Standards Setting Bodies (SSBs) and Financial Inclusion (2011)

The Global Partnership for Financial Inclusion (GPFI) commissioned a study to investigate the challenges and opportunities to financial inclusion faced by five different developing countries in applying international standards as set by five main Standards setting bodies (SSBs). The countries covered in the study were Brazil, Kenya, Mexico, the Philippines and South Africa while the SSBs considered include the Basel Committee on Bank Supervision (BCBS), the Financial Action Task Force (FATF), the Committee on Payments and Settlement Systems (CPSS), the International Association for Insurance Supervisors (IAIS) and the International Association for Deposit Insurance (IADI). The Alliance for Financial Inclusion (AFI), on behalf of the GPFI, contracted Cenfri to produce three of the five case studies (South Africa, Kenya and Brazil). In addition, Cenfri was responsible for the drafting of a document that draws together the impacts of the SSBs and their standards in the five countries, as well as how regulators in the five countries are choosing to respond to the SSBs and their standards in order to create room for financial inclusion.

 

Below we provide links to the above documents on the GPFI website:

Financial Inclusion is rapidly moving up the policy agendas of many countries, particularly developing countries, reflected in the G20 Leaders creation of a Global Partnership for Financial Inclusion (GPFI) at the Seoul summit in October 2010. However, one of the obstacles to more effective and widespread financial inclusion is that international standards that guide the delivery of financial services were originally conceived for financially advanced developed countries. Yet the practical realities in developing countries, which are home to more than 90% of the world’s unbanked or financially excluded, are often quite different to those of their more financially sophisticated peers.
 
In addition, many developing countries are pioneering innovations in the field of financial inclusion, such as mobile banking, that are not always clearly addressed by the international standards setting bodies (SSBs). Financial inclusion’s focus on large numbers of low-income individuals, rather than large transactions that form the focus of international standard setting, also presents challenges to countries wanting to adhere to the standards and guidance of the SSBs.
 
The G20 Leaders’ Financial Inclusion Action Plan recognises these issues and encourages SSBs “to further explore…complementarities between financial inclusion and their own mandates”.
To this end, the GPFI commissioned this study to investigate the challenges and opportunities faced by five different developing countries in applying the standards set by five main SSBs to financial inclusion policies.

Additional Info

  • Country: Brazil, Mexico, Philippines, South Africa, Kenya
  • Institution: Cenfri
  • Date Published: 2012
  • Document Type: Case studies, Synthesis Documents
 

Standards Setting Bodies (SSBs) and Financial Inclusion (2011)

The Global Partnership for Financial Inclusion (GPFI) commissioned a study to investigate the challenges and opportunities to financial inclusion faced by five different developing countries in applying international standards as set by five main Standards setting bodies (SSBs). The countries covered in the study were Brazil, Kenya, Mexico, the Philippines and South Africa while the SSBs considered include the Basel Committee on Bank Supervision (BCBS), the Financial Action Task Force (FATF), the Committee on Payments and Settlement Systems (CPSS), the International Association for Insurance Supervisors (IAIS) and the International Association for Deposit Insurance (IADI). The Alliance for Financial Inclusion (AFI), on behalf of the GPFI, contracted Cenfri to produce three of the five case studies (South Africa, Kenya and Brazil). In addition, Cenfri was responsible for the drafting of a document that draws together the impacts of the SSBs and their standards in the five countries, as well as how regulators in the five countries are choosing to respond to the SSBs and their standards in order to create room for financial inclusion.

 

Below we provide links to the above documents on the GPFI website:

Financial Inclusion is rapidly moving up the policy agendas of many countries, particularly developing countries, reflected in the G20 Leaders creation of a Global Partnership for Financial Inclusion (GPFI) at the Seoul summit in October 2010. However, one of the obstacles to more effective and widespread financial inclusion is that international standards that guide the delivery of financial services were originally conceived for financially advanced developed countries. Yet the practical realities in developing countries, which are home to more than 90% of the world’s unbanked or financially excluded, are often quite different to those of their more financially sophisticated peers.
 
In addition, many developing countries are pioneering innovations in the field of financial inclusion, such as mobile banking, that are not always clearly addressed by the international standards setting bodies (SSBs). Financial inclusion’s focus on large numbers of low-income individuals, rather than large transactions that form the focus of international standard setting, also presents challenges to countries wanting to adhere to the standards and guidance of the SSBs.
 
The G20 Leaders’ Financial Inclusion Action Plan recognises these issues and encourages SSBs “to further explore…complementarities between financial inclusion and their own mandates”.
To this end, the GPFI commissioned this study to investigate the challenges and opportunities faced by five different developing countries in applying the standards set by five main SSBs to financial inclusion policies.

Additional Info

  • Country: Brazil, Mexico, Philippines, South Africa, Kenya
  • Institution: Cenfri
  • Date Published: 2012
  • Document Type: Case studies, Synthesis Documents