According to the bank, the Program Development Objective (PDO) is to support the government’s efforts to increase financial inclusion. The policies and institutional reforms and measures carried by the authorities and supported by this operation focus on: (i) facilitating electronic payments, which will improve access to payment systems for businesses (especially small merchants) and individuals (including those who do not own a credit card); (ii) reducing the cost of consumer loans, through greater competition in the provision of payroll backed loans; (iii) incentivizing the development of the fintech sector to provide flexible, transparent and innovative financial sector solutions and facilitate resource allocation to job creating productive investments particularly for small and medium scale businesses as well as for individuals; and (iv) reconfiguring some of the state financial institutions to better attend their development mandate and the population that is underserved by commercial banking. Reforms in these areas represent an important first stage in a reform agenda to expanding access to financial services, which has historically been limited in Mexico.
ACCOUNTABILITY MECHANISM OF WORLD BANK
The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing firstname.lastname@example.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.