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23 G20 Policy Guide Digitisation and informality: Harnessing digital financial inclusion for individuals and MSMEs in the informal economy4 The G20 Policy Guide has been prepared on behalf of the G20 Global Partnership for Fi- nancial Inclusion. This work builds on the input papers produced by Implementing Part- ners of the GPFI, namely the Better than Cash Alliance, the Consultative Group to Assist the Poor, the Organisation for Economic Co-operation and Development and the World Bank Group, as well as the International Committee of Credit Reporting. The input pa- pers were developed for each of the GPFI Subgroups, namely the Regulation and Standard Setting Bodies, Markets and Payment System, SME Finance, and Financial Consumer Pro- tection and Financial Literacy. The G20 Policy Guide has also benefited from peer review of representatives from GPFI members pursuant to the consultation process provided by the GPFI Terms of References. Finally, non-G20 countries, facilitated by the Alliance for Financial Inclusion, as well as the Bill and Melinda Gates Foundation, the SME Finance Forum and the UN Secretary-Generals Special Advocate for Inclusive Finance for Devel- opment provided valuable contributions. Acknowledgments G20 Policy Guide5 AFI: Alliance for Financial Inclusion AML: Anti-Money Laundering ARCO: Access, Rectification, Cancellation, Opposition rights BTCA: Better than Cash Alliance CDD: Customer Due Diligence CFT: Countering Financing T errorism CGAP: Consultative Group to Assist the Poor CRSP: Credit Reporting Service Provider DFI: Digital Financial Inclusion DFS: Digital Financial Services DFSP: Digital Financial Service Provider EU: European Union F A TF: Financial Action T ask Force G2P: Government to Person GDPR: General Data Protection Regulation GPCR: General Principles of Credit Reporting GPFI: Global Partnership for Financial Inclusion HLP: High-Level Principles ICCR: International Committee on Credit Reporting ID4D: Identification for Development IP: Implementing Partner LEI: Legal Entity Identification MSME: Micro Small and Medium Enterprise OECD: Organisation for Economic Co-operation and Development (OECD) P2G: Person to Government P2P: Person to Person PSD2: Payment Services Directive PSP: Payment Service Provider QR-Code: Quick Response Code Acronyms Digitisation and informality: harnessing digital financial inclusion for individuals and MSMEs in the informal economy Global Partnership for Financial Inclusion G20 Argentina Presidency 20186 Executive Summary Digitisation and Informality: Why it is Important Digitisation and Informality: How to Harness Opportunities A. Digital On-boarding 1) Ensure an integrated identity framework 2) Adapt and upgrade the regulatory framework 3) Establish a robust and secure digital identity infrastructure in the financial sector 4) Foster development of private sector-led services by leveraging legal identity infrastructure 5) Monitor new developments and approaches to identity B. Digital Payments Infrastructure 1) Prioritise development of fast payments systems 2) Create incentives for merchant payments acceptance 3) Create incentives for consumer use of digital payments 4) Support cross-border payments systems C. Use of Alternative Data for Credit Reporting 1) Improve availability and accuracy of information 2) Expand credit information sharing 7 11 19 19 21 22 22 23 23 27 29 31 33 33 37 39 41 Table of contents G20 Policy Guide7 42 42 47 50 50 51 52 52 53 54 54 57 58 61 3) Enable responsible cross-border data exchanges 4) Balance market integrity, innovation and competition D. Financial Consumer Protection, Financial Literacy, and Data Protection Financial Consumer Protection 1) Adapt oversight arrangements and capability for financial consumer protection. 2) Improve disclosure and transparency Financial literacy 3) Foster data collection, coordination and identification of new core competencies on digital financial literacy 4) Strengthen the delivery of financial education for DFS and support its evaluation. Data protection 5) Enhance secure and effective consent models 6) Enhance access, rectification, cancellation and opposition (ARCO) rights 7) Address data security Notes Global Partnership for Financial Inclusion G20 Argentina Presidency 2018 Digitisation and informality: harnessing digital financial inclusion for individuals and MSMEs in the informal economy89 Access to and use of financial services plays a critical role in supporting inclusive and sus- tainable development. Despite remarkable progress in the financial inclusion agenda, large segments of the population remain excluded from the formal financial system. Many fi- nancially-excluded individuals and firms are found in the informal economy. Digitisation offers an unprecedented opportunity to address eligibility and affordability barriers to formal financial inclusion faced by informal individuals and firms. In particular, digitisation can (i) facilitate identity verification, (ii) promote digital payments and (iii) improve the information environment. However, to fulfil its potential digitisation also re- quires attention to (iv) financial consumer protection and financial literacy. The G20 Policy Guide presents a set of key policies that support the delivery of interven- tions to facilitate financial inclusion of individuals and firms operating in the informal economy. It focuses on four key areas that can ease eligibility and affordability barriers. The following table summarises the key recommendations for each policy area. Executive summary10 Digital on-boarding Digital payments infrastructure Improve the identification and verifi- cation of new customers 1) Ensure an integrated identity framework A digital legal identity system could help recognition and authentication 2) Adapt and upgrade the regulatory framework A conducive regulatory framework should recognise the potential of digi- tal identity 3) Establish a robust and secure digital identity infrastructure in the financial sector Digital identity systems could be built and used in the financial services industry 4) Foster development of private sector-led services by leveraging legal identity infrastructure The private sector could build innova- tive solutions 5) Monitor new developments and approaches to identity Regulators should keep abreast of technological developments Build an open and inclusive payments ecosystem 1) Prioritise development of interoperable payment systems enabling fast payments Policymakers should establish a mar- ket-based, safe, efficient and interop- erable payment system 2) Create incentives for merchant payments acceptance Business models should be sustainable while promoting use by merchants 3) Create incentives for consumer use of digital financial services Use by final consumers should be affordable 4) Support cross-border payment systems The development of cross-border ap- proaches could be explored G20 Policy Guide11 Use of alternative data for credit reporting Financial consumer protection, fi- nancial literacy, and data protection Leverage alternative data to enhance credit reporting 1) Improve availability and accuracy of information The main categories of alternative and reliable data should be identified 2) Expand credit information sharing Credit information sharing could be extended to alternative data 3) Enable responsible cross-border data exchanges Regional cooperation could help im- prove consistency and comparability of data 4) Balance market integrity, innova- tion and competition Functional requirements should be applied to ensure quality of treatment Increase opportunities while mitigating risks Financial Consumer Protection 1) Adapt oversight arrangements and capability for financial consumer protection Regulators should embrace technology while keeping high standards of consumer protection 2) Enhance disclosure and transparencyTechnology could be leveraged to adapt and strengthen disclosure and transparency standards Financial Literacy 3) Foster data collection, coordination and iden- tification of new core competencies on digital financial literacy. New data should be used to identify competency frameworks in a coordinated manner 4) Strengthen the delivery of financial education for digital financial services and support its evaluation Digital technology could be leveraged for the provi - sion and evaluation of financial education programmes Data Protection 5) Enhance secure and effective consent models Consent models to ensure data protection could be adopted 6) Enhance access, rectification, cancellation and opposition rights Consumers should be given options to access and change their own data. 7) Address data security Adoption of security measures could help protect against operational risks Global Partnership for Financial Inclusion G20 Argentina Presidency 2018 Digitisation and informality: harnessing digital financial inclusion for individuals and MSMEs in the informal economy12Author: Moksumul Haque13 Access to and use of financial services plays a critical role in supporting inclusive and sustainable development. Despite remarkable progress in the financial inclusion agenda, approximately 1.7 billion adults worldwide still do not have a basic account at a financial institution or at a mobile money provider. 1More than half of the unbanked are women, with a gender gap estimated at 7 percentage points globally: whereas 72 percent of men had an account in 2017, only 65 percent of women did so. 2Although account ownership increased in the past few years to 69 percent, adults reporting for- mal savings in the past 12 months remained at only 27 percent, while just 11 percent of adults worldwide formally borrowed. 3Additionally, half of the 400 million micro, small and medium enterprises (MSMEs) in emerging markets lack adequate financ- ing to thrive and grow, with a total credit gap estimated in the range of US$2.1-2.6 trillion. 4As a result, many individuals and firms have no safe and reliable way to save, invest, make payments and insure against risk. This has negative repercussions for live- lihood, productivity, growth and inequality. Informality represents an important barrier to financial inclusion. For the purpose of the G20 Policy Guide, informality is broadly defined to encompass “all economic activities by workers and economic units that are in law or in practice not covered or insufficiently covered by formal arrangements”. 5While many factors contribute to financial exclusion, individuals and MSMEs operating in the informal economy find it particularly difficult to access and use formal financial services. 6Around 80 percent of total MSMEs are informal, 7and these firms consistently report access to finance as the biggest constrain they face. 8Financial exclusion of both individuals and MSMEs is more widespread in countries where the size of the informal economy is greater. Why it is important Digitisation and informality14 Figure 1 shows that both account penetration and the share of small firms with a loan from a financial institution are lower in large informal economies, while use of cash and informal borrowing are more widespread when the informal economy represents a larger proportion of the total economy. W omen constitute the largest group in the informal economy. From street vendors and domestic workers to subsistence farmers and seasonal agricultural workers, wom- en represent the main work force in the informal sector. 9These women generate their own income and run businesses but often may not have available the benefits of the traditional financial system, lack collateral, credit records and, in the case of migrants, often documentation. Women who work in the informal economy need access to the full range of financial services to generate income, build assets, smooth consumption, and manage risks but these are rarely available to them. This highlights the importance of the gender dimension in the financial inclusion-informality nexus. 10 Digitisation, or the adoption of digital technologies and approaches, offers a transformational solution to financial exclusion driven by informality. Rapid technological innovation is profoundly reshaping production and consumption of goods and services. One important area where the disruptive impact of new technol- ogies, particularly digital technology, is already visible is financial inclusion. The use of mobile money and digital payments has increased heavily in the past few years, and this might have contributed to the inclusion of more people into the formal financial system. 11Harnessing digitisation to financially include those in the informal economy and those that have new work arrangements lacking a stable and formal source of in- come, represents an enormous opportunity. Digitisation can help address eligibility and affordability barriers, which are among the most salient barriers to financial inclusion faced by individuals and MS- MEs operating in the informal economy. 12Individuals and firms operating in the informal economy are sometimes unable to provide a reliable form of identification that can meet Customer Due Diligence (CDD) requirements to open a bank account. They cannot generally afford using payments services. When applying for a loan, MS- MEs in the informal economy have limited collateral and cannot convincingly prove their repayment capacity because of information asymmetries. G20 Policy GuideGlobal Partnership for Financial Inclusion G20 Argentina Presidency 2018 15 FIGURE 1: Financial exclusion and informality Source: Medina and Schneider (2017); G20 Global Financial Inclusion Indicators; World Bank Global Payment Systems Survey Digitisation and informality: harnessing digital financial inclusion for individuals and MSMEs in the informal economy16 T o leverage the potential value of digitisation in the informal economy, widespread mobile connectivity and ownership are needed. This is an important precondition for unleashing the opportunities generated by digitisation. To enable broad access to digital financial services, individuals and firms in the informal economy must own a mobile phone and be able to use it wherever they are. Across countries, network coverage is generally high, and phone subscriptions and smartphone ownership are both growing fast. However, certain groups continue to have limited or no access to mobile phones. This is a particular challenge for women who, in most countries, are less likely to own their own phone. Women in low- and middle-income countries are, on average, 14 percent less likely to own a mobile phone than men, with important regional variations. 13Therefore, it is essential that efforts continue to ensure broad and equal access to mobile
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