing customers; collect- that adequate consumer protections are in place. While
ing and using data; and deepening customer engagement many FDIP countries have emphasized the importance
with financial services, among other benefits.45 of consumer protection in their Maya Declaration tar-
Given the social and economic opportunities gets and financial inclusion strategies, far fewer have
afforded by fintech, it is perhaps not surprising that global robust financial consumer protection frameworks in
fintech funding has experienced significant growth. 46
place, signifying opportunities for progress.
According to the 2017 PwC report, funding of fintech
startups has “increased at a compound annual growth 3. Given the increasing prevalence of digital
rate (CAGR) of 41 percent over the last four years.”47 financial services and the diversity of players
Examples of fintech partnerships that support involved in the financial services sector, the issue
topics such as financial education and inclusion include of cybersecurity merits greater attention and
initiatives in Mexico and Colombia. BBVA Bancomer in action from the financial inclusion community.
Mexico and Bancolombia in Colombia are each partner- While fintech innovations can help enhance the security
ing with a Silicon Valley-based startup called Juntos in of certain services in the financial sector, these innova-
order to send tailored text messages to customers to help tions can also be vulnerable to cybersecurity risks. As
remind them to save and respond with information on noted by the Financial Stability Board (FSB), “[S]ome
their “financial needs and goals.”48 operational risks could be reduced with FinTech develop-
Moving forward, traditional financial institutions ments, as legacy systems are modernised and processes
and fintech entities in each of the FDIP countries and streamlined. Yet cyber risk, third-party dependencies
beyond should coordinate closely in order to leverage the and legal uncertainty could lead to new and expanded
strengths of their respective sectors, which include robust sources of operational vulnerabilities.”51
infrastructure and technological expertise, respectively. 49
For example, as one of the authors of this report has
National financial inclusion bodies can provide a platform observed, while innovations like blockchain “can in princi-
to facilitate this kind of coordination. ple be extremely secure, securing them requires careful
Second, policymakers and regulators should con- attention to issues including where and how private keys
sider establishing regulatory “sandboxes” to enable are stored and used, the methodology for confirming
transactions, and mechanisms for establishing and mod- protected in the case of an adverse cyber event or other
ifying how distributed systems obtain consensus.” 52
security issue. We outline a number of these steps below.
Given the increasing prevalence of digital financial First, policymakers and regulators, fintech firms,
services that leverage fintech solutions—for example, civil society entities with financial inclusion expertise,
the 2017 PwC report found that 77 percent of survey and traditional financial institutions such as banks should
respondents from the financial services sector planned amplify discussions surrounding cybersecurity in order to
to adopt blockchain as part of a production system or facilitate technical assistance and identify a menu of best
process by 2020 —it is important for financial inclusion
53
practices. However, these discussions should be framed
stakeholders to carefully consider cybersecurity risks and in a way that does not have an unnecessary chilling effect
approaches. As noted by the FSB, “Ex ante contingency on some customers’ willingness to engage with digital
plans for cyberattacks, information sharing, monitoring, a financial services because they are alarmed or confused
focus on incorporating cyber-security in the early design by cybersecurity terminology.
of systems, and financial and technology literacy could
help to lower the probability of cyber events that have
adverse effects on financial stability.”54
Financial service providers must take
To facilitate discussions regarding key questions
steps to ensure that the development
at the intersection of cybersecurity and financial inclu-
sion, the FDIP team hosted a roundtable at Brookings
of innovative products is coupled with
in February 2017. The roundtable provided a platform stringent testing and monitoring.
for a diverse array of public sector, private sector, and
civil society representatives to discuss cybersecurity
challenges and opportunities within the digital finan- Second, regulators and policymakers should con-
cial ecosystem and explore possible mechanisms for sider the use cases and technologies involved when
policymakers, regulators, financial service providers, developing appropriate cybersecurity guidance and solu-
nongovernmental organizations, and other stakeholders tions. For example, cybersecurity solutions in the mobile
to help strengthen the state of cybersecurity within the financial services space should be tailored to the type of
global financial landscape.55 We highlight takeaways from network (e.g., 2G) that the product leverages.
the roundtable below, drawing from the event readout. 56
Third, financial service providers must take steps
Participants at the roundtable noted that budget to ensure that the development of innovative products
constraints, competing policy priorities, an unwillingness is coupled with stringent testing and monitoring. After
to draw attention to cyber threats, and a lack of aware- all, as the fintech sector grows, there will be “more inter-
ness surrounding cybersecurity issues may all serve as faces between traditional financial service providers and
barriers that preclude regulators, policymakers, main- fintech startups—and therefore more cyber vulnerability
stream financial service entities, and fintech companies as data crosses those interfaces.”58
from adequately investing in cybersecurity measures. 57 Finally, the financial service providers and entities
However, participants also generally agreed that that house financial data should invest in bolstering the
financial entities must nonetheless take proactive steps to security of outdated or centralized systems in order to
assess the security of their respective systems and those of protect the integrity of the financial ecosystem. Knowl-
their partners in the digital financial ecosystem, while pol- edge-sharing and technical assistance will be a key
icymakers and regulators must ensure that customers are component of this effort.
AFGHANISTAN
OVERALL SCORE DIMENSION SCORES
60%
Country commitment 61%
Mobile capacity 89%
Regulatory environment 78%
Adoption 36%
GDP Adult population Unique mobile Financial account Financial account

(billion USD)1 (millions)2 subscribership3 ownership among ownership among
adults4 women5
$ 19 18 47% 10% 4%
Formal commitment milestone
• Committed to the Alliance for Financial Inclusion in 20096
Selected financial inclusion highlights

• Joined the Better Than Cash Alliance in 20137
• Issued Money Service Providers Regulation in 20088 and implemented electronic money institution-
related amendments in 20119
• Participated in an electronic money summit in October 201510 and launched a public awareness
campaign in February 2016 with respect to mobile financial services11
Recent updates
• In June 2016, Da Afghanistan Bank established the Financial Inclusion Department, which includes a
number of objectives related to the development and implementation of a national financial inclusion
strategy, as well as advancing consumer protection, improving financial capability, conducting
diagnostic studies to identify financial inclusion obstacles, and establishing a national database for
financial inclusion.12
• In 2016, Afghanistan’s national payments system went live. An initiative led by Da Afghanistan Bank
enabled BPC Banking Technologies’ SmartVista platform to serve as the national cards and mobile
payment switch to interconnect banks, mobile wallets, third-party aggregators, and other key
players.13 14
Next steps
• Consider instituting agent banking regulations to increase regulatory clarity and amplify distribution
of financial access points
• Finalize a national financial inclusion strategy to enhance coordination across relevant stakeholders
and develop specific financial inclusion objectives
• Scale and expand mobile money agent interoperability arrangements, which to date have been
limited15
BANGLADESH
66%
Mobile capacity 83%
Adoption 39%
GDP Adult population Unique mobile sub- Financial account Financial account
(billion USD) (millions) scribership ownership among ownership among
adults women
$ 195 114 53% 31% 26%
• Committed to the Maya Declaration in 20121

• Joined the Better Than Cash Alliance in June 20152
• Established the Financial Inclusion Department within Bangladesh Bank in July 20153
• Supported efforts to advance financial literacy and capability among women entrepreneurs4
Recent updates
• In May 2017, Bangladesh Bank was awarded the Global Money Week Award at the Global Inclusion
Awards 2017, hosted by Child and Youth Finance International, for its “sustainable and innovative
financial inclusion and financial education initiatives.”5
• Bangladesh Bank publishes quarterly reports on agent banking; as of May 2017, the latest report
featured data from January to March 2017.6
• At the time this report was prepared, Bangladesh Bank had published its latest report on the state
of financial inclusion in March 2017.7 Bangladesh Bank has also issued a number of circulars relating to
financial inclusion.8.
Next steps
• Finalize, disseminate, and implement the national financial inclusion strategy
• Promote affordability of mobile phones to facilitate greater access to mobile financial services and
expand the availability of services like credit, savings, and insurance
• Advance wallet-to-wallet interoperability with respect to mobile financial services
BRAZIL
79%
Mobile capacity 89%
Adoption 67%

(billion USD) (millions) subscribership ownership among ownership among
adults women
$ 1804 160 71% 68% 65%

• Launched the National Partnership for Financial Inclusion in November 20112
• Released the third report on financial inclusion in Brazil in 20153
Recent updates
• In December 2016, the Banco Central do Brasil (BCB) and the Alliance for Financial Inclusion hosted the 6th
International Week of Financial Citizenship, which explored the three pillars of financial citizenship (financial
inclusion, financial education, and consumer protection) and agency banking.4 Financial citizenship is one of
the central bank’s top priorities, as noted in the “Agenda BC+,” launched by the BCB in December 2016.5.
• In November 2016, the Second Financial Citizenship Forum was held at the headquarters of the BCB. The Plan
for Strengthening Financial Citizenship was presented at the Forum. The plan revolved around several issue
areas, including advancing financial inclusion for small businesses, the relationship between citizens and the
financial system, promoting financial well-being, and addressing financial vulnerability.6 The BCB is tracking
progress on the 32 initiatives comprising the plan.7
• In September 2016, the BCB published the third edition of a report series on the use and quality of financial
services. By complementing survey findings with information from the BCB’s database, the report found that
more than 70 percent of the adult population used bank accounts frequently and that almost half of the adult
population had access to credit within the previous year.8
• In August 2016, the BCB released a report that highlighted its Financial Citizenship Program. One example of
an initiative conducted under the program was a public-private effort involving 150 schools, in which financial
education content was disseminated to students, teachers, and their relatives during National Students’ Day.9
• Financial inclusion indicators, including service point indicators and other indicators focused on the national
financial system, are being published progressively in the “Time Series Management System.”10
Next steps
• Leverage the financial indicators data to help enhance understanding of the financial inclusion landscape and
identify next steps for advancing financial inclusion for consumers and entrepreneurs
• Operationalize learnings from the Financial Citizenship Forum and 6th International Week of Financial
Citizenship to help improve access, usage, and quality of formal financial services
CHILE
74%
Mobile capacity 72%
Adoption 75%

adults women
$ 241 14 93% 63% 59%

• Instituted a national financial inclusion council in 20142
• Ranked in the top-five with respect to formal financial institution account penetration among the FDIP
countries as of 20143
• Recognized by Data2X, the Inter-American Development Bank, the Global Banking Alliance for
Women, and the United Nations Economic Commission for Latin America and the Caribbean in
2016 as the only country that has monitored sex-disaggregated data regarding its financial system
consistently over a significant period of time4
Recent updates
• In December 2016, the Superintendency of Banks and Financial Institutions of Chile hosted the
second “Conference on Banking Development, Stability, and Sustainability,” in conjunction with the
Association of Supervisors of Banks of the Americas, the Millennium Institute for Market Imperfections
& Public Policy, and the Department of Industrial Engineering of the University of Chile. The
conference included a session focused on financial education and inclusion and featured a discussion
of the “Survey of financial capabilities measurement in the Andean countries: Chile.”5
• Chile’s first financial capacity measurement survey with national coverage was undertaken during July
and August 2016. The survey was sponsored by CAF, the development bank of Latin America, and
the SBIF. The survey aimed to serve as a diagnostic of the financial knowledge, skills, attitudes, and
behaviors of Chilean adults.6
Next steps
• Diversify the mobile money ecosystem by expanding the number of providers and offerings
• Leverage findings from financial capacity measurement survey to identify interventions targeted at
enhancing financial inclusion among women and other underserved groups
• Finalize revisions to a 2014 law on digital payments to “expand the offer of e-money by regulated
financial institutions,” as well as a law on the delivery of e-payment products and services by non-
bank financial service providers7
COLOMBIA
78%
Mobile capacity 89%
Adoption 56%

adults women
$ 292 37 66% 39% 34%

• Launched Colombia’s national financial inclusion strategy in March 20142
• Decree 2338 established Colombia’s Intersectoral Financial Inclusion Commission in 20153
• Decree 1491, issued in July 2015, implemented Colombia’s financial inclusion law (Law 1735 of 2014)4
Recent updates
• In addition to publishing an annual report on financial inclusion, Banca de las Oportunidades leads a
variety of financial inclusion initiatives, including a program for underserved individuals in
border areas.5
• In April 2017, Banco de Bogotá announced plans to extend its financial product adoption and literacy
program by implementing its “Route to Financial Inclusion” project within another 50 municipalities
in 2017.6
• In June 2016, representatives of the Grameen Foundation, Mastercard, and the public sector met in
Colombia to discuss opportunities to expand electronic payments within Colombia’s rural sector.
For example, a pilot program was developed by the Grameen Foundation to “enable large buyers to
electronically place orders with farmer cooperatives.”7
Next steps
• Continue to monitor progress toward the quantifiable financial inclusion goals detailed in Colombia’s
National Development Plan 2014-2018
• Scale programs to advance financial literacy and electronic payments
DOMINICAN REPUBLIC
OVERALL SCORE DIMENSION SCORE
64%
Mobile capacity 78%
Adoption 58%

adults women
$ 68 7 54% 54% 56%
• Joined the Better Than Cash Alliance1

• Launched mobile money deployments in 20142
• Passed legislation permitting agent banking in 20143
• Conducted the National Survey of Economic and Financial Education in 20144
Recent updates
• In 2016, the Ministerio de Hacienda de la República Dominicana joined the Better Than Cash Alliance.5
• Over the past year, the continued creation of subagents and mobile banking facilities has expanded
the number of people who have access to certain financial products. For example, Banco Popular
Dominicano had nearly 1,500 affiliated businesses as part of its network of banking sub-agents as of
July 2016.6
Next steps
• Institute a national financial inclusion strategy
• Develop a comprehensive electronic money regulatory framework
• Identify quantifiable financial inclusion targets
EGYPT
53%
Mobile capacity 67%
Adoption 33%

adults women
$ 331 61 60% 14% 9%
• Joined the Alliance for Financial Inclusion in 20131

• Agent banking is permitted under the 2003 Banking Law, and banks are permitted to issue electronic
money under the 2010 regulations on mobile payments and transfers2
• Law 141 of 2014 provided guidance regarding microfinance3
Recent updates
• In May 2017, Egypt’s central bank established a financial inclusion unit and was preparing a study on
the financial services market on both the demand and supply side. The purpose of the study is to
assess the quality dimension of new services and identify regulations and other legislation that might
help to accelerate financial inclusion. The study is expected to be completed by the end of 2017.4
• Also in May 2017, the Egyptian Banking Institute organized a conference on advancing financial
inclusion in the banking sector.5
• In February 2017, the National Payment Council was established in order to promote digital payments
and facilitate adoption of formal financial services.6
• At the end of 2016, Egypt issued new regulations for mobile payments in an effort to advance cross-
border remittances from mobile wallets.7
• In 2016, Egypt achieved account-to-account mobile money interoperability.8
Next steps
• Institute a national financial inclusion strategy
• Set specific financial inclusion targets within the national financial inclusion strategy and/or
international financial inclusion networks
• Complete and disseminate findings from the Central Bank of Egypt’s study on the financial
services market
EL SALVADOR
69%
Mobile capacity 94%
Adoption 47%

adults women
$ 26 4 81% 37% 32%

• Considered among the top 15 mobile money markets in the world in 2015, as measured by the
proportion of active accounts relative to the total adult population2
• Approved a financial inclusion law in August 20153
• Developed a set of indicators to measure progress toward financial inclusion4
Recent updates
• On August 13, 2016, El Salvador’s Legislative Assembly approved the Financial Inclusion Bill. 5 Entities
such as the GSMA have raised some concerns with the bill, including possible burdensome costs
associated with the requirement that mobile money providers store customers’ funds in the central
bank (rather than a commercial bank), and the fact that interest cannot be earned from the deposit
held by the central bank.6
• As noted in the Alliance for Financial Inclusion’s 2016 Maya Declaration report, the results of the first
National Financial Access Survey were presented to the central bank of El Salvador in late May 2016.
The report notes that data was collected at the national and departmental level.7
Next steps
• Expand digitization of government-to-person and person-to-business transfers
• Following the presentation of the National Financial Access Survey, incorporate feedback from
key stakeholders to develop an action plan for addressing gaps in access to and usage of formal
financial services
• Implement initiatives to foster financial education among underserved populations and define
indicators to measure the progress of financial inclusion
ETHIOPIA
54%
Mobile capacity 61%
Adoption 36%

adults women
$ 62 58 34% 22% 21%

• Established several financial inclusion goals in areas such as digital financial services, financial literacy,
and payment systems as part of the country’s Maya Declaration commitments2
• Initiated the creation of a Financial Inclusion Council in 20143
• Coordinated with the World Bank Group to develop a national financial inclusion strategy4
Recent financial inclusion highlights

• As of September 2016, HomeSend (a joint venture of Mastercard and eServGlobal) and the
Commercial Bank of Ethiopia announced a new remittance service during the US-Africa Business
Forum that will allow more than 100 million Ethiopians to send funds directly to any mobile number in
Ethiopia. This service was expected to be operational by the end of 2016.5
• According to a September 2016 report by McKinsey & Company, Ethiopia could experience a GDP
increase of an estimated $15 billion by 2025 through greater adoption of digital financial services.6
• As noted in the Alliance for Financial Inclusion’s 2016 Maya Declaration report, published in August
2016, the National Bank of Ethiopia was preparing a national financial sector master plan that will
encompass initiatives to achieve financial inclusion commitments under the Maya Declaration.7
Next steps
• Strengthen mobile and other digital infrastructure to enhance adoption of digital financial services
• Approve and implement the national financial inclusion strategy
HAITI
60%
Mobile capacity 72%
Adoption 42%

adults women
$9 7 57% 19% 16%

• Permitted customers to use electronic wallet accounts under 2010 guidelines on electronic money2
• Developed a national financial inclusion strategy, with the support of the World Bank, in 20153
• As of 2016, Haiti’s central bank was working on the development of a comprehensive consumer
protection framework4
Recent updates
• The implementation of the country’s financial inclusion strategy has been delayed due to the country’s
uncertain political atmosphere, according to the Economist Intelligence Unit’s “The Global Microscope
2016: The enabling environment for financial inclusion” report.5
Next steps
• Move forward with implementation of the new financial inclusion strategy
• Launch a national financial inclusion council
INDIA
72%
Mobile capacity 72%
Adoption 44%

adults women
$ 2089 934 53% 53% 43%
• Committed to the Alliance for Financial Inclusion in 20121

• Launched the Pradhan Mantri Jan Dhan Yojana program in 20142
• Joined the Better Than Cash Alliance in September 20153
• Issued provisional payments bank licenses to diverse entities, including nonbank institutions such as
India Post, in August 20154
Recent updates
• As of May 2017, there were three fully functioning payments banks in India.5
• On November 8, 2016, the government of India instituted a “demonetization” drive, in which it was
announced that Rs 500 and Rs 1,000 notes would become void by midnight the same day.6 The
aims of the drive included curbing corruption and advancing digital financial services.7 However,
while the drive did appear to lead to a significant increase in deposits in individuals’ accounts within
the month of the announcement,8 the abrupt announcement led to economic disruption and other
significant harms, including incidences of suicide, trampling, heart attacks, and denial of health care
due to inability to pay with the demonetized currency.9 10 Moreover, experts hold diverging views on
whether the drive will have long-term benefits, including in terms of leading to greater engagement
with digital financial services and in curbing corruption. More time is needed to determine the full
consequences of the initiative.11 12
• India has achieved mobile money account-to-account interoperability across mobile money providers,
according to the GSMA.13
Next steps
• Implement and scale financial capability initiatives to reduce account dormancy rates and incentivize
adoption of digital payments at merchant locations to enhance the digital financial services
ecosystem
• Monitor the effects of the demonetization initiative, particularly with respect to underserved groups
INDONESIA
71%
Mobile capacity 94%
Adoption 47%

adults women
$862 186 81% 36% 37%

• Developed a national financial inclusion strategy in 2012 (a new strategy has since been launched) 2
• Implemented mobile money platform interoperability in 20133
• Tied for first place on the mobile capacity dimension of the 2017 FDIP scorecard
Recent updates
• A survey conducted by MicroSave and AKSI found that there has been significant growth in digital
financial services in Indonesia, both with respect to branchless banking and e-money, with about
290,000 agents and over three million accounts in formal financial institutions.4 Yet there are
opportunities for improvement, including limited awareness about transaction charges among
consumers, limited financial literacy with respect to digital financial services, and a need to conduct
greater outreach to unbanked consumers. The results of the survey were presented in May 2017.5
• In May 2017, Indonesia was selected as the country winner of the 2017 Global Inclusion Award for the
Asia-Pacific Region during the 2017 Global Inclusion Awards organized by Child and Youth Finance
International, in cooperation with the government of Germany.6
• A January 2017 press release noted that a national survey on financial literacy and inclusion
conducted by the Indonesian Financial Services Authority (OJK) in 2016 found that financial literacy
and financial inclusion had each grown by about 8 percentage points within a year.7
• In August 2016, the government of Indonesia presented a coordinated national strategy to promote
financial inclusion, which will focus on six pillars, including financial education, supportive regulations,
and consumer protection.8
• As of August 2016, OJK provided an outline of guidelines for the local fintech industry. The guidelines
will focus on consumer protection issues, liability, and integrating banking entities, capital market
entities, and non-bank financial institutions. By October 2016, OJK had formed a team to collect
and analyze data that will inform the framework, and in November 2016, Bank Indonesia launched a
special office for fintech.9 10 11
(continued next page )

Indonesia
• During the Indonesia Fintech Festival and Conference held from August 29-30, 2016 by OJK and
Indonesian Chamber of Commerce and Industry, a memorandum of understanding was signed
between OJK and the UN Development Programme regarding financial literacy and inclusion.12 13
Next steps
• Harmonize electronic money and branchless banking guidelines to enhance regulatory clarity and
advance a level playing field for financial service providers
• Continue to implement the recent national financial inclusion strategy and facilitate coordination
across key stakeholders
• Finalize the fintech framework and share learnings from the fintech sector with international entities
KENYA
86%
Mobile capacity 89%
Adoption 78%

adults women
$ 63 27 60% 75% 71%

• Joined the Better Than Cash Alliance as a founding member2
• Received the highest score on the adoption dimension of the FDIP scorecard, primarily due to its
considerable rates of mobile money adoption among low-income adults and women3
• Achieved a 50 percent increase in financial inclusion within the previous decade, according to a 2016
FinAccess household survey4
Recent updates
• In May 2017, the Central Bank of Kenya and the Kenya Bankers Association organized a conference
titled “Financial Inclusion 2.0: Expanding Kenya’s Digital Financial Ecosystem.”5
• Also in May 2017, the Competition Authority of Kenya issued a directive requiring telecommunications
entities and financial institutions providing mobile money services to notify customers about the price
of transactions in real time.6
• In April 2017, the Safaricom network experienced an outage that disrupted mobile money service
M-Pesa.7
• In February 2017, the government of Kenya debuted Huduma cards, a fintech initiative that aims to
leverage partnerships with Mastercard and several prominent banks to help enroll more citizens in
government services like health insurance, facilitate adoption of digital financial services among
unbanked individuals, and streamline the distribution of the services.8
Next steps
• Enhance digital infrastructure to mitigate network challenges at agent locations, along with
network outages
• Promote financial education and capability initiatives among underserved populations, including
women, to broaden and deepen financial inclusion
MALAWI
61%
Mobile capacity 67%
Adoption 36%

adults women
$6 9 26% 18% 14%

• Joined the Better Than Cash Alliance in June 20132
• Established a number of measurable financial inclusion goals, including a target specific to women,
within its national financial inclusion strategy3
• Issued Mobile Payment System Guidelines in 2011 and introduced agent banking in 20124
Recent updates
• FHI 360, a nonprofit human development organization, worked with the Malawi Union of Savings and
Credit Cooperatives to help introduce mobile money services as part of the Feed the Future Malawi
Mobile Money project, which is supported by the U.S. Agency for International Development and
other key stakeholders.5 6 The project’s aims include testing platforms for expanding mobile money
adoption (particularly among underserved groups), enhancing product development and service
delivery pathways, and sharing “lessons learned for a more comprehensive evidence base for mobile
money acceleration.”7
Next steps
• Disseminate best practices from the Feed the Future Malawi Mobile Money project, when available
• Amplify coordination of financial literacy initiatives to drive increased adoption of formal financial
services
• Monitor progress toward measurable financial inclusion goals
MEXICO
79%
Mobile capacity 94%
Adoption 58%

adults women
$ 1144 92 67% 39% 39%

• Created a national council on financial inclusion, the Consejo Nacional de Inclusión Financiera, in 20112
• Conducted a national survey to assess financial inclusion in 20153
• Released the latest national report on financial inclusion in April 20164
Recent updates
• According to the GSMA, mobile money account-to-account interoperability is live in Mexico.5
• In February 2017, the Central Bank issued a regulation rendering it compulsory for all banks to offer a
basic account for beneficiaries of government subsidies free of charge.6
• In June 2016, the National Council on Financial Inclusion released the National Financial Inclusion
Plan.7 8
• Also in June 2016, the government of Mexico joined the United Nations-based Better Than Cash
Alliance.9
Next steps
• Advance implementation of the national financial inclusion plan
NIGERIA
74%
Mobile capacity 83%
Adoption 53%

adults women
$487 102 46% 44% 34%

• Launched a national financial inclusion strategy in 20122
• Published guidelines on agent banking in February 20133
• Released new guidelines on mobile money services in April 20154
Recent updates
• In May 2017, Paga and Nigerian Postal Service (NIPOST) announced a partnership aimed at making
financial services accessible to all Nigerians by leveraging NIPOST offices across the country as
financial service access points. This effort will build off the “shared agent network” framework
approved by the Central Bank of Nigeria.5
• While the Central Bank of Nigeria initiated a nationwide rollout of a cashless policy on April 1,6
2017, digital financial services expert Dr. Olayinka David-West noted that the policy was reversed
in 30 states by April 21.7 Experts such as Dr. David-West have stated that these reversals may have
implications for consumers’ trust in the formal financial ecosystem, in addition to operational and
technological costs.
• The Central Bank of Nigeria and other stakeholders have developed a financial education curriculum
that is expected to be launched in September 2017.8 This announcement was made during Global
Money Week,9 held from March 27-April 2, 2017.10
• A March 2017 article noted that Women’s World Banking, with support from The Bill & Melinda Gates
Foundation, is partnering with Diamond Bank and telecommunications company MTN to enhance
understanding of what factors help digital financial services (DFS)—and particularly Diamond’s
“Y’ello” service—work well for low-income women.11
• In December 2016, the Lagos Business School released “Digital Financial Services in Nigeria: State of
the Market Report 2016,” which provides an overview of the financial inclusion landscape in Nigeria,
particularly with respect to adoption of DFS.12 The report found that barriers to DFS adoption include
“low economic activity amongst the underbanked and unbanked, lack of awareness, product-needs
gaps, product complexity, utility cost and usage difficulty.”13

Nigeria
• Also in December 2016, Business Day, the Bill & Melinda Gates Foundation, and McKinsey Global
Institute held a Financial Inclusion Summit, which focused on the potential impact of digital
financial services.14
• According to the Governor of the Central Bank of Nigeria, Godwin Emefiele, increased adoption
of DFS could lead to the creation of three million jobs by 2025.15 Another aim of the government
related to increased adoption of DFS is a 90 percent reduction in the cost of providing formal
financial services.16
Next steps
• Assess super-agent approval processes and engagement with super-agent networks to determine
effectiveness in contributing to financial inclusion
• Continue to foster dialogue among financial service providers, technology companies, public sector
entities, and mobile network operators (MNOs) regarding the best pathways to leverage the strengths
of entities such as MNOs with respect to financial inclusion
• Amplify financial literacy and education efforts to address low awareness regarding digital
financial service
PAKISTAN
69%
Mobile capacity 83%
Adoption 36%

adults women
$ 271 123 48% 13% 5%

• Introduced “Level 0” risk-proportionate accounts in 2011 to facilitate access to formal financial
services among underserved populations2
• Launched the National Financial Inclusion Strategy in May 20153
• Joined the Better Than Cash Alliance in September 20154
Recent updates
• An April 2017 article noted that the government of Pakistan had recently announced the launch of
the Pakistan Financial Inclusion and Infrastructure Project, with funding of USD 130 million provided
by the International Bank for Reconstruction and Development and the International Development
Association. Three organizations in Pakistan will implement the project: the Pakistan Microfinance
Investment Company, National Savings, and the State Bank of Pakistan’s development finance group.
The project aims to advance financial inclusion by promoting access to digital payments among
businesses and households, as well as advancing access to credit for micro- and small and medium-
sized enterprises. 5
• In February 2017, Finance Minister Ishaq Dar emphasized that the government aimed to facilitate
broadband capability to all uncovered areas by the following fiscal year in order to support the
government’s financial and digital inclusion goals.6
• During the Digital Banking and Mobile Payments Summit held in February 2017, a representative of
the State Bank of Pakistan stated that the Bank is working to introduce a category of “digital bank”
that will incorporate new and emerging technologies through a financial services entity.7
• During a World Economic Forum meeting held in January 2017, Mastercard announced it was
collaborating with Pakistan’s NADRA Technologies to help “optimize national ID cards with electronic
payments functionality.” This effort will allow citizens to “carry out financial transactions and receive
government disbursements by utilizing the unique 13-digit identification number of their identity
card,” as well as use their ID to send and receive remittances. 8

Pakistan
• In October 2016, the Pakistan Post and Karandaaz Pakistan signed a partnership agreement to digitize
money order services at Pakistan Post. According to the terms of the agreement, Karandaaz Pakistan
will provide technical support in developing a new product called the “mobile money order,” which
will be made available through Pakistan Post.9
Next steps
• Promote registration of mobile wallet accounts to deepen usage of diverse financial services
• Advance implementation of the Pakistan Financial Inclusion and Infrastructure Project
• Enhance broadband infrastructure to support digital and financial inclusion
PERU
72%
Mobile capacity 72%
Adoption 44%

adults women
$ 189 23 72% 29% 22%

• Joined the Better Than Cash Alliance as a founding member2
• Approved the Comisión Multisectorial de Inclusión Financiera in 2014, which then designed the country’s
national financial inclusion strategy, published in July 20153
• Publicly launched the “Bim” mobile wallet as part of the Modelo Perú partnership in February 20164
Recent updates
• An April 2017 article noted that Bim mobile wallet users were expected to have access to more
sophisticated mobile offerings such as microcredit, micro-insurance and micro-savings in the near future.5
• In January 2017, the Center for Financial Inclusion at Accion published a brief on Modelo Perú, the payments
initiative that established the interoperable nationwide payments platform Bim. The brief highlighted that while
the model’s design is highly innovative, there were more challenges than expected, and the results did not meet
initial projections. For example, the brief highlighted that a limited number of transactions (e.g., person-to-
person payments) have been conducted within the platform.6
• To help advance adoption of Bim services among rural and unbanked or underbanked communities, the
company that runs Bim, Pagos Digitales Peruanos (PDP), is working with Bitel, the smallest and last mobile
network operator to join the platform, to participate in the platform and thus expand mobile coverage for
current and prospective users. Moreover, PDP is implementing pilots in Cusco and Piura, cities with “limited
infrastructure and banking agents,” to try to better understand barriers to adoption of the service.7
• PDP is also working with Ericsson, a communications technology company, and select banks to “allow
for Bim transactions to be incorporated into the banks’ own [point of sale] systems,” which may increase
adoption rates by enabling agents to use systems that are more familiar to them than mobile phone-based
systems.8
Next steps
• Advance mobile capacity (e.g., by augmenting 3G network coverage) to strengthen the foundation for
adoption of mobile financial services
• Incorporate lessons learned from the first year of Bim to strengthen the service and broaden access for
underserved customers
PHILIPPINES
76%
Mobile capacity 94%
Adoption 42%

adults women
$ 292 69 74% 31% 38%

• Achieved the highest overall score among the FDIP countries in Asia2
• Launched a national financial inclusion strategy in July 20153
• Instituted the National Retail Payment System Framework in 20154
Recent updates
• In May 2017, Nestor Espenilla, then-deputy governor of the Bangko Sentral ng Pilipinas (BSP), was
named to replace then-BSP Governor Amando Tetangco in July 2017.5
• Also in May 2017, a representative of the BSP indicated that the BSP would present a set of
recommendations to a steering committee that are based on the findings of the 2014 Consumer
Finance Survey that generated data on the “financial conditions of households” in the Philippines.6
• The BSP is working with the national government regarding the implementation of a government-
run biometric-based identity system aimed at providing more efficient and equitable government
services, including financial services. 7
• The BSP has issued a series of circulars aimed at supporting digital financial inclusion. Examples
include circulars that enhanced regulations for pawnshops, remittance agents, and other transfer
companies that facilitate access to basic financial services; allowed banks to use third party cash
agents to help expand access to financial services; and permitted certain institutions to implement
reduced know-your-customer rules for low-risk accounts.8
• The Philippines’ first “Economic and Financial Literacy Week” was held from November 7-11, 2016.
This effort was in keeping with the Republic Act No. 10922 (The Economic and Financial Literacy Act
of 2015).9
• In December 2016, the BSP indicated that it would establish “knowledge resource networks” by
February 2017 to help improve the public’s understanding of economic and financial concepts.10
• In June 2016, Executive Order No. 208 facilitating the Establishment of the Financial Inclusion
Steering Committee, was signed by President Aquino.11
• Between June 2012 and June 2016, the percentage of local government units with microbanking
offices grew by 105 percent, according to the BSP.12
Philippines
Next steps
• Operationalize the recommendations of the steering committee regarding the findings of the 2014
Consumer Finance Survey
• Leverage the findings of the BSP’s “Financial Inclusion Initiatives 2015” report, as well as the National
Baseline Survey on Financial Inclusion and other studies, to identify underserved customers and
target financial inclusion initiatives toward those customer segments
• Monitor and assess the efficacy of the new knowledge resource networks
RWANDA
76%
Mobile capacity 83%
Adoption 50%

adults women
$8 7 53% 42% 35%

• Joined the Better Than Cash Alliance in 20142
• Reduced financial exclusion among adults age 16 and older from 17 percentage points between 2012
and 2016, according to a 2016 FinScope survey3
• Implemented mobile money interoperability in 20154
Recent updates
• A May 2017 article noted that the Rwanda Development Board and Mastercard announced a
partnership at the 2016 World Economic Forum on Africa.5 The shared project, called SIKASHI, aims to
digitize state services to promote transparency and digital financial inclusion.6
• At the World Economic Forum on Africa held from May 3-5, 2017, the World Economic Forum, in
collaboration with the central banks of Kenya, Rwanda, and Tanzania, announced a project focused on
financial inclusion in East Africa.7 The initiative will “focus on youth empowerment, the gender gap in
Africa, and financing micro, small and medium-sized enterprises through responsible data capture and
credit analytics.”8
• A January 2017 article noted that the mVisa payment system, led by KCB Bank Rwanda, was close
to being rolled out and was expected to help reduce transaction costs and expand digital financial
inclusion.9
• An October 2016 article explained that Rwanda had instituted the RSwitch, the first payment switch in
East and Central Africa to achieve interoperability.10
• According to the Economist Intelligence Unit’s 2016 Global Microscope report, the government of
Rwanda set a goal to have all savings and credit cooperatives’ operations digitized by the end of 2016.11
Next steps
• Develop a comprehensive financial consumer protection framework
• Provide updates on the status of digitization across savings and credit cooperatives
• Share updates regarding the SIKASHI effort and identify key learnings from the project
SOUTH AFRICA
78%
Mobile capacity 94%
Adoption 72%

adults women
$315 39 69% 70% 70%
• Joined the Alliance for Financial Inclusion in 20101

• Among the top five-scoring countries overall on the 2017 FDIP scorecard2
• Tied for the highest mobile capacity score among the FDIP countries3
• Initiated a Standing Committee on Finance in parliament to address financial sector transformation
issues, including inclusion and access4
Recent updates
• A report by The Boston Consulting Group (BCG) published in April 2017 found that while 70 percent
of the population in South Africa has access to a transactional bank account, usage is quite low.5
Moreover, the savings rate in South Africa is among the lowest in the world.6 However, experts note
that this rate does not capture the significant role of informal savings.7
• One of the positive findings of the BCG report was that financial inclusion percentages are relatively
consistent among men and women.8 This finding related to the “gender gap” in financial inclusion was
supported by a recent FinMark trust report that found a positive gender gap of six percent between
women and men in terms of bank account holdings, which can be explained in part by the large
adoption of social grants among women.9
• The Financial Sector Regulation Bill, which features financial inclusion among its objectives, was
approved by South Africa’s parliament in the fall of 2015 and was expected to be enacted by the end
of 2016 or early 2017 after it was signed by President Zuma.10
• The Economist Intelligence Unit noted in its 2016 report that the “ongoing shift from rules-based to
risk-based supervision is already having an impact on financial inclusion, as banks and other financial
service providers become more risk-averse and therefore less likely to extend credit to low-income
consumers, who are deemed higher risk.”11
• In July 2016, the South African Reserve Bank approved the SA Post Office’s first level application for
a banking license for Postbank, which will enable it to offer banking services beyond the transactional
and savings products it currently offers.12
• Fintech is increasingly prevalent in South Africa, and a fintech regulatory framework is expected to
form part of the Conduct of Financial Institutions Bill in 2017.13
South Africa
Next steps
• Monitor the rise in unsecured lending and consider how to best mitigate the risk of over-indebtedness,
without precluding low-income consumers from accessing the services they need to support their
well-being
• Amplify opportunities for multi-stakeholder discussions on pathways to advancing sustained
engagement with and equity in the financial sector, including the possible formalization of select
informal financial service providers
• Ensure any modifications to anti-money laundering/countering the financing of terrorism guidelines
and policies reflect a risk-proportionate approach
TANZANIA
68%
Mobile capacity 72%
Adoption 42%

adults women
$ 46 29 43% 40% 34%

• Instituted the National Financial Inclusion Framework in 20132
• Launched mobile money interoperability across mobile network operators’ platforms in 20143
• Updated national financial inclusion target to 80 percent of adults using a financial access point by 2017,
given that Tanzania surpassed its initial goal of 50 percent access4
Recent updates
• At the World Economic Forum on Africa held from May 3–5, 2017, the World Economic Forum, in collaboration
with the central banks of Kenya, Rwanda, and Tanzania announced a project focused on financial inclusion in
East Africa.5 The initiative will “focus on youth empowerment, the gender gap in Africa, and financing micro,
small and medium-sized enterprises through responsible data capture and credit analytics.”6
• A November 2016 article highlighted that the National Microfinance Bank had partnered with Tigo Tanzania
and Airtel Money to help address liquidity management problems among agents.7
• A report 8 published in October 2016 titled “Tanzania Postal Bank: Digital Financial Inclusion Through
Popote” noted that, among other lessons learned, there is an advantage to leveraging several channels
(e.g., mobile banking and agency banking) and device options (e.g., mobile phone and point of sale devices)
to fit different client segments.9
• In September 2016, the Bank of Tanzania was awarded the leadership and peer awards by the Alliance for
Financial Inclusion.10
• From August 8–12, 2016, CGAP and the Toronto Centre piloted the first week-long Digital Finance Inclusion
Supervision training program, in which regulators, supervisors, economists, and other key stakeholders from
countries such as Tanzania—as well as several other FDIP countries such as Kenya, Malawi, Uganda, and
Zambia—drafted and discussed action plans pertaining to issues such as e-money balances, interest on trust
accounts, interoperability, and supervision of banks’ and nonbanks’ agent networks.11
Next steps
• Develop a comprehensive national financial consumer protection framework
• Continue to implement financial education and capability initiatives as part of the new National Financial
Education Framework
TURKEY
73%
Mobile capacity 83%
Adoption 64%

adults women
$ 718 58 63% 57% 44%
• Joined the Alliance for Financial Inclusion in 2013 1

• Developed a new consumer protection law in 2013 2
• Launched a national financial inclusion strategy in 2014 3
• Recognized by the Alliance for Financial Inclusion and Women’s World Banking’s March 2016 report
on “Policy Frameworks to Support Women’s Financial Inclusion” as including a focus on women
within its comprehensive financial literacy program 4
Recent updates
• According to the Economist Intelligence Unit’s 2016 “Global Microscope” report, the action plans
on financial education and financial consumer protection, which serve as the two key pillars of the
government’s financial inclusion strategy, are in the process of being implemented.5
Next steps
• Establish inclusive agent banking guidelines to facilitate greater distribution of financial access points
in underserved areas
• Consider developing quantifiable financial inclusion targets to further advance the national financial
inclusion strategy
• Continue to implement the action plans on financial education and financial consumer protection
UGANDA
78%
Mobile capacity 78%
Adoption 58%

adults women
$ 28 20 42% 44% 37%
• Committed to the Maya Declaration in 2011 1

• Established an updated target developed under the Sasana Accord to increase the percentage of the
adult population that is considered formally financially included from 54 percent as of 2013 to at least
70 percent by 2017 2
• Created a joint working group on Mobile Money Financial Services and issued mobile money
guidelines in October 2013 3
• Passed and approved amendments to the 2004 Financial Institutions Act in January 2016, which
enabled the formalization of agent banking 4
Recent updates
• As highlighted by a February 2017 World Bank post, opportunities remain to strengthen financial
access, usage, and education.5 As noted in the post, “[u]p to 60% of adult Ugandans still keep their
savings at home and in the form of assets such as animals. Moreover, a much larger share of the
population, reaching more than 65%, are unable to access formal financial institutions for credit.
This proportion of the population relies on informal sources of finance or their own, their families’,
or their friends’.” 6
• The Bank of Uganda received a grant from the Alliance for Financial Inclusion to support the
development of a new National Strategy for Financial Inclusion, which at the time this report was
prepared was expected to be launched and implemented soon.7 8
• A new FinScope survey is being prepared,9 and results are expected in 2018.10
Next steps
• Strengthen oversight of financial sector to mitigate the risk of fraud and promote consumer
confidence
• Assess the findings of the latest FinScope survey, when available, and identify action items to
address remaining gaps in the financial services market
• Finalize and validate the new national financial inclusion strategy
VIETNAM
64%
Mobile capacity 83%
Adoption 50%

adults women
$ 194 71 76% 31% 32%
• Joined the Better Than Cash Alliance 1

• Published a national microfinance development strategy in 2011 2
• Granted trial licenses for mobile wallet initiatives in December 2014 3
• Exhibits robust unique mobile subscribership and 3G coverage rates 4
Recent updates
• According to the Economist Intelligence Unit’s 2016 “Global Microscope” report, the Vietnam Bank
for Social Policies (VBSP) commissioned a study on demand for mobile services and e-money among
low-income workers and other underserved groups. The study found that the legal and technical
frameworks needed to launch pilot programs are in place, so the VBSP is “working on selecting an
implementation model and strategic partners to launch mobile-based banking services.” 5
Next steps
• Amplify marketing efforts surrounding mobile money services to improve awareness among
consumers
• Develop a national financial inclusion strategy
• Execute the mobile-based banking services implementation model
ZAMBIA
67%
Mobile capacity 78%
Adoption 42%

adults women
$21 9 54% 36% 33%
• Committed to the Maya Declaration in 2011 1

• The 2015 FinScope survey highlighted the role of mobile money in amplifying financial inclusion,
with about 14 percent of adults having or using mobile money 2
• Published the National Payment Systems Directives on Electronic Money Issuance in 2015 3
• Launched the Financial Inclusion Support Framework, in conjunction with the World Bank, in
November 2015 4
Recent updates
• Zambia held Financial Literacy Week from March 27-April 2, 2017 in an effort to “educate and sensitize
the general public about various topics on financial education” as part of its National Strategy on
Financial Education.5
• Mobile money company Zoona was recognized at Zambia’s Financial Literacy Awards for its new
product, Zoona Sunga. The savings product, which was launched in March 2017, is accessible to
customers at any Zoona outlet in Zambia and has no monthly charges, no minimum balance, and no
fee to cash-in (there is a small fee to cash out).6
Next steps
• Advance awareness of digital financial services such as mobile money through collaborative initiatives
by representatives from the public sector, private sector, and civil society entities
• Continue to monitor adoption of mobile money services
• Fully implement branchless banking regulations
45
METHODOLOGY
Research process 2016 and feedback on the 2015 and 2016 FDIP research
outputs more generally.
Timeline for data collection In addition to outreach to in-country experts, the
Selected financial inclusion developments from June FDIP team hosted a roundtable at Brookings and par-
2016 through the end of May 2017 are captured in the ticipated in various financial inclusion convenings. The
2017 country summaries and scorecard. While we have roundtable, held in February 2017, provided an oppor-
made every effort to ensure that the information included tunity for a diverse array of public sector, private sector,
in this report is as complete as possible, the global finan- and civil society representatives to explore questions
cial inclusion landscape is complex and rapidly evolving. situated at the intersection of cybersecurity and finan-
We welcome feedback on country-specific initiatives rel- cial inclusion.
evant to financial inclusion, as well as general feedback This discussion, as well as the FDIP team’s partici-
regarding the 2017 report and scorecard, at FDIPCom- pation in private meetings, invite-only roundtables, and
ments@brookings.edu. public events among diverse financial inclusion entities,
informed and enhanced the research process for the
Engagement strategy current report.
We benefited from high levels of engagement among
many of the in-country financial inclusion experts we
reached out to during the consultation process for the
2017 report. We are deeply grateful for their insights Scoring descriptions
regarding the financial inclusion landscape in their
respective countries. Country commitment indicator descriptions
In addition to coordinating with in-country financial 1. National-level participation in international
inclusion authorities, we engaged with a diverse array financial inclusion-oriented organizations or
of financial sector and development experts based in networks.
the United States through in-person meetings, calls, –– Description: Has the country signed the Alliance for
and participation in private and public events in order Financial Inclusion’s Maya Declaration on Financial
to solicit their perspectives on financial inclusion trends, Inclusion or joined international groups such as the
challenges, and opportunities. Better Than Cash Alliance or the G20’s Financial
For a list of many of the government officials, Inclusion Peer Learning Program?
industry leaders, international finance institution rep-
–– Scoring: 1=No; 3=Yes
resentatives, and other key stakeholders who have
contributed to the FDIP research effort over the previ- –– Sources: Information for this indicator is based
ous year, please refer to the acknowledgments section on the online membership listings for the Alliance
of the report. In-country reviewers were provided with a for Financial Inclusion, the Maya Declaration on
list of selected financial inclusion developments tracked Financial Inclusion, and the Better Than Cash
since spring 2016. We solicited their feedback regarding Alliance, as well as information regarding par-
those key developments, as well as their input regarding ticipation in the G20’s Financial Inclusion Peer
any other salient financial inclusion updates since spring Learning Program.
2. Existence of a national financial inclusion strategy. savings as GDP, and goals related solely to micro-
–– Description: Does a comprehensive national finan- finance (in the narrow sense of microloans) were
cial inclusion strategy exist? not included in our evaluation of quantifiable
financial inclusion goals.
–– Scoring: 1=No; 2=A national financial inclusion
strategy is in development; 3=Yes –– Sources: Information for this indicator was
primarily based on the Alliance for Financial Inclu-
–– Note: As noted in the Alliance for Financial Inclu-
sion’s “2016 Maya Declaration Progress Report:
sion’s “Financial Inclusion Strategies: Global Trends
Celebrating Five Years of Advancing Financial
and Lessons Learnt from the AFI Network” presen-
Inclusion,” with surveys of governmental author-
tation, comprehensive national financial inclusion
ities’ websites, news reports, INGO websites, and
strategies may be presented within a national
correspondence with country contacts deployed
financial sector development plan or as a stand-
as supplementary data.
alone strategy.1
–– Sources: Information for this indicator was pri-

4. Existence of a recent demand-side financial
marily derived from surveys of the Alliance for
services survey conducted or supported by a
Financial Inclusion’s “2016 Maya Declaration Prog-
government entity.
ress Report: Celebrating Five Years of Advancing
Financial Inclusion;” the Alliance for Financial –– Description: Has a nationally representative,
Inclusion Financial Inclusion Strategy Peer Learn- demand-side financial services survey been
ing Group’s “A Timeline of Achievement” and recently conducted or supported by a government
“National Financial Inclusion Strategies: Current entity within the country?
State of Practice” documents; the Economist –– Scoring: 1=No; 3=Yes

Intelligence Unit’s “Global Microscope 2016: The
Enabling Environment for Financial Inclusion;” –– Note: For purposes of this study, “recent” refers
evaluations of online content available from gov- to surveys published within the previous four
ernmental and INGO websites; and information years (i.e., surveys published prior to 2013 are not
provided by government officials within select considered recent). “Conducted or supported” in
FDIP countries. this context signifies that the government either
commissioned the survey or was explicitly noted
as a partner institution by the lead institution con-
3. Existence of quantifiable financial inclusion
ducting the survey.
targets.
–– Description: Do formal, publicly available quanti- –– Sources: The predominant sources consulted
fiable goals related to financial inclusion exist at a for this indicator include the Alliance for Finan-
national level? cial Inclusion’s “2016 Maya Declaration Progress
Report: Celebrating Five Years of Advancing
Financial Inclusion” and the Economist Intelligence
–– Note: While many countries have developed Unit’s “Global Microscope 2016: The Enabling
action items related to financial inclusion that Environment for Financial Inclusion.” Other supple-
contain general timelines for completion, this indi- mentary sources include surveys of governmental
cator specifically focuses on numerical targets. authorities’ and INGO’s websites, as well as cor-
For the purposes of this study, macroeconomic respondence with government representatives in
goals, such as an increase in the percentage of various FDIP focus countries.
5. Existence of a dedicated financial inclusion body Mobile capacity indicator descriptions3

within the public sector. 1. Market penetration with respect to unique
–– Description: Does the country have a dedicated subscribers.
financial inclusion body within the regulator, min- –– Description: GSMA Intelligence defines this indi-
istry of finance, or other governmental entity? cator as “Total subscribers in the market divided
–– Scoring: 1=No; 2=A dedicated final inclusion body by the total population at the end of the period,
is in development; 3=Yes expressed as a percentage.” As noted by the
GSMA, “[s]ubscribers differ from connections such
–– Note: Where a dedicated financial inclusion body that a unique user can have multiple connections.”4
was not in place, but evidence of dedicated staff
coupled with active financial inclusion initiatives –– Scoring: 1=0-33%; 2=34-66%; 3=67-100%
was available, we awarded a score of 3. –– Source: GSMA Intelligence Database, 2017.
–– Sources: The primary source consulted for this

indicator was the World Bank’s “Financial Inclusion 2. 3G mobile coverage by population.
Strategies Database,” which features more than 50 –– Description: “3G mobile coverage, expressed as a
countries that have either “made formal commit- percentage of the total market population, at the
ments under the Alliance for Financial Inclusion’s end of the period,” according to the GSMA. 5
Maya Declaration or have been identified by
–– Scoring: 1=0-33%; 2=34-66%; 3=67-100%
the Financial Inclusion Strategy Peer Learning
Group as having significant national strategies.”2 –– Source: GSMA Intelligence Database, 2017.
Supplementary sources include searches of gov-
ernmental websites, a review of the Alliance for
3. Smartphone adoption.
Financial Inclusion’s “2016 Maya Declaration Prog-
–– Description: According to the GSMA, this indicator
ress Report: Celebrating Five Years of Advancing
is defined as “[s]martphone connections expressed
Financial Inclusion,” and correspondence with
as a percentage share of total connections (exclud-
government representatives.
ing M2M). It is not calculated as smartphone
connections divided by total population.”6
6. Existence of a consumer protection framework
–– Scoring: 1=0-33%; 2=34-66%; 3=67-100%
regarding financial services.
–– Description: Is a financial consumer protection –– Source: GSMA Intelligence Database, 2017.
framework in place?
–– Scoring: 1=No; 2=A specialized financial consumer 4. Availability of bill payments via mobile
protection framework is in development or final- money services.
ized but not yet fully implemented OR certain –– Description: Do mobile money service providers
financial consumer protection provisions are in offer bill payment services?
place; 3=A financial consumer protection frame-
work is in effect.
–– Source: GSMA Mobile Money for the Unbanked
–– Sources: The primary source consulted for this indi-
Deployment Tracker, 2017.
cator was the Economist Intelligence Unit’s “Global
Microscope 2016: The Enabling Environment for
Financial Inclusion.” Supplementary sources 5. Availability of international remittances via
included surveys of publicly available consumer mobile money services.
protection regulations, news sources, and analyses –– Description: Do mobile money service providers
from multinational organizations. offer international remittances?
–– Scoring: 1=No; 3=Yes 3. E-money regulations.

–– Description: Have regulations, policies, or other
–– Source: GSMA Mobile Money for the Unbanked
guidance concerning electronic money (e-money)
Deployment Tracker, 2017.
been issued?
–– Scoring: 1=No e-money regulations are in place or

6. Availability of merchant payments via mobile
appear to be in development; 2=E-money regula-
money services.
tions are in development; 3=E-money regulations
–– Description: Are merchant payments available via
have been issued.
mobile money services?
–– Sources: Scoring for this indicator is primarily
based on analysis from the Economist Intelligence
–– Source: GSMA Mobile Money for the Unbanked Unit’s “Global Microscope 2016: The Enabling
Deployment Tracker, 2017. Environment for Financial Inclusion,” in addition to
surveys of relevant regulations on governmental
websites and correspondence with government
Regulatory environment indicator descriptions representatives.
1. Agent banking.
–– Description: Can banks or other formal financial
4. Mobile money platform interoperability.
institutions contract with other legal entities to
–– Description: Is the capacity for mobile money
serve as agents to provide financial services?
platform interoperability required by the regula-
–– Scoring: 1=No; 3=Yes tor or other financial inclusion authority and/or are
mobile money platforms actively interoperable?
–– Sources: Sources used to score this indicator
include the Economist Intelligence Unit’s “Global –– Scoring: 1=No requirements concerning the
Microscope 2016: The Enabling Environment for capacity for platform interoperability have been
Financial Inclusion,” surveys of country-specific issued by the regulator, and there is no evidence of
legislation, news reports, INGO publications, and interoperability; 2=Platforms are explicitly required
correspondence with in-country experts. to have the capacity for interoperability OR efforts
to develop an interoperable platform have been
advanced significantly; 3=Two or more mobile
2. Inclusive ecosystem for mobile financial service money platforms are actively interoperable.
deployment principals.
–– Description: Are a diverse array of entities, includ- –– Note: While there are numerous types of interop-
ing mobile network operators, eligible to apply for erability, for the purposes of this study we focus on
licenses or other formal approval from the regula- platform interoperability, in which mobile money
tor to lead mobile money deployments? 7 platforms are interconnected so that a “customer
with an account with one service provider can send
–– Scoring: 1=No; 3=Yes or receive money to or from the account of a cus-
tomer with a different service provider.”8
–– Sources: Scoring for this indicator is based
primarily on the Economist Intelligence Unit’s –– Sources: The predominant sources consulted
“Global Microscope 2016: The Enabling Envi- for this indicator were surveys of regulations on
ronment for Financial Inclusion,” surveys of governmental websites, news articles, INGO and
country-specific legislation, news reports, INGO industry publications, and correspondence with
publications, and correspondence with in-coun- in-country experts. This research was supple-
try experts. mented with surveys of the Economist Intelligence
Unit’s “Global Microscope 2016: The Enabling Envi- across all countries included in this study spanned a rela-
ronment for Financial Inclusion.” tively narrow subrange. We normalized the data by taking
the difference between the highest and lowest values
across all countries in this study, and then dividing that
5. Account access and usage.
range into three equal subranges, corresponding respec-
–– Description: Are account opening and usage
tively to a score of 1, 2, and 3. For example, using this
requirements (e.g., know-your-customer pro-
approach, for an indicator in which the raw data ranged
cesses and minimum balance requirements) for
from 50 percent for the worst-performing country to 79
savings products at regulated financial institutions
percent for the best-performing country, countries with
conducive to the adoption of these products by
raw data scores from 50 percent to 59 percent would
underserved populations? 9
receive a “1,” countries with raw data scores from 60
–– Scoring: 1=No/Somewhat; 3=Yes percent to 69 percent would receive a “2.” and countries
with raw data scores from 70 percent to 79 percent would
–– Sources: The Economist Intelligence Unit’s “Global
receive a “3.” 12
The specific indicators we used to measure adop-
Financial Inclusion” was the main resource con-
tion are the following:
sulted for this indicator. Correspondence with
country contacts and reviews of country-specific 1. Formal financial institution account penetration
regulations, INGO and industry reports, and news among lower-income adults.
articles served as supplementary sources. –– Description: The 2014 Global Findex description
for the data used for this indicator is “percentage
6. Cash-in/cash-out at agent locations. of respondents who report having an account (by
–– Description: Are agents permitted to perform both themselves or together with someone else) at a
cash-in and cash-out services within the context of bank or another type of financial institution; having
an inclusive regulatory environment?10 a debit card in their own name; receiving wages,
government transfers, or payments for agricultural
–– Scoring: 1=Agents are not permitted to perform products into an account at a financial institution
cash-in and cash-out services; 2=Agents are per- in the past 12 months; paying utility bills or school
mitted to perform cash-in and cash-out services, fees from an account at a financial institution in the
but regulations constrain the entry of certain past 12 months; or receiving wages or government
agents into the market; 3=Agents are permitted transfers into a card in the past 12 months (income,
to perform cash-in and cash-out services within poorest 40%, % age 15+).”
the context of an inclusive regulatory environment
–– Scoring: 1=5-22%; 2=23-40%; 3=41-58%
–– Sources: The Economist Intelligence Unit’s “Global
2. Formal financial institution account penetration
Financial Inclusion” served as the main source for
among women.
this indicator, in addition to surveys of news arti-
–– Description: The 2014 Global Findex description
cles, websites of industry associations and financial
for the data used for this indicator “denotes the
service providers, correspondence with in-country
percentage of respondents who report having an
experts, and studies conducted by non-govern-
account (by themselves or together with some-
ment entities.
one else) at a bank or another type of financial
institution; having a debit card in their own name;
Adoption indicator descriptions11 receiving wages, government transfers, or pay-
For each of the percentage indicators below, the scoring ments for agricultural products into an account
ranges have been normalized since the range of data at a financial institution in the past 12 months;
paying utility bills or school fees from an account 7. Percentage of adults utilizing online bill
at a financial institution in the past 12 months; or payments and purchases.
receiving wages or government transfers into a –– Description: The 2014 Global Findex description
card in the past 12 months (female, % age 15+).” for the data used for this indicator is the percent-
age of adults who reported “paying bills or making
–– Scoring: 1=3-24%; 2=25-47%; 3=48-69%
purchases online using the Internet in the past 12
months (% age 15+).”
3. Borrowing from a financial institution.
–– Scoring: 1=0-5%; 2=6-13%; 3=14-19%
for the data used for this indicator is the percent-
age of adults who “borrowed any money in the 8. Mobile money account penetration among
past 12 months (by themselves or together with lower-income adults.
someone else) from a bank or another type of –– Description: The 2014 Global Findex description
financial institution. This does not include the use for the data used for this indicator is the “percent-
of credit cards.” age of respondents who report personally using
a mobile phone to pay bills or to send or receive
–– Scoring: 1=2-7%; 2=8-14%; 3=15-20% money through a GSM Association (GSMA) Mobile
Money for the Unbanked (MMU) service in the past
4. Saving at a financial institution. 12 months; or receiving wages, government trans-
–– Description: The 2014 Global Findex description fers, or payments for agricultural products through
for the data used for this indicator is the percent- a mobile phone in the past 12 months (income,
age of respondents who “report saving or setting lowest 40%, % age 15+).”
aside any money in the past 12 months by using –– Scoring: 1=0-17%; 2=18-35%; 3=36-53%
an account at a bank or another type of financial
institution (% age 15+).”
9. Mobile money account penetration among
–– Scoring: 1=3-12%; 2=13-23%; 3=24-33% women.
–– Description: The 2014 Global Findex description for
the data used for this indicator is the percentage
5. Debit card use.
of women who “personally us[ed] a mobile phone
to pay bills or to send or receive money through a
the data used for this indicator is “the percentage
mobile money service in the previous 12 months
of respondents who report using their own debit
or who received wages, government transfers,
card directly to make a purchase in the last 12
or payments for agricultural products through a
months (% age 15+).”
phone in the previous 12 months.”
–– Scoring: 1=0-13%; 2=14-28%; 3=29-42%
–– Scoring: 1=0-17%; 2=18-37%; 3=38-55%
6. Credit card use.

10. Mobile phone used to receive salary or wages
(among recent wage-earners).13
the data used for this indicator is “the percentage
of respondents who report using their own credit
for the data used for this indicator reads “among
card in the past 12 months (% age 15+).”
respondents who reported receiving any money
–– Scoring: 1=0-9%; 2=10-19%; 3=20-29%. from an employer in the past 12 months in the form
of a salary or wages for doing work, percentage these payments through a mobile phone (% paying
of adults who received salary or wages through a utility bills, age 15+).”
mobile phone in the last 12 months.”
–– Scoring: 1=0-17%; 2=18-37%; 3=38-55%
–– Scoring: 1=0-7%; 2=8-17%; 3=18-25%
12. Frequency of account usage.15

11. Mobile phone used to make utility payments –– Description: The 2014 Global Findex description
(among adults regularly making utility bill for the data used for this indicator is “the percent-
payments).14 age of respondents with an account at a bank or
–– Description: The 2014 Global Findex description for another type of financial institution who report that
money is withdrawn from their account three or
the data used for this indicator “denotes, among
more times in a typical month (% with an account,
respondents reporting personally making regular
age 15+).”
payments in the past 12 months for water, electric-
ity, or trash collection, the percentage who made –– Scoring: 1=3-12%; 2=13-22%; 3=23-32%
52
APPENDIX: SCORING CHANGES
The table below indicates the percentage point difference in countries’ percentage scores between 2016 and 2017.
Note that the adoption dimension is not included in the table, as the indicators and scores for that dimension remained
consistent between 2016 and 2017.
 Country  Mobile Capacity  Regulatory

Country  Overall Score Commitment Score Score Environment Score
Afghanistan 6 17 6 6
Bangladesh 0 0 0 0
Brazil 1 0 6 0
Chile 0 0 0 0
Colombia -1 0 -5 0
Dominican Republic 2 11 0 0
Egypt 4 11 6 5
El Salvador 1 0 5 0
Ethiopia 1 0 5 0
Haiti 0 0 0 0
India 1 0 0 6
Indonesia 0 0 0 0
Kenya 2 0 6 0
Malawi 0 0 0 0
Mexico 5 6 11 5
Nigeria 2 0 5 6
Pakistan 0 0 0 0
Peru 3 0 16 0
Philippines 0 0 0 0
Rwanda 0 0 0 0
South Africa 0 0 0 0
Tanzania 0 0 0 0
Turkey 1 0 5 0
Uganda 0 0 0 0
Vietnam 3 11 5 0
Zambia 0 0 0 0
53
ENDNOTES
1 John D. Villasenor, Darrell M. West, and Robin J. Lewis, “The 2016 18 “State of the Industry Report on Mobile Money,” GSMA, March
Brookings Financial and Digital Inclusion Project Report,” The 2017, 6, https://www.gsma.com/mobilefordevelopment/wp-
Brookings Institution, August 2016, 2, https://www.brookings. content/uploads/2017/03/GSMA_State-of-the-Industry-Report-
edu/wp-content/uploads/2016/07/fdip_20160803_project_ on-Mobile-Money_2016-1.pdf.
report.pdf.
19 Ibid, 8.
2 Ibid.
20 Ibid, 34.
3 John D. Villasenor, Darrell M. West, and Robin J. Lewis, “The 2015
Brookings Financial and Digital Inclusion Project Report,” The 21 John Villasenor, “Smartphones for the Unbanked: How Mobile
Brookings Institution, 23 August 2015, https://www.brookings. Money Will Drive Digital Inclusion in Developing Countries,”
edu/research/the-2015-brookings-financial-and-digital- The Brookings Institution, 16 September 2013, https://www.
inclusion-project-report/. brookings.edu/research/smartphones-for-the-unbanked-
how-mobile-money-will-drive-digital-inclusion-in-developing-
4 John D. Villasenor, Darrell M. West, and Robin J. Lewis, “The 2016 countries/.
Brookings Financial and Digital Inclusion Project Report,” The
Brookings Institution, August 2016, https://www.brookings.edu/ 22 “BiM – The First Fully-Interoperable Mobile Money Platform: Now
research/the-2016-brookings-financial-and-digital-inclusion- Live in Peru,” Center for Financial Inclusion Blog, 17 February
project-report/. 2016, https://cfi-blog.org/2016/02/17/bim-the-first-fully-
interoperable-mobile-money-platform-now-live-in-peru/.
5 John D. Villasenor, Darrell M. West, and Robin J. Lewis,
“Bridging the financial inclusion gender gap,” The Brookings 23 Pablo Anton Diaz and Tomas Conde, “Modelo Peru,”
Institution, 1 April 2016, https://www.brookings.edu/blog/ Center for Financial Inclusion, January 2017, http://www.
techtank/2016/04/01/bridging-the-financial-inclusion-gender- centerforfinancialinclusion.org/storage/documents/Modelo_
gap/. Peru_CFI_IIF_Brief_2017.01.30-Final.pdf.
6 “The Mobile Economy,” GSMA, 2017, 2, https://www.gsma 24 Ibid.

intelligence.com/research/?file=9e927fd6896724e7b26
25 “State of the Industry Report on Mobile Money,” GSMA, March
f33f61db5b9d5&download.
2017, 34, https://www.gsma.com/mobilefordevelopment/wp-
7 “Financial Inclusion Department,” Da Afghanistan Bank, content/uploads/2017/03/GSMA_State-of-the-Industry-Report-
Undated, http://dab.gov.af/en/page/about-the-bank/ on-Mobile-Money_2016-1.pdf.
departments/mortgage.
26 Robert Cull, Tilman Ehrbeck, and Nina Holle, “Financial Inclusion
8 Ibid. and Development: Recent Impact Evidence,” Consultative
Group to Assist the Poor, 29 April 2014, http://www.cgap.org/
9 Ibid. publications/financial-inclusion-and-development-recent-
impact-evidence.
10 Ibid.
27 James Manyika, Susan Lund, Marc Singer, Olivia White, and
11 See https://dailynewsegypt.com/2017/05/14/establishment- Chris Berry, “Digital Finance for All: Powering Inclusive Growth
financial-inclusion-unit-support-strengthen-financial-inclusion- in Emerging Economies,” McKinsey & Company, September
egypt-bassiouny/. 2016, http://www.mckinsey.com/~/media/McKinsey/Global%20
Themes/Employment%20and%20Growth/How%20digital%20
12 “Members,” Better Than Cash Alliance, 2017, Accessed May 2017,
finance%20could%20boost%20growth%20in%20emerging%20
https://www.betterthancash.org/members/government.
economies/MG-Digital-Finance-For-All-Full-report-
13 “Mexico to Accelerate Path to Financial Inclusion,” The World September-2016.ashx.
Bank, 23 June 2016, http://www.worldbank.org/en/news/
feature/2016/06/23/mexico-to-accelerate-path-to-financial- 28 Leora Klapper, Mayada El-Zoghbi, and Jake Hess, “Achieving the
inclusion. Sustainable Development Goals,” Consultative Group to Assist
the Poor, 22 April 2016, http://www.cgap.org/publications/
14 “Mexico Launches Comprehensive Financial Inclusion Strategy,” achieving-sustainable-development-goals.
Center for Financial Inclusion Blog, 1 July 2016, https://cfi-blog.
org/2016/07/01/mexico-launches-comprehensive-financial- 29 “Maya Declaration,” Alliance for Financial Inclusion, May 2017,
inclusion-strategy/. http://www.afi-global.org/maya-declaration.
30 “Celebrating Five Years of Advancing Global Financial Inclusion,”

15 “The Mobile Economy,” GSMA, 2017, 10, https://www.gsma
intelligence.com/research/?file=9e927fd6896724e7b26 Alliance for Financial Inclusion, August 2016, 3, http://www.
f33f61db5b9d5&download/. afi-global.org/sites/default/files/publications/2016-08/2016%20
Maya%20Progress%20Report-2.pdf.
16 Ibid, 10.
31 Ibid, 4.
17 Ibid, 46.
32 “Seizing the Moment: On the Road to Financial Inclusion,” 51 “Financial Stability Implications from FinTech,” Financial Stability
Center for Financial Inclusion, October 2013, 19, http://www. Board, 27 June 2017, 4, http://www.fsb.org/wp-content/
centerforfinancialinclusion.org/publications-a-resources/ uploads/R270617.pdf.
browse-publications/555-seizing-the-moment-on-the-road-
to-financial-inclusion. 52 John Villasenor, “Ensuring Cybersecurity In Fintech: Key Trends
And Solutions,” Forbes, 25 August 2016, https://www.forbes.
33 “Responsible Finance: Financial Capability and Consumer com/sites/johnvillasenor/2016/08/25/ensuring-cybersecurity-
Protection,” The World Bank, 2017, http://responsiblefinance. in-fintech-key-trends-and-solutions/#49f17c0335fd.
worldbank.org/publications/financial-capability.
53 Redrawing the lines: FinTech’s growing influence on Financial
34 Julia Arnold and Elisabeth Rhyne, “A Change in Behavior: Services,” PwC, 2017, 12, https://www.pwc.com/gx/en/
Innovations in Financial Capability,” Center for Financial industries/financial-services/assets/pwc-global-fintech-
Inclusion, April 2016, https://centerforfinancialinclusionblog. report-2017.pdf.
files.wordpress.com/2016/04/a-change-in-behavior-final.pdf.
54 “Financial Stability Implications from FinTech,” Financial Stability
35 Ibid. Board, 27 June 2017, 2, http://www.fsb.org/wp-content/
uploads/R270617.pdf.
36 “AFI Data Portal,” Alliance for Financial Inclusion, 2017, https://
www.afi-dataportal.org/. 55 Robin Lewis, John Villasenor and Darrell West, “Advancing
cybersecurity and inclusivity within the global financial
37 “Blurred Lines: How FinTech is shaping Financial Services,” PwC, ecosystem,” TechTank Blog, 19 April 2017, https://www.
3, March 2016, https://www.pwc.com/gx/en/advisory-services/ brookings.edu/blog/techtank/2017/04/19/brookings-
FinTech/pwc-fintech-global-report.pdf. roundtable-readout-advancing-cybersecurity-and-inclusivity-
within-the-global-financial-ecosystem/.
38 Ibid.
56 Ibid.
39 Dong He et. al., “Fintech and Financial Services: Initial
Considerations,” International Monetary Fund, 19 June 2017, 5, 57 Ibid.
https://www.imf.org/en/Publications/Staff-Discussion-Notes/
Issues/2017/06/16/Fintech-and-Financial-Services-Initial- 58 John Villasenor, “Ensuring Cybersecurity In Fintech: Key Trends
Considerations-44985. And Solutions,” Forbes, 25 August 2016, https://www.forbes.
com/sites/johnvillasenor/2016/08/25/ensuring-cybersecurity-
40 “Financial Stability Implications from FinTech,” Financial Stability in-fintech-key-trends-and-solutions/#49f17c0335fd.
Board, 27 June 2017, 8, http://www.fsb.org/wp-content/
uploads/R270617.pdf.
41 “Blurred Lines: How FinTech is shaping Financial Services,” PwC,

21, March 2016, https://www.pwc.com/gx/en/advisory-services/ AFGHANISTAN ENDNOTES
FinTech/pwc-fintech-global-report.pdf.
1 See the World Bank’s World Development Indicators data for
42 Ibid, 8.
GDP at market prices (current USD) as of 2015, available at
43 Ibid, 8, 12. http://data.worldbank.org/data-catalog/world-development-
indicators. Please refer to this source for the GDP figures listed
44 “Redrawing the lines: FinTech’s growing influence on Financial in the other country profiles within this report.
Services,” PwC, 2017, https://www.pwc.com/gx/en/industries/
financial-services/assets/pwc-global-fintech-report-2017.pdf. 2 Adult population figures for individuals aged 15 and older for
2015 were calculated using data from the World Bank’s World
45 Sonja Kelly, Dennis Ferenzy, Allyse McGrath, “How Financial Development Indicators database, available at http://data.
Institutions and Fintechs Are Partnering for Inclusion: Lessons worldbank.org/data-catalog/world-development-indicators.
from the Frontlines,” Institute of International Finance and Please refer to this source for the adult population figures listed
Center for Financial Inclusion, July 2017, 9, http://www. in the other country profiles within this report.
centerforfinancialinclusion.org/storage/CFI_IIF_FI_Fintech_
Partnerships_Report_2017.07.pdf. 3 See the GSMA’s “GSMA Intelligence” database, available (with
subscription) at https://gsmaintelligence.com. Figures reflect Q1
46 Andrew Meola, “The Fintech Report 2016: Financial industry 2017 GSMA Intelligence data. Please refer to this source for the
trends and investments,” Business Insider, 14 December 2016, unique mobile subscribership figures listed in the other country
http://www.businessinsider.com/the-fintech-report-2016- profiles within this report. See the methodology section of this
financial-industry-trends-and-investment-2016-12. report for the GSMA’s definition of unique mobile subscribership.
47 “Redrawing the lines: FinTech’s growing influence on Financial 4 See the World Bank’s 2014 Global Financial Inclusion (Global
Services,” PWC, 2017, 3, https://www.pwc.com/gx/en/ Findex) database, available at http://datatopics.worldbank.org/
industries/financial-services/assets/pwc-global-fintech- financialinclusion/. Please refer to this source for the account
report-2017.pdf. ownership figures listed in the other country profiles within this
report.
48 Sonja Kelly, Dennis Ferenzy, Allyse McGrath, “How Financial
Institutions and Fintechs Are Partnering for Inclusion: Lessons 5 See the World Bank’s 2014 Global Financial Inclusion (Global
from the Frontlines,” Institute of International Finance and Findex) database, available at http://datatopics.worldbank.org/
Center for Financial Inclusion, July 2017, 33, http://www. financialinclusion/. Please refer to this source for the women’s
centerforfinancialinclusion.org/storage/CFI_IIF_FI_Fintech_ account ownership figures listed in the other country profiles
Partnerships_Report_2017.07.pdf. within this report.
49 Ibid, 6. 6 “Member Institutions,” Alliance for Financial Inclusion, 20 June

2017, http://www.afi-global.org/members/. Note that specific
50 Pavel Shoust, “Regulators and Fintech: influence is mutual?” dates regarding Maya Declaration and/or Alliance for Financial
Russian Electronic Money Association, 21 September 2016, Inclusion commitments were last accessed in May 2016.
http://pubdocs.worldbank.org/en/770171476811898530/
Session-4-Pavel-Shoust-Regulatory-Sandboxes-21-09-2016.pdf. 7 “Government of Afghanistan Joins Better Than Cash Alliance,”
Better Than Cash Alliance, 22 January 2013, https://www.
betterthancash.org/news/media-releases/government-of-
afghanistan-joins-better-than-cash-alliance.
8 “Money Service Providers Regulation,” Da Afghanistan Bank, 2 “National Financial Inclusion Strategies: Current State of
2008, http://www.fintraca.gov.af/assets/pdf/money_ service_ Practice,” Alliance for Financial Inclusion, October 2015, http://
providers_regulation.pdf. www.afi-global.org/sites/default/files/publications/fisplg-state_
of_practice.pdf.
9 Email correspondence with representative of FAIDA
on July 31, 2015. 3 “Relatório de Inclusão Financeira: Número 3,” Banco Central do
Brasil, 2015, https://www.bcb.gov.br/Nor/relincfin/RIF2015.pdf.
10 “Afghanistan’s Government will Strengthen the Electronic An English translation of the document, published in May 2017, is
Payment System,” USAID, 26 October 2015, https://www. available here: http://www.bcb.gov.br/Nor/relincfin/RIF2015EN.
usaid.gov/afghanistan/news-information/press-releases/ pdf.
afghanistan%E2%80%99s-government-will-strengthen-
electronic. 4 “Brasil’s unique approach to financial inclusion highlighted
during 6th International Week of Financial Citizenship,” Alliance
11 “Press Release: Afghanistan Mobile Money Public Awareness for Financial Inclusion, 6 December 2016, http://www.afi-global.
Campaign,” USAID, 22 February 2016, https://www.usaid.gov/ org/news/2016/12/brasils-unique-approach-financial-inclusion-
afghanistan/news-information/press-releases/ highlighted-during-6th-international-week.
afghanistan-mobile-money-public-awareness-campaign.
5 Email communication with a representative of the Banco Central
12 “Financial Inclusion Department,” Da Afghanistan Bank, 2017, do Brasil on August 16, 2017. See http://www.bcb.gov.br/pt-
http://dab.gov.af/en/page/about-the-bank/departments/ br/#!/c/BCMAIS/.
mortgage.
6 “Sobre o Evento,” Banco Central do Brasil, Undated, https://
13 “Press Release: SmartVista empowers entire Afghanistan cidadaniafinanceira.bcb.gov.br/forum/sobre.
national payment system,” BPC Group, 30 March 2016,
http://www.bpcbt.com/news/press-releases/smartvista- 7 Email communication with a representative of the Banco Central
empowersentire-afghanistan-national-payment-system. do Brasil on August 16, 2017. See https://cidadaniafinanceira.
bcb.gov.br/forum/Paginas/plano-fortalecimento-cidadania-
14 “Mobile money takes off slowly in Afghanistan,” Transfer financeira.aspx.
To, October 2016, https://www.transfer-to.com/news/1053/
Mobile-money-takes-off-slowly-in-Afghanistan-. 8 “Série Cidadania Financeira, “ Banco Central do Brasil,
September 2016, http://www.bcb.gov.br/Nor/relincfin/serie_
15 Ibid. cidadania_financeira_3_uso_qualidade_servicos.pdf.
9 “Financial Citizenship Report,“ Banco Central do Brasil,

August 2016, http://www.afi-global.org/sites/default/files/
BANGLADESH ENDNOTES publications/2016-08/financial_citizenship_report_central_
bank_brazil.pdf.
1 “Maya Declaration,” Alliance for Financial Inclusion, May 2017, 10 Email communication with a representative of the Banco Central
http://www.afi-global.org/maya-declaration. Note that specific do Brasil on August 18, 2017. See http://www.bcb.gov.br/pt-
dates regarding Maya Declaration and/or Alliance for Financial br/#!/n/SERIESTEMPORAIS.
Inclusion commitments were last accessed in May 2016.

CHILE ENDNOTES
3 “Financial Inclusion Department,” Bangladesh Bank, Undated,
https://www.bb.org.bd/aboutus/dept/dept_details.php. 1 “Maya Declaration,” Alliance for Financial Inclusion, May 2017,
http://www.afi-global.org/maya-declaration. Note that specific
4 See https://www.bb.org.bd/mediaroom/circulars/smespd/
dates regarding Maya Declaration and/or Alliance for Financial
jan072016smespd01.pdf. Link and information provided by a
representative of Bangladesh Bank on April 28, 2016.
2 J.P. Palacios, “Gobierno anuncia creación del Consejo Nacional
5 “Bangladesh recognised for financial inclusion,” The Daily Star,
5 May 2017, http://www.thedailystar.net/business/bangladesh- de Inclusión Financiera,” 7 March 2014, http://www.latercera.
recognised-financial-inclusion-1400830. com/noticia/gobierno-anuncia-creacion-del-consejo-nacional-
de-inclusion-financiera/.
6 “Agent Banking Activities: January-March 2017,”Bangladesh
3 2014 Global Financial Inclusion database (Global Findex),
Bank, Undated, https://www.bb.org.bd/pub/quaterly/agent_
banking/jan_mar2017.pdf. The World Bank, 2015, http://datatopics.worldbank.org/
financialinclusion/.
7 “Report on Financial Inclusion (10, 50 and 100 taka account),”
4 “The Value of Sex-Disaggregated Data,” The Global Banking
Bangladesh Bank, March 2017, https://www.bb.org.bd/pub/
quaterly/financial_inclution_report/mar2017.pdf. Alliance for Women, Inter-American Development Bank, and
Data2X, 2015, 24, http://www.gbaforwomen.org/download/
8 Email communication with a representative of Bangladesh Bank draft-report-measuring-womens-financial-inclusion/.
on August 17, 2017.
5 “2nd Conference on Banking Development, Stability and
Sustainability,” SBIF, Undated, http://conference.sbif.cl/2016/
index.html.
BRAZIL ENDNOTES 6 “Encuesta de medición de capacidades financieras en los países
andinos: Chile 2016,” Development Bank of Latin America,
1 “Maya Declaration,” Alliance for Financial Inclusion, May 2017, December 2016, http://scioteca.caf.com/handle/123456789/985.
http://www.afi-global.org/maya-declaration. Note that specific 7 “Global Microscope 2016: The Enabling Environment for
Financial Inclusion,” The Economist Intelligence Unit, 2016, 30,
http://www.centerforfinancialinclusion.org/storage/documents/
EIU_Microscope_2016_WEBr2_2016.11.03.pdf.
COLOMBIA ENDNOTES EGYPT ENDNOTES
1 “Maya Declaration,” Alliance for Financial Inclusion, May 2017, 1 “Member Institutions,” Alliance for Financial Inclusion, 20 June
http://www.afi-global.org/maya-declaration. Note that specific 2017, http://www.afi-global.org/members/. Note that specific
dates regarding Maya Declaration and/or Alliance for Financial dates regarding Maya Declaration and/or Alliance for Financial
Inclusion commitments were last accessed in May 2016. Inclusion commitments were last accessed in May 2016.
2 “Financial Inclusion: A Path to Empowerment and Opportunity,” 2 See the downloadable Excel document associated with
United Nations Secretary-General’s Special Advocate for the Economist Intelligence Unit’s “Global Microscope 2015:
Inclusive Finance for Development, September 2014, 5, https:// The Enabling Environment for Financial Inclusion” report,
www.unsgsa.org/files/7914/1115/8105/93735_UNDP_Web-2.pdf. available at https://www.eiu.com/public/topical_report.
aspx?campaignid=MicroscopeDec2015.
3 Xavier Gine, Nidia Garcia, and Jose Gomez-Gonzalez, “Financial
Information in Colombia,” Banco de la Republica, Colombia, 2017, 3 “Micro Finance,” Egyptian Financial Supervisory Authority, 2014,
4, http://www.banrep.gov.co/docum/Lectura_finanzas/pdf/ http://www.efsa.gov.eg/content/efsa_en/micro_pages_en/
be_984.pdf. main_micro_page_en.htm.
4 Jose Sanin, “Understanding the new mobile money regulation 4 See http://www.dailynewsegypt.com/2017/05/14/
in Colombia: An interview with Maria Galindo of the Colombian establishment-financial-inclusion-unit-support-strengthen-
Financial Regulation Agency, “ GSMA, 17 September 2015, financial-inclusion-egypt-bassiouny/.
https://www.gsma.com/mobilefordevelopment/programme/
mobile-money/understanding-the-new-mobile-money- 5 See http://dailynewsegypt.com/2017/05/08/ebi-organises-9th-
regulation-in-colombia-an-interview-with-maria-galindo-of-the- annual-conference-enhancing-financial-inclusion-egyptian-
colombian-financial-regulation-agency. banking-sector/.
5 Email communication with a representative of Banca 6 Ali Ahmed, “Egypt central bank plans launch new unit for
de las Oportunidades on August 14, 2017. See http:// financial inclusion,” Amwal Al Ghad, 12 April 2017, http://
bancadelasoportunidades.gov.co/es/programas?tid%5B11%5D en.amwalalghad.com/business/banks/56260-egypt-central-
=11&tid%5B12%5D=12&tid%5B13%5D=13&tid%5B14%5D=14&tid_ bank-plans-launch-new-unit-for-financial-inclusion.html.
1%5B18%5D=18.
7 Ibid.
6 Jared Wade, “Banco de Bogota Plans to Bring Its ‘Financial 8 “State of the Industry Report on Mobile Money,” GSMA, 2017,
Inclusion’ Program to 50 More Municipalities in 2017,” Finance https://www.gsma.com/mobilefordevelopment/wp-content/
Colombia, 17 April 2017, http://www.financecolombia.com/ uploads/2017/03/GSMA_State-of-the-Industry-Report-on-
banco-de-bogota-plans-bring-financial-inclusion-program- Mobile-Money_2016-1.pdf.
50-municipalities-2017/.
7 “Using Electronic Payments to Expand Financial Inclusion in

Colombia,” Grameen Foundation, 30 June 2016, http://www.
grameenfoundation.org/press-releases/using-electronic- EL SALVADOR ENDNOTES
payments-expand-financial-inclusion-colombia.
1 “Maya Declaration,” Alliance for Financial Inclusion, May 2017,
DOMINICAN REPUBLIC ENDNOTES Inclusion commitments were last accessed in May 2016.
2 Mireya Almazán and Jennifer Frydrych, “Mobile financial services

1 “Members,” Better Than Cash Alliance, 2017, Accessed May 2017, in Latin America & the Caribbean: State of play, commercial
https://www.betterthancash.org/members/government. models, and regulatory approaches,” GSMA, May 2015, 12,
2 Claire Scharwatt, Arunjay Katakam, Jennifer Frydrych, Alix https://www.gsma.com/mobilefordevelopment/wp-content/
Murphy, and Nika Naghavi, “2014 State of the Industry: Mobile uploads/2015/09/2015_GSMA_Mobile-financial-services-in-
Financial Services for the Unbanked,” GSMA, 14, https:// Latin-America-the-Caribbean.pdf.
www.gsma.com/mobilefordevelopment/wp-content/
3 “Asamblea Legislativa aprueba Ley para Facilitar la Inclusión
uploads/2015/03/SOTIR_2014.pdf.
Financiera,” [English translation by Google Translate], 19
3 “Global Microscope 2015: The Enabling Environment for August 2015, Banco Central de Reserva de El Salvador,
Financial Inclusion,” Economist Intelligence Unit, December http://www.bcr.gob.sv/esp/index.php?option=com_
2015, 73, https://www.eiu.com/public/topical_report. k2&view=item&id=666:asamblea-legislativa-aprueba-ley-
aspx?campaignid=MicroscopeDec2015. para-facilitar-la-inclusi%C3%B3n-financiera&Itemid=168.
4 Email correspondence with representatives of the Banco Central 4 “Celebrating Five Years of Advancing Global Financial Inclusion,”
de la República Dominicana on June 6, 2016. Alliance for Financial Inclusion, August 2016, 31, http://www.
afi-global.org/sites/default/files/publications/2016-08/2016%20
5 “Members,” Better Than Cash Alliance, 2017, https://www. Maya%20Progress%20Report-2.pdf.
betterthancash.org/members/government. Note that specific
dates regarding Better Than Cash Alliance commitments were 5 “Ley Para Facilitar La Inclusion Financiera,” Banco Central
last accessed in May 2017. de Reserva de El Salvador, Undated, http://www.bcr.gob.sv/
bcrsite/uploaded/content/category/486974882.pdf.
6 “Digital transformation for greater financial inclusion,” World
Finance, 4 July 2016, https://www.worldfinance.com/banking/ 6 Jennifer Frydrych, “Regulation in El Salvador and Honduras: On
digital-transformation-for-greater-financial-inclusion. the Brink of Enabling,” GSMA, 21 September 2016, https://www.
gsma.com/mobilefordevelopment/programme/%20mobile-
money/regulation-in-el-salvador-and-honduras-on-the-brink-
of-enabling.
7 “Celebrating Five Years of Advancing Global Financial Inclusion,” INDIA ENDNOTES

Alliance for Financial Inclusion, August 2016, 31, http://www.
afi-global.org/sites/default/files/publications/2016-08/2016%20
Maya%20Progress%20Report-2.pdf. 1 “Member Institutions,” Alliance for Financial Inclusion, May
2017, http://www.afi-global.org/members/. Note that specific
ETHIOPIA ENDNOTES 2 “Pradhan Mantri Jan Dhan Yojana,” PMJDY, Undated, Accessed
May 2016, https://www.pmjdy.gov.in/about.
Inclusion commitments were last accessed in May 2016. 4 “RBI grants ‘in-principle’ approval to 11 Applicants for Payments
Banks,” Reserve Bank of India, 19 August 2015, https://www.rbi.
2 “2015 Maya Declaration Progress Report: Commitments into
org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=34754.
Action,” Alliance for Financial Inclusion, 2015, 20, http://www.
afi-global.org/sites/default/files/publications/2015_maya_ 5 BI India Bureau, “How viable are payments banks in
report_rev.1_low_res.pdf. India,” Business Insider India, 28 May 2017, http://www.
businessinsider.in/How-viable-are-payments-banks-in-India/
3 “Expanding Access to Financial Services through New
articleshow/58878021.cms.
Technological Channels in El Salvador,” The World
Bank, 21 October 2014, http://www.worldbank.org/en/ 6 “Demonetization in India Is Causing More than Economic Harm,”
results/2014/10/21/xpanding-access-to-financial-services- Center for Financial Inclusion, 25 November 2016, https://cfi-
through-new-technological-channels-in-el-salvador. blog.org/2016/11/25/demonetization-in-india-is-causing-more-
than-economic-harm/.
4 Ibid.
7 Ibid.
5 “HomeSend, Mastercard Aim to Transform the $3bn Remittance
Industry in Ethiopia,” Business Wire, 21 September 2016, https:// 8 Leena Datwani, “India’s Push for Financial Inclusion,”
sports.yahoo.com/news/homesend-mastercard-aim-transform- Consultative Group to Assist the Poor, 2 February 2017,
3bn-160500827.html. http://www.cgap.org/publications/india%E2%80%99s-
push-financial-inclusion.
6 Jake Bright, “McKinsey says digital finance adoption could add
trillions to high growth economies,” Techcrunch, 21 September 9 “Demonetization in India Is Causing More than Economic Harm,”
2016, https://techcrunch.com/2016/09/21/mckinsey-says- Center for Financial Inclusion, 25 November 2016, https://cfi-
digital-finance-adoption-could-add-trillions-to-high-growth- blog.org/2016/11/25/demonetization-in-india-is-causing-more-
economies/. than-economic-harm/.
7 “Celebrating Five Years of Advancing Global Financial Inclusion,” 10 Ibid.
Alliance for Financial Inclusion, August 2016, 31, http://www.
afi-global.org/sites/default/files/publications/2016-08/2016%20 11 “Demonetisation won’t have lasting benefits: Larry Summers,”
Maya%20Progress%20Report-2.pdf. The Hindu, 2 December 2016, http://www.thehindu.com/
business/Economy/Demonetisation-won%E2%80%99t-
have-lasting-benefits-Larry-Summers/article16721441.
ece?ref=topnavwidget.
HAITI ENDNOTES 12 Email communication with independent consultant
on June 26, 2017.
http://www.afi-global.org/maya-declaration. Note that specific 13 “State of the Industry Report on Mobile Money,” GSMA, 2017,
dates regarding Maya Declaration and/or Alliance for Financial https://www.gsma.com/mobilefordevelopment/wp-content/
Inclusion commitments were last accessed in May 2016. uploads/2017/03/GSMA_State-of-the-Industry-Report-on-
Mobile-Money_2016-1.pdf.
2 See the downloadable Excel document associated with
the Economist Intelligence Unit’s “Global Microscope 2015:
The Enabling Environment for Financial Inclusion” report,
available at https://www.eiu.com/public/topical_report. INDONESIA ENDNOTES
aspx?campaignid=MicroscopeDec2015.
3 Stratégie Nationale d’Inclusion Financière,” Banque de la 1 “Maya Declaration,” Alliance for Financial Inclusion, May 2017,
République d’Haiti (in collaboration with the World Bank), http://www.afi-global.org/maya-declaration. Note that specific
Undated, http://www.brh.net/documents/strategie_inclusion_ dates regarding Maya Declaration and/or Alliance for Financial
fin.pdf. Inclusion commitments were last accessed in May 2016.
4 Email correspondence with a representative of the World Bank 2 Grace D. Amianti, “OJK invites more players to join branchless
on May 4, 2016. banking program,” The Jakarta Post, 17 May 2016, http://www.
thejakartapost.com/news/2016/01/05/ojk-invites-more-players-
5 “The Global Microscope 2016: The enabling environment for join-branchless-banking-program.html.
financial inclusion,” EIU (Economist Intelligence Unit), 2016, 32,
http://www.centerforfinancialinclusion.org/storage/documents/ 3 Gunnar Camner, “Snapshot: Implementing Mobile Money
EIU_Microscope_2016_English_web.pdf. Interoperability in Indonesia,” GSMA, 2013, 5, https://www.gsma.
com/mobilefordevelopment/wp-content/uploads/2013/10/
Implementing-mobile-money-interoperability-in-Indonesia.pdf.
4 Yunnie Marzuki, “Survey highlights risks to Indonesian

consumers in using digital financial services,” Digital News Asia,
26 May 2017, https://www.digitalnewsasia.com/digital-economy/
survey-highlights-risks-indonesian-consumers-using-digital-
financial-services.
5 Ghiyazuddin Mohammad and Alfa G. Pelupessy, “Emerging 6 Jeffrey Riecke, “The Competition Authority of Kenya Opts for
Risks and Customer Protection in Digital Financial Services Pricing Transparency,” Center for Financial Inclusion at Accion,
in Indonesia,” MicroSave, 15 May 2017, http://www.microsave. 7 June 2017, https://cfi-blog.org/2017/06/07/the-competition-
net/resource/emerging_risks_and_customer_protection_ authority-of-kenya-opts-for-pricing-transparency/.
in_digital_financial_services_in_indonesia.
7 “Kenya’s Safaricom resumes some services after network
6 “Indonesia Wins 2017 Global Inclusion Award,” Netral News, outage,” Reuters, 24 April 2017, http://af.reuters.com/article/
6 May 2017, http://www.en.netralnews.com/news/business/ africaTech/idAFKBN17Q0L7-OZABS.
read/5282/indonesia.wins.2017.global.inclusion.award.
8 “Kenyan Government Expands Insurance and Social Security via
7 Prima Wirayani, “Financial Inclusion among Indonesians Digital Finance,” Center for Financial Inclusion, 15 February 2017,
improves,” The Jakarta Post, 16 January 2017, http://www. https://cfi-blog.org/2017/02/15/kenyan-government-expands-
thejakartapost.com/news/2017/01/16/financial-inclusion- insurance-and-social-security-via-digital-finance/.
among-indonesians-improves.html.
8 UNSGSA, “Jumpstarting Financial Inclusion in Indonesia: The

power of technology, strategy, regulation, and customer-
centricity,” 30 August 2016, https://www.unsgsa.org/resources/
MALAWI ENDNOTES
speeches/jumpstarting-financial-inclusion-indonesia-power-
technology/. 1 “Maya Declaration,” Alliance for Financial Inclusion, May 2017,
9 Anisa Menur A. Maulani, “Consumer protection is the core of the dates regarding Maya Declaration and/or Alliance for Financial
new fintech guideline: Indonesia’s financial services authority,” Inclusion commitments were last accessed in May 2016.
E27 (Entrepreneurs 27), 24 August 2016, https://e27.co/
level-playing-field-consumer-protection-to-be-the-center-of- 2 “Members,” Better Than Cash Alliance, 2017, Accessed May 2017,
upcoming-fintech-industry-guideline-indonesias-ojk-20160824/. https://www.betterthancash.org/members/government.
10 Ina Parlina, “Indonesia promotes financial inclusion with new 3 Jamie M. Zimmerman, Kristy Bohling, Brian Le Sar, Brian Loeb,
strategy,” The Jakarta Post, 18 November 2016, http://www. Neil Nyirongo, and Titus Kavalo, “Country Diagnostic: Malawi,”
thejakartapost.com/news/2016/11/18/indonesia-promotes- Bankable Frontier Associates and Better Than Cash Alliance,
financial-inclusion-with-new-strategy.html. March 2015, https://www.betterthancash.org/tools-research/
case-studies/country-diagnostic-malawi.
11 Pandu Aditya Kristy, “Fintech Talk: Fintech in Indonesia:
Between fragmentation and financial inclusion,” The Jakarta 4 “Putting Financial Inclusion on the Global Map: 2013
Post, 7 February 2017, http://www.thejakartapost.com/ Maya Declaration Progress Report,” Alliance for Financial
news/2017/02/07/fintech-talk-fintech-in-indonesia-between- Inclusion, 12 September 2013, 27, http://www.afi-global.org/
fragmentation-and-financial-inclusion.html. publications/1193/The-2013-Maya-Declaration-Report-Putting-
Financial-Inclusion-on-the-Global-Map.
12 Anisa Menur A. Maulani, “Indonesia fintech event IFFC 2016 is
set to champion financial inclusion,” Entrepreneurs 27 (E27), 25 5 “Mobile money expands financial inclusion and economic
August 2016, https://e27.co/indonesian-fintech-industry-mega- empowerment in Malawi,” FHI 360, 9 January 2017, https://
event-is-set-to-champion-financial-inclusion-20160825/. www.fhi360.org/news/mobile-money-expands-financial-
inclusion-and-economic-empowerment-malawi.
13 Anton Hermansyah, “Queen Maxima praises Indonesia’s financial
inclusion efforts,” The Jakarta Post, 31 August 2016, http://www. 6 “USAID: Feed the Future Malawi Mobile Money,” FHI 360,
thejakartapost.com/news/2016/08/31/queen-mxima-praises- Undated, https://www.fhi360.org/projects/usaid-feed-
indonesias-financial-inclusion-efforts.html. future-malawi-mobile-money.
7 Ibid.
KENYA ENDNOTES
MEXICO ENDNOTES
dates regarding Maya Declaration and/or Alliance for Financial 1 “Maya Declaration,” Alliance for Financial Inclusion, May 2017,
Inclusion commitments were last accessed in May 2016. http://www.afi-global.org/maya-declaration. Note that specific
2 “Members,” Better Than Cash Alliance, 2017, Accessed May 2017, Inclusion commitments were last accessed in May 2016.
2 Juan Manuel Valle, “Mexico’s National Council for Financial
3 John D. Villasenor, Darrell M. West and Robin J. Lewis, Inclusion,” CGAP, 16 February 2012, http://www.cgap.org/blog/
“The 2016 Brookings Financial and Digital Inclusion Project mexico%E2%80%99s-national-council-financial-inclusion.
Report: Advancing Equitable Financial Ecosystems,” Center
for Technology Innovation at Brookings, August 2016, 6, 3 “Mexico advances in financial inclusion: SHCP” [Translation by
https://www.brookings.edu/wp-content/uploads/2016/08/ Google Translate], 6 November 2015, http://www.informador.
fdip_20160816_project_report.pdf. com.mx/economia/2015/631009/6/mexico-avanza-en-
inclusion-financiera-shcp.htm.
4 “Kenya witnesses 50% increase in financial inclusion in last
4 “Reporte Nacional de Inclusión Financiera 7,” Consejo Nacional
decade,” FSD Kenya, 18 February 2016, http://fsdkenya.org/
news/kenya-witnesses-50-increase-in-financial-inclusion- de Inclusión Financiera, 2016, 7, http://www.cnbv.gob.
in-last-decade/. mx/Inclusi%C3%B3n/Documents/Reportes%20de%20IF/
Reporte%20de%20Inclusion%20Financiera%207.pdf.
5 Brian Ngugi, “Kenya hosts financial inclusion conference
5 “State of the Industry Report on Mobile Money, Decade Edition:
next month,” Business Daily Africa, 16 April 2017, http://www.
businessdailyafrica.com/magazines/Kenya-hosts-financial- 2006-2016,” GSMA, 1 March 2017, https://www.gsma.com/
inclusion-conference-next-month/1248928-3892092-wb7votz/. mobilefordevelopment/wp-content/uploads/2017/03/GSMA_
State-of-the-Industry-Report-on-Mobile-Money_2016-1.pdf.
6 Email communication with a representative of the Tesorera de la 12 Olayinka David West et. al., “Digital Financial Services in
Federación on August 11, 2017. Nigeria: State of the Market Report 2016,” Lagos Business
School, December 2016, https://www.researchgate.net/
7 “Global Microscope 2016: The Enabling Environment for publication/311615447_Digital_Financial_Services_in_Nigeria_
Financial Inclusion,” The Economist Intelligence Unit, 2016, State_of_the_Market_Report_2016.
http://www.centerforfinancialinclusion.org/storage/documents/
EIU_Microscope_2016_WEBr2_2016.11.03.pdf. 13 Ibid.
8 President of the Republic, 21 June 2016, https://www.gob. 14 “Digital Finance takes centre stage at Financial Inclusion Summit
mx/presidencia/prensa/mexico-incluyente-es-un-pais-en- in Nigeria,” Central Bank of Nigeria, 1 February 2017, https://
donde-los-derechos-no-solo-sean-un-ideal-sino-una-realidad- www.cbn.gov.ng/out/2017/ccd/financial%20inclusion%20
permanente-en-la-vida-diaria-de-sus-habitantes?idiom=e- newsletter_feb%202017_volume%202%20issue%201_final.pdf.
s&hootPostID=59e0b3040a7725b90ee6f6f77ec46fca.
15 Paul Adepoju, “Nigeria: 3 million new jobs by 2025,” ITWebAfrica,
9 “Mexico’s route to financial inclusion begins with commitment 21 December 2016, http://www.itwebafrica.com/ict-
to reduce the use of cash,” Better Than Cash Alliance, 23 June and-governance/265-nigeria/237216-nigeria-3-million-new-
2016, https://www.betterthancash.org/news/media-releases/ jobs-by-2025.
mexicos-route-to-financial-inclusion-begins-with-commitment-
to-reduce-the-use-of-cash. 16 Ibid.
NIGERIA ENDNOTES PAKISTAN ENDNOTES
1 “Maya Declaration,” Alliance for Financial Inclusion, May 2017, 1 “Maya Declaration,” Alliance for Financial Inclusion, May 2017,
http://www.afi-global.org/maya-declaration. Note that specific http://www.afi-global.org/maya-declaration. Note that specific
dates regarding Maya Declaration and/or Alliance for Financial dates regarding Maya Declaration and/or Alliance for Financial
Inclusion commitments were last accessed in May 2016. Inclusion commitments were last accessed in May 2016.
2 “National Financial Inclusion Strategy: Summary Report,” 2 Simone di Castri, “Mobile Money: Enabling regulatory
Central Bank of Nigeria, 20 January 2012, http://www.cbn.gov. solutions,” GSMA, February 2013, 21, https://www.gsma.com/
ng/Out/2012/publications/reports/dfd/CBN-Summary%20 mobilefordevelopment/wp-content/uploads/2013/02/MMU-
Report%20of-Financial%20Inclusion%20in%20Nigeria-final.pdf. Enabling-Regulatory-Solutions-di-Castri-2013.pdf.
3 “Agent banking in Nigeria: Factors that would motivate 3 “Finance Minister launches National Financial Inclusion Strategy
merchants to engage – September 2013,” EFInA, 2013, http:// for Pakistan,” State Bank of Pakistan, 22 May 2015, http://www.
www.efina.org.ng/our-work/research/other-research/agent- sbp.org.pk/press/2015/FM-22-May-2015.pdf.
banking-in-nigeria-factors-that-would-motivate-merchants-
4 “Mobile Money Deployment Tracker,” GSMA, May 2016, https://
to-engage-sep-2013/.
www.gsma.com/mobilefordevelopment/m4d-tracker/mobile-
4 “Regulatory Framework for Licensing Super-Agents in Nigeria,” money-deployment-tracker.
Central Bank of Nigeria, 2015, http://www.cbn.gov.ng/out/2015/ 5 Phoebe Rorke, “Microcapital Brief: World Bank Providing $130m
bpsd/regulatory%20framework%20for%20licensing%20super-
for Financial Inclusion Effort in Pakistan,” Microcapital, 17 April
agents%20in%20nigeria.pdf.
2017, http://www.microcapital.org/microcapital-brief-world-
5 “Paga Partners NIPOST on Financial Inclusion,” THISDAY bank-providing-130m-financial-inclusion-effort-pakistan/.
NEWSPAPERS LTD., 1 May 2017, https://www.thisdaylive.com/
6 “Govt determined to financial, digital inclusion: Dar,” Pakistan
index.php/2017/05/01/paga-partners-nipost-on-financial-
Today, 22 February 2017, https://www.pakistantoday.com.pk/
inclusion/.
2017/02/22/govt-determined-to-financial-digital-inclusion-dar/.
6 Bukola Aroloye, “Furore over new bank charges” The Nation, 7 Amanullah Khan, “Fast track growth of digital ecosystem,
23 April 2017, http://thenationonlineng.net/furore-new-bank-
financial inclusion,” Pakistan Observer, http://pakobserver.net/
charges/.
fast-track-growth-digital-ecosystem-financial-inclusion/.
7 Brian, “Dr, Olayinka David-West: How to Drive Financial Inclusion 8 “Mastercard helps expand financial inclusion in Pakistan by
in Nigeria,” Stellar.org, 1 May 2017, https://www.stellar.org/blog/ optimizing National ID cards with e-payment functionality,”
financial-inclusion-nigeria-lagos-business-school-david-west- Mastercard, 18 January 2017, https://newsroom.mastercard.
olayinka/. com/mea/press-releases/mastercard-helps-expand-financial-
8 Chima Nwokoji-Lagos, “Financial Inclusion: CBN takes money inclusion-in-pakistan-by-optimizing-national-id-cards-with-
matters to secondary schools,” Nigerian Tribune, http:// e-payment-functionality/.
tribuneonlineng.com/financial-inclusion-cbn-takes-money-
9 “Deal signed to digitise Pakistan Post’s money order service,”
matters-secondary-schools/.
Daily Times, 27 October 2016, http://dailytimes.com.pk/khyber-
9 “2017 Nigeria Global Money Week,” Child & Youth Finance pakhtunkhwa/27-Oct-16/deal-signed-to-digitise-pakistan-posts-
International, https://www.globalmoneyweek.org/regions/ money-order-service.
africa/nigeria.html.
10 “CBN marks Global Money Week 2017 to promote financial

literacy for youth,” Financial Nigeria, 29 March 2017, http://www. PERU ENDNOTES
financialnigeria.com/cbn-marks-global-money-week-2017-to-
promote-financial-literacy-for-youth-news-1204.html.
11 Rokaya Helfer, “Big Data Means Big Opportunity for Women’s http://www.afi-global.org/maya-declaration. Note that specific
Financial Inclusion in Nigeria,” Women’s World Banking, 20 dates regarding Maya Declaration and/or Alliance for Financial
March 2017, https://www.womensworldbanking.org/news/ Inclusion commitments were last accessed in May 2016.
blog/big-data-means-big-opportunity-womens-financial-
inclusion-nigeria/. 2 “Members,” Better Than Cash Alliance, 2016, https://www.
betterthancash.org/members/government/page/2.
3 “Global Microscope 2014: The enabling environment for Financial 12 Mayvelin U. Caraballo, “BSP cites microbanking offices’ role in
Inclusion,” The Economist Intelligence Unit, Sponsored by MIF/ financial inclusion,” The Manila Times, 2 January 2017, http://
IDB, CAF, ACCION, and Citi, 2014, https://www.eiu.com/public/ www.manilatimes.net/bsp-cites-microbanking-offices-role-
topical_report.aspx?campaignid=microscope2014. financial-inclusion/304662/.
4 “Ericsson and ASBANC launch connected mobile money service

in Peru,” Ericsson, 16 February 2016, http://www.ericsson.com/
news/1986139.
RWANDA ENDNOTES
5 “BIM, Peru’s first mobile money wallet: lessons learnt,” Banking
Technology, 28 April 2017, http://www.bankingtech.com/ 1 “Maya Declaration,” Alliance for Financial Inclusion, May 2017,
815942/perus-first-mobile-money-wallet-bim-lessons-learnt/. http://www.afi-global.org/maya-declaration. Note that specific
6 Pablo Antón Díaz and Tómas Conde, “Modelo Peru: Unique
Model, Unique Challenges, Bright Future,” Center for Financial
Inclusion, 5, http://www.centerforfinancialinclusion.org/storage/ 2 “Members,” Better Than Cash Alliance, 2016, https://www.
documents/Modelo_Peru_CFI_IIF_Brief_2017.01.30.pdf. betterthancash.org/members/government/page/2.
7 “Modelo Perú: What’s Next for the Groundbreaking Mobile 3 “FinScope Rwanda 2016,” Access to Finance Rwanda, March
Money Platform,” Center for Financial Inclusion, 7 February 2017, 2016, 33, http://statistics.gov.rw/publication/finscope-
https://cfi-blog.org/2017/02/07/modelo-peru-whats-next-for- rwanda-2016.
the-groundbreaking-mobile-money-platform/.
4 “Airtel, Tigo to launch a Mobile Money Interoperability Pilot in
8 Ibid. Rwanda,” PC Tech Group, 10 October 2015, http://pctechmag.
com/2015/10/airtel-tigo-to-launch-a-mobile-money-
interoperability-pilot-in-rwanda/.
PHILIPPINES ENDNOTES 5 Njabulo Buthelezi, “Rwanda: Mastercard, Rwanda Extend

Financial Inclusion Pact,” allAfrica, 4 May 2017, http://allafrica.
com/stories/201705050137.html.
http://www.afi-global.org/maya-declaration. Note that specific 6 Ibid.
Inclusion commitments were last accessed in May 2016. 7 Fumnanya Agbugah, “Kenya, Rwanda and Tanzania Join
WEF in Promoting Financial Inclusion in East Africa,”
2 Robin J. Lewis, John D. Villasenor, and Darrell M. West, “The Ventures Africa, 5 May 2017, http://venturesafrica.com/kenya-
2017 Brookings Financial and Digital Inclusion Project Report: rwanda-and-tanzania-join-wef-in-promoting-financial-inclusion-
Building a secure and inclusive global financial ecosystem,” in-east-africa/.
Center for Technology Innovation at Brookings, August 2017,
https://www.brookings.edu/research/the-2017-brookings- 8 Ibid.
financial-and-digital-inclusion-project-report/.
9 Peterson Tumwebaze, “New mobile payments facility
3 “National Strategy for Financial Inclusion,” Bangko Sentral ng to help enhance financial inclusion,” The New Times,
Pilipinas, http://www.bsp.gov.ph/downloads/publications/2015/ 20 January 2017, http://www.newtimes.co.rw/section/
PhilippinesNSFIBooklet.pdf. article/2017-01-20/207256/.
4 “BSP and Industry Launces the National Retail Payment System,” 10 Nathan Wire, “Africa: Rwanda’s Financial Inclusion Story
Bangko Sentral ng Pilipinas, 24 July 2015, http://www.bsp.gov. Is Impressive, Challenging,” The Monitor, 24 October 2016,
ph/publications/media.asp?id=3948. http://allafrica.com/stories/201610240045.html.
5 Angela Celis and Jimmy Calapati, “Espenilla is new BSP chief,” 11 “Global Microscope 2016: The Enabling Environment for
Malaya Business Insight, 9 May 2017, http://www.malaya.com.ph/ Financial Inclusion,” The Economist Intelligence Unit,
business-news/business/espenilla-new-bsp-chief. Supported by IDB, OMIN, CFI, ACCION, MetLife, 43, http://
www.centerforfinancialinclusion.org/storage/documents/
6 Jaime S. Cabag Jr., “BSP pushes immediate actions on financial EIU_Microscope_2016_English_web.pdf.
inclusion,” Philippine Information Agency, 27 May 2017, http://
pia.gov.ph/news/articles/901495868988.
7 Email communication with a representative of the Bangko

SOUTH AFRICA ENDNOTES
Sentral ng Pilipinas on August 16, 2017.
8 Ibid. Also see http://www.bsp.gov.ph/regulations/regulations. 1 “Member Institutions,” Alliance for Financial Inclusion, 20 June
asp?type=1. 2017, http://www.afi-global.org/members/. Note that specific
9 “Economic and Financial Literacy Week 2017 (Theme: Pera at
Ekonomiya, Usapang May Kwenta),” Republic of the Philippines,
National Economic and Development Authority, November 2016, 2 Robin J. Lewis, John D. Villasenor, and Darrell M. West, “The
http://www.neda.gov.ph/2016/11/04/economic-and-financial- 2017 Brookings Financial and Digital Inclusion Project Report:
literacy-week-2016/. Building a secure and inclusive global financial ecosystem,”
Center for Technology Innovation at Brookings, August 2017,
10 Ser Percival K. Pena-Reyes, “Insights on financial literacy and
https://www.brookings.edu/research/the-2017-brookings-
inclusion from PES 54,” Business Mirror, 1 December 2016,
financial-and-digital-inclusion-project-report/.
http://www.businessmirror.com.ph/insights-on-financial-
literacy-and-inclusion-from-pes-54/. 3 John D. Villasenor, Darrell M. West and Robin J. Lewis,
“The 2016 Brookings Financial and Digital Inclusion Project
11 “Financial Inclusion in the Philippines,” Bangko Sentral
Report: Advancing Equitable Financial Ecosystems,” Center
No Pilipinas, 2016, 3, http://www.bsp.gov.ph/downloads/
for Technology Innovation at Brookings, August 2016, 91,
Publications/2016/FIP_2Sem2016.pdf.
https://www.brookings.edu/wp-content/uploads/2016/08/
fdip_20160816_project_report.pdf.
4 Email communication with a representative of the Centre for 7 “Tanzania: Banks, Mobile Money Agents Drive Up Financial
Financial Regulation and Inclusion on August 21, 2017. See, for Inclusion,” Tanzania Daily News, 1 November 2016, http://
example, https://www.thedti.gov.za/parliament/2017/Financial_ allafrica.com/stories/201611010445.html.
Sector.pdf.
8 “Tanzania Postal Bank: Digital Financial Inclusion Through
5 Klaus Kessler et al., “Improving Financial Inclusion in POPOTE,” WSBI, PHB Development, and e-MFP, October 2016,
South Africa,” BCG, 11 April 2017, https://www.bcg.com/ https://www.microfinancegateway.org/library/tanzania-postal-
publications/2017/globalization-improving-financial-inclusion- bank-digital-financial-inclusion-through-popote.
south-africa.aspx.
9 “Tanzania Postal Bank: Digital Financial Inclusion Through
6 “Improving Financial Inclusion in SA’s Cash Society,” City Press, POPOTE,” WSBI, PHB Development, and e-MFP, October 2016,
21 April 2017, http://city-press.news24.com/Business/improving- 5, http://www.e-mfp.eu/sites/default/files/resources/2016/10/
financial-inclusion-in-sas-cash-society-20170421. Tanzania%20Postal%20Bank%20Case%20study%202016%20
final.pdf.
7 Email communication with a representative of the Centre for
Financial Regulation and Inclusion on August 21, 2017. See, for 10 “AFRICA: Tanzania Tops Africa in Financial Inclusion Drive,”
example, https://www.iol.co.za/business-report/stokvel-report- Tanzania Daily News, 7 November 2016, http://allafrica.com/
how-south-africans-save-their-money-9636937. stories/201611070895.html.
8 Klaus Kessler et al., “Improving Financial Inclusion in 11 Ivo Jenik and Salvador Chang, “Digital Financial Inclusion
South Africa,” BCG, 11 April 2017, https://www.bcg.com/ Supervision: Tanzania Pilot Program,” CGAP, 21 November
publications/2017/globalization-improving-financial-inclusion- 2016, http://www.cgap.org/blog/digital-financial-inclusion-
south-africa.aspx. supervision-tanzania-pilot-program.
9 Prinesha Naidoo, “SA leads SADC in Financial Inclusion of

Women,” MoneyWeb, 30 August 2016, https://www.moneyweb.
co.za/news/south-africa/sa-leads-sadc-in-financial-inclusion-of-
women/.
TURKEY ENDNOTES
10 “DA and EFF oppose Financial Sector Regulation Bill,” eNCA. 1 “Member Institutions,” Alliance for Financial Inclusion, 20 June
com, 7 December 2016, http://www.enca.com/money/da-and- 2017, http://www.afi-global.org/members/. Note that specific
eff-oppose-financial-sector-regulation-bill. dates regarding Maya Declaration and/or Alliance for Financial
11 “Global Microscope 2016: The Enabling Environment for
Financial Inclusion,” The Economist Intelligence Unit, 2 “Global Microscope 2014: The Enabling Environment for Financial
Supported by IDB, OMIN, CFI, ACCION, MetLife, 44, http:// Inclusion,” Economist Intelligence Unit, Sponsored by MIF/IDB,
www.centerforfinancialinclusion.org/storage/documents/ CAF, ACCION, and Citi, 2014, 40, https://www.eiu.com/public/
EIU_Microscope_2016_English_web.pdf. topical_report.aspx?campaignid=microscope2014.
12 Gareth van Zyl, “Post Office near to winning banking licence,” 3 “Financial Access, Financial Education, Financial Consumer
Fin24Tech, 8 July 2016, http://www.fin24.com/Tech/Companies/ Protection Strategy and Action Plans,” Republic of Turkey
post-office-near-to-winning-banking-licence-20160708. Prime Ministry Undersecretariat of Treasury et al., June 2014, 1,
https://hazine.gov.tr/File/?path=ROOT%2F1%2FDocuments
13 Email communication with a representative of the Centre for
%2FGeneral+Content%2FFinancial+Inclusion.pdf.
Financial Regulation and Inclusion on August 21, 2017.
4 “Policy Frameworks to Support Women’s Financial Inclusion,”
Alliance for Financial Inclusion and Women’s World Banking,
March 2016, 17, http://www.afi-global.org/sites/default/files/
TANZANIA ENDNOTES publications/2016-08/2016-02-womenfi.1_0.pdf.
5 “Global Microscope 2016: The Enabling Environment for

1 “Maya Declaration,” Alliance for Financial Inclusion, 20 June Financial Inclusion,” The Economist Intelligence Unit, Supported
2017, http://www.afi-global.org/maya-declaration. Note that by IDB, OMIN, CFI, ACCION, MetLife, 26-27, http://www.
specific dates regarding Maya Declaration and/or Alliance for centerforfinancialinclusion.org/storage/documents/EIU_
Financial Inclusion commitments were last accessed in May 2016. Microscope_2016_English_web.pdf.
2 “National Financial Inclusion Framework: A Public-Private
Stakeholders’ Initiative (2014-2016),” Tanzania National Council
for Financial Inclusion, 2013, http://www.cgap.org/blog/digital-
financial-inclusion-supervision-tanzania-pilot-program. UGANDA ENDNOTES
3 Henry Lyimo, “Major Telecoms Attain Financial Interoperability,”
Daily News, 18 February 2016, http://allafrica.com/
stories/201602180528.html.
4 “Bank of Tanzania Aims At 80% Financial Inclusion for 2017,” Inclusion commitments were last accessed in May 2016.
Tanzania Invest, 16 February 2016, http://www.tanzaniainvest.
2 “Commitment update made by Bank of Uganda,” Bank of
com/finance/banking/bank-of-tanzania-bot-sets-80-percent-
Uganda, Undated, 1, http://www.afi-global.org/sites/default/
financial-inclusion-for-2017.
files/publications/2016-08/2016%20Maya%20Progress%20
5 Fumnanya Agbugah, “Kenya, Rwanda and Tanzania Join Report-2.pdf.
WEF in Promoting Financial Inclusion in East Africa,” Ventures
3 “Bank of Uganda Financial Stability Report,” Bank of Uganda,
Africa, 5 May 2017, http://venturesafrica.com/kenya-rwanda-
2016, 27, https://www.bou.or.ug/bou/bou-downloads/financial_
and-tanzania-join-wef-in-promoting-financial-inclusion-in-
stability/Rpts/All/Financial-Stability-Report--June-2016.pdf.
east-africa/.
6 Ibid.
4 Mark Keith Muhumuza, “Uganda: How Amended Financial 5 “2017 Financial Literacy Week,” Bankers Association of Zambia,
Law Could Revolutionize Banking,” Sunday Monitor, 11 January 2017, http://www.boz.zm/FLW-2017-Concept-Note-A4-Final.pdf.
2016, http://www.monitor.co.ug/Business/How-amended-
financial-law-could-revolutionise-banking/-/688322/3027954/-/ 6 “Mobile money company Zoona, scoops prestigious awards,”
pome0lz/-/index.html. IT News Africa, 26 June 2017, https://www.itnewsafrica.
com/2017/06/zambia-mobile-money-company-zoona-
5 Rachel K. Sebudde, “In Uganda, greater financial inclusion is the scoops-prestigious-awards/.
key to unlocking rapid growth,” World Bank, 9 February 2017,
https://blogs.worldbank.org/africacan/in-uganda-greater-
financial-inclusion-is-the-key-to-unlocking-rapid-growth.
METHODOLOGY ENDNOTES
6 Ibid.
7 “Celebrating Five Years of Advancing Global Financial Inclusion,” 1 Robin Newnham, “Financial Inclusion Strategies: Global Trends
Alliance for Financial Inclusion, 2016, http://www.afi-global.org/ and Lessons Learnt from the AFI Network,” Presented in Bogota,
sites/default/files/publications/2016-08/2016%20Maya%20 Colombia, 28-29 April 2014, 13, https://www.slideshare.net/
Progress%20Report-2.pdf. AFI-Global/financial-inclusion-strategies-global-trends-and-
lessons-learned-from-the-afi-networkf.
8 Email communication with a representative of the Bank of
Uganda on August 21, 2017. 2 Martin Cihak and Parabal Singh, “An Analysis of National
Financial Inclusion Strategies,” All About Finance Blog, The
9 Ibid.
World Bank, 2 December 2013, http://blogs.worldbank.org/
10 Ibid. allaboutfinance/analysis-national-financial-inclusion-strategies.
3 Note that all GSMA Intelligence Database data reflects Q1 2017

figures. GSMA Mobile Money for the Unbanked Deployment
Tracker data was last accessed on June 27, 2017.
VIETNAM ENDNOTES
4 “How do you forecast unique subscribers?,” GSMA Intelligence,
Undated, https://gsmaintelligence.com/help/172/.
1 “Members,” Better Than Cash Alliance, 2017, Accessed May
2017, https://www.betterthancash.org/members/government/ 5 “Data: Metrics,” GSMA Intelligence, 2014-2016, Accessed
page/3. June 2017, https://www.gsmaintelligence.com/metrics/308/.
2 “2010 Law on Credit Institutions,” Mayer Brown, 13 August 6 Ibid.
2010, https://www.mayerbrown.com/files/Publication/
fe81c1a3-4740-4ed9-bf6f-98cb1b631712/Presentation/ 7 Consistent with the GSMA’s consideration of enabling mobile
PublicationAttachment/71bfe980-02a8-42e1-b094-e29ff782be money environments, we consider regulatory landscapes in
a4/2010LawonCreditInstitutions.pdf. which mobile network operators are permitted to lead mobile
money services directly, through a dedicated subsidiary, as
3 “Mobile Wallet Market Report 2016,” Viral JSC, 2017, http:// a payments bank (or equivalent), or through a “letter of no
viracresearch.com/wp-content/uploads/2014/09/En_-Vietnam- objection” to the non-bank or its partner bank, to constitute
Mobile-Wallet-comprehensive-report-2016-preview.pdf. an “enabling” environment (note that the GSMA has additional
criteria relating to cash-in/cash-out at agents, interoperability,
4 See the GSMA’S GSMA Intelligence database, available
and capital requirements). Therefore, countries that fit these
(with subscription) at https://gsmaintelligence.com/.
criteria are awarded a 3 for this indicator. See http://www.gsma.
5 “Global Microscope 2016: The Enabling Environment for com/mobilefordevelopment/wp-content/uploads/2015/03/
Financial Inclusion,” The Economist Intelligence Unit, SOTIR_2014.pdf (page 71). We recognize that there are many
Supported by IDB, OMIN, CFI, ACCION, MetLife, 24, http:// non-bank mobile money providers beyond simply mobile
www.centerforfinancialinclusion.org/storage/documents/ network operators (MNOs); however, since data show that
leadership of MNOs is generally associated with faster growing
EIU_Microscope_2016_English_web.pdf.
deployments, we include a specific reference to MNOs in our
metrics for the purposes of this study. See https://www.gsma.
com/mobilefordevelopment/programme/mobile-money/
is-regulation-holding-back-financial-inclusion-a-look-at-
ZAMBIA ENDNOTES the-evidence and http://papers.ssrn.com/sol3/papers.
cfm?abstract_id=2578312 for further information.
http://www.afi-global.org/maya-declaration. Note that specific 8 Kabir Kumar and Michael Tarazi, “Interoperability in Branchless
dates regarding Maya Declaration and/or Alliance for Financial Banking and Mobile Money,” Consultative Group to Assist
Inclusion commitments were last accessed in May 2016. the Poor, 9 January 2012, http://www.cgap.org/blog/
interoperability-branchless-banking-and-mobile-money-0.
2 “FinScope 2015,” fsdZambia, 2015, 19, http://www.fsdzambia.
org/wp-content/uploads/2016/05/FINSCOPE-REPORT- 9 For the purposes of this study, we consider proportionate
2015.pdf. “know-your-customer” processes to be such requirements that
may be relaxed depending upon the level of perceived risk
3 “The National Payments Systems Directives on Electronic posed by the customer. The Financial Action Task Force states
Money Issuance, 2015,” Republic of Zambia Government that a “progressive” know your customer (KYC)/customer due
Gazette, 26 June 2015, http://www.boz.zm/payment- diligence (CDD) approach allows transaction/payment limits
systems/201506Directive-NationalPaymentSystemsDirectiveson to vary based on the level of documentation available from
ElectronicMoneyIssuance.pdf. the customer confirming his/her identity. See “Anti-money
laundering and terrorist financing measures,” Financial Action
4 “Government of Zambia and World Bank Group to Step-Up Task Force Guidance, June 2011, 27, http://www.fatf-gafi.org/
Support to Zambia’s Financial Inclusion Goals,” The World media/fatf/content/images/AML%20CFT%20measures%20
Bank, 2 November 2015, http://pubdocs.worldbank.org/ and%20financial%20inclusion.pdf.
en/882921452618219312/WB-Bank-of-Zambia-PressRelease-
final.pdf.
10 By “inclusive,” here we mean that the array of entities that 14 2014 Global Findex data for this indicator was not available
financial service providers are permitted to contract as agents for Malawi and Haiti. As noted above, our approach to missing
are diverse, and regulations regarding agent selection are numerical data was to assign the respective countries a
consistent with the types of services those agents offer, composite indicator score comprising the average of all country
regardless of the category of financial service provider. scores for the indicator—therefore, for the percentage of adults
who used a mobile phone to make utility payments (among
11 Note that all scores for the indicators in the adoption dimension adults who regularly made bill payments), Malawi and Haiti
are based on data from the 2014 Global Financial Inclusion received a composite score of 1.
database (Global Findex).
15 2014 Global Findex data for this indicator was not available for
12 In this example, the subranges are equal; however, for instances Afghanistan and Pakistan. As noted above, our approach to
where this was not the case, the subranges were adapted so that missing numerical data was to assign the respective countries a
the subranges at the high and low ends of the overall range were composite indicator score comprising the average of all country
equal, while the middle subrange was slightly wider. See the scores for the indicator—therefore, for the percentage of adults
individual indicator descriptions for further details. with an account at a bank or another type of financial institution
who report that money is withdrawn from their account three or
13 2014 Global Findex data for this indicator was not available for
more times in a typical month, Afghanistan and Pakistan each
Tanzania, Ethiopia, and Haiti. Our approach to missing numerical
received a composite score of 2.
data was to assign the respective countries a composite
indicator score comprising the average of all country scores for
the indicator—therefore, for the percentage of wage earners who
used a mobile phone to receive their salary or wages, Tanzania,
Ethiopia, and Haiti each received a score of 1.
64
ACKNOWLEDGMENTS
I
n an effort to capture as complete and accurate a picture as possible of the rapidly evolving financial inclusion
environment in each of our 26 focus countries and beyond, the Financial and Digital Inclusion Project (FDIP) team
reached out to government representatives in each of the 26 countries, as well as to many other domestically and
internationally-based financial inclusion experts.
We benefited from high levels of engagement among many of these contacts and are grateful for their insights
regarding financial inclusion within our country sample and/or the global financial inclusion landscape more generally.
We would like to extend our appreciation to these diverse financial inclusion authorities, including:
Adriana Labardini, Instituto Federal de Hemant Baijal, Mastercard

Telecommunicaciones
Hernán Fernandez, Angel Ventures
Alex Martin, ePesos
Ian Robinson, Independent consultant in financial
Angela Lyons, University of Illinois at Urbana-Champaign inclusion and impact assessment
Anne Wallwork, United States Department of the Inclusive Finance Advocacy Office of the Bangko
Treasury Sentral ng Pilipinas
Ben Cessa, openBerry Foundation for Digital Inclusion Irene Espinosa Cantellano, La Tesorería de la
Federación (TESOFE)
Camila Lecaros, MassChallenge
Jamie Zimmerman, Bankable Frontier Associates
Carlos Cornejo, Mastercard (Former)
Carmen Cecilia León Franco, Banca de las Oportunidades Juliana Álvarez Gallego, Banca de las Oportunidades
The Centre for Financial Regulation & Inclusion (Cenfri) Juliana Martínez Hernández, Banca de las
Oportunidades
Cristina Oliveira Roriz, Banco Central do Brasil
Karoline Schmid, United Nations
David Medine, Consultative Group to Assist the Poor
Kay McGowan, USAID (Former)
Dorothe Singer, The World Bank
Kelly Goldstein, Fannie Mae
Edgar Cortés, Banco de México
Kennedy Komba, Alliance for Financial Inclusion
Elaine Hake, Cherie Blair Foundation for Women
Kyle Holloway, Innovations for Poverty Action
Elisabeth Rhyne, Center for Financial Inclusion at Accion
Leora Klapper, The World Bank
Elvira Cruvinel Ferreira, Banco Central do Brasil
Leticia Riquelme Arriola, Inter-American Development
Ernest Wasake, WMC Africa Bank
Francis Gwer, Financial Sector Deepening Kenya Liliana Rojas-Suarez, Center for Global Development
Mahadevan Balakrishnan, Chief Operating Officer of We would also like to recognize the contributions
National Payments Corporation of India (Former); of the Brookings team, including Eric Abalahin, Bri-
Independent consultant in the payments and financial
gitte Brown, Leti Davalos, Anna Goodbaum, Catherine
inclusion space (Current)
Howell, Yohann Paris, Jessica Pavone, Emily Perkins,
Mannie T’Chawi, LayerCake Adrianna Pita, Camilo Ramirez, Elizabeth Sablich, Louis
Matthew Gamser, SME Finance Forum, International Serino, Lauren Shaw, and Tracy Viselli. Our thanks go to
Finance Corporation co-author Robin Lewis for research support and project
management for FDIP. We are also deeply grateful for the
Matthew Grasser, Bankable Frontier Associates
efforts of Neal Cox and Jennifer Kaczor of the MillerCox
Matthew Saal, International Finance Corporation Design team, who have done a spectacular job with the
Mohamed Msekeni, Msekeni Inc. layout and production of each FDIP report.
The Brookings Institution is a nonprofit organization
Omar Dergal, FONDESO devoted to independent research and policy solutions. Its
Patrick Chuasoto, Embassy of the Republic of the mission is to conduct high-quality, independent research
Philippines, Washington, D.C. and, based on that research, to provide innovative, prac-
tical recommendations for policymakers and the public.
Ronaldo Vieira da Silva, Banco Central do Brasil
The conclusions and recommendations of any Brookings
Rubayat Chowdhury, Bangladesh Bank publication are solely those of its author(s), and do not
S. Gabriela Andrade, Inter-American Development reflect the views of the Institution, its management, or
Bank its other scholars.
This publication is based on research funded by
Sakal Mao, Royal Embassy of Cambodia
the Bill & Melinda Gates Foundation. The findings, meth-
Samuel Schueth, InterMedia odology, conclusions, and recommendations contained
Silvio Carlos Arduini, Banco Central do Brasil within are those of the authors and do not necessarily
reflect positions or policies of the Bill & Melinda Gates
Sonja Kelly, Center for Financial Inclusion at Accion Foundation.
Susy Cheston, Independent Consultant Brookings recognizes that the value it provides is in
its absolute commitment to quality, independence, and
Tazeen Hasan, The World Bank Group
impact. Activities supported by its donors reflect this
Tewodros Tassew, BelCash Ethiopia commitment.
Tidhar Wald, Better Than Cash Alliance
Tilman Ehrbeck, Omidyar Network

John D. Villasenor and Darrell M. West
Tomás Conde, BBVA
Co-Directors, Brookings Financial and
Digital Inclusion Project (FDIP)
Victor Hugo Lopez Aranda, FONDESO
‘Wale Esan, Wema Bank

66
ABOUT THE AUTHORS
Robin J. Lewis
Robin J. Lewis is a research analyst and associate fellow with the Center for
Technology Innovation in the Governance Studies program at Brookings. She
holds an MSc in comparative politics, with a specialization in conflict studies,
from the London School of Economics and Political Science and a B.A. in political
science from Furman University.
John D. Villasenor
John D. Villasenor is a nonresident senior fellow in Governance Studies and the
Center for Technology Innovation at Brookings. Along with Darrell West, he
serves as co-director of the Brookings Financial and Digital Inclusion Project.
He is also on the faculty at UCLA, where his is a professor of electrical engi-
neering, public policy, and management, and a visiting professor of law. He
has worked on digital technologies for over two decades, and recently led the
development of a mobile money smartphone app. He is the author of “Smart-
phones for the Unbanked: How Mobile Money Will Drive Digital Inclusion in
Developing Countries,” which discusses the growing impact of smartphones
on financial and digital inclusion.
Darrell M. West
Darrell M. West is vice president and director of Governance Studies and found-
ing director of the Center for Technology Innovation at Brookings. Along with
John Villasenor, he serves as co-director of the Brookings Financial and Digital
Inclusion Project. He is the author of Going Mobile: How Wireless Technology
is Reshaping Our Lives and Digital Government: Technology and Public Sector
Performance. He has undertaken work on digital and mobile innovation in China,
India, Indonesia, Nigeria, Turkey, and the United States.
The authors can be reached at FDIPComments@brookings.edu.

BROOKINGS
1775 Massachusetts Avenue, NW
Washington, DC 20036
202-797-6000
www.brookings.edu/FDIP

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WASHINGTON, DC | AUGUST 2017

THE 2017 BROOKINGS

About the Brookings Institution

THE 2017 BROOKINGS

KEY FINDINGS FOR 2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

KEY TRENDS AND CALLS TO ACTION.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

APPENDIX: SCORING CHANGES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

ABOUT THE AUTHORS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

• The movement toward digital financial services will

KEY FINDINGS FOR 2017

Mexico 79% 100 94 83 58

Colombia 78% 100 89 89 56

South Africa 78% 83 94 67 72

Uganda 78% 100 78 94 58

Philippines 76% 100 94 100 42

Rwanda 76% 94 83 100 50

India 72% 100 72 100 44

Peru 72% 100 72 100 44

Pakistan 69% 100 83 89 36

Dominican Rep. 64% 72 78 56 58

the Philippines instituted mobile money account-to-ac-

KEY TRENDS AND CALLS TO ACTION

available to them, as well as relevant redress mechanisms.

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

Selected financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

Recent financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

(continued next page )

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

(continued next page )

GDP Adult population Unique mobile Financial account Financial account

Selected financial inclusion highlights

(continued next page )