Certified Expert in Financial Inclusion Policy

Unit 1: Balancing Inclusion, Integrity, and Stability

This introductory session provides you a broad understanding of the designing and implementation of regulatory frameworks for financial inclusion. The objective of this unit is to appreciate the importance of the relationship between financial inclusion and the core mandate of financial regulators to safeguard financial stability and integrity. The unit shares the role of the various global standard-setting bodies (SSBs) in enhancing financial inclusion.

The unit also presents the challenges of implementing a proportionate policy and regulatory approach at the country level which achieves an effective balance between the three pillars of inclusion, integrity, and stability. Technology has great potential to positively impact financial inclusion. The unit discusses different kinds of RegTech and FinTech and their growth in controlled environments such as the Regulatory Sandboxes.

Unit 2: Measuring Financial Inclusion

The impact of financial inclusion is significantly reduced in the absence of a framework that measures financial inclusion. This unit is very critical as it describes the role of quality data in developing financial inclusion policies and the indicators which help measuring financial inclusion. It discusses in detail both demand and supply-side data, qualitative and quantitative data, and the use of global and national-level data and how they contribute to policymaking and lead to result-based monitoring and evaluation of financial inclusion. This is a core component of any national strategy on financial inclusion.

Unit 3: Digital Financial Services

The role of digital financial services in promoting financial inclusion is significant and it is inevitable that all concerned stakeholders of financial inclusion would opt for the digital route in the future. The last unit of this course thus focuses on how the digital medium is relevant for the discussions in the previous units. The unit starts with basic terminologies to ensure an agreed understanding. It shares international examples to showcase the potential of DFS. It highlights the DFS ecosystem and its stakeholders and highlights the regulatory aspects that are required to ensure a coordinated approach among the diverse stakeholders of the DFS ecosystem.

Unit 4: Consumer Empowerment and Market Conduct

This unit focuses on the other end of the continuum – the consumers. Financial inclusion ensures that many first-time end users join the formal financial system and thus it is important that they are educated to be able to make the best use of the services and to be protected. This unit will help to develop a clear understanding of issues and good practices in consumer empowerment and will help to develop skills to be able to design, improve, review regulatory and/or institutional policies related to market conduct and supervision practices.

Unit 5: MSME Finance

Promoting MSME provides a channel to assist people from the lower-income population to increase their income, to be financially active and included. Given the significant contribution of MSME to enhancing financial inclusion, this unit provides participants an understanding of the issues in access to finance for MSMEs and the possible regulatory solutions. It discusses the debate on defining MSMEs in a country context, the need for product diversity, and the elements of a supportive financial infrastructure to enhance access to finance for MSME. Given the critical role of women in MSME, it highlights country examples that have excelled in women-led MSME initiatives.

Unit 6: Microcredit, Micro savings, and Microinsurance

Unit 6 illustrates the alternative financial inclusion products and policies that play a main role in providing access to finance to the low-income population. The right mix of financial products is key to effective financial inclusion and thus the unit presents the microfinance products: micro-savings, microcredit, and microinsurance. The unit focuses on the need for effective, affordable, diverse products and services for the low income to benefit the most from them. The unit also discusses the regulations that guide these alternative products and delivery channels.

Unit 7: National Financial Inclusion Strategies

There is empirical evidence that financial inclusion is higher in countries that have a documented financial inclusion strategy. This unit presents the need for a financial inclusion strategy to design a comprehensive and coordinated approach that connects the financial inclusion continuum described in the previous units – from the financial regulators to the consumers. It presents a step-by-step guide to developing a strategy, including how to monitor the implementation and progress made.

• Intro videos: After viewing the lectures, participants will have a basic understanding of each topic and will be able to classify the importance and relevance of different techniques and aspects in a broader context.
• Web-based Presentations: Web-based presentations complement the scripts and give additional input on important topics.