World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

Recommendations On Financial Access For The Poor

UN group makes recommendations on access to financial services for the poor

9 July 2008 - A panel of United Nations finance experts has issued a set of recommendations on how governments, regulators, development partners and the private sector can enable the world's poor to better access financial services.

At its meeting in New York last week, the UN Advisors Group on Inclusive Financial Sectors - established following the 2005 International Year of Microcredit - considered a range of issues related to inclusive finance.

Citing examples from the developing world, the Group noted that a microfinance scheme in five sub-Saharan countries had doubled the level of savings between 1998 and 2006 and had the potential to double it again in the next three years. There was a huge opportunity to expand micro-insurance from its current level of only two per cent of poor households, the Group stated, adding that housing loans to poor people could have a major impact.

In addition, the panel argued that providing mobile-phone services to people without bank accounts had been successful in Kenya and that micro-finance initiatives could be effective even in societies affected by conflict such as Afghanistan.

According to the group, it is estimated that over two billion people are currently excluded from access to financial services. The situation is particularly dire in most least developed countries (LDCs) where more than 90 per cent of the population is often excluded from access to the formal financial system.

Last week's meeting marked the end of the two-year mandate for the group, which includes representatives from governments, central banks, regulatory agencies, microfinance institutions, the private sector, civil society and donors.

ENDS

Latest World News | Top World News | World Digest | Archives | RSS

© Scoop Media

 
 
 
 
 
World Headlines

 

Werewolf: Gordon Campbell On North Korea, Neo-Nazism, And Milo

With a bit of luck the planet won’t be devastated by nuclear war in the next few days. US President Donald Trump will have begun to fixate on some other way to gratify his self-esteem – maybe by invading Venezuela or starting a war with Iran. More>>

Victory Declared: New Stabilisation Funding From NZ As Mosul Is Retaken

New Zealand has congratulated the Iraqi government on the successful liberation of Mosul from ISIS after a long and hard-fought campaign. More>>

Gordon Campbell: On The Current US Moves Against North Korea

If Martians visited early last week, they’d probably be scratching their heads as to why North Korea was being treated as a potential trigger for global conflict... More>>

ALSO:

Gordon Campbell: On The Lessons From Corbyn’s Campaign

Leaving partisan politics aside – and ignoring Jeremy Corbyn’s sensational election campaign for a moment – it has to be said that Britain is now really up shit creek... More>>

ALSO:

Another US Court: Fourth Circuit Rules Muslim Ban Discriminatory

ACLU: Step by step, point by point, the court laid out what has been clear from the start: The president promised to ban Muslims from the United States, and his executive orders are an attempt to do just that. More>>

ALSO:

 
 
 
 
 
 
  • Pacific.Scoop
  • Cafe Pacific
  • PMC