BOSTON UNIVERSITY'S CENTER FOR FINANCE, LAW & POLICY NOW MANAGING GLOBAL FINANCIAL INCLUSION GUIDE
Assumes responsibility for evolving financial-services database
(Boston) - The Boston University Center for Finance, Law & Policy (BU Center) has assumed responsibility for and plans to expand the only centralized database of microfinance and financial-inclusion related banking laws and regulations for the developing world. The Center takes over the resource from Consultative Group to Assist the Poor (CGAP), housed at the World Bank, which is shifting to an advisory role in the project.
According to the latest World Bank Global Findex, some 2.5 billion people around the world lack access to basic formal financial services. The BU-branded online Financial Inclusion Guide is an invaluable resource for those working to expand financial access to these "unbanked" people, and will prove to be an even more important resource as industry experts contribute their first-hand knowledge and help it expand.
"We're looking to aggressively grow the depth and breadth of this financial-services 'tool kit' for the benefit of policymakers, financial-services providers, researchers, and on-the-ground organizations around the developing world which are focused on expanding crucial access to basic financial services," said BU Center director and banking law Professor Cornelius Hurley.
The database currently compiles regulator contacts and detailed information about laws and regulations related to banking, microfinance, consumer protection and branchless banking. The BU Center plans to add an array of materials analyzing emerging trends and policies in financial inclusion. By soliciting collaboration and open dialogue with key industry players, the BU Center will expand the guide to include expertise from those working on the ground.
The BU Center for Finance, Law & Policy carries out its interdisciplinary mission by engaging students, faculty and market participants in a broad range of activities. Its novel approach to the challenges facing the financial sector and the economy leverages all facets of the University community and related stakeholders. It is the successor to the Morin Center for Banking and Financial Law formerly lodged in the BU School of Law.
Boston University is the fourth-largest independent university in the United States, with an enrollment of more than 33,000 students in its 16 schools and colleges. The University has over 10,000 faculty and 250 fields of study. Many of the University's faculty members and fields of study are directly related to the BU Center's areas of interest.
CGAP (Consultative Group to Assist the Poor) is an independent policy and research center dedicated to advancing financial access for the world's poor. It is supported by over 30 development agencies and private foundations who share a common mission to alleviate poverty.