A diverse range of alternative service providers, including SACCOs, MFIs, ROSCAs and ASCAs, have mushroomed across Africa, Asia, and Latin America to fill the gaps left by formal financial institutions. Serving over 100 million households worldwide, they have shown great commitment in serving those who have been excluded from sourcing services from the formal banking sector.
Permit me to elaborate by recounting three challenges that have resonated over the years. BIS Review 29/2010  1  Monetary policy response to global economic crisis First, consider a severe, synchronous global recession, triggered by a financial crisis at the heart of capitalism. Commodity prices crash, protectionism is on the rise. There are bank failures around the world, although not in Canada.