Payment aspects of Financial Inclusion

The Committee on Payments and Market Infrastructures and the World Bank Group have issued the final report on Payment aspects of financial inclusion. This builds on an earlier version of the report that underwent public consultation in late 2015 and seeks to tackle barriers to the adoption and usage of transaction accounts, which sit at the heart of retail payment services.

In addition to outlining guiding principles to help countries advance financial inclusion, the report suggests possible key actions, including providing basic accounts at little or no cost, stepping up efforts to increase financial literacy, and leveraging large-volume payment programmes, such as government payments, by adopting electronic payment services. Financial inclusion efforts are beneficial not only for those who will become financially included, but also for the national payments infrastructure and, ultimately, the economy.