Financial Inclusion: Increasing Access For Underserved Population In Israel
This report provides an overview of a policy workshop that explored how to improve financial inclusion for underserved and disadvantaged populations in many emerging and developed markets around the world. The workshop, convened by the Milken Institute Israel Center together with the Citi Foundation on February 26, 2013, in Jerusalem, looked at best practices from around the world and drew on the expertise of policymakers, practitioners, and funders involved with Israel’s distressed populations.
In addition to the workshop, the Milken Innovation Center reviewed the financial inclusion policy issues with key policymakers, including the governor of the Bank of Israel, supervisors of banks at the Bank of Israel, director general to the Ministry of Finance, commissioner of capital markets, insurance and savings, senior deputy accountant general, and Prof. Manuel Trajtenberg, the head of the government commission to develop strategies on social justice. These meetings were an important part of the policy development process and each of the participants was engaged and receptive to the sets of solutions.
The purpose of this project is to initiate a process in partnership with policymakers and practitioners to focus on the necessary steps that need to be taken to introduce relevant legislation, as well as to implement the infrastructure needed to develop microfinance, micro-business and other financial inclusion products and services in Israel.