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Financial Inclusion Challenges Loom Large in Mali Despite Government Efforts

Despite efforts to strengthen access to financial products and services, many Malians remain excluded from the formal financial system, particularly rural populations, women, youth, micro-small and medium-sized enterprises (MSMEs), and those with low financial literacy. According to results from the Financial Inclusion Module in the Mali Modular and Permanent Household Survey (EMOP), the challenges of financial inclusion in Mali are far from over.

The National Financial Inclusion Strategy

The National Financial Inclusion Strategy (NFIS) and action plan, adopted by the Council of Ministers in June 2022, aim to address these issues. However, development partners active in financing and financial inclusion in Mali have recognized the need for a more comprehensive understanding of the low-income market, levels of financial inclusion, and potential pathways for growth.

Development Partners Collaborate

To achieve this, development partners including UNDP, the World Bank Group, and the National Statistics office are working together to better understand the low-income market, accurately determine the levels of financial inclusion, and illustrate potential pathways for growth. By closely embedding financial inclusion within the quarterly household survey in Mali, the data presented in this booklet provides an ongoing perspective on financial inclusion in the country.

Goal: Tracking Market Developments and Informing Policy Decisions

The goal is to track market developments and inform policy decisions aimed at promoting financial inclusion and driving economic growth. However, with many Malians still without access to basic financial services, significant challenges remain before the country can achieve true financial inclusion.

Key Challenges

  • Rural populations
  • Women
  • Youth
  • Micro-small and medium-sized enterprises (MSMEs)
  • Low financial literacy

Despite these challenges, the National Financial Inclusion Strategy and action plan aim to address the issues and promote financial inclusion in Mali.