Policy Principles for Expanding Financial Access

44 Pages Posted: 7 Feb 2015

See all articles by Stijn Claessens

Stijn Claessens

Bank for International Settlements (BIS)

Patrick Honohan

Trinity College Dublin - Department of Economics; Peter G. Peterson Institute for International Economics; Centre for Economic Policy Research (CEPR)

Liliana Rojas-Suarez

Center for Global Development

Date Written: October 1, 2009

Abstract

Despite the rapid growth in finance worldwide over the past quarter-century — now interrupted by the global financial crisis — many low-income households and small firms remain excluded from access to many financial services, especially in developing countries. While traditionally seen by many financial-service providers (FSPs) as less attractive customers, a growing number of mainstream FSPs have joined microfinance firms in extending the range of their service provision, and important advances have been made in expanding access.

At a time of increased focus on financial-sector policy and of regulatory tightening, it is important not to lose sight of the goal of increasing the access to appropriate financial services essential to the escape from poverty and the achievement of firm growth. It is in this spirit that we propose 10 principles for financial-sector policymakers — including national authorities, donors, private-sector participants, international financial institutions, and others — on the facilitation, regulation, and direct provision of financial services.

Keywords: Financial Access, Financial Inclusion, Financial Regulation

Suggested Citation

Claessens, Stijn and Honohan, Patrick and Rojas-Suarez, Liliana, Policy Principles for Expanding Financial Access (October 1, 2009). Center for Global Development Working Paper. Available at SSRN: https://ssrn.com/abstract=2560975 or http://dx.doi.org/10.2139/ssrn.2560975

Stijn Claessens

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
CH-4002 Basel
Switzerland

Patrick Honohan

Trinity College Dublin - Department of Economics ( email )

Dublin 2
Ireland

Peter G. Peterson Institute for International Economics ( email )

1750 Massachusetts Avenue, NW
Washington, DC 20036
United States

Centre for Economic Policy Research (CEPR)

33 Great Sutton St,
Clerkenwell,
London, EC1V 0DX
United Kingdom

Liliana Rojas-Suarez (Contact Author)

Center for Global Development ( email )

2055 L St. NW
5th floor
Washington, DC 20036
United States

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