Financial Inclusion - G20 Initiatives and the Role of the Bank of Italy

72 Pages Posted: 7 Dec 2011

Date Written: July 14, 2011

Abstract

Financial exclusion concerns 2.5 billion individuals and more than 450 million enterprises. The G20 countries are committed to the reduction of this phenomenon. The Bank of Italy has a fundamental role in the field of financial inclusion, both on a national and an international scale through financial education, banking, markets and payment system supervision, and technical cooperation with other central banks. The Bank has been one of the first institutions to draw public attention to the importance of economic and financial literacy in order to enable consumers to take informed decisions. It has helped the institutions of developing countries to facilitate the financial inclusion of disadvantaged individuals through the development of small intermediaries. Innovative payment instruments can improve financial inclusion. Thanks to a recently introduced reform, the Italian retail payments market can now be accessed by intermediaries combining the provision of payment services and business activities. Mobile-phone operators can now access widely used payment systems by telephone to break into the micro-payment sector which is today dominated by cash transactions. A key role is also played by pre-paid cards.

Note: Downloadable document is in Italian.

Keywords: G20, financial inclusion, technical assistance, mutual banks, microfinance, banking supervision, payment systems, financial literacy, consumer protection, school

JEL Classification: G1, G2, G29, I22, O1, O16, P13, P34

Suggested Citation

Gomel, Giorgio and Bernasconi, Fabio and Cartechini, Margherita Laura and Fucile, Veronica and Settimo, Riccardo and Staiano, Roberto, Financial Inclusion - G20 Initiatives and the Role of the Bank of Italy (July 14, 2011). Bank of Italy Occasional Paper No. 96. Available at SSRN: https://ssrn.com/abstract=1968915 or http://dx.doi.org/10.2139/ssrn.1968915

Giorgio Gomel (Contact Author)

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy
+ 39 06 4792 2197 (Phone)
+39 06 4792 5521 (Fax)

Fabio Bernasconi

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Margherita Laura Cartechini

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Veronica Fucile

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Riccardo Settimo

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Roberto Staiano

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

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