Financial Crime World

Madagascar Launches National Financial Inclusion Strategy to Boost Access to Financial Services

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Madagascar’s government has launched a National Financial Inclusion Strategy (NFIS) to address the country’s low financial inclusion rate. The strategy aims to increase access to financial services for the majority of the population, who currently rely on informal arrangements and community-based financial systems.

Low Financial Inclusion Rate in Madagascar

According to the World Bank’s Global Findex survey, only 9% of Malagasy adults have an account with a formal financial institution or mobile money provider, ranking Madagascar at the bottom of the financial inclusion table in the region. This low rate highlights the need for a comprehensive strategy to improve access to financial services.

Key Areas for Improvement

The NFIS identifies several areas for improvement, including:

  • Financial education and literacy among the population, particularly among the youth.
  • Developing financial products and services that are tailored to the needs of micro-small-medium enterprises (MSMEs) and individuals.

Initiatives to Achieve Goals

To achieve its goals, the NFIS outlines several initiatives, including:

  • Promoting savings groups and conducting financial education sessions.
  • Improving the legal and regulatory framework for financial inclusion, with the passage of new laws on electronic money and microfinance institutions.

Quotes from Minister of Finance and Budget

“The National Financial Inclusion Strategy is a critical step towards increasing access to financial services in Madagascar,” said [Name], Minister of Finance and Budget. “We are committed to working with stakeholders to promote financial inclusion and improve the lives of Malagasy citizens.”

Key Statistics

  • Only 9% of Malagasy adults have an account with a formal financial institution or mobile money provider.
  • The majority of the population relies on informal arrangements and community-based financial systems.
  • The country has a low level of financial literacy, particularly among the youth.
  • The number of financial institution service points has increased over the past five years, but still remains limited.

Contact

For more information, please contact [Name] at [Email] or [Phone].

Note: Replace [Name], [Email], and [Phone] with actual information.