Overview of the Formal and Informal Financial Sectors Sample Clauses

Overview of the Formal and Informal Financial Sectors. Like most countries in the region, the Bolivian financial sector as a whole can be divided into formal and informal sectors. The term “formal” or “regulated” financial sector denotes domestic and foreign-based banks, private financial funds, and credit unions, all of which are required to be licensed and are regulated by the state. The formal sector includes commercial banks and non-bank financial service providers that offer a variety of microfinance products. The “informal” or “unregulated” sector is comprised of non-profit organizations and NGOs providing microfinance products, typically to impoverished and rural clients. The informal sector is primarily donor-funded and non-commercial, and is not licensed or regulated by the state. The informal sector also includes a number of credit unions that have not applied for or not received their licenses but are operating. Table 1 below provides an overview of the formal and informal sectors, with a focus on microfinance institutions. The distinction between the formal and informal sectors, in particular in microfinance, is very significant in Bolivia, since regulated microfinance institutions (MFIs) are required (from the moment they are licensed) to report information on their customers to the central credit bureau operated by the state (and to consult the credit bureau when evaluating a loan applicant)—while the informal MFIs are not required to do so.
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