Panelists from two of the top-ranked countries, Peru and Pakistan, joined the Economist Intelligence Unit (EIU) and sponsors Accion and Citi to review the rankings and scores of 55 countries. The Microscope influences policymakers to strive for improvements every year. The Microscope plans to expand from microfinance to financial inclusion in 2014.
The Economist Intelligence Unit Presents the 2013 “Global Microscope on the Microfinance Business Environment”
Regulators Reflect on FI2020
During the forum, Elly Ohene Adu (Head of Banking Department, Bank of Ghana) hosted a special meeting of almost 20 policymakers, regulators, and representatives from support organizations. She shared her reflections on what resonated with her at the event, and invited others to do the same.
A number of themes emerged from the discussion. One was the importance of communication and partnership. Participants discussed the necessity of ministries and cabinets working together to achieve financial inclusion, and the role that a national multi-stakeholder task force play in this work. For example, bank regulators and telecommunications regulators need to meet and work together with telecommunication innovators if they are to create facilitating regulation in this challenging space.
Regulators underlined the needs of vulnerable client segments. The pre-forum meetings on persons with disabilities made an impression as an important lens to consider for banking regulation. One participant mentioned that he thinks a great deal about disability in his personal life, but had not even considered how he could bring such a focus to his professional life.
The conversation underscored the importance of dialogue among regulators and policymakers and the role peer learning plays when those working toward financial inclusion in their ministries convince their colleagues of the necessity of financial inclusion.
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Financial Inclusion at a Country Level
Africa: Leaders in sub-Saharan Banking, Aigboje Aig-Imoukhuede (Access Bank), Kennedy Bungane (Barclays Africa), Edward Effah (Fidelity Bank Ghana Ltd.), and Bob Annibale (Citigroup) considered challenges and solutions in banking the base of the pyramid. Bungane summarized, “This is not just about corporate social responsibility, but...learning about new skills [in] these markets. And this includes new, untraditional partners.”
India: Panel participants Nish Kotecha (Geosansar), Veena Mankar (Swadhaar FinServe), Alok Prasad (Microfinance Institutions Network), Duvvuri Subbarao (Reserve Bank of India, retired), and moderator Sital Patel (MarketWatch) discussed how policy signals and special regulation can be used to encourage banks to reach to the base of the pyramid. (Photo, left: Duvvuri Subbarao)
Peru: Monica Brand (Accion) led a panel on financial inclusion efforts in Peru,with Mariela Zaldivar (Superintendencia de Banca, Seguros y AFP de Peru), Oscar Graham (Ministry of Economics and Finance, Peru), and Gino Picasso (GloboKasNet). Picasso declared that financial inclusion is “about ensuring a close relationship and constant, clear dialogue between the providers and the regulators...Peru is a great example of this.”