BIS’s Committee on Payments and Market Infrastructures (CPMI) and the World Bank Group have published their report on payment aspects of financial inclusion. The report outlines seven principles for supervisors, regulators and private sector stakeholders which were subject to consultation (see FReD 11 September 2015) and which seek to tackle barriers to the adoption and usage of transaction accounts:
- commitment from public and private sector organisations;
- a robust legal and regulatory framework underpinning financial inclusion;
- safe, efficient and widely reachable infrastructures;
- transaction accounts and payment product offerings that effectively meet a broad range of transaction needs;
- availability of a broad network of access points and interoperable access channels;
- effective financial literacy efforts; and
- the leveraging of large-volume and recurrent payment streams, including remittances, to advance financial inclusion objectives.