Financial Inclusion in the Middle East and North Africa : Analysis and Roadmap Recommendations

The paper provides an assessment of the state of financial inclusion in the MENA region, and identifies constraints, opportunities, and priorities for significantly improving access to finance. Practical recommendations for improving financial inc...

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Main Author:	Pearce, Douglas
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCESS INDICATORS ACCESS POINTS ACCESS TO BANK LOANS ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCESS TO LOANS ACCOUNTS RECEIVABLES AGRICULTURAL BANK AGRICULTURAL CREDIT ANTI-MONEY LAUNDERING ATM ACCESS ATM NETWORK ATM NETWORKS BANK BANK ACCOUNTS BANK ASSETS BANK BRANCH BANK BRANCH NETWORK BANK BRANCH NETWORKS BANK BRANCHES BANK DEPOSIT BANK DEPOSITS BANK LENDING BANK LOAN BANKER BANKING SERVICE BANKING SERVICES BANKING SYSTEM BANKS BORROWER BORROWERS BORROWING BUSINESS TRANSACTIONS CAPITAL REQUIREMENT CASH FLOW CASH PAYMENT CHECKING ACCOUNTS COLLATERAL COMMERCIAL BANK COMMERCIAL BANKING COMMERCIAL BANKS CONSULTING SERVICES CONSUMER EDUCATION CONSUMER PROTECTION CONSUMER PROTECTIONS CONVENTIONAL BANKING COOPERATION COOPERATIVE COOPERATIVES COSTS TO BORROWERS CREDIT BANK CREDIT BUREAU CREDIT BUREAUS CREDIT CARD CREDIT INFORMATION CREDIT INFORMATION SYSTEM CREDIT INFORMATION SYSTEMS CREDIT REGISTRIES CREDIT SCORING CREDIT UNIONS CREDITOR CREDITWORTHY INDIVIDUALS CURRENT ACCOUNTS CUSTOMER BASE DEBIT CARDS DEBT DEBTS DECEPTIVE PRACTICES DEPOSIT ACCOUNT DEPOSIT ACCOUNTS DEPOSIT PRODUCTS DEPOSIT VOLUMES DEPOSITS DIRECT DEPOSITS DISCLOSURE REQUIREMENTS DIVERSIFICATION DONOR FUNDING ELECTRONIC PAYMENT ELECTRONIC PAYMENTS ELIGIBILITY CRITERIA EMPLOYEES EMPLOYER ENFORCEMENT MECHANISMS ENTERPRISES EQUIPMENT LOANS EQUITY FAMILY FAMILY RESOURCES FEE FEES FINANCE COMPANIES FINANCE COMPANY FINANCIAL ACCESS FINANCIAL AGENCY FINANCIAL DEPTH FINANCIAL EXCLUSION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIATION FINANCIAL LITERACY FINANCIAL NEEDS FINANCIAL PRODUCTS FINANCIAL PROVIDERS FINANCIAL REFORMS FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL RESPONSIBILITY FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING FIXED ASSETS FOREIGN CURRENCY FORMAL CREDIT GENDER GOVERNMENT INTERVENTION GOVERNMENT POLICIES GOVERNMENT POLICY GROUP LENDING GROUPS OF BORROWERS GUARANTEE HIGH INTEREST RATES HIGH LEVELS OF ACCESS HOUSEHOLD HOUSEHOLDS HOUSING LOANS ID INDEBTEDNESS INFORMATION ASYMMETRIES INFORMATION ASYMMETRY INFORMATION GAP INFORMATION SHARING INSTITUTIONAL CAPACITY INSTITUTIONAL REFORM INTEREST INTEREST RATE INTERESTS INTERNATIONAL BANK INVESTMENT INVESTMENTS LEGAL BARRIERS LENDERS LEVELS OF CREDIT LOAN PAYMENT LOAN PORTFOLIO LOAN PORTFOLIOS LOAN PRODUCT LOAN PRODUCTS LOAN REPAYMENT LOAN REPAYMENTS LOAN SIZE LOANS MERCHANT MERCHANTS MFI MFIS MICRO ENTREPRENEURS MICRO LENDING MICRO LOANS MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTION MICROFINANCE INSTITUTIONS MICROFINANCE LOANS MONEY TRANSFER MONEY TRANSFERS MORAL HAZARD MORTGAGE MORTGAGE LOANS MOVABLE COLLATERAL NEW BUSINESS NEW MARKET OUTREACH OUTSTANDING LOAN OVERDRAFTS PAYMENT SERVICE PAYMENT SERVICES PAYMENTS PAYMENTS INFRASTRUCTURE PAYMENTS SERVICES PENETRATION RATES PEOPLE POINT OF SALE POINT-OF-SALE POOR CLIENTS POSTAL BANK POSTAL BANKS POSTAL SAVINGS PREJUDICE PRIVATE CREDIT PRIVATE SECTOR BANKS PROFITABILITY PROPERTY PROPERTY AS COLLATERAL PUBLIC BANK PUBLIC BANKS REAL ESTATE RECEIPT REGULAR PAYMENTS REMITTANCE REMITTANCES REPAYMENT REVENUES RISK MANAGEMENT SAVINGS SAVINGS ACCOUNTS SAVINGS BANKS SAVINGS PASSBOOKS SAVINGS PRODUCTS SECURITY SMALL ENTERPRISE SMALL ENTERPRISES SMART CARDS SOCIAL WELFARE SOURCES OF FINANCE START-UP TARIFF TAX INCENTIVE TAX LIABILITIES TECHNICAL ASSISTANCE TRADE CREDIT TRANSPARENCY OF INFORMATION UNIVERSAL ACCESS USURY USURY CEILINGS WELFARE WOMEN WOMEN BORROWERS WORKING CAPITAL
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110324100452 http://hdl.handle.net/10986/3376

id	okr-10986-3376
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCESS INDICATORS ACCESS POINTS ACCESS TO BANK LOANS ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCESS TO LOANS ACCOUNTS RECEIVABLES AGRICULTURAL BANK AGRICULTURAL CREDIT ANTI-MONEY LAUNDERING ATM ACCESS ATM NETWORK ATM NETWORKS BANK BANK ACCOUNTS BANK ASSETS BANK BRANCH BANK BRANCH NETWORK BANK BRANCH NETWORKS BANK BRANCHES BANK DEPOSIT BANK DEPOSITS BANK LENDING BANK LOAN BANKER BANKING SERVICE BANKING SERVICES BANKING SYSTEM BANKS BORROWER BORROWERS BORROWING BUSINESS TRANSACTIONS CAPITAL REQUIREMENT CASH FLOW CASH PAYMENT CHECKING ACCOUNTS COLLATERAL COMMERCIAL BANK COMMERCIAL BANKING COMMERCIAL BANKS CONSULTING SERVICES CONSUMER EDUCATION CONSUMER PROTECTION CONSUMER PROTECTIONS CONVENTIONAL BANKING COOPERATION COOPERATIVE COOPERATIVES COSTS TO BORROWERS CREDIT BANK CREDIT BUREAU CREDIT BUREAUS CREDIT CARD CREDIT INFORMATION CREDIT INFORMATION SYSTEM CREDIT INFORMATION SYSTEMS CREDIT REGISTRIES CREDIT SCORING CREDIT UNIONS CREDITOR CREDITWORTHY INDIVIDUALS CURRENT ACCOUNTS CUSTOMER BASE DEBIT CARDS DEBT DEBTS DECEPTIVE PRACTICES DEPOSIT ACCOUNT DEPOSIT ACCOUNTS DEPOSIT PRODUCTS DEPOSIT VOLUMES DEPOSITS DIRECT DEPOSITS DISCLOSURE REQUIREMENTS DIVERSIFICATION DONOR FUNDING ELECTRONIC PAYMENT ELECTRONIC PAYMENTS ELIGIBILITY CRITERIA EMPLOYEES EMPLOYER ENFORCEMENT MECHANISMS ENTERPRISES EQUIPMENT LOANS EQUITY FAMILY FAMILY RESOURCES FEE FEES FINANCE COMPANIES FINANCE COMPANY FINANCIAL ACCESS FINANCIAL AGENCY FINANCIAL DEPTH FINANCIAL EXCLUSION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIATION FINANCIAL LITERACY FINANCIAL NEEDS FINANCIAL PRODUCTS FINANCIAL PROVIDERS FINANCIAL REFORMS FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL RESPONSIBILITY FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING FIXED ASSETS FOREIGN CURRENCY FORMAL CREDIT GENDER GOVERNMENT INTERVENTION GOVERNMENT POLICIES GOVERNMENT POLICY GROUP LENDING GROUPS OF BORROWERS GUARANTEE HIGH INTEREST RATES HIGH LEVELS OF ACCESS HOUSEHOLD HOUSEHOLDS HOUSING LOANS ID INDEBTEDNESS INFORMATION ASYMMETRIES INFORMATION ASYMMETRY INFORMATION GAP INFORMATION SHARING INSTITUTIONAL CAPACITY INSTITUTIONAL REFORM INTEREST INTEREST RATE INTERESTS INTERNATIONAL BANK INVESTMENT INVESTMENTS LEGAL BARRIERS LENDERS LEVELS OF CREDIT LOAN PAYMENT LOAN PORTFOLIO LOAN PORTFOLIOS LOAN PRODUCT LOAN PRODUCTS LOAN REPAYMENT LOAN REPAYMENTS LOAN SIZE LOANS MERCHANT MERCHANTS MFI MFIS MICRO ENTREPRENEURS MICRO LENDING MICRO LOANS MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTION MICROFINANCE INSTITUTIONS MICROFINANCE LOANS MONEY TRANSFER MONEY TRANSFERS MORAL HAZARD MORTGAGE MORTGAGE LOANS MOVABLE COLLATERAL NEW BUSINESS NEW MARKET OUTREACH OUTSTANDING LOAN OVERDRAFTS PAYMENT SERVICE PAYMENT SERVICES PAYMENTS PAYMENTS INFRASTRUCTURE PAYMENTS SERVICES PENETRATION RATES PEOPLE POINT OF SALE POINT-OF-SALE POOR CLIENTS POSTAL BANK POSTAL BANKS POSTAL SAVINGS PREJUDICE PRIVATE CREDIT PRIVATE SECTOR BANKS PROFITABILITY PROPERTY PROPERTY AS COLLATERAL PUBLIC BANK PUBLIC BANKS REAL ESTATE RECEIPT REGULAR PAYMENTS REMITTANCE REMITTANCES REPAYMENT REVENUES RISK MANAGEMENT SAVINGS SAVINGS ACCOUNTS SAVINGS BANKS SAVINGS PASSBOOKS SAVINGS PRODUCTS SECURITY SMALL ENTERPRISE SMALL ENTERPRISES SMART CARDS SOCIAL WELFARE SOURCES OF FINANCE START-UP TARIFF TAX INCENTIVE TAX LIABILITIES TECHNICAL ASSISTANCE TRADE CREDIT TRANSPARENCY OF INFORMATION UNIVERSAL ACCESS USURY USURY CEILINGS WELFARE WOMEN WOMEN BORROWERS WORKING CAPITAL
spellingShingle	ACCESS INDICATORS ACCESS POINTS ACCESS TO BANK LOANS ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCESS TO LOANS ACCOUNTS RECEIVABLES AGRICULTURAL BANK AGRICULTURAL CREDIT ANTI-MONEY LAUNDERING ATM ACCESS ATM NETWORK ATM NETWORKS BANK BANK ACCOUNTS BANK ASSETS BANK BRANCH BANK BRANCH NETWORK BANK BRANCH NETWORKS BANK BRANCHES BANK DEPOSIT BANK DEPOSITS BANK LENDING BANK LOAN BANKER BANKING SERVICE BANKING SERVICES BANKING SYSTEM BANKS BORROWER BORROWERS BORROWING BUSINESS TRANSACTIONS CAPITAL REQUIREMENT CASH FLOW CASH PAYMENT CHECKING ACCOUNTS COLLATERAL COMMERCIAL BANK COMMERCIAL BANKING COMMERCIAL BANKS CONSULTING SERVICES CONSUMER EDUCATION CONSUMER PROTECTION CONSUMER PROTECTIONS CONVENTIONAL BANKING COOPERATION COOPERATIVE COOPERATIVES COSTS TO BORROWERS CREDIT BANK CREDIT BUREAU CREDIT BUREAUS CREDIT CARD CREDIT INFORMATION CREDIT INFORMATION SYSTEM CREDIT INFORMATION SYSTEMS CREDIT REGISTRIES CREDIT SCORING CREDIT UNIONS CREDITOR CREDITWORTHY INDIVIDUALS CURRENT ACCOUNTS CUSTOMER BASE DEBIT CARDS DEBT DEBTS DECEPTIVE PRACTICES DEPOSIT ACCOUNT DEPOSIT ACCOUNTS DEPOSIT PRODUCTS DEPOSIT VOLUMES DEPOSITS DIRECT DEPOSITS DISCLOSURE REQUIREMENTS DIVERSIFICATION DONOR FUNDING ELECTRONIC PAYMENT ELECTRONIC PAYMENTS ELIGIBILITY CRITERIA EMPLOYEES EMPLOYER ENFORCEMENT MECHANISMS ENTERPRISES EQUIPMENT LOANS EQUITY FAMILY FAMILY RESOURCES FEE FEES FINANCE COMPANIES FINANCE COMPANY FINANCIAL ACCESS FINANCIAL AGENCY FINANCIAL DEPTH FINANCIAL EXCLUSION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIATION FINANCIAL LITERACY FINANCIAL NEEDS FINANCIAL PRODUCTS FINANCIAL PROVIDERS FINANCIAL REFORMS FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL RESPONSIBILITY FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING FIXED ASSETS FOREIGN CURRENCY FORMAL CREDIT GENDER GOVERNMENT INTERVENTION GOVERNMENT POLICIES GOVERNMENT POLICY GROUP LENDING GROUPS OF BORROWERS GUARANTEE HIGH INTEREST RATES HIGH LEVELS OF ACCESS HOUSEHOLD HOUSEHOLDS HOUSING LOANS ID INDEBTEDNESS INFORMATION ASYMMETRIES INFORMATION ASYMMETRY INFORMATION GAP INFORMATION SHARING INSTITUTIONAL CAPACITY INSTITUTIONAL REFORM INTEREST INTEREST RATE INTERESTS INTERNATIONAL BANK INVESTMENT INVESTMENTS LEGAL BARRIERS LENDERS LEVELS OF CREDIT LOAN PAYMENT LOAN PORTFOLIO LOAN PORTFOLIOS LOAN PRODUCT LOAN PRODUCTS LOAN REPAYMENT LOAN REPAYMENTS LOAN SIZE LOANS MERCHANT MERCHANTS MFI MFIS MICRO ENTREPRENEURS MICRO LENDING MICRO LOANS MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTION MICROFINANCE INSTITUTIONS MICROFINANCE LOANS MONEY TRANSFER MONEY TRANSFERS MORAL HAZARD MORTGAGE MORTGAGE LOANS MOVABLE COLLATERAL NEW BUSINESS NEW MARKET OUTREACH OUTSTANDING LOAN OVERDRAFTS PAYMENT SERVICE PAYMENT SERVICES PAYMENTS PAYMENTS INFRASTRUCTURE PAYMENTS SERVICES PENETRATION RATES PEOPLE POINT OF SALE POINT-OF-SALE POOR CLIENTS POSTAL BANK POSTAL BANKS POSTAL SAVINGS PREJUDICE PRIVATE CREDIT PRIVATE SECTOR BANKS PROFITABILITY PROPERTY PROPERTY AS COLLATERAL PUBLIC BANK PUBLIC BANKS REAL ESTATE RECEIPT REGULAR PAYMENTS REMITTANCE REMITTANCES REPAYMENT REVENUES RISK MANAGEMENT SAVINGS SAVINGS ACCOUNTS SAVINGS BANKS SAVINGS PASSBOOKS SAVINGS PRODUCTS SECURITY SMALL ENTERPRISE SMALL ENTERPRISES SMART CARDS SOCIAL WELFARE SOURCES OF FINANCE START-UP TARIFF TAX INCENTIVE TAX LIABILITIES TECHNICAL ASSISTANCE TRADE CREDIT TRANSPARENCY OF INFORMATION UNIVERSAL ACCESS USURY USURY CEILINGS WELFARE WOMEN WOMEN BORROWERS WORKING CAPITAL Pearce, Douglas Financial Inclusion in the Middle East and North Africa : Analysis and Roadmap Recommendations
geographic_facet	Middle East and North Africa Middle East and North Africa Middle East and North Africa
relation	Policy Research working paper ; no. WPS 5610
description	The paper provides an assessment of the state of financial inclusion in the MENA region, and identifies constraints, opportunities, and priorities for significantly improving access to finance. Practical recommendations for improving financial inclusion are outlined. Firstly, governments could agree a Financial Inclusion Strategy that is underpinned by improved data, that has both public and private sector commitment, and that scales up financial access on a large scale, principally through bank accounts. Secondly, the regulators should provide a legal and supervisory framework that enables access to finance to be expanded primarily through banks, but with regulatory space for the use of agents, mobile phone technology, and for a finance company model for microcredit and leasing. Interest rate caps on microloans should be removed, and instead consumer protection and supervisory capacity for microfinance should be strengthened, while prudent competition between financial service providers should be promoted. Thirdly, financial infrastructure needs to continue to be a focus area, and in particular credit information and secured transactions. Finally, barriers to the growth of Islamic financial services should be removed so that they can better meet market demand.
format	Publications & Research :: Policy Research Working Paper
author	Pearce, Douglas
author_facet	Pearce, Douglas
author_sort	Pearce, Douglas
title	Financial Inclusion in the Middle East and North Africa : Analysis and Roadmap Recommendations
title_short	Financial Inclusion in the Middle East and North Africa : Analysis and Roadmap Recommendations
title_full	Financial Inclusion in the Middle East and North Africa : Analysis and Roadmap Recommendations
title_fullStr	Financial Inclusion in the Middle East and North Africa : Analysis and Roadmap Recommendations
title_full_unstemmed	Financial Inclusion in the Middle East and North Africa : Analysis and Roadmap Recommendations
title_sort	financial inclusion in the middle east and north africa : analysis and roadmap recommendations
publishDate	2012
url	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110324100452 http://hdl.handle.net/10986/3376
_version_	1764386882217574400
spelling	okr-10986-33762021-04-23T14:02:09Z Financial Inclusion in the Middle East and North Africa : Analysis and Roadmap Recommendations Pearce, Douglas ACCESS INDICATORS ACCESS POINTS ACCESS TO BANK LOANS ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCESS TO LOANS ACCOUNTS RECEIVABLES AGRICULTURAL BANK AGRICULTURAL CREDIT ANTI-MONEY LAUNDERING ATM ACCESS ATM NETWORK ATM NETWORKS BANK BANK ACCOUNTS BANK ASSETS BANK BRANCH BANK BRANCH NETWORK BANK BRANCH NETWORKS BANK BRANCHES BANK DEPOSIT BANK DEPOSITS BANK LENDING BANK LOAN BANKER BANKING SERVICE BANKING SERVICES BANKING SYSTEM BANKS BORROWER BORROWERS BORROWING BUSINESS TRANSACTIONS CAPITAL REQUIREMENT CASH FLOW CASH PAYMENT CHECKING ACCOUNTS COLLATERAL COMMERCIAL BANK COMMERCIAL BANKING COMMERCIAL BANKS CONSULTING SERVICES CONSUMER EDUCATION CONSUMER PROTECTION CONSUMER PROTECTIONS CONVENTIONAL BANKING COOPERATION COOPERATIVE COOPERATIVES COSTS TO BORROWERS CREDIT BANK CREDIT BUREAU CREDIT BUREAUS CREDIT CARD CREDIT INFORMATION CREDIT INFORMATION SYSTEM CREDIT INFORMATION SYSTEMS CREDIT REGISTRIES CREDIT SCORING CREDIT UNIONS CREDITOR CREDITWORTHY INDIVIDUALS CURRENT ACCOUNTS CUSTOMER BASE DEBIT CARDS DEBT DEBTS DECEPTIVE PRACTICES DEPOSIT ACCOUNT DEPOSIT ACCOUNTS DEPOSIT PRODUCTS DEPOSIT VOLUMES DEPOSITS DIRECT DEPOSITS DISCLOSURE REQUIREMENTS DIVERSIFICATION DONOR FUNDING ELECTRONIC PAYMENT ELECTRONIC PAYMENTS ELIGIBILITY CRITERIA EMPLOYEES EMPLOYER ENFORCEMENT MECHANISMS ENTERPRISES EQUIPMENT LOANS EQUITY FAMILY FAMILY RESOURCES FEE FEES FINANCE COMPANIES FINANCE COMPANY FINANCIAL ACCESS FINANCIAL AGENCY FINANCIAL DEPTH FINANCIAL EXCLUSION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIATION FINANCIAL LITERACY FINANCIAL NEEDS FINANCIAL PRODUCTS FINANCIAL PROVIDERS FINANCIAL REFORMS FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL RESPONSIBILITY FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING FIXED ASSETS FOREIGN CURRENCY FORMAL CREDIT GENDER GOVERNMENT INTERVENTION GOVERNMENT POLICIES GOVERNMENT POLICY GROUP LENDING GROUPS OF BORROWERS GUARANTEE HIGH INTEREST RATES HIGH LEVELS OF ACCESS HOUSEHOLD HOUSEHOLDS HOUSING LOANS ID INDEBTEDNESS INFORMATION ASYMMETRIES INFORMATION ASYMMETRY INFORMATION GAP INFORMATION SHARING INSTITUTIONAL CAPACITY INSTITUTIONAL REFORM INTEREST INTEREST RATE INTERESTS INTERNATIONAL BANK INVESTMENT INVESTMENTS LEGAL BARRIERS LENDERS LEVELS OF CREDIT LOAN PAYMENT LOAN PORTFOLIO LOAN PORTFOLIOS LOAN PRODUCT LOAN PRODUCTS LOAN REPAYMENT LOAN REPAYMENTS LOAN SIZE LOANS MERCHANT MERCHANTS MFI MFIS MICRO ENTREPRENEURS MICRO LENDING MICRO LOANS MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTION MICROFINANCE INSTITUTIONS MICROFINANCE LOANS MONEY TRANSFER MONEY TRANSFERS MORAL HAZARD MORTGAGE MORTGAGE LOANS MOVABLE COLLATERAL NEW BUSINESS NEW MARKET OUTREACH OUTSTANDING LOAN OVERDRAFTS PAYMENT SERVICE PAYMENT SERVICES PAYMENTS PAYMENTS INFRASTRUCTURE PAYMENTS SERVICES PENETRATION RATES PEOPLE POINT OF SALE POINT-OF-SALE POOR CLIENTS POSTAL BANK POSTAL BANKS POSTAL SAVINGS PREJUDICE PRIVATE CREDIT PRIVATE SECTOR BANKS PROFITABILITY PROPERTY PROPERTY AS COLLATERAL PUBLIC BANK PUBLIC BANKS REAL ESTATE RECEIPT REGULAR PAYMENTS REMITTANCE REMITTANCES REPAYMENT REVENUES RISK MANAGEMENT SAVINGS SAVINGS ACCOUNTS SAVINGS BANKS SAVINGS PASSBOOKS SAVINGS PRODUCTS SECURITY SMALL ENTERPRISE SMALL ENTERPRISES SMART CARDS SOCIAL WELFARE SOURCES OF FINANCE START-UP TARIFF TAX INCENTIVE TAX LIABILITIES TECHNICAL ASSISTANCE TRADE CREDIT TRANSPARENCY OF INFORMATION UNIVERSAL ACCESS USURY USURY CEILINGS WELFARE WOMEN WOMEN BORROWERS WORKING CAPITAL The paper provides an assessment of the state of financial inclusion in the MENA region, and identifies constraints, opportunities, and priorities for significantly improving access to finance. Practical recommendations for improving financial inclusion are outlined. Firstly, governments could agree a Financial Inclusion Strategy that is underpinned by improved data, that has both public and private sector commitment, and that scales up financial access on a large scale, principally through bank accounts. Secondly, the regulators should provide a legal and supervisory framework that enables access to finance to be expanded primarily through banks, but with regulatory space for the use of agents, mobile phone technology, and for a finance company model for microcredit and leasing. Interest rate caps on microloans should be removed, and instead consumer protection and supervisory capacity for microfinance should be strengthened, while prudent competition between financial service providers should be promoted. Thirdly, financial infrastructure needs to continue to be a focus area, and in particular credit information and secured transactions. Finally, barriers to the growth of Islamic financial services should be removed so that they can better meet market demand. 2012-03-19T18:01:20Z 2012-03-19T18:01:20Z 2011-03-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110324100452 http://hdl.handle.net/10986/3376 English Policy Research working paper ; no. WPS 5610 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper Middle East and North Africa Middle East and North Africa Middle East and North Africa

Financial Inclusion in the Middle East and North Africa : Analysis and Roadmap Recommendations

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