Financial Inclusion and the Linkages to Stability, Integrity and Protection : Insights from the South African Experience

International Standard-Setting Bodies (SSBs) and national policy makers-including financial regulators-pursue the core objectives of financial stability, financial integrity and financial consumer protection. These advances challenge financial regu...

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Bibliographic Details
Main Author:	CGAP
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2013
Subjects:	ACCESS TO ACCOUNTS ACCESS TO ATMS ACCESS TO BANKING ACCESS TO BANKING SERVICES ACCESS TO CREDIT ACCESS TO FINANCIAL SERVICES ACCESS TO MORTGAGE ACCOUNT HOLDERS ACCOUNTABILITY AFFORDABILITY AFFORDABLE HOUSING AFFORDABLE HOUSING FINANCE AFFORDABLE HOUSING LENDING AFFORDABLE HOUSING LOANS ARBITRAGE ARREARS BAD DEBTS BANK ACCOUNT BANK ACCOUNTS BANK ASSETS BANK FAILURE BANK HOLDING BANK LENDERS BANK LOAN BANK SUPERVISION BANKING ASSETS BANKING CRISES BANKING CRISIS BANKING LAW BANKING SECTOR BANKING SUPERVISION BORROWER CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL BASE CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CASH ECONOMY CASH WITHDRAWAL CENTRAL BANKS COMMERCIAL BANKS COMMUNITY BANKS COMMUNITY REINVESTMENT CONSUMER CREDIT CONSUMER EDUCATION CONSUMER PROTECTION COOPERATIVE BANKS COOPERATIVE DEVELOPMENT COOPERATIVES CREDIT ASSOCIATION CREDIT COOPERATIVE CREDIT COOPERATIVES CREDIT CRITERIA CREDIT MARKET CREDIT PERFORMANCE CREDIT RECORD CREDIT UNIONS CREDITORS DEBIT CARD DEBIT CARDS DEBTS DEMAND FOR CREDIT DEPOSIT DEPOSITOR DEPOSITORY INSTITUTIONS DEPOSITS DIVERSIFICATION DUE DILIGENCE ECONOMIC DEVELOPMENT ECONOMIC EMPOWERMENT ECONOMIC GROWTH ECONOMIC STABILITY EMPLOYER EMPLOYERS EMPLOYMENT EXCHANGE RATE EXCLUSION EXCLUSIONS FINANCIAL ACCESS FINANCIAL AUTHORITIES FINANCIAL CRISIS FINANCIAL EXCLUSION FINANCIAL INSTABILITY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL POLICY FINANCIAL PRODUCTS FINANCIAL REGULATORS FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR POLICY FINANCIAL SERVICE FINANCIAL SERVICE ACCESS FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FORMAL BANKING FORMAL CREDIT FORMAL FINANCIAL SECTOR FORMAL FINANCIAL SERVICES FORMS OF CREDIT FRAUD GEOGRAPHIC ACCESS GREATER ACCESS HOME IMPROVEMENTS HOME LOAN HOME LOANS HOUSEHOLD INCOME HOUSEHOLD WEALTH HOUSEHOLDS INCOME FLOW INCOME GROUPS INDEBTEDNESS INDEPENDENT RETAIL INDIVIDUAL LOAN INEQUALITY INFLATION INFORMAL PROVIDERS INSTALLMENTS INSURANCE MARKETS INSURANCE POLICY INSURANCE PREMIUMS INTEREST RATE INTEREST RATE CAPS INTEREST RATES INTERNATIONAL COMMERCE INTERNATIONAL DEVELOPMENT ISSUANCE JOB CREATION LARGE BORROWERS LAWS LEGISLATION LENDER LENDERS LEVEL OF RISKS LIVING STANDARD LOAN LOAN PERFORMANCE LOAN PORTFOLIO LOAN PORTFOLIOS LOAN REPAYMENTS LOCAL CURRENCY LOW MINIMUM BALANCES MANDATES MARKET DEVELOPMENT MARKET SEGMENTATION MICRO LOANS MICROCREDIT MICROFINANCE MICROINSURANCE MICROLOAN MINIMUM CAPITAL REQUIREMENT MONEY LAUNDERING MORAL SUASION MORTGAGE MORTGAGE ACCESS MORTGAGE CREDIT MORTGAGE FINANCE MORTGAGE LENDING MORTGAGE LOAN MORTGAGE LOANS MORTGAGES NATIONAL CREDIT NATIONAL TREASURY NEW MARKET NONBANKS NONPAYMENT NONPERFORMING LOANS OPERATIONAL RISK OUTSTANDING LOANS PAYMENT SYSTEM PAYMENT SYSTEMS PAYROLL DEDUCTION PAYROLL DEDUCTIONS POINT OF SALE POLICY ENVIRONMENT PRICING CONTROLS PRIVATE BANKS PROPERTY MARKETS PRUDENTIAL REGULATION PRUDENTIAL REQUIREMENTS REAL ESTATE REAL ESTATE LOANS REGISTRATION REQUIREMENTS REGULATORY AUTHORITIES REGULATORY FORBEARANCE REGULATORY FRAMEWORK REGULATORY STANDARDS REMITTANCES RENEGOTIATION REPAYMENT RESERVE RESERVE REQUIREMENTS RESIDENTIAL MORTGAGE RETAIL BANK RETAIL BANKS RETIREMENT RISK MANAGEMENT RISK PROFILE SAVINGS SAVINGS ACCOUNTS SAVINGS GROUPS SAVINGS PRODUCTS SETTLEMENT SETTLEMENT SYSTEMS SMALL BANK SMALL LOANS SOLVENCY SOURCE OF INCOME SUBSIDIARY SUPERVISORY AGENCIES SYSTEMIC RISK TERRORISM THE SOUTH AFRICAN RESERVE BANK TRANSACTION TRANSPARENCY UNSECURED CREDIT URBAN AREAS USURY VILLAGE VULNERABLE CONSUMERS WAGES
Online Access:	http://documents.worldbank.org/curated/en/2012/11/17385987/financial-inclusion-linkages-stability-integrity-protection-insights-south-african-experience http://hdl.handle.net/10986/13095

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Summary:	International Standard-Setting Bodies (SSBs) and national policy makers-including financial regulators-pursue the core objectives of financial stability, financial integrity and financial consumer protection. These advances challenge financial regulators to consider how to optimize the linkages among the four distinct policy objectives financial inclusion, financial stability, financial integrity, and financial consumer protection. There is good reason to believe that, at the level of outcomes, ISIP objectives may be mutually reinforcing and interdependent: no long term stability without inclusion, for example, and vice versa. In practice, at the policy level, the linkages are less well known and policy makers face choices that are unnecessarily framed as tradeoffs. This report introduces and develops the concept that a proportionate approach to any financial inclusion measure (and specifically to its regulatory and supervisory design and implementation) should seek to optimize the ISIP linkages: maximizing synergies and minimizing tradeoffs and other negative outcomes. In South Africa, the four ISIP objectives are also the four pillars of national financial sector policy; and financial inclusion in various forms has been a key objective for the postapartheid period. The study sought to understand in each case: 1) whether the ISIP linkages were considered at the time of the intervention; 2) what was done to mitigate potential ISIP risks; and 3) as far as the available data allowed, what linkages have been manifest to-date.

Financial Inclusion and the Linkages to Stability, Integrity and Protection : Insights from the South African Experience

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