scholarly journals Status and Priorities of Financial Inclusion in Ukraine

2020 ◽  
Vol 10 (513) ◽  
pp. 294-300
Author(s):  
I. V. Abramova ◽  
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Education ◽  
Financial Inclusion ◽  
Inclusive Development ◽  
Current Status ◽  
Slow Development ◽  
Economic Method ◽  
Payment Cards ◽  
The Status

The article is aimed at theoretical and methodological substantiation of the status and priorities of financial inclusion in Ukraine. The theoretical analysis of the issues raised in the research was carried out in accordance with the general methodological scheme of the system approach. In solving certain problems, the statistic and economic method was used – to assess the current status and tendencies of financial inclusion in Ukraine, as well as methods of comparative analysis and analogy – to determine the prospects for inclusive development of the financial system of Ukraine. It is substantiated that the status of implementation of financial inclusion in Ukraine during 2015-2019 is characterized by an increase in the number of non-cash transactions using payment cards, dynamic development of payment infrastructure in both the trade and the service networks. The author advances arguments that the important tasks of development and inclusiveness of the financial sector of Ukraine are the development of the National payment system «Ukrainian payment space», expansion of payment infrastructure and improvement of conditions for settlement transactions using payment cards, including in the Internet. It is proved that low incomes of the population, limited access to financial services, underdevelopment of payment infrastructure, low level of financial education and financial literacy of Ukrainians are the key reasons for the slow development of financial inclusion in Ukraine. It is determined that the prospects for the development of financial inclusion are connected with the creation of effective mechanisms for protecting the rights of consumers of financial services, conditions for increasing financial literacy of the population and its awareness of the services of both the banking and the non-bank financial and credit institutions, the development of payment infrastructure and digital technologies in the financial sphere.

scholarly journals Financial Inclusion: A Correlational Study of Factors in Rural Uttarakhand

2017 ◽  
Vol 4 (01) ◽  
Author(s):  
Rajesh Tripathi ◽  
Swati Gupta
Keyword(s):  
Financial Services ◽  
Financial Inclusion ◽  
Inclusive Development ◽  
Current Status ◽  
Correlational Study ◽  
Rural Regions ◽  
Suburban Areas ◽  
Financial Infrastructure ◽  
The Government ◽  
The Relationship

Inclusive development is the key to general economic growth for any economy. In any place in the world, providing financial services to this overlooked section of society is a testing assignment. The Government in India has concerns about large underprivileged population that is still reluctant to be a part of standard monetary exercises. A slew of innovation in financial services such as technology and a couple of development endeavors are being mooted and implemented. The paper is planned to dissect current status of financial services in rural regions of Uttarakhand and to recognise factors impacting interest of financial services in this area. The study suggests that though access to financial services in rural territorial areas is reasonable, there is still room for improvement in financial infrastructure. The findings confirm the relationship among ancillary, support systems, financial apparatus and intended financial inclusive measures. The exhaustive correlational study also establishes the fact that working on constructive elements and variables would bring positive results in the field of financial inclusion drive in rural and suburban areas of Uttarakhand.

scholarly journals Poverty Alleviation Fund in Financial Inclusions of Nepal

2019 ◽  
Vol 2 (2) ◽  
pp. 90-98
Author(s):  
Nahakul K.C.
Keyword(s):  
New Product Development ◽  
Financial Literacy ◽  
Financial Services ◽  
Poverty Alleviation ◽  
Secondary Data ◽  
Holistic Approach ◽  
Financial Education ◽  
Financial Inclusion ◽  
Services Research ◽  
Government Organizations

This research was an attempt to take a deeper look at people’s experience of existing financial services and their providers. In addition, it aimed to identify definitive indicators that would help to create a roadmap for the delivery of effective financial services in Nepal. The study emphasized that ensuring financial inclusion is an arduous task and requires a holistic approach encompassing strategies for awareness raising, financial education, technical advice on different dimensions of money management, debt counseling, saving mobilization, provision of affordable credit services, research and development. In order to promote financial inclusion, there is a need to develop and apply specific strategies to expand the outreach of their services using combinations of lending methodologies, market led approaches to new product development, fostering linkages with local communities and promoting the use of technologies. This paper is basically descriptive and analytical in nature and based on a number of policy models and provisions formulated in recent years for promoting financial inclusion in Nepal. Secondary data is used, drawn primarily from, Poverty Alleviation Fund, Department of Co-operatives and different departments. Micro finance institutions should give equal priority for non-financial services such as financial literacy and provision of entrepreneurship skills through government and non-government organizations that ultimately helps to utilize micro-credit into productive sectors.

scholarly journals Issues and Challenges of Financial Inclusion Among Low-Income Earners In Rural Areas of Malaysia

2021 ◽  
Vol 8 (Special Issue) ◽  
pp. 277-299
Author(s):  
Salihah Sharizan ◽  
Nur Harena Redzuan ◽  
Romzie Rosman
Keyword(s):  
Financial Institutions ◽  
Low Income ◽  
Rural Areas ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Education ◽  
Financial Inclusion ◽  
Primary Data ◽  
Structured Interviews ◽  
Finance Industry

Financial inclusion (FI) appears to be one of the main global agendas as it is an essential way of reducing poverty and increasing the economic growth of a country. FI is the provision of financial services to all segments of society in a more convenient, quality, and affordable way. In this study, the authors analyzed the issues and challenges faced from the two perspectives of the Financial Institutions (FIs) and the rural B40 group concerning the way of pursuing the exclusive of FI. Primary data was collected by conducting semi-structured interviews with four expert bankers from the Financial Institutions (FIs) in Kuala Rompin, Pahang, and two representatives from the B40 customers in the rural areas of Pekan, Pahang, Malaysia. Based on the findings, barriers faced by the supply sides of the FIs include 1) high risk of cost and security, 2) barriers in communication and lack of financial education, and 3) lack of proof documents. The other challenges are 1) competition with the conventional institutions, 2) default risk due to non-payment, and 3) internet connection problem. On the demand side, the issues and challenges found include 1) lack of confidence, 2) lack of proof documents, 3) misuse of capital, and 4) lack of financial literacy. Henceforth, the findings have significant implications for the Islamic banking and finance industry in exploring the current barriers faced in delivering financial inclusion to the lower segment of the society in Malaysia.

Financial Inclusion in India-A Review

2020 ◽  
pp. 278-284
Keyword(s):  
Rural Areas ◽  
Financial Literacy ◽  
Financial Services ◽  
Poverty Reduction ◽  
Financial Inclusion ◽  
World Bank Group ◽  
Critical Issues ◽  
The Status ◽  
The Government ◽  
Bank Group

Financial inclusion has been widely recognized as an engine of economic and social development. World Bank group laid stress on the role of financial inclusion in poverty reduction and boosting shared prosperity. Increasing the importance of financial inclusion for inclusive growth has gained the attention of researchers and academicians across the world. This review deals with the findings of research studies conducted on the extent and status of financial inclusion in India. A review of empirical findings revealed that despite many initiatives taken jointly by the Government and Reserve Bank of India, financial services outreach was not been very satisfactory. People particularly in rural areas, still did not have access to banking services. Evidence of gaps in financial inclusiveness in the country could also be perceived from the review. Lack of awareness and financial literacy, high cost of financial services, continued dependence of rural people on moneylenders, regional disparities in terms of outreach, etc. emerged as some of the critical issues. Hence, the study suggested that some concrete steps need to be taken by the government to improve the status of financial inclusion

KEBIJAKAN KEUANGAN INKLUSIF DALAM PERSPEKTIF EKONOMI SYARIAH

2020 ◽  
Vol 2 (1) ◽  
pp. 33-40
Author(s):  
Efrita Norman
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Banking Sector ◽  
Financial Education ◽  
Media Analysis ◽  
Financial Inclusion ◽  
Monetary Authority ◽  
Policy Reforms ◽  
Financial Industry ◽  
Financial Policies

  ABSTRACT This study aims to explore inclusive financial policies in the perspective of Islamic economics. The method used is a qualitative method with a literacy study and mass media analysis approach. Hasilnuya, Indonesia (BI) as the monetary authority believes the NSFI program as the main way to improve financial literacy in order to increase the ability of individuals to manage their finances. The banking sector as the majority of financial services activities in Indonesia is a front liner for the program. The strategies used in achieving financial inclusion goals include five pillars, namely financial education, increasing financial eligibility, supporting regulations, increasing intermediation facilitation, and policy reforms covering customer protection, banking agents, and phone banking. Going forward, the financial industry needs to map the potential of the community and business sector as targets of the financial inclusion program. For this reason, a comprehensive partisanship and strategy from the financial industry is needed to expand access to services for the community, especially in preparing products that can meet the savings and investment needs of the community. Keywords: Bank Indonesia, Islamic economics, financial inclusion, monetary authority.  

Achieving Financial Inclusion for Persons With Disabilities: Exploring Preparedness and Accessibility of Financial Services for Persons With Disabilities in Malawi

2021 ◽  
pp. 104420732110275
Author(s):  
Alex Nester Jiya ◽  
Maxwell Peprah Opoku ◽  
William Nketsia ◽  
Joslin Alexei Dogbe ◽  
Josephine Nkrumah Adusei
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Commercial Banks ◽  
Empirical Studies ◽  
Well Being ◽  
Living Conditions ◽  
Inclusive Development ◽  
Future Research ◽  
Structured Interviews ◽  
Persons With Disabilities

Deplorable living conditions among persons with disabilities and the need to improve their living conditions cannot be overemphasized. This has triggered international discussion on the need for deliberate social policies to bridge the poverty gap between persons with and without disabilities. In Malawi, expansion of financial services has been identified as an essential tool to accelerate economic and inclusive development. However, empirical studies are yet to explore the preparedness of financial institutions to extend their services to persons with disabilities. In this qualitative study, semi-structured interviews were conducted with managers from commercial banks in Malawi to understand their perspectives on extending financial services to persons with disabilities. Interviews were transcribed verbatim and a descriptive thematic analysis was performed. Although participants reiterated the need to provide persons with disabilities with financial services to improve their well-being, few initiatives have been undertaken to improve their participation. Particularly, participants stated that barriers, such as a lack of financial literacy and adaptive technologies, communication barriers, and high rates of unemployment, explained the reluctance of commercial banks to extend financial services to persons with disabilities. The limitations, recommendations for future research, and implications of the study for policymaking have been highlighted.

Determinants of Financial Inclusion in Namobuddha Municipality, Nepal

2021 ◽  
Vol 5 (1) ◽  
pp. 60-74
Author(s):  
Jeetendra Dangol ◽  
Anil Humagain
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Control Variable ◽  
Financial Innovation ◽  
Sampling Technique ◽  
Financial Inclusion ◽  
Gender Education ◽  
And Control ◽  
Moderating Role

Financial inclusion is a priority agenda in countries like Nepal. The study seeks to determine the access to financial services, financial innovation and quality of financial services to the financial inclusion.The study is based on questionnaire surveydata with363 household respondents using a convenient sampling technique, and carried out in Namobuddha Municipality of Nepal. The moderating effect of financial literacy and control variable of demographic items have been analysed using generalised regression model. The results show that financial innovation and quality of financial services are the significant determinants of financial inclusion; financial literacy is found significant and it plays a moderating role between the variables under study. The findings revealed that the tendency of higher level of financial inclusion was influenced by gender, education level and monthly income.

scholarly journals FINANCIAL INCLUSION AND POVERTY ALLEVIATION AMONG SMALLHOLDER FARMERS IN ZIMBABWE

2020 ◽  
Vol 8 (3) ◽  
pp. 168-182
Author(s):  
David Mhlanga ◽  
◽  
Steven Henry Dunga ◽  
Tankiso Moloi ◽  
◽  
...  
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Poverty Reduction ◽  
Smallholder Farmers ◽  
Financial Education ◽  
Financial Inclusion ◽  
Strong Impact ◽  
Development Goals ◽  
The Government ◽  
The Impact

The study sought to investigate the impact of financial inclusion on poverty reduction in Zimbabwe among the smallholder farmers. It is alleged that financial inclusion can help in achieving seven of the seventeen sustainable development goals (SDGs), which include poverty eradication in all its forms everywhere, ending hunger, achieving food security, ensuring improved nutrition as well as promoting sustainable agriculture and many others. Using the simple regression method, the study discovered that financial inclusion has a strong impact on poverty reduction among smallholder farmers. The study went on to discover that, for the government to tackle poverty especially among the smallholder farmers, it is important to ensure that farmers do participate in the financial sector through saving, borrowing and taking out insurance among other services. So, it is important for the government of Zimbabwe to fully implement policies that encourage financial inclusion such as making sure that farmers find it easy to access financial institutions and encouraging financial institutions to review transaction costs like bank account opening charges periodically, implementing financial education programs among the farmers because these variables are important in influencing farmers to participate or preventing them from using financial services.

scholarly journals Improvement of the Financial Services Market in the Context of Ensuring the Financial Inclusion

2021 ◽  
Vol 8 (523) ◽  
pp. 127-134
Author(s):  
O. V. Zhulyn ◽  
Keyword(s):  
Behavioral Finance ◽  
Financial Literacy ◽  
Financial Services ◽  
Digital Technologies ◽  
Financial Service ◽  
Financial Inclusion ◽  
Low Incomes ◽  
Analytical Research ◽  
Low Levels ◽  
Theoretical Foundations

The article is aimed at studying the theoretical, organizational and methodical aspects of financial inclusion; conducting an analytical research on the development of financial inclusion and its impact on the welfare of the population; formation of recommendations for improving the financial services market in the conditions of ensuring the financial inclusion in Ukraine. The theoretical foundations of financial inclusion and its components are considered, the author suggests to enclose therein the speed and security of obtaining a financial service, which is provided with the help of digital technologies, which is relevant in the context of the COVID-19 pandemic. The carried out analytical studies of financial inclusion in the world and in Ukraine have shown that its level is constantly growing and there are sufficient prerequisites for its development, including in the financial market the maximum number of the population who will be able to benefit from the use of financial services. As a result of the analysis, a framework for financial inclusion has been developed that allows identifying entities that are often unwittingly excluded from the financial services market – due to low levels of financial literacy, low incomes or discrimination on the part of financial institutions. An important aspect of the implementation of the concept of financial inclusion is the motivation to use financial services, using behavioral finance methods for this – not only by those who are forced to exclude, but also those who voluntarily refused to use them. The publication proposes recommendations and instruments for improving the financial services market, which will increase the level of financial inclusion, which in turn will contribute to economic growth, mobilization of savings, their preservation and increase, introduction of innovations and development of entrepreneurship.

scholarly journals An Empirical Analysis of the Impact of Agency Banking on Financial Inclusion in Benue State, Nigeria: Implications for Economic Activities

2022 ◽  
Vol 14 (2) ◽  
pp. 75
Author(s):  
David Terfa Akighir ◽  
Tyagher Margaret ◽  
Jacob Terungwa Tyagher ◽  
Tordue Emmanuel Kpoghul
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Structural Equation ◽  
Structural Equation Models ◽  
Survey Design ◽  
Secondary Data ◽  
The State ◽  
Financial Inclusion ◽  
Economic Activities ◽  
The Impact

Twelve (12) out of the Twenty-three (23) local government areas (LGAs) in Benue State do not have the presence of banks over a long period of time. This situation has deprived the inhabitants of these LGAs of access to formal financial services until the advent of agency banking. This study therefore, investigates the impact of agency banking on financial inclusion and economic activities in Benue State focusing on the agency banking activities of First Bank Ltd. The study is anchored on the agency theory and it used a survey design. The study has utilized both primary and secondary data that were analyzed using descriptive statistical tools and structural equation models. Findings of the study have revealed that agency banking activities of First Bank Ltd have immensely enhanced financial inclusion and economic activities in Benue State. However, challenges such as shortages of cash, security problems, network failures, and lack of financial literacy are militating against the smooth operations of the agency banking in the State. On the basis of these findings, the study has recommended among others that, other banks operating in the State should be encouraged to venture into agency banking in the state so as to have a wider coverage of agency banking in the State. Also, government should provide security and partner with the private sector to provide national carrier communication network system to overcome the network failure challenge. Finally, banks should intensify efforts to educate the masses about the validity and potency of agency banking.

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