Comoros Takes Step Forward in Financial Inclusion Ambitions
The Banque Centrale des Comores (BCC) has officially launched work on the country’s first National Financial Inclusion Strategy (NFIS) as part of a training workshop led by the Association of Financial Institutions (AFI). This five-day capacity building event aims to guide key stakeholders and BCC staff in formulating and implementing an NFIS to drive forward Comoros’ broader financial inclusion ambitions.
Background
Comoros has made significant progress in increasing access to financial services, with a growth in the number of bank branches over the past 15 years. However, only 25% of the population has a bank account, which is below the regional average of 55%. Governor Younoussa IMANI believes that the success of the country’s monetary policy depends heavily on financial inclusion.
Workshop Objectives
The AFI-led workshop aimed to:
- Identify and engage stakeholders in NFIS implementation
- Identify NFIS target groups
- Develop an NFIS governance structure
Key stakeholders, including local banks, microfinance institutions, electronic money issuers, telecom operators, development partners, and consumer associations, attended the workshop.
Stakeholder Engagement
The success of Comoros’ NFIS depends on effective stakeholder engagement. Governor IMANI emphasized that “Financial inclusion is the fact of giving the population access to financial services that correspond to their needs, so that it contributes to the economic and social development of the country.”
Peer Learning Model
AFI’s peer learning model played a crucial role in the training, with presentations from Madagascar’s Ministry of Economy and Finance and Morocco’s Bank Al-Maghrib. This provided BCC staff with valuable insights on increasing stakeholder buy-in and ownership.
Digital Financial Services
Increased research and investment in digital financial services, mobile money, and interoperability could help Comoros realize its full financial inclusion potential, especially in rural and semi-rural areas.
Conclusion
A solid NFIS can help overcome consumer reluctance to form part of the formal financial system. By establishing an NFIS, the BCC hopes to increase access to financial services and raise awareness among stakeholders of the pivotal role financial inclusion plays in reinforcing Comoros’ economic stability and the financial well-being of its people.