Yes / Financial inclusion is a vital development priority for countries worldwide. Mobile wallet (m-wallet) is considered as a disruptive payment method that will substitute the traditional physical wallet to achieve the so-called cashless society and enables financial inclusion. This study aims at developing and testing a research model that integrates a set of technology factors (perceived usefulness, perceived ease of use, fun to use, monetary value), external factors (peer influence and perceived status benefit), and cultural factors (humane orientation and societal collectivism) to assess the intention to adopt and use m-wallet, for financial inclusion, in a developing country. The proposed conceptual model is tested using data collected from 621 m-wallet users in Cameroon. The model explains 47.5% of the variance of the actual use of m-wallet and 32.90% of the variance of financial inclusion. Finally, implications for research and practice are discussed.

Yes / Bank branching plays a significant role in a wide range of economic activities. Existing studies on determinants of bank branching activities largely focus on developed countries, studies devoted to developing countries are scant. We present the first study that examines the determinants of bank branching activities in one of the largest developing country India. We employ a unique longitudinal data to study the determinants of bank branch location in India. This data is collected at the state level covering 25 Indian states for the period 2006 to 2017. We employ Poisson regression that are better suited for modelling counted dependent variable. First, region and bank specific factors such as size of population and bank deposits influence location of bank branches. Second, the relationship between these factors and branch locations is heterogeneous across different types of banks and across states with different business environments. First, from the view of banks, considering the factors of branch location are crucial in order to set out branching strategy. Irrespective of policy measures aimed at promoting financial inclusion in India, we show that banks consider economic activities in the region in locating their branches. Second, from the view of policy makers and regulators, such branching strategy could potentially contribute to financial exclusion. As a result, population in the less developed regions may be excluded from accessing financial services. Hence, policy makers and regulators should take into this account when formulating policies aimed at promoting financial inclusion. First, while existing studies largely focus on developed countries, studies devoted to developing countries are scant. To the best of our knowledge, we have not come across any study that investigates the determinants of bank branch location in India, so we reasonably believe that ours is a first-of-its-kind. Second, our study provides a new perspective concerning how regional and bank specific factors influence banks of different ownership in locating branches. Third, while traditional regression used to be a method of choice among early studies, we employ Poisson regression that are better suited for modelling counted dependent variable.

Submitted by Vilma Meurer Sela (vmsela@uem.br) on 2017-06-23T11:15:10Z No. of bitstreams: 1 Tese Vilma Meurer Sela Final.pdf: 1435601 bytes, checksum: 1dcb472ca3c8db005d2085f8d8a29921 (MD5) / Approved for entry into archive by Maria Tereza Fernandes Conselmo (maria.conselmo@fgv.br) on 2017-06-23T21:19:25Z (GMT) No. of bitstreams: 1 Tese Vilma Meurer Sela Final.pdf: 1435601 bytes, checksum: 1dcb472ca3c8db005d2085f8d8a29921 (MD5) / Made available in DSpace on 2017-06-23T21:36:04Z (GMT). No. of bitstreams: 1 Tese Vilma Meurer Sela Final.pdf: 1435601 bytes, checksum: 1dcb472ca3c8db005d2085f8d8a29921 (MD5) Previous issue date: 2017-05-26 / This thesis aimed to analyze the actors performance in Financial Inclusion agendasetting process in Brazil, focusing on analysis of (1) how actors articulated themselves in defense of their ideas and interests in conclusive process of a public policy, and (2) what non-human elements influenced the agenda-setting process. Actor-Network Theory was used as a theoretical lens, since it is understood that the agenda-setting can be taken through a continuous process of associations between different mediators called actants (human and non-human). The research was guided by qualitative research procedures, it used primary data (semi-structured interviews) and secondary data (laws, decrees, regulations, reports, minutes of Financial Inclusion Forums, and others). Interviews were carried out with 19 participants using snowball technique, between October and December 2016. Data were tested through content analysis using Atlas TI Software. The agenda of Financial Inclusion in Brazil is the result of an incremental process, which was attended by a wide range of actors (government, market, developers and scholars and international actors) that was influenced by some non-human elements (macro-actors). The dynamics of Financial Inclusion agenda-setting process in Brazil was analyzed through four phases of translation, presented by Callon (1986). During these four phases, it was possible: (problematization) to identify the identity of the actors who acted in Financial Inclusion agenda-setting process, in which the BCB is the focal actor of this process, as well as the Obligatory Passage Point (OPP), that was the union of efforts searching for solutions to the exclusion of low income population; (interessement) to emphasize the articulation process of network relations for financial inclusion, originated from First Financial Inclusion Forum; (enrolment) to emphasize cooperation among actors, which aimed to catalyze efforts towards a common goal, and searched to play their roles, within their abilities; and (mobilization) to show actors efforts as representative entities of public interest. / A presente tese teve por objetivo analisar a atuação dos atores no processo de formação da agenda de Inclusão Financeira no Brasil, com foco na análise de (1) como os atores se articularam em defesa de suas ideias e interesses no processo decisório de uma política pública, e (2) quais elementos não-humanos influenciaram o processo de formação da agenda. A Teoria Ator-Rede foi utilizada como lente teórica, uma vez que se entende que a formação da agenda pode ser compreendida por meio de um processo contínuo de associações entre diferentes mediadores, denominados de actantes (humanos e não-humanos). A pesquisa guiou-se pelos procedimentos da pesquisa qualitativa, valendo-se de levantamento de dados primários (por meio de entrevistas semiestruturadas) e secundários (viabilizados por meio de leis, decretos, regulamentações, relatórios, atas dos Fóruns de Inclusão Financeira, dentre outros). As entrevistas, com 19 participantes, foram realizadas por meio da técnica snowball (bola de neve), entre os meses de outubro a dezembro de 2016. Os dados foram analisados por meio da análise de conteúdo, que contou com a utilização Software Atlas TI. A agenda de Inclusão Financeira no Brasil é fruto de um processo incremental, que contou com a atuação de uma ampla gama de atores (do governo, do mercado, fomentadores e estudiosos e atores internacionais) e que foi influenciada por alguns elementos não-humanos. A dinâmica do processo de formação da agenda de Inclusão Financeira foi analisada por meio dos quatro momentos da translação, apresentados por Callon (1986). No decorrer destes quatro momentos foi possível: (problematização) identificar a identidade dos atores que atuaram no processo de formação da agenda de Inclusão Financeira, no qual o BCB é o ator focal deste processo, bem como o Ponto de Passagem Obrigatório (PPO), que foi a união de esforços na busca de soluções para o problema da exclusão da população de baixa renda; (atração de interesses) evidenciar o processo de articulação da rede de relações para a inclusão financeira, iniciada a partir do I Fórum de Inclusão Financeira; (recrutamento) enfatizar a cooperação entre os atores, que buscou catalisar os esforços em prol de um objetivo comum, que buscaram desempenhar seus papéis, dentro de suas competências; e (mobilização) mostrar os esforços dos atores como entidades representativas do interesse coletivo.

Conselho Nacional de Desenvolvimento CientÃfico e TecnolÃgico / O processo de institucionalizaÃÃo das experiÃncias em finanÃas solidÃrias com foco em bancos comunitÃrios desencadeado pelo fomento pÃblico do Governo Federal brasileiro desde 2003 à o tema desta tese que visa compreender a singularidade, a dinÃmica e o alcance destas prÃticas num contexto de mundializaÃÃo financeira, notadamente marcado por estratÃgias de combate à pobreza baseadas na inclusÃo financeira pela via do microcrÃdito. A questÃo central da tese à analisar os meandros do processo de constituiÃÃo e organizaÃÃo polÃtico-institucional dessas experiÃncias, indagando como elas originaram uma complexa rede de relaÃÃes sociais envolvendo o Estado, o mercado e a sociedade, com rebatimento nas polÃticas pÃblicas. Fundamentados num modelo difundido pelo Banco Palmas, desde 1998 e, mais recentemente, pelo Instituto Palmas, os bancos comunitÃrios, juntamente com as cooperativas de crÃdito solidÃrio e os fundos rotativos solidÃrios configuram um conjunto de prÃticas e representaÃÃes sociais designado pelo termo finanÃas solidÃrias, cujos princÃpios orientadores baseiam-se na economia solidÃria. O trabalho de campo se deu em trÃs bancos comunitÃrios localizados em territÃrios de baixo IDH, geridos por entidades vinculadas a associaÃÃes comunitÃrias, sindicatos e grupos de mulheres, jovens e agricultores familiares. SÃo eles: o Banco DendÃSol (Fortaleza), o Banco Paju (MaracanaÃ) e o Banco Quinamuià (TauÃ). A imersÃo em campo contou ainda com a minha presenÃa em diversos momentos na sede do Banco e Instituto Palmas (Fortaleza) para a realizaÃÃo de entrevistas, alÃm da participaÃÃo em eventos e leitura de ampla bibliografia especializada. Por meio de uma abordagem multidisciplinar, envolvendo a sociologia polÃtica, a antropologia e a anÃlise de polÃticas pÃblicas, exploro os achados da pesquisa segundo os referenciais do mÃtodo do estudo de caso detalhado segundo Gluckman (2010) e a anÃlise situacional de acordo com Van Velsen, (2010). Os resultados indicam que o processo de institucionalizaÃÃo dos bancos comunitÃrios gerou laÃos de reciprocidade entre organizaÃÃes governamentais e da sociedade civil, conjugando diferentes lÃgicas de atuaÃÃo, fato que acarreta dilemas e distintas perspectivas de institucionalizaÃÃo, fundamentalmente, nas fronteiras e clivagens entre a inclusÃo financeira e a democracia econÃmica, reposicionando as tensÃes entre os aspectos econÃmicos, sociais, polÃticos e cultura / O processo de institucionalizaÃÃo das experiÃncias em finanÃas solidÃrias com foco em bancos comunitÃrios desencadeado pelo fomento pÃblico do Governo Federal brasileiro desde 2003 à o tema desta tese que visa compreender a singularidade, a dinÃmica e o alcance destas prÃticas num contexto de mundializaÃÃo financeira, notadamente marcado por estratÃgias de combate à pobreza baseadas na inclusÃo financeira pela via do microcrÃdito. A questÃo central da tese à analisar os meandros do processo de constituiÃÃo e organizaÃÃo polÃtico-institucional dessas experiÃncias, indagando como elas originaram uma complexa rede de relaÃÃes sociais envolvendo o Estado, o mercado e a sociedade, com rebatimento nas polÃticas pÃblicas. Fundamentados num modelo difundido pelo Banco Palmas, desde 1998 e, mais recentemente, pelo Instituto Palmas, os bancos comunitÃrios, juntamente com as cooperativas de crÃdito solidÃrio e os fundos rotativos solidÃrios configuram um conjunto de prÃticas e representaÃÃes sociais designado pelo termo finanÃas solidÃrias, cujos princÃpios orientadores baseiam-se na economia solidÃria. O trabalho de campo se deu em trÃs bancos comunitÃrios localizados em territÃrios de baixo IDH, geridos por entidades vinculadas a associaÃÃes comunitÃrias, sindicatos e grupos de mulheres, jovens e agricultores familiares. SÃo eles: o Banco DendÃSol (Fortaleza), o Banco Paju (MaracanaÃ) e o Banco Quinamuià (TauÃ). A imersÃo em campo contou ainda com a minha presenÃa em diversos momentos na sede do Banco e Instituto Palmas (Fortaleza) para a realizaÃÃo de entrevistas, alÃm da participaÃÃo em eventos e leitura de ampla bibliografia especializada. Por meio de uma abordagem multidisciplinar, envolvendo a sociologia polÃtica, a antropologia e a anÃlise de polÃticas pÃblicas, exploro os achados da pesquisa segundo os referenciais do mÃtodo do estudo de caso detalhado segundo Gluckman (2010) e a anÃlise situacional de acordo com Van Velsen, (2010). Os resultados indicam que o processo de institucionalizaÃÃo dos bancos comunitÃrios gerou laÃos de reciprocidade entre organizaÃÃes governamentais e da sociedade civil, conjugando diferentes lÃgicas de atuaÃÃo, fato que acarreta dilemas e distintas perspectivas de institucionalizaÃÃo, fundamentalmente, nas fronteiras e clivagens entre a inclusÃo financeira e a democracia econÃmica, reposicionando as tensÃes entre os aspectos econÃmicos, sociais, polÃticos e cultura / The process of institucionalization of the experiences about solidary finances focalizing the communitarian banks happened due the public financing of the Federal Government since 2013. It intends to understand the singularity, the dynamics and the reach of these practices in the context of the financial mundialization. It emphasizes the combative strategies to the poverty. These strategies are based on the financial inclusion by the microcredit. The main question of this thesis is to analyse the aspects of the process of the constitution of the political and institutional organization of these experiences. I asked as they caused a complex net of social relations involving the State, the Market and the society, striking again on the public policies. It was based on the difused model by Palmas Bank, since 1998, and more recently, by Palms Institute. The communitarian, joinly with solidary credit and the rotative, and solidary founds configurate a set of practices and social representations designated the therm solidary finances. The supervisiors principles of this work are based on solidary economy. The field work was based on the communitarian banks placed in low IDH territories. These banks were managed by linked entities and communitarian associations, syndicates and women groups, young and familiar agricultores. These banks are the Dendà sol Bank (Fortaleza), Paju Bank (Maracanau) and the Quinamuiu one (TauÃ). The field inversion counts with the presence in the headquarters of the Palmas bank and Institute (Fortaleza). I Also participated in events and I realized readings of vast and especialized bibliografy. According to a multidisciplinar approach involving Political Sociology, Antropology and the analysis of public policies, I explored the research investigations according to the references of the study of case method described for Gluckman (2010) and situational analysis from Van Velsen (2010). The results indicated that the institucionalization process of the communitarian banks created mutual relations among government organizations and the civil society joinning diferent logics of action. This fact create dilemmas and different perspectives of instituciolnalization mainly, in the bounds and cleavages between the financial inclusion and the economic democracy, social, politic and cultural aspects in the / The process of institucionalization of the experiences about solidary finances focalizing the communitarian banks happened due the public financing of the Federal Government since 2013. It intends to understand the singularity, the dynamics and the reach of these practices in the context of the financial mundialization. It emphasizes the combative strategies to the poverty. These strategies are based on the financial inclusion by the microcredit. The main question of this thesis is to analyse the aspects of the process of the constitution of the political and institutional organization of these experiences. I asked as they caused a complex net of social relations involving the State, the Market and the society, striking again on the public policies. It was based on the difused model by Palmas Bank, since 1998, and more recently, by Palms Institute. The communitarian, joinly with solidary credit and the rotative, and solidary founds configurate a set of practices and social representations designated the therm solidary finances. The supervisiors principles of this work are based on solidary economy. The field work was based on the communitarian banks placed in low IDH territories. These banks were managed by linked entities and communitarian associations, syndicates and women groups, young and familiar agricultores. These banks are the Dendà sol Bank (Fortaleza), Paju Bank (Maracanau) and the Quinamuiu one (TauÃ). The field inversion counts with the presence in the headquarters of the Palmas bank and Institute (Fortaleza). I Also participated in events and I realized readings of vast and especialized bibliografy. According to a multidisciplinar approach involving Political Sociology, Antropology and the analysis of public policies, I explored the research investigations according to the references of the study of case method described for Gluckman (2010) and situational analysis from Van Velsen (2010). The results indicated that the institucionalization process of the communitarian banks created mutual relations among government organizations and the civil society joinning diferent logics of action. This fact create dilemmas and different perspectives of instituciolnalization mainly, in the bounds and cleavages between the financial inclusion and the economic democracy, social, politic and cultural aspects in the

With growing number of adult people not owning a bank account,efforts are being made to bring banking services to the unbanked populations.Relationships marketing plays a crucial role in  establishing and sustaining beneficial relationship in the banking industry. This study sought to explore the link between agent banking and relationship marketing through an exploratory qualitative approach.The findings show that agent banking as a fairly new phenomenon relies on the integration of different functions within the bank with a strong emphasis on the role of technology,processes and personnel to delivder services that can be acceptable to the customers so as to create long lasting beneficial relationships. Through semi-structured interviews with employees of 6 banks that offer agent banking in Bangladesh,this study contributes a key reflection document on implemenation of agent banking for other banks that intend to start offering agent banking services in Bangladesh.

Abstract Most microloan applicants in Nigeria are denied access to financial services by the commercial banks because of the high risk involved in granting loans to an individual without tangible assets to offer as collateral. The purpose of this qualitative multiple case study was to explore small business owners' understanding of suitable funding options from microfinance banks in Nigeria to sustain their businesses beyond the first 5 years. An investigation was conducted on how small business owners could obtain information on funding options most suitable to sustain their business. Guided by the ethical banking operations framework theory, the strategies business owners had used was explored to understand available funding options. A homogenous sampling strategy was used to purposefully identify and select the microfinance applicants who had similar experiences using different funding options. Fifteen customers of microfinance institutions (MFIs) participated in semistructured interviews. Additional data on MFIs was obtained from established secondary sources. Yin's 5-step process was used to analyse the data, with member checking and triangulation used for validation. Key findings emerged on lack of appropriate entrepreneur training, inadequate financial management, skills gap, and inability to interpret the bank's information on loan procedures. This revealed the need to develop ways for small business owners to more easily access information on loan options. MFIs may use the findings of the study to enhance access to their financial services and promote the growth of MFIs to increase sustainable economic growth for both owners and the local communities they serve. Positive social change may be promoted through financial empowerment and job creation.

La presente investigación tiene como objetivo central identificar cuáles son los principales determinantes que influyen en la brecha de género en la inclusión financiera del Perú durante 2016. En tal sentido, se utiliza la Encuesta Nacional de Demanda de Servicios Financieros y Nivel de Cultura Financiera (ENIF, 2016), en la cual se encuestó a 6,303 individuos seleccionados al azar, formando una muestra representativa de todo el Perú, y se realiza la estimación de modelos de elección discreta (logit y probit). Además, se calculan los impactos marginales de las variables socioeconómicas sobre la posesión de cuentas de ahorro y tarjetas de crédito tanto para varones como mujeres. Los resultados muestran que el nivel educativo es la variable que genera un mayor aumento en la probabilidad de acceder al sistema financiero aunque no de manera muy diferenciada entre géneros; mientras que la posesión de activos, relación de parentesco, residencia y estado civil generan impactos menores en el género femenino. / The main objective of this research is to identify the main determinants that influence the gender gap in the financial inclusion of Peru during 2016. In this sense, the National Survey of Demand for Financial Services and Level of Financial Culture (ENIF, 2016) is used, in which 6,303 randomly selected individuals were surveyed, forming a representative sample of Peru. The estimation of discrete choice models (logit and probit) is made. In addition, the marginal impacts of socioeconomic variables on the possession of savings accounts and credit cards for both men and women are calculated. The results show that the educational level is the variable that generates a greater increase in the probability of accessing the financial system although not in a very differentiated way between genders; while the possession of assets, kinship relationship, residence and marital status generate minor impacts on the female gender. / Trabajo de investigación

Submitted by Julian Lilienthal (julian.driest@gmail.com) on 2016-04-03T12:59:49Z No. of bitstreams: 1 PEER TO PEER LENDING AND FINANCIAL INCLUSION IN BRAZIL, A CASE STUDY FINAL.pdf: 997337 bytes, checksum: 1ee7d00add32fb72feb7940e4cfef7d2 (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Julian, The roman number shouldn't appear in te thesis. The Acknowledgements should be before the abtract and i shouldn't be in the same page as the abstract,the abstract in one page and the Acknowledgements in another. The resumo in Portuguese is missing. The List of Tables, Figures and Abreviations should also be each one in different pages, it can't be all in the same page. The pages numbers should count fro the first page but only appear in the introdution, ex: In trodution is page 10, so the number 10 should appear in the introduction. on 2016-04-04T12:36:08Z (GMT) / Submitted by Julian Lilienthal (julian.driest@gmail.com) on 2016-04-04T14:15:50Z No. of bitstreams: 1 PEER TO PEER LENDING AND FINANCIAL INCLUSION IN BRAZIL, A CASE STUDY FINAL 04042016.pdf: 999717 bytes, checksum: 5c8442f8d971643744abe9447360c341 (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Julian, The title of the thesis shouldn't appear in the ficha catalográfica, only the box should appear. The Resumo and the abstract should be in different s pages, abstract in one and the resumo in another Best. Ana Luiza Holme 37993492 on 2016-04-04T14:22:19Z (GMT) / Submitted by Julian Lilienthal (julian.driest@gmail.com) on 2016-04-04T15:46:42Z No. of bitstreams: 1 PEER TO PEER LENDING AND FINANCIAL INCLUSION IN BRAZIL, A CASE STUDY FINAL 04042016.pdf: 1001560 bytes, checksum: 199b70b68f2afb1a0de646272d22c218 (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Dear Julian, I just notice now that the key words (palavra chave) is missing should be below the abstract and the resumo. Abstract - key words Resumo - palavras chave I'm sorry for not noticing before. Ana Luiza Holme 37993492 on 2016-04-04T16:09:48Z (GMT) / Submitted by Julian Lilienthal (julian.driest@gmail.com) on 2016-04-04T20:13:25Z No. of bitstreams: 1 PEER TO PEER LENDING AND FINANCIAL INCLUSION IN BRAZIL, A CASE STUDY FINAL 04042016.pdf: 1001786 bytes, checksum: ea34836da8fa02a0d5ff2acdf361ea26 (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-04-05T12:07:14Z (GMT) No. of bitstreams: 1 PEER TO PEER LENDING AND FINANCIAL INCLUSION IN BRAZIL, A CASE STUDY FINAL 04042016.pdf: 1001786 bytes, checksum: ea34836da8fa02a0d5ff2acdf361ea26 (MD5) / Made available in DSpace on 2016-04-05T12:22:35Z (GMT). No. of bitstreams: 1 PEER TO PEER LENDING AND FINANCIAL INCLUSION IN BRAZIL, A CASE STUDY FINAL 04042016.pdf: 1001786 bytes, checksum: ea34836da8fa02a0d5ff2acdf361ea26 (MD5) Previous issue date: 2016-03-04 / While pursuing the objective to investigate the potential for the P2P innovation to enhance financial inclusion in Brazil, the P2P industry and the current market environment were analyzed in order to highlight the factors that can facilitate this desired enhancement. There seems to be no doubt that there is substantial potential for the P2P industry worldwide and in Brazil but, beyond this, a considerable part of this industry could be providing financially inclusive products. The P2P industry in Brazil needs to recognize the potential for growing, not only the industry itself, but also the market for financially inclusive P2P products. The first section of this thesis focuses on financial inclusion briefly in order to establish the frame of what is being addressed. Subsequently the P2P industry is analyzed globally, locally in Brazil and with regard to financial inclusion. The study is conducted through an interview with the founder of a P2P platform in Brazil and its data collection is used to build a case study which allowed for an analysis of the potential for financial inclusion of the P2P industry and the development of key success factors with regard to converting this potential into results. / Ao perseguir o objetivo de investigar o potencial da inovação P2P para melhorar a inclusão financeira no Brasil, a indústria de P2P e atual ambiente de mercado foram analisados a fim de destacar os fatores que podem facilitar este desenvolvimento desejado. Parece não haver dúvida de que existe um potencial significativo para a indústria de P2P no mundo e no Brasil, mas, além disso, uma parte considerável desta indústria poderia ser o fornecimento de produtos financeiramente inclusivos. A indústria de P2P no Brasil precisa reconhecer o potencial de crescimento, não só a própria indústria, mas também o mercado de produtos P2P financeiramente inclusivo. A primeira parte desta tese centra-se na inclusão financeira brevemente a fim de estabelecer o marco do que está sendo investigado. Posteriormente a indústria de P2P é analisado globalmente, localmente, no Brasil e com respeito à inclusão financeira. O estudo é realizado através duma entrevista com o fundador de uma plataforma de P2P no Brasil e a coleta de dados é usada para construir um estudo de caso que permitiu uma análise do potencial para a inclusão financeira da indústria de P2P e a identificação de fatores importantes para converter esse potencial em resultados.

This study examines the relationship between financial inclusion and economic growth, more specifically if financial inclusion is an important factor for economic growth. A sub question was stated as well, if the six proxies of the financial inclusion measurement respectively have an impact on economic growth. To help examine this research area we have compiled panel data from 20 countries with different income levels over a time period of 19 years. The time period on which this study is focusing is 2002-2020. The tests conducted in this study are the Dickey-Fuller unit root test and the Arellano-Bond dynamic panel GMM method. Given the result of the dynamic panel estimation, we found that financial inclusion has a positive relation to economic growth. The result also indicated that three of the six proxies for financial inclusion were statistically significant and have a positive relation to economic growth. To conclude, the study found empirical evidence that financial inclusion is an important factor for economic growth.

Esta dissertação tem como objetivo realizar uma análise comparada de duas políticas públicas de inclusão financeira, sendo uma delas no Brasil e outra na Venezuela. A importância deste estudo reside na necessidade de desenvolver trabalhos que busquem compreender melhor as iniciativas de políticas públicas de inclusão financeira de caráter inovador focadas na bancarização da população de baixa renda e que apresentam desenho distinto das principais iniciativas do campo, mas que até o presente momento ainda são muito pouco estudadas suas contribuições em especial no contexto da América Latina. A Missão Caixa na Venezuela e o programa Caixa Aqui no Brasil são analisadas a partir de suas origens históricas, o seu desenvolvimento e uma comparação entre seu desenho institucional. Isto é feito à luz da discussão teórica apresentada pela teoria dos mercados imperfeitos e a abordagem pós-keynesiana. Diante disso é feita uma revisão história da discussão da inclusão financeira e sua importância como instrumento de desenvolvimento econômico e social, para o combate à pobreza e geração de oportunidades para os mais pobres, a partir da problematização do microcrédito como mecanismo financeiro que busca cumprir tais objetivos. No resultado do desenvolvimento do trabalho são apresentados como os desenhos dessas políticas públicas têm se mostrado inovadoras dentro do contexto de inclusão financeira dos grupos desbancarizados. Por fim pretendese que a análise aqui apresentada possa contribuir com o aperfeiçoamento e desenvolvimento de instituições e políticas públicas de inclusão financeira, bem como abra a oportunidade de novas agendas de pesquisa que possam aprofundar a partir de outras dimensões o objeto de estudo. / This dissertation aims to conduct a comparative analysis of two public policies of financial inclusion in Brazil and in Venezuela. The importance of this study is the need to develop works that seek better understanding public policy initiatives of financial inclusion with innovative character, focused on the banks role in including low-income population, as well as presenting distinct design comparing to the main initiatives in this issue. Other characteristic is that it has been few studies concerning the contributions of these two policies in Latin America. The Missão Caixa in Venezuela and the program Caixa Aqui are analyzed from their historical origins, development and institutional design. This was done under the light of the theory of imperfect markets and post- Keynesian approach. Thus is made a historical review of the financial inclusion debate and its importance as economic and social development tool for combating poverty and generating opportunities for the poorest, from the questioning of microcredit as a financial mechanism that seeks to achieve these objectives. The result of the development work are presented as the designs of these public policies have proved to be innovative within the context of financial inclusion of unbanked groups. Finally it is intended that the analysis presented here can contribute to the improvement and development of institutions and public policies for financial inclusion as well as the opportunity to open new research agendas that could strengthen from other dimensions the object of study.