Financial Crime World

Financial Institution Security in Haiti Remains a Concern as Inclusion Rates Lag Behind Region

Despite efforts to increase financial inclusion in Haiti, the country’s financial institution security remains a concern. Only 19 percent of adults have an account with a financial institution, with just nine percent saving and five percent borrowing from these institutions.

Financial Inclusion Challenges in Haiti

Haiti’s figures are not only among the lowest in Latin America and the Caribbean but also globally. This lack of financial inclusion hinders low-income individuals’ ability to:

  • Build assets
  • Withstand financial shocks
  • Invest in businesses
  • Make payments more conveniently

The Haiti Finance Inclusive Project

The Haiti Finance Inclusive project aimed to improve the enabling environment for financial inclusion, ultimately benefiting low-income individuals across the country. By gaining access to basic, formal financial services, these individuals can build assets, withstand financial shocks, invest in businesses, and make payments more conveniently.

Achievements of the Project

The project achieved a two-level change in the market system:

  • Improved Market Actor Behavior: Increased information availability and orientation towards low-income segments.
  • Deeper Collaboration: Fostered collaboration within the broader financial ecosystem and enabling environment.

Activities Implemented

To achieve this, the project implemented various activities, including:

  • Developing a private sector financial inclusion platform
  • Strengthening existing financial sector associations (ANIMH and ANACAPH)
  • Increasing research and information activities to better understand key low-income market segments and gender aspects of financial inclusion
  • Encouraging the development of relevant products and services that cater to low-income individuals’ livelihood strategies

Consumer Protection Environment

The project supported the creation of an active consumer protection environment, ensuring that:

  • Low-income Haitians comprehend the financial products offered to them
  • Improve uptake of available services, particularly digital financial services

Overall, while progress has been made in improving financial inclusion in Haiti, there is still much work to be done to ensure that low-income individuals have access to secure and convenient financial services.