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Guiding Principles: Payment aspects of financial inclusion

Since April 2014, the Center for Latin American and Monetary Studies (CEMLA) participates in the Task Force on the Payment Aspects of Financial Inclusion (PAFI) chaired by the Committee on Payments and Market Infrastructures (CPMI) and the World Bank Group (WB). Today, the PAFI final report has been published seeking to tackle barriers to the adoption and usage of transaction accounts, which sit at the heart of retail payment services.

The guiding principles outlined in the PAFI report aim at help countries advance financial inclusion by identifying possible key actions, including providing basic accounts at little or no cost, stepping up efforts to increase financial literacy, and leveraging large-volume payment programs, such as government payments, by adopting electronic payment services. Financial inclusion efforts are beneficial not only for those who will become financially included, but also for the national payments infrastructure and, ultimately, the economy.

 

 

 

 

 

 

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