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Sep 18, 2019

National Financial Inclusion Strategy Launched

A four-year plan on financial inclusion for the country was launched earlier this week with support from the World Bank Group. The plan defines and identifies opportunities so that persons and businesses can have access to the tools to achieve financial stability and so reduce poverty. According to data available, more than sixty percent of the adult population has banking accounts which provides an edge in accomplishing financial development n growth. News Five’s Hipolito Novelo reports.

 

Hipolito Novelo, Reporting

The National Financial Inclusion Strategy aims at reducing poverty and expanding access to financial products, such as bank accounts, countrywide. The four-year strategy builds on previous efforts and ongoing initiatives towards economic growth and stability.

 

Sheree Smiling Craig

Sheree Smiling Craig, Central Bank of Belize

“Robust evidence shows that counties across the world that have introduced financial inclusion policies and strategies have experienced poverty reduction and improvement to stability and integrity of their financial system.”

 

The Central Bank of Belize on Tuesday launched the country’s National Financial Inclusion Strategy. The World Bank Group, with the Central Bank’s assistance, drafted the strategy. It defines the current state of financial inclusion; identified the obstacles and opportunities to achieve the vision of financial inclusion; developed an action plan; and established governance and monitoring arrangements.

 

Tasheen Sayed

Tasheen Sayed, Country Director for Caribbean Countries, World Bank

“In Belize sixty-six percent of your adult population has accounts. This is fantastic because for Latin America, Caribbean region that percentage is about fifty-one percent of the adult eligible population. So the timing is right, the moment is good, the momentum is there for Belize to really accomplish is ambitious target of attaining your goal of having eighty percent of your population to have a transaction or saving account in the next three years.”

 

Central Bank Governor Joy Grant says that financial inclusion is an important building block of economic development.

 

Joy Grant

Joy Grant, Governor, Central Bank of Belize

“Financial inclusion is a pivotal prerequisite to rapid and equitable national development. Convenient, informed and affordable access to financial products and services have underpinned every narrative of economic and social transformation achieved by organized societies in recent times.”

 

Reporting for News Five, I am Hipolito Novelo.


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