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Financialinclusionofsmallruralproducers

FRANCISCO G. VILLARREAL

Editor

Economic Development

Financialinclusion

ofsmall ruralproducers

Francisco G. Villarreal

Editor

Economic Commission for Latin America and the Caribbean (ECLAC)

Santiago, November 2017

ECLACBooks

Alicia Bárcena

ExecutiveSecretary

Mario Cimoli

DeputyExecutiveSecretarya.i.

Hugo Eduardo Beteta

Ricardo Pérez

Chief,PublicationsandWebServicesDivision

147
thebook.

Coverdesign:MarcelaVeas

UnitedNationspublication

ISBN:978-92-1-121973-9(print)

ISBN:978-92-1-058611-5(pdf)

ISBN:978-92-1-358072-1(ePub)

SalesNo:E.17.II.G.16

LC/PUB.2017/15-P

Distr.:General

Copyright©UnitedNations,2017

Allrightsreserved

PrintedatUnitedNations,Santiago

S.17-00575

Financial inclusion of small rural

producers onfor

LatinAmericaandtheCaribbean(ECLAC),2017.

Contents

Foreword ........................................................................ .....................................11

Chapter I

Financial inclusion of small-scale r

ural producers: trends and challenges Cameron Daneshvar, Stefanie Garry, Jesús López, Jesús Santamaría, Francisco G. Villarreal ........................................................................ ..................15

Introduction

.....................15 A.

Rural transformation in the context of progr

essive structural change ....17 B. Financial inclusion as a tool of sustainable development ........18 C. Key ndings ........................................................................ ............20 D. Best practices ........................................................................ ...........23

Bibliography

....................26

Chapter II

Financial inclusion in Latin

America

Pablo Cotler

...................................29 Intr oduction .....................29 A. Inclusion as a formalization strategy ..........................................31 B. Current situation ........................................................................ ....33 C. A r eview of the literature D. Financial inclusion strategies........................................................461. Financial products ....................................................................46 2. Financial institutions ................................................................47 3. Distribution channels ...............................................................48

4 Economic Commission for Latin America and the Caribbean (ECLAC)

4. Financial education ..................................................................49

5. Regulatory framework .............................................................49

Bibliography

....................51

Chapter III

Recent developments, curr

ent situation and prospects for nancial inclusion among small-scale rural producers in Costa Rica José Antonio Vásquez R., Melvin Bermúdez, Ronald Rojas,

José Antonio Vásquez C.

...............55 Intr oduction .....................55 A. Recent trends in nancial service access and use ......................57 B. Financial inclusion initiatives .......................................................59 1.

Composition of production in the r

ural area ........................59 2. Evolution of the nancial system ...........................................61 3. The liberalization of telecommunications and their r ole in nancial inclusion 4. Scope of public initiatives to promote nancial inclusion C.

Institutional architectur

e 1. Financial intermediaries ..........................................................71 2. Financial services and distribution channels ........................73 3. Payment systems ......................................................................74 4. Mechanisms for protecting users of nancial services ........74 D.

Public-policy instruments to pr

omote the nancial inclusion of small-scale rural producers .....................................74 1. Second-tier banks......................................................................74 2.

Credit guarantees for r

ural producers ...................................75 3.

Tools for pr

oductive development in the rural sector .........76 E. Key challenges ........................................................................ ........77

Bibliography

....................79

Chapter IV

Financial inclusion in El Salvador

Pedr o Argumedo ...........................81 Intr oduction .....................81 A. Recent evolution and current situation on access to and use of nancial services 1. Access to and use of nancial services ..................................84 2. Performance of the rural sector ..............................................88 B. The Financial Inclusion Strategy ..................................................91 C.

Features of the institutional ar

chitecture ....................................93 1. Regulatory and supervisory policy .......................................93 2. Financial intermediaries ..........................................................94 3. Payment systems ......................................................................95 4. Financial channels and distribution services ........................97 5. Innovations ........................................................................ ........99

Financialinclusionofsmallruralproducers 5

6. User protection mechanisms .................................................100

7. Rule of law and administration of justice ...........................100 D. Identication and analysis of public policy instruments .......102 1. Development Banking ...........................................................102 2. Productive development policy ...........................................103 3. Credit Guarantee ....................................................................103 4. Capacity building ...................................................................104 E.

Key challenges for the nancial inclusion

of small r ural producers 1. The challenge of coordination between public and private nancial institutions 2. The challenge of nancial information between suppliers and demanders 3. The challenge of regulating the new technologies and ensuring their inter operability

Bibliography

..................108

Chapter V

The nancial inclusion of small-scale r

ural producers in Honduras

Daniela Cruz, Jesús López

César Valenzuela.......................................................111

Introduction

....................111 A. Current situation of the nancial sector and nancial inclusion in Honduras 3 1. Status of nancial inclusion in Honduras in the international context 4 2. Current situation of the nancial system in Honduras .....11 6 3. Geographic coverage of nancial service providers .........122 4.

Financial inclusion gaps in rural ar

eas ................................124 B. National Financial Inclusion Strategy .......................................126 C.

Institutional architectur

e 1. Regulatory and supervisory policy ......................................132 2. Payment systems ....................................................................133 3. Mechanisms for protecting the users of nancial pr oducts and services.............................................................134 4.

Infrastructur

e to support nancial inclusion among rural producers D. Public policy instruments ...........................................................135 1. Productive development policy ..........................................135 2. Moveable and mutual guarantees to increase access to cr edit .136 3. Capacity development among micro- and small-scale entr epreneurs E. Conclusions ........................................................................ ...........137

Bibliography

..................139

6 Economic Commission for Latin America and the Caribbean (ECLAC)

Chapter VI

Overview and prospects for nancial inclusion

in the Dominican Republic

Rolando Reyes, Cameron Daneshvar

Intr oduction ...................141 A. Status of nancial inclusion ........................................................143 1. Situation in the international context ..................................143 2. Situation at the national level ...............................................144 3. Gaps in the rural sector ..........................................................145 B. Financial inclusion initiatives .....................................................147 C.

Institutional architectur

e 1. Regulation and supervision of the nancial system .........148 2. Financial intermediaries ........................................................149 3. Main products and distribution channels ..........................151 4. Payment systems ....................................................................154 5.

Consumer protection mechanisms

6.

Complementary infrastructur

e D. Public-policy instruments ...........................................................157 1. Development banks ................................................................157 2. Regulatory and supervision policy ......................................158 3. Capacity building ...................................................................159 E. Conclusions and recommendations ..........................................160 1. Reform to regulate and supervise saving and loan cooperatives 2.

New architectur

e of Banco Agrícola and FEDA .................162

Bibliography

..................163

Chapter VII

Ar chitecture of rural nancial inclusion in Mexico

Pilar Campos

...............................165 Intr oduction ...................165 A.

The institutional architectur

e of rural nancial inclusion 167
1. Popular saving and loan entities ..........................................169 2.

Unregulated cr

edit institutions 3. Commercial banks ..................................................................173 4. Bank correspondents, automated teller machines and point-of-sale terminals B.

Development banks in the rural nancial ar

chitecture ..........177 1. Brief background ....................................................................177 2.

Financiera Nacional de Desarrollo

Agropecuario,

Rural, Forestal y Pesquero

3.

Banco del Ahorr

o Nacional y Servicios Financieros ..........179 4. Agricultural trust funds .........................................................180

Financialinclusionofsmallruralproducers 7

C. Challenges faced by the users and the nancial

institutions in r ural areas 1. Evolution of access points in the rural sector .....................183 2. Products and users .................................................................184 3. The challenges facing non-bank nancial institutions in the r ural sector 4. Financial education ................................................................187 D. Conclusions ........................................................................ ...........188

Bibliography

..................191

ECLAC recent publicactions

...193

Tables

II.1 Latin America and the Caribbean: indicators of access to nancial pr oduct distribution channels II.2 Latin America and the Caribbean: household use of nancial pr oducts, 2014 .................37 II.3 Latin America and the Caribbean: use of nancial pr oducts by the poorest 40% of households, 2014 II.4 Latin America and the Caribbean: use of nancial pr oducts by the rural population, 2014 II.5 Estimations of the use of nancial products .......................................40 II.6 Latin America and the Caribbean: inclusion and saving gaps, 201 1 .....42 III.1 Costa Rica, Latin America and the Caribbean, and the r estquotesdbs_dbs22.pdfusesText_28

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