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Financial inclusion - G20 initiatives and the role of the Bank of Italy

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  • Giorgio Gomel

    ()
    (Banca d'Italia)

  • Fabio Bernasconi

    ()
    (Banca d'Italia)

  • Margherita Laura Cartechini

    ()
    (Banca d'Italia)

  • Veronica Fucile

    ()
    (Banca d'Italia)

  • Riccardo Settimo

    ()
    (Banca d'Italia)

  • Roberto Staiano

    ()
    (Banca d'Italia)

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    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.

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    Bibliographic Info

    Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 96.

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    Date of creation: Jul 2011
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    Handle: RePEc:bdi:opques:qef_96_11

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    Postal: Via Nazionale, 91 - 00184 Roma
    Web page: http://www.bancaditalia.it
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    Related research

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

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    1. Patrick Honohan, 2004. "Financial Sector Policy and the Poor : Selected Findings and Issues," World Bank Publications, The World Bank, number 14874, August.
    2. Carlos E. Cuevas & Klaus P. Fischer, 2006. "Cooperative Financial Institutions : Issues in Governance, Regulation, and Supervision," World Bank Publications, The World Bank, number 7107, August.
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    9. Thorsten Beck & Asli Demirgüç-Kunt & Ross Levine, 2007. "Finance, inequality and the poor," Journal of Economic Growth, Springer, vol. 12(1), pages 27-49, March.
    10. Beck, Thorsten & Demirguc-Kunt, Asli & Laeven, Luc & Maksimovic, Vojislav, 2006. "The determinants of financing obstacles," Journal of International Money and Finance, Elsevier, vol. 25(6), pages 932-952, October.
    11. Thorsten Beck & Asli Demirgüç-Kunt & Patrick Honohan, 2009. "Access to Financial Services: Measurement, Impact, and Policies," World Bank Research Observer, World Bank Group, vol. 24(1), pages 119-145, February.
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