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Financial inclusion and microfinance : On the cases of ODA and analysis of the poverty reduction effect

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Frame of Image orld Bank reports that about 89% of adults in high-income countries have an account at a formal financial institution while only 24% of adults in low-income countries have it. In particular, account penetration is universal
within-economy income quintile in developed countries. There are large gaps, however, in the account penetration across within-economy income quintiles in developing countries. Within developing countries, 62% of adults in the highest income quintile own an account while only 25% of those in the poorest income have it. We conclude that the poor strata in developing countries experience larger difficulties in the access to financial service than those in high-income countries.
Financial Inclusion and Microfinance: On the Cases of ODA and Analysis of the Poverty Reduction Effect
2
Lack of financial infrastructure may cause the
difference in accessing financial resources. The 2012 Financial Access Survey data of IMF indicates that the number of commercial banks in high-income countries is 31 branches per 100,000 adults. However, it is only 8 in South Asia and 3 in sub-Saharan Africa (Ardic et al., 2013). Such lack of financial infrastructure is an obstacle to improving financial access. However, the bigger problem that the financially marginalized may face is that they do not possess enough assets to pledge as collateral to access financial services, such as loans. In developing countries where such discrimination exists in access to financial services, steps


Full Text
Title Financial inclusion and microfinance
Similar Titles
Sub Title

On the cases of ODA and analysis of the poverty reduction effect

Material Type Reports
Author(English)

Kwak, Sungil; Lee, Ju Young

Publisher

Korea Institute for International Economic Policy

Date 2014-04
Pages 5
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Official Aid < Development Assistance