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Article
Publication date: 3 February 2020

Zeynab Malakoutikhah

The purpose of this paper is to analyse the unintended consequences, financial exclusion, of counter-terrorism financing regulations in terms of their impact on financial

Abstract

Purpose

The purpose of this paper is to analyse the unintended consequences, financial exclusion, of counter-terrorism financing regulations in terms of their impact on financial inclusion and, consequently, the creation of an ineffective counter-terrorism financing framework. A further aim is to make recommendations to mitigate these unintended consequences.

Design/methodology/approach

This subject is examined by using the practices of a range of countries and organisations. The interdisciplinary approach of the paper is highlighted, which comprises criminal law, banking law, international law and human rights law.

Findings

Financial exclusion is a focal point that results in ineffective counter-terrorism measures which are caused mostly by the formal financial sector, in particular, the banking system. The financial exclusion also leads to counter-productive counter-terrorism financing through a low risk-appetite, de-risking, de-banking, financial exclusion and using unregulated or less-regulated and supervised financial systems.

Originality/value

No article comprehensively analyses financial exclusion as a consequence of counter-terrorism financing framework. The paper examines the process of counter-terrorism financing regulations, which leads to financial exclusion. In addition, the impact of financial exclusion on all relevant actors, such as individuals, correspondent banking relationships, money and value transfer services, charities and virtual currencies, is examined.

Details

Journal of Financial Crime, vol. 27 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 6 July 2015

Paul Sergius Koku

The purpose of this paper is to conduct a cross-disciplinary review of the literature on financial exclusion in order to provide a place where one could have a bird’s eye…

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2370

Abstract

Purpose

The purpose of this paper is to conduct a cross-disciplinary review of the literature on financial exclusion in order to provide a place where one could have a bird’s eye view of the academic activities that have been happening in the area.

Design/methodology/approach

As a literature review, no specific methodology is required.

Findings

Researchers in economic geography and urbanization seem to have contributed significantly to the growing literature on financial exclusion. The persistence of the problem despite efforts to combat it calls for innovative thinking on the part of marketing scholars and financial institutions on how to serve the unbanked.

Research limitations/implications

The review identifies gaps in the state of current research and provides direction for future research.

Practical implications

The study identifies gaps in the literature and provides directions for future research.

Social implications

As a literature review, there is only an indirect social implications in the sense that the studies reviewed could be used to impact people’s lives.

Originality/value

As a literature review, originality is not an applicable criterion, however, the study provides value to the reader by bringing together disparate studies at one place and by pointing out gaps in the current state of research.

Details

International Journal of Bank Marketing, vol. 33 no. 5
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 21 October 2013

Stephen Sinclair

The article aims to discuss findings from a knowledge exchange review of financial inclusion in Britain and compare these to key features of financial exclusion evident…

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1369

Abstract

Purpose

The article aims to discuss findings from a knowledge exchange review of financial inclusion in Britain and compare these to key features of financial exclusion evident from European analyses.

Design/methodology/approach

This paper is based on an innovative knowledge exchange project. Rapid research reviews analysed evidence on financial exclusion in Britain in relation to access to banking services; to credit; to household insurance; personal savings and assets; money advice provision; and financial capability. The findings from these reviews were discussed by stakeholders representing the private, government, community and civil society sectors in a series of evidence review forums. The results of these discussions were summarised and reconsidered at a national knowledge exchange conference. Throughout the project, stakeholders exchange opinions about the state of financial exclusion knowledge through an online discussion forum.

Findings

The research identified agreement among British stakeholders over several aspects of financial exclusion, in particular continuing problems of access to mainstream banking services for low income customers and a lack of appropriate and affordable credit provision. Areas of controversy included whether banks denied services to lower income customers or were withdrawing from deprived communities, and the necessity for further regulation of mainstream financial services.

Originality/value

Comparing these findings to research from other European countries raises questions about how financial inclusion should be defined, and whether existing indicators capture this adequately across contrasting social, institutional and regulatory contexts. The research raises challenges for policy transfer between countries.

Details

International Journal of Sociology and Social Policy, vol. 33 no. 11/12
Type: Research Article
ISSN: 0144-333X

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Book part
Publication date: 21 May 2021

Peterson K. Ozili

Purpose: This chapter proposes a number of measures for financial inclusion and financial exclusion.Method: The author use ratio analysis and statistics to develop several…

Abstract

Purpose: This chapter proposes a number of measures for financial inclusion and financial exclusion.

Method: The author use ratio analysis and statistics to develop several indices of financial inclusion.

Findings: This chapter finds that there are several indices of financial inclusion that can contribute to inform policy making in the financial inclusion agenda.

Implications: The indices developed in this chapter can help policymakers toward designing better financial inclusion policies and can provide feedback and insight to policy makers to improve current financial inclusion policies.

Originality: The literature on financial inclusion and exclusion lacks a comprehensive index that measures the extent of financial inclusion and exclusion across countries. This chapter attempts to fill this gap by proposing some index or indicators of financial inclusion and exclusion.

Details

New Challenges for Future Sustainability and Wellbeing
Type: Book
ISBN: 978-1-80043-969-6

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Article
Publication date: 15 June 2015

Ak Md Hasnol Alwee Pg Md Salleh

The purpose of this paper is to identify how zakat institutions in Brunei can facilitate financial inclusion into their practices and assist to fulfil the saving motives…

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2135

Abstract

Purpose

The purpose of this paper is to identify how zakat institutions in Brunei can facilitate financial inclusion into their practices and assist to fulfil the saving motives of zakat recipients, notably upon creating financial products/solutions for the poor and destitute.

Design/methodology/approach

Using mixed methods approach, structured interviews were conducted with 431 individuals (215 welfare recipients and 216 non-welfare recipients) and semi-structured interviews were conducted with 39 welfare recipients.

Findings

This paper highlights the need for bank accounts and credit facilities that meet the needs of welfare recipients, to fulfil their daily needs, as well as saving for children/grandchildren’s education, and for welfare recipients who save.

Research limitations/implications

Limitation includes non-random sampling.

Practical implications

The implications of these findings point out how zakat and other social institutions in Islam can adapt to contemporary challenges in personal finance, notably in facilitating financial inclusion and understanding saving motives of recipients.

Originality/value

This paper provides a perspective and contention for zakat institutions to adapt to contemporary aspects of personal finance, through facilitating financial inclusion and the saving motives of zakat recipients.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 8 no. 2
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 11 November 2019

Beatriz Fernández-Olit, José María Martín Martín and Eva Porras González

The purpose of this paper is to provide a systematic literature review of the research published on financial inclusion (FI) and financial exclusion (FE) in developed…

Abstract

Purpose

The purpose of this paper is to provide a systematic literature review of the research published on financial inclusion (FI) and financial exclusion (FE) in developed countries using key terms and strict inclusion and exclusion criteria.

Design/methodology/approach

In total, 52 papers were deemed to be relevant to the analysis. These works were critiqued using a framework that addressed geographical contexts, topics, methodologies and theoretical frameworks.

Findings

This review highlights the uneven level of development of the academic debate between North America, the UK and continental Europe, and identifies the different theoretical frameworks that construe the body of literature in each region. In addition, the findings show the scant offer of work on the impact that the digital economy has on FE, as well as the reduced number of studies which have focused on certain vulnerable groups and the access to some financial services.

Social implications

The studies reviewed have not analyzed the specific needs of vulnerable groups while considering the different contexts and pathways to exclusion. The evaluation of solutions and strategies to achieve inclusion is one of the least addressed aspects in the literature.

Originality/value

The paper synthesizes the main contributions of the top literature on the redefinition of FI/FE in developed countries, the role of fringe services and new determinants of exclusion. The proliferation of studies regarding FI in low- and middle-income countries has generated a great amount of meta-analysis and systematized reviews of asymmetric results. However, no systematized literature review on the broad scope of FI/FE in developed countries has been published in the last decade. This work sheds light over poorly analyzed areas of research that refer to notable social problems.

Details

International Journal of Bank Marketing, vol. 38 no. 3
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 3 May 2016

Laura Lamb

The financially excluded are often denied basic financial services from mainstream banking institutions, leading them to high-cost fringe finance institutions (FFIs) such…

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2136

Abstract

Purpose

The financially excluded are often denied basic financial services from mainstream banking institutions, leading them to high-cost fringe finance institutions (FFIs) such as payday loan companies and pawnshops. While strategies to address financial exclusion often include financial capabilities education, there does not appear to be evidence suggesting such education is an appropriate solution. The purpose of this study is to explore the relationship between financial capability and financial exclusion with survey data collected from the Canadian city of Kamloops located in the southern interior of British Columbia.

Design/methodology/approach

This exploratory research addresses the objective with survey data collected on the banking habits and financial capability levels of fringe finance users in a Canadian city.

Findings

The results imply that fringe finance users do not have lower levels of financial capability than those who do not use fringe finance, when education and income are controlled.

Research limitations/implications

Limitations include the relatively small survey sample of 105 people in one urban center in Canada.

Originality/value

While financial literacy is acknowledged to be an important life skill for all members of society, there is no conclusive evidence suggesting it is a solution to financial exclusion. This is the first research to examine the relationship between financial exclusion and fringe finance use in Canada by collecting data on fringe finance users with face-to-face interviews.

Details

Journal of Financial Economic Policy, vol. 8 no. 2
Type: Research Article
ISSN: 1757-6385

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Article
Publication date: 1 January 2006

Louis de Koker

The purpose of this paper is to explore the relationship between anti‐money laundering (“AML”) and combating of financing of terrorism (“CFT”) customer due diligence…

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4857

Abstract

Purpose

The purpose of this paper is to explore the relationship between anti‐money laundering (“AML”) and combating of financing of terrorism (“CFT”) customer due diligence (“CDD”) measures in the financial services industry, and exclusion from financial services.

Design/methodology/approach

An introduction to the concept of financial exclusion is provided as well as an overview of international AML/CFT CDD standards. The paper highlights a softening of national CDD measures in South Africa and the UK to lessen the impact on financial exclusion.

Findings

Countries should consider the impact that CDD requirements may have on financial exclusion when they design their AML/CFT systems.

Research limitations/implications

Multi‐discilinary research is required to improve the understanding of the broader interaction between AML/CFT objectives, financial exclusion and economic development, especially in countries with a large informal economy.

Practical implications

CDD requirements may unnecessarily exacerbate financial exclusion if they are not formulated with care to reflect the reality of the particular country setting.

Originality/value

The paper offers insights into the international standards resulting to the identification of clients and the experiences in the UK and South Africa regarding the implementation of these standards on financial exclusion.

Details

Journal of Financial Crime, vol. 13 no. 1
Type: Research Article
ISSN: 1359-0790

Keywords

Content available
Article
Publication date: 10 July 2020

Germana Corrado

This paper outlines an analytical framework for estimating households' access to formal credit across European transition economies shortly after the onset of the global…

Abstract

Purpose

This paper outlines an analytical framework for estimating households' access to formal credit across European transition economies shortly after the onset of the global financial crisis. This study, along with the individual-level socio-economic and demographic characteristics also considers the perceived quality of the institutions. The author wants to assess whether an adequate policy-level intervention to promote financial inclusion should account for the individuals' subjective evaluation of the political situation in their own country as well as their personal experience of corruption.

Design/methodology/approach

This paper identifies the main determinants of financial inclusion using European microdata (Life in Transition Survey II, LiTS II). In order to estimate individuals' access to formal financial markets, the author constructs a bivariate probit model to account for joint access to short-term and long-term credit products (Mohieldin and Wright, 2000).

Findings

The results show that improving people's access to financial markets across European regions requires a set of interventions at the institutional and local levels to link-up policies of financial inclusion and financial integrity.

Originality/value

The paper contributes to the existing literature by identifying a number of key causes of financial inclusion and the role of institutional (corruption crimes) factors in determining the levels of financial access in a country.

Details

Journal of Economic Studies, vol. 47 no. 6
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 15 August 2018

Dipasha Sharma, Sonali Bhattacharya and Shagun Thukral

This study attempts to critically assess one of the financial inclusion policy “Pradhan Mantri Jan Dhan Yojna” introduced by the government of India in 2014.

Abstract

Purpose

This study attempts to critically assess one of the financial inclusion policy “Pradhan Mantri Jan Dhan Yojna” introduced by the government of India in 2014.

Design/methodology/approach

Number of bank accounts opened (rural, urban and overall) under the policy, total balance in such account and total number of debit cards issued till October, 2017 were taken as the criterion variables. The macroeconomic indicators, infrastructure, literacy, regional dummy and percentage labour participation were taken as predictors. Finally, a State index for financial inclusion under the policy was developed through Normalized Inverse Euclidean Distance using per capita number of accounts, total balance and number of debit cards issued as the parameters.

Findings

Andaman and Nicobar, Puducherry and Chandigarh came out to be the top three State indexes for Financial Inclusion under the policy. Status of infrastructure (such as number of roads) was found to be the most significant determining factor. Other factors were labour force participation, poverty and regional disparity.

Originality/value

This paper is unique in the sense that financial inclusion policy has been assessed both through its reachability and assessment of its predictors.

Details

International Journal of Ethics and Systems, vol. 34 no. 3
Type: Research Article
ISSN: 0828-8666

Keywords

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