In September 2015, the World Bank and the Committee on Payments and Market Infrastructures (CPMI) issued a consultative report on payment-related aspects of financial inclusion. The report examines demand and supply-side factors affecting financial inclusion in the context of payment systems and services, and suggests measures to address these issues.

The objectives of the consultation include enabling individuals and small businesses – which are more likely to (i) lack some of the basic financial services or (ii) be financially excluded when compared to larger businesses – to have access to and use at least one transaction account operated by a regulated payment service provider to perform most, if not all, of their payment needs; to safely store some value; and to serve as a gateway to other financial services.

What this means for you

The report looks to put more focus on international financial inclusion from a payments perspective, particularly in relation to transaction accounts. It contains quite a lot of analysis of approaches being taken in various jurisdictions to encourage financial inclusion, including in respect of basic bank accounts and e-money but they are keen to hear from interested parties before the document is turned into its final form. If you wish to contribute, comments are invited by 7 December 2015.