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Regulatory Updates for Financial Institutions in Haiti

The Haitian government has made significant strides in recent years to improve the regulatory framework for financial institutions, aimed at increasing access to financial services and promoting digital payments.

Regulatory Progress

According to a recent report, there are approximately 150 ATMs per 100,000 people in Haiti, with registered mobile money agent outlets normalized based on population. The estimated adult population unbanked stands at around 60%, while the proportion of individuals using the internet over the last three months is around 40%.

Affordable Data Plans

The report also highlights that the cost of 2GB data-only mobile-broadband is relatively affordable in Haiti, with the cheapest plan providing at least 2GB of high-speed data available for around $10.

Innovation Facilitators

In terms of innovation, Haiti has made progress in establishing a regulatory environment conducive to innovation. The country has implemented a Mobile Connectivity Index, which measures the performance of countries against key enablers of mobile internet adoption. Additionally, there are several innovation facilitators in place, including regulators accelerators and sandboxes.

Financial Consumer Protection

Regarding financial consumer protection, the report notes that Haiti has established a legal framework for financial consumer protection, with supervision structures in place to ensure compliance. The country also allows remote account opening through electronic know-your-customer (e-KYC) methods.

Payments Infrastructure

The payments infrastructure in Haiti is relatively developed, with various types of payment systems available, including mobile money and e-money. Electronic money regulations are also in place, governing financial institutions’ ability to issue electronic money.

Gaps in Financial Inclusion

Furthermore, the report highlights that there is a significant gender gap in account access, with 20% more men having an account compared to women. There is also an urban-rural gap, with 15% more urban residents having an account compared to rural residents.

Digital Payments

In terms of digital payments, around 30% of respondents reported using mobile money or other digital payment methods over the last year. The report also notes that there is a significant income gap in account access, with the richest 60% of the population having a higher rate of account ownership compared to the poorest 40%.

Government Efforts

The government has made efforts to increase financial inclusion by providing government transfers directly into accounts, with around 50% of respondents receiving these payments directly. Additionally, around 30% of wage recipients receive their wages directly into accounts.

Conclusion

Overall, while there are still challenges to overcome, Haiti’s regulatory updates and progress in promoting digital payments are expected to contribute to increased financial inclusion and economic growth in the country.