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Author: Angela Lyons
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
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Book Description
Research finds many large disparities still in financial inclusion around the world. One region that is often overlooked is the Middle East and North Africa (MENA), which appears to be lagging all other developing regions when it comes to financial inclusion. We use data from the 2014 World Bank Global Findex and supplement it with indicators of financial literacy and other macroeconomic characteristics to investigate the factors that shape financial inclusion in the MENA region. We focus on those groups that have been traditionally vulnerable - women, youth, the less educated, and the poor - and in the case of MENA, the Syrian refugees. Financial inclusion is measured comprehensively in terms of both savings and borrowing behaviors. The findings show that economically vulnerable populations are significantly less likely to be financially included both in terms of savings and borrowing. Moreover, the gaps in financial inclusion are particularly large for women and youth as compared to other regions. Further, households living in MENA countries with higher levels of financial literacy are more likely to be engaged in positive savings behaviors and less likely to be borrowing, especially from informal sources. Financial literacy, however, does not relate to all individuals in the MENA region equally, especially among those populations most vulnerable. Other macro characteristics associated with a country's financial and technological infrastructure, economic development, political stability and legal rights also matter, but perhaps not as much as a country's level of financial literacy. The findings have important implications for public and private stakeholders who are working to design policies aimed at improving access to financial services in the MENA region, especially via financial literacy. Vulnerable groups in the MENA region likely require more targeted interventions that address their specific barriers to financial inclusion, as well as more targeted financial literacy initiatives that are tailored to meet their specific needs. Efforts such as these are particularly important for a region suffering from political, economic, and social conflict that makes financial inclusion an even more urgent, yet challenging, goal.
Author: Angela Lyons
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
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Book Description
Research finds many large disparities still in financial inclusion around the world. One region that is often overlooked is the Middle East and North Africa (MENA), which appears to be lagging all other developing regions when it comes to financial inclusion. We use data from the 2014 World Bank Global Findex and supplement it with indicators of financial literacy and other macroeconomic characteristics to investigate the factors that shape financial inclusion in the MENA region. We focus on those groups that have been traditionally vulnerable - women, youth, the less educated, and the poor - and in the case of MENA, the Syrian refugees. Financial inclusion is measured comprehensively in terms of both savings and borrowing behaviors. The findings show that economically vulnerable populations are significantly less likely to be financially included both in terms of savings and borrowing. Moreover, the gaps in financial inclusion are particularly large for women and youth as compared to other regions. Further, households living in MENA countries with higher levels of financial literacy are more likely to be engaged in positive savings behaviors and less likely to be borrowing, especially from informal sources. Financial literacy, however, does not relate to all individuals in the MENA region equally, especially among those populations most vulnerable. Other macro characteristics associated with a country's financial and technological infrastructure, economic development, political stability and legal rights also matter, but perhaps not as much as a country's level of financial literacy. The findings have important implications for public and private stakeholders who are working to design policies aimed at improving access to financial services in the MENA region, especially via financial literacy. Vulnerable groups in the MENA region likely require more targeted interventions that address their specific barriers to financial inclusion, as well as more targeted financial literacy initiatives that are tailored to meet their specific needs. Efforts such as these are particularly important for a region suffering from political, economic, and social conflict that makes financial inclusion an even more urgent, yet challenging, goal.
Author: Stefan Johnson
Publisher: GRIN Verlag
ISBN: 3668248648
Category : Business & Economics
Languages : en
Pages : 109
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Book Description
Master's Thesis from the year 2014 in the subject Economics - Finance, grade: 3, University of Applied Sciences Osnabrück (WiSo), course: International Business and Management, language: English, abstract: This paper observes the relationship between multiple variables in order to determine whether Financial Inclusion can be used as a tool for poverty reduction in the Middle East and North Africa. There are many reports that identify this to be function to something very likely as a tool around the world; however, there has been limited work regarding financial inclusion and the Middle East and North Africa. Through qualitative and quantitative research, this paper examines the possibility of this theory working in MENA. Wide income disparities, combined with government corruption, religious dispositions, and an overall lack of money are contributing barriers to the unbanked. These factors greatly limit the use of this tool until other issues are tackled and governments commit to more policies that will be conducive to growth; banks must be more open to lending; and people will have to become more financially literate. The World Bank, Gallup, the IMF, and various authors, in addition to the World Bank FINDEX dataset are used to reference information conceded by well-respected authors in the financial-, development-, and in the government sector. Although there seems to be a great deal of promise with the concept of Financial Inclusion as a Tool for Poverty Reduction world wide, it seems to be very limited in MENA, in the poverty-stricken nations. Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, and Yemen are observed in the report. Generally, there are barriers preventing the implementation of inclusiveness, which will prevent the advancement of poverty alleviation. More government commitment is required.
Author: Dana T. Redford
Publisher: Emerald Group Publishing
ISBN: 1802620559
Category : Business & Economics
Languages : en
Pages : 201
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Book Description
Transforming Africa: How Savings Groups Foster Financial Inclusion, Resilience and Economic Development presents in-depth empirical research into current day savings group activities across Africa, exploring savings groups through the lens of financial inclusion and reflecting on formal finance, economic and social outcomes.
Author: Sylvana Selim
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Financial Inclusion is one of the most important subjects that recently caught the attention of several international organizations, used as a tool to reduce poverty, achieve economic growth and improves income distribution. The Objective of this study is to assess the reasons behind the low financial inclusion in particular the MENA region by using the World Bank's Global FINDEX database to perform probit estimations on the demand-driven factors and regression on the institutional and country level. We find that being a woman, older, more educated and richer are more likely to be financially included. Determinants differ between formal and informal saving and lending activities. For instance, women and educated households are more likely to resort to formal finance. Cash remains to be the main receiving and sending mean for many transactions. On the supply side, households who have access to the basic infrastructure and utility services, being unemployed and living away from remote areas as well as geographically proximity to institutions' branches, have higher probability to be included. Microfinance is still centered and dominated by credit but offering saving services is the starting point and the roadmap to financial inclusion.
Author: Douglas Pearce
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Abdelrahman Elzahi Saaid Ali
Publisher: Springer Nature
ISBN: 3030399354
Category : Business & Economics
Languages : en
Pages : 262
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Book Description
This book, the first of two volumes, highlights the concept of financial inclusion from the Islamic perspective. An important element of the Sustainable Development Goals (SDGs), financial inclusion has been given significant prominence in reform and development agendas proposed by the United Nations and G-20. The significance of Islamic financial inclusion goes beyond improved access to finance to encompass enhanced access to savings and risk mitigation products, as well as social inclusion that allows individuals and companies to engage more actively in the real economy. It represents one of the important drivers of economic growth. Gender disparity exists within financial access and its extent varies widely across world economies. South Asia, the Middle East and North Africa have the largest gender gaps, with women in these regions being forty per cent less likely than men to have a formal account at a financial institution. Analysing how Islamic financial inclusion can empower individuals, this volume explores the contribution of Islamic microfinance in achieving SDGs and solving income and wealth inequality. Comprising a combination of empirical evidence, theory and modelling, this edited collection illustrates how to improve access to finance, making it essential reading for those researching both Islamic finance and development finance.
Author: Mr. Roberto Cardarelli
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 150
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Book Description
Despite some pre-pandemic gains in poverty reduction, literacy, and lifespans, many economies in the Middle East and North Africa (MENA) have struggled to ensure that the benefits of economic development and diversification accrue equitably to all segments of their populations. Among the main issues that remain unresolved are the high share of inactive youth (who are not engaged in employment, education, or training); large gaps in economic opportunities for women; fragmented social protection systems; and underdeveloped private sectors with tight regulation, absence of a level playing field, and limited access to credit that stifle the creation of new firms and growth, employment, and incomes. The COVID-19 pandemic not only risks wiping out some of the progress made in the region over the past decades, but could also exacerbate inequality in a durable way. There is evidence that the impact of the pandemic has been uneven across groups, with the recession having a disproportionate effect on the low-skilled, the young, women, and migrant workers in employment and incomes. With widespread inequality, high unemployment, and the expected entry of 27 million young people into the labor force over the next 10 years, countries across the MENA region need to evolve their economic models to boost job creation and make sure that the benefits of economic development are shared more widely among all their citizens. This book’s objective is to reassess the inclusive growth agenda in the MENA region in light of the rapidly changing pandemic-influenced world. It argues that countries need to embrace global trade and technological advances and evolving demographics at home as an opportunity to successfully implement policies that foster higher and more inclusive growth. It underscores that a return to the old social contract is neither desirable nor feasible. The book presents a comprehensive view of policies suited to the regional context that would boost job-rich and inclusive growth within a resilient macroeconomic policy framework. Its goal is to provide guidance to policymakers in the region to frame how best to promote inclusive growth, including in their engagement with all stakeholders.
Author: Flore-Anne Messy
Publisher:
ISBN:
Category : Finance and Investment
Languages : en
Pages : 94
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Book Description
While the African situation displays disparities both within and between countries in terms of economic and human development, on average, many African countries have relatively low school enrolment ratios, highly informal labour markets, high poverty rates, as well as low financial inclusion and financial literacy levels. Against this backdrop, it is desirable to improve the level of financial literacy among the most vulnerable parts of the African population. Well-designed financial education initiatives can reduce demand-side barriers to more effective financial inclusion and can empower vulnerable individuals economically, so that they can better manage household resources and develop income generating activities. This report provides an overview of the status of financial education programmes developed in Africa, discusses their rationale, and offers initial guidance for policy makers. In recent years public authorities, as well as the non-profit and the private sector, engaged in the development of financial education programmes in several African countries. These programmes typically aim at improving financial knowledge and skills, raising awareness of financial issues, and improving financial inclusion. They usually target vulnerable groups, including low-income people, women, and youth, and sometimes deliver financial literacy training in combination with access to financial products.
Author: Ms.Ratna Sahay
Publisher: International Monetary Fund
ISBN: 1513512242
Category : Business & Economics
Languages : en
Pages : 83
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Book Description
Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.
Author: Leong Choi-Meng
Publisher: Emerald Group Publishing
ISBN: 1837533067
Category : Business & Economics
Languages : en
Pages : 170
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Book Description
Topics discussed in this collection include financial inclusion in under-served markets, financial inclusion products and services, financial inclusion for sustainable and responsible business, micro, small, and medium-sized business practices.
