# **Table of Contents**

|1. Overview .......................................................................................................................................... 4|
|---|
|2. Financial Inclusion in MENA .......................................................................................................... 5|
|2.1 State of Financial Inclusion in MENA...................................................................................... 5|
|2.2 Financial Products for low income customers and microenterprises ...................................... 12|
|2.3 Delivery mechanisms for financial services ........................................................................... 14|
|2.4 Regulation and Supervision .................................................................................................... 19|
|2.5 Financial infrastructure ........................................................................................................... 22|
|2.6 Government Policy and Programs .......................................................................................... 24|
|3. Recommendations: a Roadmap for Financial Inclusion in MENA ............................................... 26|
|Bibliography ....................................................................................................................................... 34|
|ANNEX 1. Access to Finance in MENA: Headline Indicators .......................................................... 34|
|ANNEX 2. Principal Features of Microcredit in MENA ................................................................... 39|
|ANNEX 3. Branchless Banking ......................................................................................................... 42|
|ANNEX 4. G20 Principles for Innovative Financial Inclusion .......................................................... 44|
|ANNEX 5. Morocco: Microcredit Portfolio Repayment Crisis and Recovery .................................. 45|

|Figures|
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|Figure 1. Bank Loan Accounts per population against Financial Sector Depth and GDP per capita .. 6|
|Figure 2. Bank Deposit Accounts per population against Financial Sector Depth and GDP per capit 7|
|Figure 3. Microfinance Products offered by MENA MFIs ................................................................. 13|
|Figures 4 and 5. Deposits and Loans per Population against Branch Networks ................................ 15|
|Figure 6. Deposits/population vs. Per Capita Income, and Figure 7. Deposits/population vs. State|
|Bank Networks.................................................................................................................................... 15|
|Figure 8. Consumer Protection and Financial Literacy under Responsibility of Financial Regulator 22|
|Figure 9. Index of Regulator‟s involvement in Financial Inclusion ................................................... 24|
|Figure 10. Countries with a Financial Inclusion Strategy Document ................................................. 27|
|Tables|

|Table 1. Access Indicators by Region................................................................................................... 7|
|---|
|Table 2. Microfinance Scale by Region ................................................................................................ 9|
|Table 3. Microcredit Outreach by Selected MENA Countries ............................................................. 9|
|Table 4. Comparative Outreach, Cost and Portfolio Quality Statistics by Region ............................. 10|
|Table 5. Physical Access by Region ................................................................................................... 16|

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