The use of bank agents has the potential to significantly increase financial access by poor and u... more The use of bank agents has the potential to significantly increase financial access by poor and underserved populations to a range of formal financial services, including savings, payments and transfers, and insurance. In particular, agents who may be individuals, small retail shops, post offices, or large retailers can offer customers a convenient and affordable opportunity to cash-in and cash-out of an electronic payments system. This focus note uses the term 'agent' to refer to any third party acting on behalf of a bank (or other principal), whether pursuant to an agency agreement, service agreement, or other similar arrangement. In most countries, a principal is liable under law for the actions of its agents, whether such actions are explicitly or implicitly authorized. Liability for the actions of a non agent acting on behalf of the bank may be different and will often depend on the contractual agreement. However, a bank's liability (whether by law or contract) for ...
The work of developing financial services for the poor has evolved considerably over the past 30 ... more The work of developing financial services for the poor has evolved considerably over the past 30 years. The genesis of today’s picture is the sustained effort in the 1970s and 1980s of donors, nongovernmental organizations (NGOs), and governments to design and use—in countries across the globe—new methods of providing the poor with access to affordable and manageable credit. The 1990s introduced the initial wave of “commercializing” these efforts through greenfields and the transformation of NGO microfinance institutions (MFIs) into for-profit finance companies, nonbank deposit-taking institutions, and banks. Donors and development finance institutions (DFIs) enabled many of these commercial ventures directly through capital investment and indirectly through support to regulators and policy makers and through ongoing efforts to build financial systems infrastructure—particularly, credit information systems and rating agencies. These uses of subsidized funding—to promote innovations ...
In markets with high levels of financial exclusion, actors in the financial system, financial ser... more In markets with high levels of financial exclusion, actors in the financial system, financial service providers (FSPs), consumers, providers of financial system infrastructure and other market supporting functions, regulators and other policy makers, often face capacity limitations. These include insufficient or inexperienced staff, lack of knowledge or understanding of the market, and limited financial literacy. Building sustainable and inclusive financial markets will require building the capacity of these actors. Funders that work to promote financial inclusion can play a very useful role in tackling capacity challenges, particularly if they provide support in a way that facilitates the development of a capacity building services market. This approach can benefit the whole financial market as opposed to the more common approach of providing direct support to one or a few actors in the market. This focus note builds on the ideas discussed in facilitating market development to adv...
A well-functioning and inclusive financial sector is critical for efficient resource allocation l... more A well-functioning and inclusive financial sector is critical for efficient resource allocation leading to increased productivity, greater investment, higher overall levels of economic growth, and lower inequality. This is particularly critical in Iraq, where years of political instability and violence have impeded the development of a robust private sector. Microfinance services in Iraq are still nascent and far from meeting their full potential. This diagnostic report aims to present the microfinance landscape in Iraq, its legal and regulatory framework, and potential policy improvements to enhance the operating environment. It aims to inform public and private sector stakeholders on the regulations and laws affecting the development and strategic direction of the microfinance sector. The policy recommendations presented are designed to address factors preventing greater growth and outreach, with the goal of promoting inclusive financial sector development in Iraq.
The use of bank agents has the potential to significantly increase financial access by poor and u... more The use of bank agents has the potential to significantly increase financial access by poor and underserved populations to a range of formal financial services, including savings, payments and transfers, and insurance. In particular, agents who may be individuals, small retail shops, post offices, or large retailers can offer customers a convenient and affordable opportunity to cash-in and cash-out of an electronic payments system. This focus note uses the term 'agent' to refer to any third party acting on behalf of a bank (or other principal), whether pursuant to an agency agreement, service agreement, or other similar arrangement. In most countries, a principal is liable under law for the actions of its agents, whether such actions are explicitly or implicitly authorized. Liability for the actions of a non agent acting on behalf of the bank may be different and will often depend on the contractual agreement. However, a bank's liability (whether by law or contract) for ...
In markets with high levels of financial exclusion, actors in the financial system, financial ser... more In markets with high levels of financial exclusion, actors in the financial system, financial service providers (FSPs), consumers, providers of financial system infrastructure and other market supporting functions, regulators and other policy makers, often face capacity limitations. These include insufficient or inexperienced staff, lack of knowledge or understanding of the market, and limited financial literacy. Building sustainable and inclusive financial markets will require building the capacity of these actors. Funders that work to promote financial inclusion can play a very useful role in tackling capacity challenges, particularly if they provide support in a way that facilitates the development of a capacity building services market. This approach can benefit the whole financial market as opposed to the more common approach of providing direct support to one or a few actors in the market. This focus note builds on the ideas discussed in facilitating market development to adv...
The use of bank agents has the potential to significantly increase financial access by poor and u... more The use of bank agents has the potential to significantly increase financial access by poor and underserved populations to a range of formal financial services, including savings, payments and transfers, and insurance. In particular, agents who may be individuals, small retail shops, post offices, or large retailers can offer customers a convenient and affordable opportunity to cash-in and cash-out of an electronic payments system. This focus note uses the term 'agent' to refer to any third party acting on behalf of a bank (or other principal), whether pursuant to an agency agreement, service agreement, or other similar arrangement. In most countries, a principal is liable under law for the actions of its agents, whether such actions are explicitly or implicitly authorized. Liability for the actions of a non agent acting on behalf of the bank may be different and will often depend on the contractual agreement. However, a bank's liability (whether by law or contract) for ...
The work of developing financial services for the poor has evolved considerably over the past 30 ... more The work of developing financial services for the poor has evolved considerably over the past 30 years. The genesis of today’s picture is the sustained effort in the 1970s and 1980s of donors, nongovernmental organizations (NGOs), and governments to design and use—in countries across the globe—new methods of providing the poor with access to affordable and manageable credit. The 1990s introduced the initial wave of “commercializing” these efforts through greenfields and the transformation of NGO microfinance institutions (MFIs) into for-profit finance companies, nonbank deposit-taking institutions, and banks. Donors and development finance institutions (DFIs) enabled many of these commercial ventures directly through capital investment and indirectly through support to regulators and policy makers and through ongoing efforts to build financial systems infrastructure—particularly, credit information systems and rating agencies. These uses of subsidized funding—to promote innovations ...
In markets with high levels of financial exclusion, actors in the financial system, financial ser... more In markets with high levels of financial exclusion, actors in the financial system, financial service providers (FSPs), consumers, providers of financial system infrastructure and other market supporting functions, regulators and other policy makers, often face capacity limitations. These include insufficient or inexperienced staff, lack of knowledge or understanding of the market, and limited financial literacy. Building sustainable and inclusive financial markets will require building the capacity of these actors. Funders that work to promote financial inclusion can play a very useful role in tackling capacity challenges, particularly if they provide support in a way that facilitates the development of a capacity building services market. This approach can benefit the whole financial market as opposed to the more common approach of providing direct support to one or a few actors in the market. This focus note builds on the ideas discussed in facilitating market development to adv...
A well-functioning and inclusive financial sector is critical for efficient resource allocation l... more A well-functioning and inclusive financial sector is critical for efficient resource allocation leading to increased productivity, greater investment, higher overall levels of economic growth, and lower inequality. This is particularly critical in Iraq, where years of political instability and violence have impeded the development of a robust private sector. Microfinance services in Iraq are still nascent and far from meeting their full potential. This diagnostic report aims to present the microfinance landscape in Iraq, its legal and regulatory framework, and potential policy improvements to enhance the operating environment. It aims to inform public and private sector stakeholders on the regulations and laws affecting the development and strategic direction of the microfinance sector. The policy recommendations presented are designed to address factors preventing greater growth and outreach, with the goal of promoting inclusive financial sector development in Iraq.
The use of bank agents has the potential to significantly increase financial access by poor and u... more The use of bank agents has the potential to significantly increase financial access by poor and underserved populations to a range of formal financial services, including savings, payments and transfers, and insurance. In particular, agents who may be individuals, small retail shops, post offices, or large retailers can offer customers a convenient and affordable opportunity to cash-in and cash-out of an electronic payments system. This focus note uses the term 'agent' to refer to any third party acting on behalf of a bank (or other principal), whether pursuant to an agency agreement, service agreement, or other similar arrangement. In most countries, a principal is liable under law for the actions of its agents, whether such actions are explicitly or implicitly authorized. Liability for the actions of a non agent acting on behalf of the bank may be different and will often depend on the contractual agreement. However, a bank's liability (whether by law or contract) for ...
In markets with high levels of financial exclusion, actors in the financial system, financial ser... more In markets with high levels of financial exclusion, actors in the financial system, financial service providers (FSPs), consumers, providers of financial system infrastructure and other market supporting functions, regulators and other policy makers, often face capacity limitations. These include insufficient or inexperienced staff, lack of knowledge or understanding of the market, and limited financial literacy. Building sustainable and inclusive financial markets will require building the capacity of these actors. Funders that work to promote financial inclusion can play a very useful role in tackling capacity challenges, particularly if they provide support in a way that facilitates the development of a capacity building services market. This approach can benefit the whole financial market as opposed to the more common approach of providing direct support to one or a few actors in the market. This focus note builds on the ideas discussed in facilitating market development to adv...
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