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So why aren’t they already playing a bigger role? Because of organisational inefficiencies and unadapted regulation.
Chris De Noose, WSBI Managing Director, declared: “A key element that needs to change immediately is that many postal institutions are still limited to deposit-taking and basic payment services". To increase efficiency, he added, national regulators need to allow credit services and, in some cases, a banking licence for the financial services within postal institutions.
Increasing financial inclusion empowers people and stimulates the economy. Rather than reinventing the wheel over and over again, we need to build on strengths. One of these strengths is the extensive distribution networks of post offices all over the world. They are transforming into efficient retail banks. All they need is some help from national regulators and international policymakers.