Reviewing issues “Financial inclusion and microfinance”
La inclusión financiera como herramienta de desarrollo ¿o de subdesarrollo?
Esta semana invitamos al blog a Guido Zack para que nos comente su experiencia sobre un tema que sin duda se va extendiendo cada vez más en España y que en países de menor desarrollo ya se tienen sobradas experiencias. En este post Guido, nos comenta su experiencia sobre el seminario y siguiendo la línea de temas se aborda la “inclusión financiera y las microfinanzas”.
Financial inclusion as a tool of development or underdevelopment?
This week we invited Zack Guido in our blog to tell us his experience about a subject that no doubt is spreading more and more in Spain, and where the less developed countries already have more than enough experiences.In this post Guido tells us his experience on the seminar and tackles the issue of “financial inclusion and microfinance.”
Para consultar sobre este foro pueden ir a : http://www.forolappif.com/web/index.html
Para ampliar esto temas , adjunto unas notas preliminares sobre microfinanzas Conferencia_microcreditos
La semana pasada, el Banco Central del Ecuador, con la colaboración del Banco Interamericano de Desarrollo (BID), organizó un foro internacional de “Avances, perspectivas y lecciones aprendidas de la inclusión financiera”. El objetivo era compartir las principales experiencias de América Latina en relación a las políticas públicas tendientes a ampliar el acceso y uso de los servicios financieros. Para ello, se invitaron a ponentes de diversas nacionalidades, entre las que se encuentran Ecuador, Venezuela, Perú, Colombia, Paraguay, México, Honduras, Guatemala, Costa Rica.
La inclusión financiera consiste en el acceso y uso de servicios y productos financieros por parte de la población en el mercado formal. Los servicios esenciales son las transacciones bancarias, el ahorro, el crédito y los seguros. Las ventajas de la inclusión financiera no se limitan a evitar el uso del efectivo, con los costos que eso acarrea tanto en términos de comodidad como de riesgo potencial de robo o pérdidas. También tiene las ventajas de fomentar el ahorro, suavizar en forma temporal el consumo, permitir compras o inversiones importantes a través del crédito. Asimismo, se supone que la inclusión financiera ayuda a evitar el sobre-endeudamiento, pues es de esperar que las instituciones que operan en el mercado formal no tengan un trato abusivo al cliente, a diferencia de lo que podría ocurrir en el mercado negro.
Se debe tener en cuenta la importancia de la inclusión financiera para países con estructuras sociales desiguales, en donde hay un importante porcentaje de la población por debajo de la línea de la pobreza absoluta, cantidad que se amplía al considerar la población vulnerable. A diferencia de lo comúnmente pensado, estos estratos de la población no consumen todo el ingreso que perciben, sino que se ven obligados a ahorrar, dado la gran volatilidad de sus ingresos. Si consumieran todo lo que les ingresara cada mes, los meses de ingresos bajos no serían capaces de cubrir sus necesidades primarias. Entonces, el ahorro se hace más indispensable aún que para estratos más elevados. La inclusión financiera es una herramienta que, bien utilizada, colabora en esta tarea de ahorro y suavización del consumo, a la vez que permite generar la capacidad de obtener fuentes de financiamiento, tanto para pequeños emprendimientos productivos como para casos excepcionales de mayor consumo. Desde ya que estamos hablando de micro-créditos, que suelen tener montos muy pequeños, menores a los 250 euros.
Mi papel en el foro fue comentar el caso español de inclusión y educación financiera. No fue una tarea sencilla, ya que España es un país muy diferente a cualquiera de los latinoamericanos. En particular, posee un ingreso promedio mucho más elevado, aún con la recesión de los últimos años. Asimismo, la distribución del ingreso es más equitativa. De esta forma, la pobreza absoluta es insignificante en España, mientras que abarca a más del 30% de la población de América Latina. En parte por ello es que en nuestro país las micro-finanzas se encuentran mucho menos desarrolladas, no habiendo sido necesarias para alcanzar un grado de inclusión financiera de los más elevados del mundo.
Pero, un momento. Si la inclusión financiera supone que fomenta el ahorro y la suavización del consumo, ¿cómo puede ser que España sea un país con una inclusión financiera tan importante y que esté tan endeudado, provocando una elevada volatilidad? La respuesta es simple: la inclusión por sí sola no garantiza nada; es necesario combinarla con educación financiera y con una buena regulación y supervisión de los bancos. Sin educación y regulación, la inclusión financiera es un arma de doble filo, que puede generar los resultados inversos a los deseados.
La regulación y supervisión financiera se utiliza, entre otras cosas, para que las entidades no realicen prácticas abusivas con los clientes, quienes tienen menos conocimiento financiero y por tanto pueden ser condicionados en sus decisiones. A su vez, la educación financiera tiene como objetivo aumentar el conocimiento de los clientes para que no tomen decisiones encontradas con sus deseos de riesgos incurridos. Si falla cualquiera de las dos, entonces la inclusión financiera puede colaborar a una situación de sobre-endeudamiento.
Cualquier parecido con la realidad española NO es pura coincidencia. En España, el amplio acceso de la población a los servicios financieros se utilizó por los bancos para otorgar créditos por encima de la capacidad de pago de los clientes. Esto se realizó bajo la lógica de una rentabilidad de corto plazo, ya que una vez los precios de los activos financieros e inmobiliarios dejaran de incrementarse, los préstamos se harían impagables. La morosidad actual del 10% en el sector financiera español es prueba de ello. Pero, ¿quién le quita lo bailado a los trabajadores de los bancos, cuyas remuneraciones guardaban relación con la rentabilidad de corto plazo?
Una de las conclusiones del foro fue que la inclusión financiera es una importante herramienta de desarrollo para países con situaciones sociales deficientes. En efecto, se presentaron numerosos casos de éxito, en donde un pequeño crédito fue fundamental para sacar de la pobreza a poblaciones enteras. No obstante, es necesario que la inclusión financiera venga acompañada de educación y regulación. Caso contrario, puede suceder todo lo contrario a los beneficios de la inclusión. Como, por ejemplo, en España.
http://www.forolappif.com/web/index.html
Interesting article. I would like to point out that, during a long period of time, financial inclusion was working great in Spain through mounts of piety firstly and saving banks later, which allowed the people without access to traditional banking to borrow cash or keep their savings in a safe place.
It was during last 15-20 years when savings banks went through a terrible transformation becoming commercial banks, growing tremendously and unregulated.
Guillermo,
it’s not so crystal-clear. But your argument runs well. Regards
I find this article very interesting because it clearly explains the financial problems that have driven Spain to the actual deep crisis where it’s in. I really think that if financial inclusion is used properly, it would traduce in good results for a country’s economy. I agree that to achieve this is necessary that both parties, financial institutions and clients, act correctly otherwise the system would be unbalanced producing high indebtedness, as has happened in Spain.
A clear example are the abusive home mortgages that many Spanish people have acquired. This problem comes from both sides. In first place, banks have offered mortgages to its clients without considering their economic situation, and in many cases with abusive conditions. On the other hand, the lack of financial education from clients have lead them to accept these conditions without considering the risks.
Concerning this article, particularly in the Spanish case, I would like to talk about “financial education”. Nowadays we are hearing everyday news about people that must leave their houses because they can’t take care of the mortgage payment. However, as explains the article, at this moment in time, Spain is a rich country and we are not talking about microcredit, it regards important loans. So finally, families don’t pay their mortgages and banks have a great stock of houses which are decreasing more and more their value because nobody the demand is falling down.
The question is: Who is the guilty of this enormous financial crisis?
Maybe the lack of information or financial education of the families? Maybe the lack of control and the facilities given by the financial institutions for granting credits?
From my point of view I would share the guilty in 50 % for each part. In one hand, families were living beyond their possibilities, “buying nice cars and new houses in front of the beach” which they couldn’t afford. Its means lack of saving and financial conscience. On the other hand, Banks, trying to make profit at any price, even tricking people into signing unaffordable credits.
I hope everyone has learned its lesson and this experience will change the mentality of the people and it will be more banking control for not running again into the same problems.
greets from a Gaia student in Gabon.
Sotelsek Daniel, thank you very much for this very interesting blog. I think this blog is well suited to understand the current situation of the Spanish economy.
In summary, I would like to highlight the last paragraph:
“One of the conclusions of the forum was that financial inclusion is an important tool for developing countries with poor social situations. Indeed, there were numerous cases of success, where a small credit was instrumental in poverty out of whole populations . Nevertheless, it is necessary that financial inclusion is accompanied by education and regulation. otherwise, the opposite can happen to the benefits of inclusion, such as in Spain”.
Antonio,
don’t miss that in Spain there weren’t a market for microcredits. Unfortunately, banks and “cajas” focused on consumer credits. Quite a different thing!
Thanks for your comments, Javier. Have a happy new year!
The 2008 financial crisis highlighted the profound importance of finance for the globalised economy. But still lack access to formal banking services, credit facilities, or savings instruments
In some countries, as much as 90% of the population lacks access to the formal financial system. This impedes their participation in the global economy by restricting their ability to buy goods and services, to borrow and save, or to invest in their future and that of their community and country.
A well-functioning financial system is a crucial part of development, promoting economic growth and reducing poverty. If market functions well, funds will likely be allocated to the most productive users, which will contribute to economic growth and poverty reduction. However, when the market does not function properly, it loses growth opportunities.
A financial system becomes more efficient and functions better when it is more inclusive. As a financial system becomes more inclusive, it provides more growth opportunities to more individuals and entrepreneurs. However, when the financial system serves only limited segment of the population, the society is likely to lose opportunities to grow.
The goal of financial inclusion has been widely embraced, and the right combination of political will and technology make it seem attainable, there is a link between financial inclusion and financial education which teaches the knowledge, skills and attitudes that people can use to adopt good money management practices.
Governments can contribute to improving access to finance through appropriate policies, legislation, etc. However, experience suggests that not all government policies are helpful But access alone is not enough. We need to make sure that people are using the right financial products,
Access to appropriate and affordable financial services is a basic essential of modern life: to make everyday transactions; to cover short terms financial needs or match longer term financial aspirations; to plan for retirement; to protect your patrimony; to protect against the impacts of unexpected health events of your savings, etc.
Good point Tanvi! financial inclusion means empowering people to run their own lives. Please share with us microfinance’s experiences in India.
Best regards
daniel
Sotelsek Daniel, thank you very much for this very interesting blog. I think this blog is well suited to understand the current situation of the Spanish economy.
In summary, I would like to highlight the last paragraph:
“One of the conclusions of the forum was that financial inclusion is an important tool for developing countries with poor social situations. Indeed, there were numerous cases of success, where a small credit was instrumental in poverty out of whole populations . Nevertheless, it is necessary that financial inclusion is accompanied by education and regulation. otherwise, the opposite can happen to the benefits of inclusion, such as in Spain”.
Thanks Daniel. I’d add financial inclusion is as much as social cohesion.
Daniel Sotelsek, thank you very much for this very interesting article. It briefly describes the reality of what have happened in the financial sector.
I agree that financial inclusion is a good tool for the economic development of the countries and people.
I think financial education is a key element to the proper use of financial instruments in order to avoid risks that can lead to situations like the one currently undergoing Spain.
Obviously there must be a regulatory element that controls all transactions carried out by financial institutions and which forces the application of good banking practices. I think the regulatory element, by protecting both the interests of the financial institutions and users can ensure stability and avoid risks in the financial market.
Hi Carlos,
Thanks for your comments. As you see these days, regulation does not always relate to the big fish!