Collaboration Across Sectors Key To Building Financial Inclusion Ecosystem - Analysts
KUALA LUMPUR, Feb 4 (Bernama) -- Collaboration among government agencies, financial institutions and businesses is essential to create an ecosystem that supports financial inclusion, said analysts.
Asia-Pacific Economic Cooperation (APEC) Policy Support Unit senior analyst Glacer Nino A Vasquez and researcher Emmanuel A San Andres said that pooling resources, sharing knowledge, and working toward a common goal ensure that no one is left behind in terms of financial inclusion.
They said financial inclusion is not just about giving people access to financial services -- it is about making those services work for everyone.
“When we focus on both access and distribution, we unlock the full potential of financial inclusion.
“It is about creating a financial system that is inclusive and fair, where everyone -- no matter where they live or how much they earn or the circumstances of their birth -- has the opportunity to succeed,” they said in a statement.
The analysts said that financial products must be tailored to meet the diverse needs of different groups.
“Whether it is providing microloans for small businesses, creating savings accounts for women, or improving access for people in rural areas, the products need to be designed with the community in mind,” they said.
They stressed that for financial inclusion to work for everyone, APEC economies must build financial literacy and digital skills.
“People cannot use financial services effectively if they do not understand how they work, (and hence), it is important to include financial education alongside digital tools.
“Offering training and resources in underserved communities will help people navigate and use financial services to their advantage,” they said.
Additionally, the analysts opined that removing legal and policy barriers will be essential to guarantee equal opportunities for financial independence and success for all.
“Women and marginalised groups often face systemic obstacles that prevent them from accessing financial services.
“Legal reforms are essential to ensure everyone has a fair shot at financial independence and success,” they added.
The public can obtain more information on the financial inclusion topic in the 2024 APEC Economic Policy Report via this link at https://www.apec.org/publications/2024/11/2024-apec-economic-policy-report.
-- BERNAMA