Financial literacy partners thanked

DEPUTY Prime Minister and Treasurer Charles Abel has acknowledged the partners’ input in the financial literacy space in the country.
“Recently, we witness the launch of a new product in partnership with our friends from the United Nations – the Mama Bank Access Point by the Women’s Micro Bank,” he said.
“Using a biometric system, this product gives women in remote areas access to financial services.
“We want to see continued innovative use of technology, especially as it can help scale up access to financial services, and reach the remote parts of the country.”
Abel commented on the recently launched National Financial Inclusion Policy and the Financial Sector Development Strategy 2018- 2030.
“I am pleased to note that there is considerable progress being made by key private sector players in establishing a digital framework, which can be applied across key sectors, such as finance and telecommunications,” he said.
“This use of technology should make it easier for people to open bank accounts, and to access other financial services, including access to credit.
“It should overcome the identity hurdles that have so far kept many people out of the formal financial sector.
“This is especially the case for people in the informal sector and engaged in agricultural enterprises.
“We also want to see the expansion of micro-insurance products that offer relevant and affordable cover to our people and businesses.
“We want to capitalise on our gains made in recent years in terms of financial literacy, so that people are better able to manage their day-to-day expenses, establish savings and access credit in a responsible and affordable way.”