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How Non-Banks are Boosting Financial Inclusion & Remittance

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Book chapter summary
Author: Diana Biggs
Publication: Bank Beyond Banks (Springer International 2016)

Published in: Economy & Finance
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How Non-Banks are Boosting Financial Inclusion & Remittance

  1. 1. Book Title: Banking Beyond Banks and Money A Guide to Banking Services in the Twenty-First Century Springer International Publishing, Copyright 2016 Chapter summary: How Non-banks are Boosting Financial Inclusion and Remittance Print ISBN: 978-3-319-42446-0 Online ISBN: 978-3-319-42448-4 Series Title: New Economic Windows Author: Diana Biggs
  2. 2. Background ● Financial inclusion is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society ● Financial access is the gateway to education, health, housing and other necessities to growth and development, and critical for access to economic opportunity ● Two billion people do not have access to formal financial services ● There is therefore the opportunity for non-banks to provide such services to these markets Chapter 10 Summary: How Non-Banks are Boosting Financial Inclusion and Remittance Author: Diana C. Biggs Technologies discussed in the chapter Mobile banking ● The provision of financial services via mobile phone, which are increasingly ubiquitous globally ● Mobile money is already a fairly mature industry, with established offerings in the majority of emerging economies ● As of 2014, the number of mobile money accounts outnumbered bank accounts in 16 countries globally Blockchain-based remittances ● Global remittances estimated to be $586BN in 2015 ● The global average cost of sending $200 was 7.7 % in the first quarter of 2015, ● The bitcoin blockchain offers near real-time peer-to-peer transaction processing 24/7 bringing potential benefits across the value chain in remittance 2
  3. 3. ● Need for connectivity (mobile or internet) ● Regulatory, legal & policy challenges: need to ensure regulation and policy does not hinder innovation ● Early-stage technology: requires coordination and mass adoption ● Consumer adoption / trust ● Scalability and interoperability between systems ● Relevant off-ramps and usability of digital money systems in order to reduce the need for agents and potential issues with local liquidity ● Given the costs related to logistics, geographical challenges, technology (or lack thereof) and regulation and compliance, potential cost savings for the customer still require smart management on the provider side 3 Chapter 10 Summary: How Non-Banks are Boosting Financial Inclusion and Remittance Author: Diana C. Biggs Opportunities include: Challenges include: ● Improved efficiencies: increased speed of payments and lower costs to send and receive over traditional methods ● Enhanced security, monitoring, and transparency ● Allows for broader geographical coverage, removing physical barriers and reducing travel times & costs ● Serves as a convenient initial entry point into the formal financial system ● Reduces the need for middlemen, reducing corruption and cutting costs ● Enables servicing of populations currently excluded (e.g. for social or other reasons) ● Elimination / reduction of physical cash has positive implications for safety, health, logistics

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