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PBOC official calls for financial inclusion to reduce poverty
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Jiao Jinpu, director of the Consumer Financial Protection Bureau under the People’s Bank of China, called for financial inclusion to reduce poverty and promote balanced growth.
The major focus of inclusion is to ensure everyone has access to credit and other financial services, Jiao told regulators, scholars and company representatives in Shanghai over the weekend.
Jiao said every 1 percent increase in the number of rural bank outlets in India reduced the poverty rate by 0.34 percent and added 0.55 percent output. He said financial inclusion gave more opportunities to the poor other than farm work.
The World Bank estimated that about 2.7 billion adults in the world had no access to formal financial services in 2012.
People with low incomes, women and the disadvantaged were the three main groups most likely to be excluded from financial services.
China started to promote financial inclusion in 2009. The number of villages and towns that had no financial service providers dropped from 2,945 to 1,686 since then.
Mobile payment is one of the most effective methods to extend financial inclusion in less developed markets. It costs only a fifth of regular payment methods. However China lags behind in this sector. In Kenya, 68 percent of adults used mobile payment services, according to the World Bank.
The new technology imposes challenges to regulators. Jiao said mobile payment requires cross regulation in areas like banking, telecommunications, and payment system.
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