Publication:
Nicaragua Diagnostic Review of Consumer Protection in Financial Services: Volume 1. Key Findings and Recommendations

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dc.contributor.authorWorld Bank
dc.date.accessioned2017-02-22T17:44:28Z
dc.date.available2017-02-22T17:44:28Z
dc.date.issued2011-12
dc.description.abstractIn 2010, over 92 percent of the assets in the Nicaraguan financial system were concentrated in the banking sector, while microfinance managed over 5 percent, and all the remaining segments covered less than 3 percent. Starting in the late 1990s and until 2007, the microfinance sector in Nicaragua has expanded robustly at 20 percent average annual growth rate and has been a significant factor of economic growth, particularly in the agricultural small and medium enterprise (SME) sector. The 2008 financial crisis led to a rapid deterioration of the microfinance credit portfolio and the microfinance lending contracted by nearly 20 percent in 2009. While partly this was due to spiking interest rates, over indebtedness and slowing demand, research has shown that inadequate consumer protection and low financial literacy in the microfinance sector also played a role. In order to improve Nicaraguan consumers’ confidence in their financial institutions, this World Bank’s diagnostic review presents strengthening consumer protection in five key areas. Volume I of the review summarizes the key findings and recommendations and volume II provides a detailed assessment of the Nicaraguan consumer protection institutional, legal, and regulatory framework compared to the good practices for three financial segments, namely banking, nonbank credit institutions, and insurance. Volume II also includes an annex that analyzes the results of a field research with financial consumers in Nicaragua.en
dc.identifierhttp://documents.worldbank.org/curated/en/718931486628083729/Key-findings-and-recommendations
dc.identifier.doi10.1596/26124
dc.identifier.urihttps://hdl.handle.net/10986/26124
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectaccess to finance
dc.subjectfinancial literacy
dc.subjectaccountability
dc.subjectfinancial consumer protection
dc.subjectlegal framework
dc.subjectinstitutional framework
dc.subjecttransparency
dc.subjectregulation
dc.subjectdispute resolution
dc.titleNicaragua Diagnostic Review of Consumer Protection in Financial Servicesen
dc.title.subtitleVolume 1. Key Findings and Recommendationsen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleNicaragua Diagnostic Review of Consumer Protection in Financial Services
okr.date.disclosure2017-02-09
okr.date.doiregistration2025-05-07T12:07:32.681579Z
okr.doctypeEconomic & Sector Work::Other Financial Accountability Study
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/718931486628083729/Key-findings-and-recommendations
okr.guid593501486629496165
okr.guid577511486728315287
okr.guid718931486628083729
okr.guid583691494944485990
okr.identifier.externaldocumentum090224b08491ec1b_1_0
okr.identifier.internaldocumentum27175472
okr.identifier.report112702
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/718931486628083729/pdf/112702-v1-WP-P126916-PUBLIC-v1-NicaraguaCPDiagReviewVolIENGLISH.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.countryNicaragua
okr.sectorFinance
okr.themeFinancial and private sector development :: International financial standards and systems
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Financial Literacy
okr.topicFinance and Financial Sector Development::Financial Regulation & Supervision
okr.topicLaw and Development::Financial Law
okr.unitFinance & Markets - GP - IBRD (GFMDR)
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