Real-world illustration of the financial inclusion mix
| PMJDY financial inclusion initiative in India | ||
|---|---|---|
| India | People | All unbanked adults – every Indian adult that do not have a formal account |
| Process | Bank branch network and extensive agent networks. All PMJDY accounts were opened by visiting a physical bank branch or business correspondent (bank mitra) outlet | |
| Product | One basic savings bank account; zero-balance PMJDY accounts; interest is earned on the deposit in PMJDY accounts; free Rupay Debit card; accident insurance cover up to Rs. 2 lakhs on new PMJDY accounts; overdraft facility up to Rs. 10,000 to eligible account holders | |
| Policy | Implementation of the Pradhan Mantri Jan Dhan Yojana (PMJDY) financial inclusion initiative began on the 28th of August 2014 across the country. Implemented by the Reserve Bank of India | |
| Provider | Public sector banks, private sector banks, regional banks and business correspondent (bank mitra) outlet | |
| Place | Urban centres and rural locations | |
| Price | Bank account opening at no cost | |
| China's rural financial inclusion initiative (1950s – 2014) | ||
| China | People | Poor, low-income unbanked and underserved individuals in China |
| Process | Agent-based service points, mobile service outlets and ATMs | |
| Product | Bill payment services and rural credit | |
| Policy | The Chinese Government launched a deliberate policy to establish rural credit cooperatives. In 2007, China Banking Regulatory Commission (CBRC) launched the China Rural Banking Services Distribution Map on its website, emphasizing its policy objective of increasing the physical reach of the financial sector | |
| Provider | The establishment of rural credit cooperatives, village and township banks, rural mutual credit cooperatives and microcredit companies | |
| Place | Residential areas at county, town and village levels | |
| Price | Low-cost affordable loans | |
| M-Pesa financial inclusion initiative in kenya | ||
| Kenya | People | All adults in Kenya |
| Process | M-Pesa payment platform; download the M-Pesa mobile app; own a mobile phone; partnership between Safaricom and banks | |
| Product | e-payments, cash withdrawal | |
| Policy | The “test-and-learn” regulatory approach of the Central Bank of Kenya, and the changes in legal and regulatory framework by the Kenyan government and the Central Bank of Kenya | |
| Provider | Safaricom and commercial banks | |
| Place | All locations in Kenya | |
| Price | Customers are charged depending on the amount of the transaction and the transaction type (i.e. making outward payments or withdrawing) | |
| SACCOs financial inclusion initiative in Rwanda | ||
| Rwanda | People | Unbanked, unserved and underserved adult Rwandans |
| Process | Setting up savings and credit cooperative organizations (SACCOs) in every administrative district | |
| Product | Savings products such as free savings account, permanent savings, fixed deposit account and children's savings account. Loan products such as overdraft loans, emergency loan, salary advance loan, school fees loan and medical loan | |
| Policy | Massive government assistance in establishing a SACCO in every administrative sector, communicating to citizens on the advantages of joining SACCOs, providing capacity building for SACCO workers, contributing to financial education programs, provided subsidies to SACCOsetc | |
| Provider | Savings and Credit Cooperative Organizations in partnership with local banks | |
| Place | Mostly rural and remote locations | |
| Price | Free of charge for a basic savings account | |
| PMJDY financial inclusion initiative in India | ||
|---|---|---|
| India | People | All unbanked adults – every Indian adult that do not have a formal account |
| Process | Bank branch network and extensive agent networks. All PMJDY accounts were opened by visiting a physical bank branch or business correspondent (bank mitra) outlet | |
| Product | One basic savings bank account; zero-balance PMJDY accounts; interest is earned on the deposit in PMJDY accounts; free Rupay Debit card; accident insurance cover up to Rs. 2 lakhs on new PMJDY accounts; overdraft facility up to Rs. 10,000 to eligible account holders | |
| Policy | Implementation of the Pradhan Mantri Jan Dhan Yojana (PMJDY) financial inclusion initiative began on the 28th of August 2014 across the country. Implemented by the Reserve Bank of India | |
| Provider | Public sector banks, private sector banks, regional banks and business correspondent (bank mitra) outlet | |
| Place | Urban centres and rural locations | |
| Price | Bank account opening at no cost | |
| China | People | Poor, low-income unbanked and underserved individuals in China |
| Process | Agent-based service points, mobile service outlets and ATMs | |
| Product | Bill payment services and rural credit | |
| Policy | The Chinese Government launched a deliberate policy to establish rural credit cooperatives. In 2007, China Banking Regulatory Commission (CBRC) launched the China Rural Banking Services Distribution Map on its website, emphasizing its policy objective of increasing the physical reach of the financial sector | |
| Provider | The establishment of rural credit cooperatives, village and township banks, rural mutual credit cooperatives and microcredit companies | |
| Place | Residential areas at county, town and village levels | |
| Price | Low-cost affordable loans | |
| Kenya | People | All adults in Kenya |
| Process | M-Pesa payment platform; download the M-Pesa mobile app; own a mobile phone; partnership between Safaricom and banks | |
| Product | e-payments, cash withdrawal | |
| Policy | The “test-and-learn” regulatory approach of the Central Bank of Kenya, and the changes in legal and regulatory framework by the Kenyan government and the Central Bank of Kenya | |
| Provider | Safaricom and commercial banks | |
| Place | All locations in Kenya | |
| Price | Customers are charged depending on the amount of the transaction and the transaction type (i.e. making outward payments or withdrawing) | |
| Rwanda | People | Unbanked, unserved and underserved adult Rwandans |
| Process | Setting up savings and credit cooperative organizations (SACCOs) in every administrative district | |
| Product | Savings products such as free savings account, permanent savings, fixed deposit account and children's savings account. Loan products such as overdraft loans, emergency loan, salary advance loan, school fees loan and medical loan | |
| Policy | Massive government assistance in establishing a SACCO in every administrative sector, communicating to citizens on the advantages of joining SACCOs, providing capacity building for SACCO workers, contributing to financial education programs, provided subsidies to SACCOsetc | |
| Provider | Savings and Credit Cooperative Organizations in partnership with local banks | |
| Place | Mostly rural and remote locations | |
| Price | Free of charge for a basic savings account | |
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