This Seminar was co-hosted by FinCoNet and the OECD.
A keynote address was delivered by Mr Thomas Marois, Professor of Political Economy in the Department of Political Science and Tier 1 Canada Research Chair in Public Banking at McMaster University, Canada and formerly a Reader in Development Studies, SOAS University of London.
Panel I: Delivering access and quality with basic bank accounts focused on basic bank accounts, which are low- or no-cost, easy access bank accounts, that aim to advance financial inclusion. These basic bank accounts, which can be mandated or offered voluntarily by financial institutions, are intended to serve unbanked or underbanked people to bring them into the financial system. As with other financial products and services, basic bank accounts should be of sufficient quality to contribute to the financial wellbeing of consumers and should meet the objectives and interest of the target consumers. This panel featured countries’ experiences with basic bank accounts and efforts to improve the quality of the products offered.
Panel II: Bridging the gap: government-backed initiatives to support access to quality financial products explored government-backed initiatives beyond mandating basic bank accounts, such as subsidies, investments in financial infrastructure, and public provision of financial products, that aim to ensure access to financial products and services that offer good value-for-money and are provided on fair terms, in particular aimed at people who may otherwise risk financial exclusion. This panel featured the experiences of countries that have implemented approaches beyond basic account mandates to address financial exclusion.