Financial inclusion in the Middle East and North Africa : analysis and roadmap recommendations
By D. Pearce. 2011
118 citations recorded by the source corpus.
The paper provides an assessment of the state of financial inclusion in the MENA region, and identifies constraints, opportunities, and priorities for significantly improving access to finance. Practical recommendations for improving financial inclusion are outlined. Firstly, governments could agree a Financial Inclusion Strategy that is underpinned by improved data, that has both public and private sector commitment, and that scales up financial access on a large scale, principally through bank accounts. Secondly, the regulators should provide a legal and supervisory framework that enables access to finance to be expanded primarily through banks, but with regulatory space for the use of agents, mobile phone technology, and for a finance company model for microcredit and leasing. Interest rate caps on microloans should be removed, and instead consumer protection and supervisory capacity for microfinance should be strengthened, while prudent competition between financial service providers should be promoted. Thirdly, financial infrastructure needs to continue to be a focus area, and in particular credit information and secured transactions. Finally, barriers to the growth of Islamic financial services should be removed so that they can better meet market demand.
Subfields: Accounting, Economics and Econometrics, Finance
View Paper: https://www.semanticscholar.org/paper/3647ccd0995f929fc2a2bf0f23e531e9e7f80940
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Citations in the corpus
- The Impact of Financial Inclusion on Economic Growth, Poverty, Income Inequality, and Financial Stability in Asia (2020, background): “According to Pearce (2011), the importance of financial inclusion is now widely recognized, even become a policy such as in Malaysia which reached 80.7 in 2014, which is a increase of 14.5 percent from 2011; while in India and Indonesia it increased by 2 times in 2014 compared to 2011 (World Bank,…”
- Financial inclusion research around the world: A review (2020, unknown): “Pearce (2011) assess the state of financial inclusion in the MENA region and suggest (i) the need for a legal, regulatory and supervisory framework that enables access to finance primarily through banks, (ii) providing regulatory space for the use of agents and mobile phone technology, (iii) a…”
- Financial Inclusion, Financial Literacy and Economically Vulnerable Populations in the Middle East and North Africa (2019, unknown): “Only a few studies have focused specifically on examining the state of financial inclusion in the MENA region (e.g., Neaime and Gaysset 2018; Pearce 2011; Rocha, Arvai, and Farazi 2011).”
- Theories of Financial Inclusion (2020, background): “There are also ideas suggesting that financial inclusion can be delivered through cooperation by the public and private sectors (Arun and Kamath, 2015; Pearce, 2011).”