Financial sector authorities increasingly prioritize financial inclusion and financial consumer protection, alongside existing priorities of stability and integrity. An enabling environment that facilitates competition, promotes innovation and the use of technology, addresses risks in a proportionate manner, and empowers financial consumers to make informed choices is critical to improving financial inclusion and consumer protection. Financial sector authorities have pursued a range of enabling environment reforms but progress has been uneven: in more than 65 economies, the majority of adults remain excluded from the formal financial system (DemirgucKunt et al. 2015).
The objective of the 2017 Global Financial Inclusion and Consumer Protection (FICP) Survey is to provide a timely source of global data to benchmark efforts by financial sector authorities to improve the enabling environment for financial inclusion and consumer protection.
The 2017 Global FICP Survey (“Survey”) questionnaire covers key topics related to financial inclusion and financial consumer protection and aligns with international guidance to financial sector authorities in these areas, including the 2017 World Bank Group (WBG) Good Practices for Financial Consumer Protection, the 2016 G-20 High-Level Principles for Digital Financial Inclusion, the 2016 WBG–CPMI Payment Aspects of Financial Inclusion, and the 2016 Guidance on the Application of the Core Principles for Effective Banking Supervision to the Regulation and Supervision of Institutions Relevant to Financial Inclusion published by the Basel Committee on Banking Supervision at the Bank for International Settlements. The Survey covers regulated retail institutions that provide standard loan, deposit, or payment services.
This report presents main findings from financial sector authorities in 124 jurisdictions, representing 141 economies and more than 90 percent of the world’s unbanked adult population. The main findings include the following.