Financial inclusion - G20 initiatives and the role of the Bank of Italy
AbstractFinancial 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.
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Bibliographic InfoPaper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 96.
Date of creation: Jul 2011
Date of revision:
G20; financial inclusion; technical assistance; mutual banks; microfinance; banking supervision; payment systems; financial literacy; consumer protection; school;
Find related papers by JEL classification:
- G1 - Financial Economics - - General Financial Markets
- G2 - Financial Economics - - Financial Institutions and Services
- G29 - Financial Economics - - Financial Institutions and Services - - - Other
- I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- P13 - Economic Systems - - Capitalist Systems - - - Cooperative Enterprises
- P34 - Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
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