Regional financial inclusion has been progressing in Central Asia and South Caucasus (CASC) but the pace has been slow and uneven. For example, the most widely used measure of financial inclusion, the percentage of adults with an account at a formal financial institution, had the following values in 2014: Armenia (18%), Azerbaijan (29%), Georgia (40%), Kazakhstan (54%), Kyrgyz Republic (18%), Tajikistan (11%), and Uzbekistan (41%). Aside from Kazakhstan, these levels are substantially below the average level in developing economies of 54%. Also, there has been little measurement of financial literacy in the region. For example, of these countries, only Georgia has participated in the OECD and INFE survey of adult financial literacy.
The project will examine recent trends in financial inclusion for both individuals and small and medium-sized enterprises (SMEs) in the CASC economies; institutional and regulatory barriers to the expansion of microfinance and other modes of increased access such as telephone banking, e-money, and crowd funding; issues related to identity verification and prevention of money laundering and financing of terrorism; microprudential and macroprudential financial stability risks associated with the expansion of financial inclusion; and policy options to expand the regulation of microfinance to encourage its expansion without jeopardizing financial stability. It will also examine issues related to the assessment of financial literacy and promotion of financial education to support greater financial inclusion.
- Gather well-known scholars and experts on financial inclusion, regulation, and financial literacy and education to actively promote a discussion and to contribute to the empirical literature and regional policy dialogue
- Assess the current situation in seven countries (Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Tajikistan, and Uzbekistan) in the Central Asia and South Caucasus (CASC) region
- Promote financial inclusion and financial literacy while preserving financial stability
In particular, the project will cover the following thematic areas:
- An assessment of the current status of financial inclusion in the region
- An assessment of recent developments in policies to promote financial inclusion in the region
- An assessment of the nexus between promoting financial inclusion and the need to preserve financial stability
- An assessment of the current level of financial literacy in the region
- An assessment of ways to promote financial education to support financial inclusion
Research papers, which will be considered for inclusion in ADBI’s working paper series, and in a published book.
How to register
Rakurs Consulting Group, ADB
Time of event
09:30 - 17:30Stay up to date Subscribe to our newsletter and get the latest issues, news, events, jobs and data in your e-mail inbox.