Indicators that measure access to financial services include:

Indicators that measure access to financial services include:

1. Account ownership: This measures the percentage of individuals who have a financial account, such as a bank account, mobile money account, or e-wallet.

2. Account usage: This measures the frequency and intensity of usage of financial accounts, such as the number of transactions made, the amount of money deposited or withdrawn, and the balance held in the account.

3. Branch density: This measures the number of bank branches per 100,000 adults in a given area. This indicator helps to assess the availability of physical access points for financial services.

4. ATM density: This measures the number of automated teller machines (ATMs) per 100,000 adults in a given area. This indicator helps to assess the availability of cash withdrawal services.

5. Mobile phone usage: This measures the percentage of individuals who own and use a mobile phone, which can be a channel for accessing financial services such as mobile money.

6. Internet usage: This measures the percentage of individuals who have access to the internet, which can be a channel for accessing financial services such as online banking or e-wallets.

These indicators can help policymakers and financial service providers to identify gaps in access to financial services and design targeted interventions to increase financial inclusion.

P2P lending

Peer-to-peer (P2P) lending has become an increasingly popular form of alternative finance in recent years, allowing individuals to lend and borrow money directly from each other through online platforms (Akhtar, 2019).

The first modern P2P lending platform, Zopa, was launched in the UK in 2005, and since then, many other platforms have emerged around the world, including LendingClub, Prosper, and Funding Circle (Belleflamme, Lambert, & Schwienbacher, 2014).

While P2P lending has the potential to increase access to credit and offer higher returns to investors, it also poses risks to lenders and borrowers alike, including the potential for default, fraud, and platform failures (Laufer & Cozmanova, 2020).

As a result, there has been increasing regulatory scrutiny of the P2P lending industry, with many countries implementing laws and regulations to protect investors and borrowers (Cumming & Johan, 2019).

According to archaeological evidence, the earliest civilizations in Mesopotamia are generally considered to have emerged around 4000 BCE, during the Early Bronze Age (Oates, 2010). This period saw the development of complex societies and the invention of writing, as well as early forms of lending and borrowing (Michalowski, 2017).

While there is limited evidence of formalized financial systems during this period, the use of clay tablets to record loans and debts suggests that lending and borrowing practices did exist (Gelb, 1963). However, these practices were likely based on social and economic relationships between individuals and communities, rather than on the formalized peer-to-peer lending systems seen today (Wenke, 2015).

It is also worth noting that there were no formal legal systems in place during this period, and any abuses or conflicts related to lending and borrowing would have been resolved through social and cultural norms (Van De Mieroop, 2015).

The market value of peer-to-peer (P2P) lending has been steadily growing in recent years, driven by increasing demand for alternative finance and advancements in technology (Statista, 2021).

According to Statista, the global market value of P2P lending was estimated to be $67.9 billion in 2020 and is projected to reach $461.3 billion by 2027, with a compound annual growth rate (CAGR) of 29.7% from 2020 to 2027 (Statista, 2021).

This growth is attributed to several factors, including increasing awareness and acceptance of P2P lending among borrowers and investors, the rise of mobile and digital banking, and regulatory support for the industry in many countries (Cumming & Johan, 2019).

However, the P2P lending market is also facing challenges such as increasing competition, rising defaults and delinquencies, and regulatory uncertainty (Akhtar, 2019).

Despite these challenges, the market value of P2P lending is expected to continue to grow in the coming years as it offers an alternative source of funding for individuals and small businesses and provides investors with new opportunities for diversification and higher returns.

References:

Akhtar, N. (2019). Peer-to-peer lending: A review of the literature. Journal of Financial Stability, 41, 107-116.

Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585-609.

Cumming, D., & Johan, S. A. (2019). Handbook of blockchain, digital finance, and inclusion: Cryptocurrency, FinTech, InsurTech, and regulation. Academic Press.

Gelb, I. J. (1963). The older pre-babylonian forms in legal and economic documents from the Diyala region. Journal of Cuneiform Studies, 17(3), 67-85.

Laufer, U., & Cozmanova, I. (2020). The future of peer-to-peer lending in the European Union. Journal of International Studies, 13(2), 7-25.

Michalowski, P. (2017). Mesopotamia. In The Wiley Blackwell Encyclopedia of Ancient History (pp. 1-5). Wiley-Blackwell.

Oates, D. (2010). Mesopotamia: The invention of the city. Penguin.

Statista. (2021). Global market size of peer-to-peer lending from 2013 to 2027 (in billion U.S. dollars). Retrieved from https://www.statista.com/statistics/866734/p2p-lending-market-size-worldwide/

Van De Mieroop, M. (2015). A history of the ancient Near East, ca. 3000-323 BC. John Wiley & Sons.

Wenke, R. J. (2015). Patterns in prehistory: Humankind's first three million years. Oxford University Press.

Financial Inclusion

Financial inclusion refers to the accessibility and availability of financial services to individuals and businesses, particularly those who are traditionally underserved or excluded from the mainstream financial system. It is a key enabler of economic growth, poverty reduction, and social development.

Financial inclusion involves providing affordable and accessible financial products and services, such as bank accounts, loans, insurance, and payment systems, to all individuals and businesses, regardless of their income level or location. This can be achieved through a variety of means, including the use of technology, financial education, and regulatory reforms.

The benefits of financial inclusion are numerous. It can help to increase savings and investment, promote entrepreneurship and job creation, and improve access to basic services such as healthcare and education. It can also contribute to greater financial stability, as more people are able to participate in the formal financial system and are less likely to rely on informal or risky financial arrangements.

However, achieving financial inclusion is not without its challenges. Some of the barriers to financial inclusion include lack of awareness or trust in formal financial institutions, high transaction costs, and inadequate financial infrastructure in certain regions. Overcoming these barriers requires a collaborative effort between governments, financial institutions, and other stakeholders to design and implement policies and programs that promote financial inclusion.

Financial inclusion in Bhutan is a concern as many Bhutanese individuals and small businesses lack access to formal financial services. The government of Bhutan has recognized this issue and is making efforts to increase financial inclusion in the country.

One of the main challenges to financial inclusion in Bhutan is the lack of financial infrastructure in rural areas. Many people in rural areas do not have access to banking services due to the lack of banks and ATMs in their vicinity.

To address these challenges, the Royal Monetary Authority of Bhutan (RMA) has implemented various initiatives to increase financial inclusion in the country. For instance, the RMA has introduced mobile banking services, which allow people to access banking services through their mobile phones. The RMA has also encouraged banks to establish branches in rural areas and has introduced policies to make banking more affordable, such as waiving fees for low-income individuals and small businesses.

Furthermore, the Bhutanese government has launched the Financial Inclusion Policy in 2021, which aims to provide access to affordable and convenient financial services to all Bhutanese. The policy focuses on increasing financial literacy, promoting digital financial services, and ensuring access to credit and insurance for underserved communities.

Overall, while financial inclusion remains a significant challenge in Bhutan, the government and the RMA are making efforts to increase access to financial services and promote financial literacy among the Bhutanese population.

References:

Demirgüç-Kunt, A., & Klapper, L. (2013). Measuring financial inclusion: Explaining variation in use of financial services across and within countries. Brookings Institution Press.

According to Demirgüç-Kunt and Klapper (2013), the availability and accessibility of financial services vary across countries, affecting the level of financial inclusion.

Phuntsho, Tenzin, and Subramaniam (2020) identified several factors that determine financial inclusion in Bhutan, including access to financial infrastructure, education, and income levels.

The World Bank Group (2019) conducted a financial sector assessment program in Bhutan and identified challenges to financial inclusion, including limited access to financial services in rural areas and low levels of financial literacy among the Bhutanese population.

Aterido, R., Beck, T., & Iacovone, L. (2013). Access to finance in sub-Saharan Africa: Is there a gender gap? World Development, 47, 102-120.

Phuntsho, S., Tenzin, K., & Subramaniam, T. (2020). Determinants of financial inclusion in Bhutan. Asian Development Bank Economics Working Paper Series, 611.

Aterido, Beck, and Iacovone (2013) found that women in sub-Saharan Africa are less likely to have access to formal financial services, indicating a gender gap in financial inclusion.

Royal Monetary Authority of Bhutan. (2019). Financial Inclusion in Bhutan. https://www.rma.org.bt/financial-inclusion/

World Bank. (2021). Financial Inclusion. https://www.worldbank.org/en/topic/financialinclusion

The World Bank (2021) defines financial inclusion as the accessibility and availability of financial services to individuals and businesses, particularly those who are traditionally underserved or excluded from the mainstream financial system.

World Bank Group. (2019). Bhutan Financial Sector Assessment Program: Financial Inclusion and Consumer Protection Diagnostics. World Bank Group.

Cluster Finance Services Bumthang

The Royal Civil Service Commission and the Ministry of Finance jointly launched the piloting of Cluster Finance Services in Bumthang on 20th April, 2021. The joint launch was attended by Hon’ble Finance Secretary and Hon’ble Focal Commissioner for MoF, Royal Civil Service Commission.

The Cluster Finance Services is the collaborative initiative of the Royal Civil Service Commission and the Ministry of Finance. The objective of this initiative is based on the concept of sharing of services by leveraging the use of ICT. It will bring together all finance personnel working in various regional/autonomous/branch offices under one cluster office in each region/Dzongkhag. However, this initiative does not include the Finance Sections of the Dzongkhag administration.

All finance services would be catered from the office of Cluster Finance Services irrespective of the location of the agencies. The initiative will optimize and rationalize the deployment of finance personnel and eliminate the current practice of their placement in individual agencies and achieve the objective of doing more with less.

This initiative is expected to enhance prudent fiscal discipline through proper check and control mechanism, and institute adequate internal control system in the agencies. It is also expected to improve the performance and delivery of finance services through enhanced efficiency of finance personnel and standardized service delivery across agencies.

The Cluster Finance Services is expected to contribute towards restructuring the budget process and financial norms as enshrined in the Royal Kasho on Civil Service Reform.

This initiative was also launched for the regional offices under Paro Dzongkhag on 8th April 2021. It will be implemented on pilot basis for regional offices under Bumthang and Paro Dzongkhags until June this year and will be rolled out in Thimphu and other Dzongkhags in a phased manner from July 2021.The pilot initiative is being carried out with the financial support of multi-donor fund (MDF) contributed by the European Union (EU) and Austrian Development Agency (ADA), and administered by the World Bank (WB).

List of Offices Under Cluster Finance Services Bumthang are:

1. Central Machinery Unit

2. District Court, Bumthang

3. National Equine Research & Development Center

4. National Highland Research and Dev. Centre

5. National Research and Development Centre for Animal Nutrition

6. National Small-Ruminants Research and Development Center

7. Phrumsengla National Park (Trabi , Ura)

8. Regional Cattle Breeding Center

9. Regional Revenue and Customs Office

10. Divisional Forest Office

11. Technical Training Institute of Chumey

12. Ugyen Wangchuck Intitute for Conservation & Environmental Research

13. Wangchuck Centennial National Park

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