Honduras Embarks on Financial Inclusion Push

Honduras Embarks on Ambitious Financial Inclusion Agenda

The Xiomara Castro administration in Honduras has launched a comprehensive plan to redefine the country’s economy through financial inclusion. This initiative is a key component of its Government Plan to Refound Honduras, aiming to create a more equitable and stable economic system.

Financial Regulatory Bodies at the Forefront

At the helm of this effort is the Comisión Nacional de Banca y Seguros (CNBS), which seeks to increase financial inclusion by bridging existing gaps in access to financial products and services. By promoting democratization of credit, greater participation from vulnerable sectors, and reducing financial informality, the CNBS aims to foster a more transparent, competitive, and stable financial system.

Key Initiatives

To achieve its vision, the CNBS is actively implementing various initiatives:

Regulatory Framework Review: A comprehensive review of regulatory frameworks related to transparency, financial education, and democratization of credit.
Financial Inclusion Report and Gender Gap Report: Annual reports that provide valuable insights into progress made in these areas, highlighting successes and challenges alike.
Training Programs for Vulnerable Sectors: Face-to-face and virtual workshops designed to equip participants with the necessary skills to navigate the financial system effectively. These programs focus on gender-specific training.
Financial Inclusion Capturer: A new mechanism that enables the CNBS to track progress and identify areas requiring additional support.

Commitment to Financial Education

The creation of a dedicated unit, Financial Education and Inclusion and Gender Management, within the CNBS organizational structure underscores its commitment to promoting financial education, transparency, and market discipline.

Through these actions, the CNBS seeks to promote financial inclusion while maintaining financial stability. The ultimate goal is to propel Honduras toward comprehensive, inclusive, and sustainable economic development, in line with the principles outlined in the Mayan Declaration.