Affiliation:
1. Sciences Po Aix, France
Abstract
For a very long time, in France, the Christian and state solution to protecting the poor was to ban interest-bearing bank loans, thus excluding them from protection and placing them de facto in the hands of uncontrolled greedy usurers. A first solution was to introduce Catholic charitable pawnshops in France charging low interest rates, then the mission of social utility of Monts-de-Piété was recognized by the government in France by their transformation into municipal credit institutions in the early 20th century. Furthermore, with regards to deposits, the Caisses d'Epargne were created by philanthropic bankers in the 19th century to educate the population in the virtues of saving. In the last 20 years, using new opportunities provided by European Union directives, some fintechs such as notably Nickel were active in banking inclusion to combat poverty.
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