Determinants of financial inclusion development

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review and some policy recommendations for Vietnam

Tran, Thi Thu Huong¹ - Nguyen, Thi Thu Trang¹

1 Banking Academy of Vietnam

* Corresponding author.

E-mail address: [email protected] (H.T.T. Tran), [email protected] (T.T.T. Nguyen)

1. Introduction and key concepts

T

he influence of financial inclusion on socio-economic development, hunger elimination and poverty reduction, and inequality mitigation has become a com- mon verified knowledge among researchers, international financial institutions as well as national governments. International organiza- tions initiated a variety of programs in attempt to promote financial inclusion. For example:

the United Nations (UN) has implemented

programs through the UN Capital Develop- ment Fund, while G20 countries have reached an consensus on a set of principles for financial inclusion, which is also among focuses of the G20’s action plan. Among the three pillars of the ASEAN Economic Community (AEC) 2025, financial inclusion is the one concerning financial integration, which has become a region’s target promoted by the recently estab- lished Working Force of Financial inclusion.

The World Bank (WB) and the Asian Develop- ment Bank (ADB) have developed programs

Chronicle Abstract

Article history Previous studies have pointed out the important role of financial inclusion in the process of hunger elimination, poverty reduction, economic development and economic stabilization. Therefore, international development agencies and governments of many countries around the world, including Vietnam, have great attention to the development of financial inclusion.

This paper is an attempt to recognize the factors that contribute to the development of financial inclusion in a country. The paper, based on results previous research on the issue in developing countries around the world, suggests the following: There are three groups of determinants: 1) Determinants belong to the supply side: these determinants are the ones that contribute to the development of financial markets such as financial networks, characteristics of financial products, the trust in financial institutions and development policies of financial institutions; 2) Determi- nants belong to the demand side, these are determinants that are related to individuals’ characteristics such as gender, age, marital status, educa- tional level, job, salary, ability to save, ability to withstand shocks; and 3) Catalytic determinants that are related to the socio-economic environment such as cognitive tendency, consumer culture, population structure, sex discrimination, infrastructure development, communication and economic development. The findings of this paper not only contribute to the literature of the field but also help to suggest some policy recommendations in order to strengthen financial inclusion development in Vietnam

Received Revised Accepted

05 May 2021 16 Nov 2021 02 Dec 2021 Keywords

financial inclusion financial inclusion development determinants of financial inclusion JEL classification

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and projects to advocate finance inclusion in many countries. Promising outcomes are seen in many countries where national frameworks and strategies on financial inclusion, especially developing countries such as India, Thailand and Malaysia. Vietnam is an uncharted destina- tion for financial inclusion, where substances of this concept have been deployed by Minis- tries and sectors based on their functions and missions in a poor synchronization and limited efficiency. So, what is financial inclusion?

One of the earliest definition proposed by Leyshon and Thrift (1995) stated that “finan- cial inclusion is a process where certain social groups and individuals gain access to the for- mal financial system”. Sinclair (2001) argued that financial inclusion is the ability to access necessary financial services in an appropriate form. In India, the Government’s Rangarajan Committee defined financial inclusion as “ the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost”

(Rangarajan, 2008). A more general definition was given by the United Nations, who attributed the inclusion feature to “the chance for people to access financial services at an af- fordable cost”. Basic financial services include savings, short and long-term credit, leasing and factoring, mortgage, insurance, subsidy, payment, domestic remittance and transnational remittance (United Nations, 2006).

Various points of view reveal the multidimen- sional nature of financial inclusion as a tool to bring people quality financial service in a convenient way, to expand access to all classes of population, especially low-income people, at the same time to create equal opportunities and reduce economic inequality. Based on such insight, financial inclusion can be defined as the “process to ensure access, availability and usability of the formal financial system for all sectors of the economy”. This definition em- phasizes some aspects of financial inclusion, namely: accessibility, availability and usability of the financial system.

Financial inclusion development will affect the

socio- economic development process in two ways: firstly, it drives economic growth, boost savings, easier off start-ups and production, thus reducing poverty and inequality; secondly, it provides adaptive and affordable financial services to poor people while improving wel- fare for the disadvantaged (Beck et al, 2008).

Financial inclusion development has been occupying a critical part of hunger elimination and poverty reduction strategy in many countries. That is why in many parts of the world, especially the developing part, the question of how to promote financial inclusion has been put on the table. So what are factors affecting the development of financial inclusion? This will be discussed in the next section.

2. Factors affect financial inclusion devel- opment

Researchers have focused on analysing the factors affecting the development of financial inclusion, which are categorized into 3 groups:

those attributed to the supply concerning the development of financial market, those attributed to demand regarding the intrinsic characteristics of consumer, and those intermediate factors related to the socio-economic environment.

2.1. Supply factors: the development of finan- cial market

Financial inclusion growth is associated with how the financial market thrives. Financial institutions are the guiding channel or the network that spreads financial inclusion. Jones’s study (2006) highlighted that the development of credit associations allowed the emergence of financial products, which in turn facilitates the accessibility of public to financial products and services. Through credit associations, the Governments can develop financial inclusion by providing different types of credit products to low-income people. It is expressively per- ceived that the more financial network grows, the easier and more convenient it is for people to attain products and services, and so the more

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motivated people are to use financial services.

This is confirmed by research findings in different countries, for instance Pena et al. (2014) in Mexico, Kumar (2013) in India. In Brazil, financial inclusion is also developed through the network of banks’ respondents. Works reveal that the branch network of developed financial institutions will positively affect people’s savings and borrowing. Tuesta et al.

(2015) also argued that the geographical distance between residential areas and transaction points is among momentous challenges that prevent people from reaching financial inclusion. According to Ramji’s research (2009) in the Gulbarga District, India, 70% of respondents had to spend one day to reach a bank, which depressed them to use financial services.

Regression model of Clamaran et al. (2014), Sarma and Pais (2008) showed that rural households have narrower access to financial products and services than households in urban areas.

The second hindrance to financial inclusion development is the lack of adaptive financial products, especially for those poorly earning. For example, the too high requirement on minimum opening balance have caused to close many accounts (Shankar, 2013). Credit products requiring solvency proving paperwork or collaterals become out of reach for low-income people. On the other hand, small transaction size and high risk level resulting in bulky transaction and management costs seems to make this class of customer meagrely welcomed compared to other better-off coun- terparties. This makes them reluctant to use financial products. Clamara et al. (2014) in Peru expressively indicated 5 big barriers to financial inclusion. The first - geographical distance - has been clearly analysed in relation to the development of financial network as above.

The second factor is cost of financial services (service charge), which is a sheer obstacle especially for low-income people whose demand for financial services and products is meagre, which zooms in the bank charge in their eyes.

The third barrier comes from the lack of trust in financial institutions. Research found that

women had a higher level of trust in financial institutions by 8% against men, which seems to result in a higher rate of success for female customers rather than males in some lending and savings programs and women appeared to crave for financial services more than men.

Fourthly, the shortage of money, especially among poorly-earning people, further disheart- ened them for financial products. Fifthly, the troublesome red-tape and customers’ difficulty in providing their documents prevent them from meeting the requirements of financial institutions, further weighing their hesitance to use financial services and products.

Besides product-related factors, development policies and bank characteristics also directly affect the supply of financial inclusion. Sarma and Pais (2008) analysed the impact of bank- related variables on financial inclusion development using data from 20 countries. They examined the impact of independent variables:

bank’s non-productive assets (NPA) ratio, capital on assets ratio (CAR), foreign banks, state-owned banks and interest rates. It was found that non-productive assets ratio was significant and negatively affected financial inclusion development. The authors argued that a high rate of non-productive assets was resulted from a high occupancy of credit to low-income customers under priority credit programs in attempt to spread financial inclusion. A high rate of low-income credit may leave banks fall into their own trap, which forced them to narrow down loans to this group. The ratio of capital on total assets makes sense in an adverse direction against financial inclusion, since banks with high CAR are more cautious when lending to ensure their operational safety. That indicates a negative effect on financial inclusion development. It was found from the research that state-owned banks and interest rates did not make sense in the model, while foreign banks was an active factor that adversely affect financial inclusion. This is due to the fact that the higher risk level makes financial inclusion less attractive to foreign banks. Madagascar, Armenia and Jordan have a high proportion of foreign banks (over 60%), therefore these

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countries suffer a very low financial inclusion rate, as opposed to the case of Denmark, Australia, Belgium and France, where the low profile of foreign banks gives financial inclusion a more generous scope to grow.

2.2. Demand factors: the consumers’ charac- teristics

In addition to external factors coming from the financial market, intrinsic factors originated from consumers themselves directly affect the development of financial inclusion through personal characteristics of people as well as households.

To illuminate the above statement, Pena et al.

(2014) delved into a case study in Mexico.

They used a national financial inclusion survey data set implemented in 2012 for 7,000 households in urban and rural areas of Mexico. Col- lected data was analysed on a linear regression model using independent variables of: gender, age, household size, marital status, role in family, literacy, job title, salary, saving capacity, level of vulnerability (likelihood of having problems), support of remittances, employment or unemployment. The research found that age, role in family, marital status, literacy, saving capacity, level of vulnerability and employment were significant factors of the model. In particular, the accessibility of financial inclusion was higher for adults, yet it started to decrease for those aged 57.46 or older. Bread- winners and married people had greater needs for financial inclusion. Beside these factors, literacy is considered as the paramount important variable, which borne a positive correla- tion under the model. The higher the level of education is, the more likelihood of reaching formal financial resources rather than informal financial sources. As well, those more literate would have a higher saving capacity than those of low qualifications. This is again confirmed when the model results indicated a positive effect of saving behaviour toward financial inclusion access. Another significant variable in the model is the household’s level of vulnerability. Households more vulnerable to such

incidents as illness, loss of employment and natural disasters will be less willing to reach financial inclusion. The last variable related to consumer characteristics is employment, as those who have jobs tend to use more financial products.

Findings of Pena et al. (2014) in Mexico were identical to those found by Tuesta et al. (2015) in Argentina. The research of Tuesta et al.

(2015) was conducted based on the survey data of World Bank for 147 countries, each country having at least 1,000 people aged 15 and over participating in the survey. The authors analysed the effects of gender, age, literacy level and income on financial inclusion using Probit regression model. Results obtained in Argen- tina were exactly identical to the outcomes of Pena et al. (2014) in Mexico. Specifically, age, literacy level and income were important factors affecting the use of financial inclusion products, while gender made no sense in the model. This discovery further supports to the statement that characteristics of consumers significantly influences their use of financial products.

The above analysis and statement are reaf- firmed by Clamara et al. (2014), who based on the national household survey data obtained by World Bank in 2011 with a sample size of up to 26.456 households including 16.368 households in urban areas and 10.088 in rural areas.

Similarly to Tuesta et al. (2015), Clamara et al. (2014) also applied Probit model to find out variables affecting the use of financial inclusion. Though implemented in two different countries, the two researches shared homo- geneous findings. Specifically, age, income, employment, and literacy level are enormous drivers of financial inclusion use. It is obvi- ously seen that people of low qualifications are lack of confidence and necessary skills to use financial services and products. Similarly as stated by Pena et al. (2014) in Mexico, the access to financial inclusion was higher for older people, but its upward trend stopped at the age of 53, instead of 57.46 in Mexico. However, unlike the two said studies, Clamara et al.

(2014) in Peru indicated gender as a significant

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variable for use of financial products and services. Rural women with poor schooling and low income were unwilling to formal financial sources.

The influence of consumers’ characteristics is once again supported by the study of Demir- guc-Kunt et al. (2013) based on Global Finan- cial Inclusion’s data of 140 developing countries. They also found that income, literacy level, employment, age and gender influenced people’s use behaviour toward financial services and products.

Studies conducted in various countries shared the same conclusion that regardless the conditions of financial market development varied from nation to nation, the personal characteristics of consumers still vastly influence whether they use financial products or services. Then, what about socio-economic environment, does it affect the access to financial products and services just like what consumers’ personal characteristics do? This question will be discussed in the next section.

2.3. Intermediary factors: the socio-economic environment

Socio-economic environment plays a vital role in the orientation of consumption in general and use of financial products in particular, since it puts straightforward effects on the perception, culture and consumption trend of people. Financial inclusion products are of no exception, as they are subjects to certain influences of the socio-economic environment.

Tuesta et al. (2015) affirmed that people’s mind-set of financial products is among the very timbers of the fence blocked them out of financial products, especially for low-income people. For those with meagre earnings, the mind-set barrier is about 15% higher than for high-income groups. This frustrated them in further steps to financial services. Such an opinion was shared by the study by Shankar (2013), who pointed out the reliance of financial inclusion development on people’s awareness and social customs of using financial products. Notably, in developing countries,

people have developed a deep-rooted habit of cash holding and using, which hinders them from seeking for financial products. On the other hand, for reasons of safety and information privacy, they are not willing to deposit at banks or use any financial product which enables others to know their financial ability or to hold their money. This dilemma is partly attributed to the under-developed financial market of the country and people’s confidence in financial institutions. It is also such reasons that have affected people’s awareness, view- points and perception on financial products:

they are not aware of the transcendences and advantages of financial products, they think such products are unnecessary and not for ev- eryone, especially poverty-stricken people.

Cyn-Young and Rogelio (2015) emphasized how population structure affected a nation’s financial inclusion development. A country with an aging population structure and high proportion of dependent people would experience less developed financial inclusion. This is totally understandable and explained by the impact of age variable as mentioned above. People tend to decline their demand for financial products and services when their age exceeds a certain threshold.

In some nations, especially in developing countries, gender is still a matter of concern that is subject to social discrimination, as it seems that women’ position has not been in par with men in all social and economic aspects.

The work of Demirguc-Kunt et al. (2013) based on Global Financial Inclusion of 140 developing countries revealed that women were subject to stricter requirements on working capacity and home-making role. Therefore, the number of women ‘s credit and savings accounts in formal credit institutions is less than men’s. A fact that is most accountable for such shortage of women’s account should be that their family has already one account. This fact is even underlined in countries where women are economically dependent. For countries where the role of women is confirmed by their possession of property or their right to choose where to live, they tend to use more formal

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financial products.

Sarma and Pais (2008) analysed the impact of social infrastructure on financial inclusion development by delving into the effects of traffic network, telephone and access to information via newspapers, radio, television and internet toward promotion of financial inclusion. Their findings revealed a positive impact of traffic network on financial inclusion development.

This result reinforces the above statement that the accessibility of finance in rural areas is lower than in urban areas. Beside traffic network, telephone and Internet were seen as two significant variables that acted positively in the model proposed by Sarma and Pais (2008), which demonstrated the crucial role of information and communication in the promotion of

financial inclusion.

Local and regional economic conditions, in parallel with social factors, also robustly affect the growth of financial inclusion, since these impact how well people live, how much they earn and the standards of their living (Kumar, 2013). When people’s lives are improved push- ing up the growth of living demands, people’s need to deposit money, borrow money to consume and improve their lives, as well as to use financial products will increase. Moreover, the growth of local economy will invite the emergence and thrive of banking and financial activities and services, raising the sensitivity of people to these products and services. Sarma and Pais (2008) also found that GDP per capita had a positive impact on financial inclusion, as

Table 1. Review about Factors affecting financial inclusion development

Factors Sources Expected sign

development The of financial

market

Credit associations Jones (2006), Pena et al.

(2014) in Mexico, Kumar (2013 + The network of banks’

respondents

Tuesta et al. (2015), Ramji’s research (2009), Clamaran et al

.(2014), Sarma and Pais (2008) + Financial products (Shankar, 2013), Clamara et al.

(2014), Sarma and Pais (2008) +

consumers’ The characteristics

Age, role in family, marital

status, literacy, saving capacity Pena et al. (2014), Clamara et

al. (2014, Tuesta et al. (2015) + Level of vulnerability and

employment

Pena et al. (2014), Clamara et al. (2014, Tuesta et al. (2015),

Demirguc-Kunt et al. (2013) - Gender (Woman) Clamara et al. (2014),

Demirguc-Kunt et al. (2013) -

The socio- economic environment

People’s mind-set of financial

products Tuesta et al. (2015), Shankar

(2013), +

Population structure Cyn-Young and Rogelio (2015) - Social infrastructure (traffic

network, telephone and access to information via newspapers, radio, television and Internet)

Sarma and Pais (2008) +

Local and regional economic

conditions Kumar, (2013) +

Economic structure and per

capita income Cyn-Young and Rogelio (2015) +

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the higher the GDP per capita, the greater the demand for financial products. This is supported by Cyn-Young and Rogelio (2015), who dissected financial inclusion and poverty in 37 Asian countries and discovered that economic structure and per capita income were significant in the financial inclusion model.

The above review allows us to conclude on the impacts of both three groups of factors on financial inclusion development: supply factors- national financial market development, demand factors - the influence of consumers’

personal characteristics, and intermediary factors - socio-economic environment. Their

correlations are summarized in the following model.

3. Financial inclusion development: Some recommendations for Vietnam

The role and importance of financial inclusion to the development of financial market in particular and the economy in general has been recognized by many countries. That is why Governments, particularly in developing countries, have dedicated an exceptional priority to financial inclusion development. Vietnam, a member of the second world, with a population

DEMAND FACTORS - Gender

- Age

- Marital status - Literacy level - Employment - Salary

- Saving capacity - Vulnerability of

households SUPPLY FACTORS

- Financial network - Adaptability of financial

products: product, cost, procedures

- Trust in financial institutions

- Characteristics and development policies of financial institutions

INTERMEDIARY FACTORS (Socio-economic environment) - Mindset tendency

- Consumption culture - Population structure - Gender discrimination - Infrastructure and

communication development

- Economic development, GDP per capita.

FINANCIAL INCLUSION DEVELOPMENT

Source: Author Figure 1. Factors affecting financial inclusion development

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of over 90 million, is not an outsider of this trend. The State Bank of Vietnam since 2016 has cooperated with the World Bank in building a national strategy on financial inclusion which underscores the financial development on technology platforms including non-cash payment, and provision of financial services to rural and highland areas. Vietnam is among 25 countries concentrating efforts on financial inclusion under the initiative of Universal Financial Access (UFA) 2020, which targets for empowering 2 billion people not currently using banking services to reach the formal financial system. In fact, Vietnam has a poor rate of population accessing and using financial services of the formal system. According to Cyn-Young and Rogelio (2015), Vietnam’s financial inclusion index was only 21.28, ranking 112^th out of 176 countries worldwide., Vietnam is even a lagged racer compared to other developing counter partners in Asia, with a modest growth index ranked 22^nd out of 37.

Even though the number of adults having accounts at formal financial institutions has risen from 21.3% in 2012 to 30.9% in 2014, as reported by the State Bank of Vietnam, this

achievement is indeed extremely meagre compared with China (78%) and Thailand (79%).

In fact, more than 70% of Vietnam’s population, accounting for 72% of the labour force, inhabits in countryside, but the credit balance of this population part is even less than 25%, as a result of narrow access to financial inclusion (Nhue Man, 2017).

Financial inclusion development, as the inevi- table orientation of developing countries, is essential for hunger elimination and poverty reduction, financial market development and economic growth. However, for the goals of financial inclusion development to be attained, Vietnam should elaborate proper development policies. The above analysis of factors mentioned in world studies allows us to pose some recommendations as follows.

3.1. Some recommendations for the develop- ment of the supply side

- The State Bank should have policies to develop financial inclusion among commercial banks by enabling them to expand priority customers and branch & transaction office

Source: Cyn-Young and Rogelio (2015) Figure 2. Financial inclusion development index of Asian developing countries

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networks, thus boosting the people’s chance of reaching finance inclusion. The Vietnam Bank for Agriculture and Rural Development, Vietnam Bank for Social Policies and People’s Credit Funds are now seen with a large cover- age of rural areas, which is notably the princi- pal niche of their business. On the other hand, banks need to acclimatize products to consumer’s diverse needs, especially savings and payment products, because the size of saving is very small for countryside customers and households are highly vulnerable because of their business heavy dependence on weather. It seems that small-scale and short maturity loans and savings products better fit this group of customers. It cannot help mentioning procedures and paperwork as an all-time big stum- bling block for rural people on their way to reach financial services. This has been repeated by many studies. Administrative procedure improvement will enhance the access to financial services in rural areas.

- The confidence of financial institutions in rural people should be bolstered and strength- ened, especially after the State Bank restruc- tured a series of poorly-performing banks and heaps of commercial joint stock banks’ scan- dals. These event entail people’s psychological disturbance and further cement their caution toward banks. In contrary, financial inclusion can push up banks’ risk level, especially when they have no options but to target low-income customers. Thus, in order to develop financial inclusion, the State Bank of Vietnam should give incentives and preferential policies, so that commercial joint stock banks are more willing to serve these customers.

3.2. Some recommendations for the develop- ment of the demand side

Some countries have pushed up financial inclusion by changing consumers’ mind-set through financial education, enlightening them on the role and benefits of financial products in improvement of individuals and households’

lives, thereby encouraging their use of financial products. In particular, the Government

may assign national communication channels like Vietnam Television, the Voice of Viet- nam to propagandize and introduce products and support programs that empower people to reach financial inclusion; assign the Vietnam Bank for Social Policies and Vietnam Devel- opment Bank to carry out training courses and training channels to key participants such as village heads, group leaders, women’s associations, farmers’ associations, and the likes, thereby spreading over financial inclusion knowledge among the people. Farmers are in need of training not only in formal financial products’ meaning, benefits and ways to access, but also in how to spend, how to save and how to manage money, thereby increasing their saving capacities.

3.3. Some recommendations for the develop- ment of the catalytic factors

It is necessary to create a stable macroeconomic environment because any change in macroeconomic fundamentals affects consumer behaviour. Focus on building a sustainable financial infrastructure system, facilitating the development of modern products, services and distribution channels. Besides, it should have the training policy to improve the quality of personnel capable of operating and mastering the increasingly complex operating system, as well as ensuring security and safety during operation.

4. Conclusion

Governments, international financial institutions and researchers share the same recogni- tion of the important role of access to formal financial products and services toward all participants of the socio-economy. It is considered among vital tools for economic development in general and hunger elimination and poverty reduction in particular. Therefore, financial inclusion development might be national goal in many parts of the world including Vietnam.

In such point of view, this research defined factors affecting financial inclusion develop-

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ment on basis of studies conducted in different countries around the world. The research has come up with 3 groups of factors affecting financial inclusion development: supply factor- the development of financial market, demand factor- consumers’ characteristics, and intermediary factor - socio-economic environment.

Based on such findings, lessons have been drawn and recommendations have been raised for Vietnam to promote financial inclusion.

In the following studies, all the factors would be measured and the research model would be composed. ■

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