News:The Global Microscope for Financial Inclusion report has been released.
About Global Microscope report:
- The Global Microscope for Financial Inclusion report is produced by the Economist Intelligence Unit.The report was first published in 2007.
- The report is a benchmarking index that assesses the enabling environment for financial access in 55 countries.
- The report assessed countries across five parameters namely (a)Government and Policy Support (b)Stability and Integrity (c)Products and Outlets (d)Consumer Protection and (e)Infrastructure.
- The 2019 Global Microscope report also features 11 new gender focussed indicators that measure financial inclusion for both women and men.
Key takeaways from the report:
- The report has said that the overall environment for financial inclusion has improved globally with India, Colombia, Peru, Uruguay and Mexico having the most favourable conditions for inclusive finance.
- The report has ranked Colombia at the first position followed by Peru, Uruguay and Mexico.
- India has been ranked at the 5th spot.On the other hand,Democratic Republic of Congo was ranked at the 55th position.
- India was placed among top nations due to conducive environment for financial inclusion in terms of allowing non-banks to issue e-money, proportionate customer due diligence and effective consumer protection.
- Further,South Africa, India, Mexico, Tanzania and Uruguay were among the top countries that safeguard e-money via some sort of deposit insurance or protection.
About Economic Intelligence Unit:
- The Economist Intelligence Unit (EIU) was created in 1946.It is the research and analysis division of The Economist Group and the world leader in global business intelligence.