National Financial Inclusion Documentary

Central Bank of Belize, national financial inclusion documentary

Around the world close to one-third of adults of 1.7 billion adults are still on bond this means that they do not use bands or financial institutions allow about half of the unbound people include women and lower-income households in rural areas are out of the workforce in belize almost three out of every ten of us are unbanked while this is close to the regional

Average it suggests significant room for improvement statistics also show that in rural communities six out of ten billions need improved basic financial knowledge you may know what an atm is what can you imagine life without ever needing to find one think about that for a second today with technology you can complete banking on your cell phone imagine how unlikely

That possibility was 10 years ago have you ever thought about expanding your business or didn’t know how to write a business proposal that would guarantee you a loan have you ever needed money in a hurry to deal with medical expenses or school fees and had to beg family or friends for help financial institutions and agencies in belize offer a number of ways to help

You out of these situations but you need to be a part of the financial system in part enjoy these benefits hello i am brian duncan and i am nicole usher and we work at the central bank of belize we are your hosts as we talk about financial inclusion have you ever heard of it after seeing this video we hope you’ll understand that much more financial inclusion

Is a term used to describe the provision of savings and loan services to everyone regardless of age gender or wealth in an inexpensive and easy to use form it includes opening of a bank or credit union account for those that have never had one no matter where they are located geographically the main goal is making sure everyone has access to formal financial

Services especially for those people who currently depend on informal means for their financial needs it also includes financial education to equip belizeans with the capability to improve his or her livelihood through sound financial decisions in a financially inclusive country every bellezza and micro small and medium business will know how to use a range of

Quality affordable financial services paving way for a better brighter future it is often said the bigger the challenge the bigger the opportunity for growth in belize the challenge is making financial services accessible at affordable costs to all individuals and businesses simply put financial inclusion attempts to address and offer solutions to the barriers

That prevent people from participating and benefiting from convenience of using financial products and services financial inclusion is a building block of economic development as financial services are essential for individuals and businesses to manage financial lives it encourages economic growth reduces income inequality and can help lift all souls out of

Poverty what i want i set up my own shop with our crime and felons i wish me luck simon to me for money who are business without any problem i wake up early i work hard i wish i might use them we have to grow my business i mean i have a hard time budgeting and saving money my parents can’t afford to give me i wish schools had financial literacy in the curriculum

Today’s policymakers responsible for making new rules our laws recognize the need to improve the lives of our people and feel that financial inclusion will help achieve that goal as a result the central bank of police together with the government of belize through the ministry of finance have partnered with key public and private stakeholders to define actions

To increase financial inclusion according to the oecd international network on financial education financial literacy is a combination of awareness knowledge skill attitude and behavior necessary to make sound financial decisions and ultimately achieve individual financial well-being higher rates of financial literacy and greater access to useful and affordable

Furniture products and services will lead to greater levels of financial inclusion financial inclusion is tied to the nation’s sustainable development goals the blueprint to achieve a better and more sustainable future for all financial inclusion addresses global challenges faced such as poverty inequality and prosperity in order to leave no one behind financial

Inclusion is an important tool for poverty reduction and economic prosperity financial inclusion forms a building block of economic development is essential for individuals and businesses to manage financial lives day to day expenses long-term goals in consistent income are unexpected emergencies it allows access the transaction accounts opens up a pathway to

Broader financial inclusion more efficiently and safely access funds invest in the future and cooperative comic shocks it enables participation in the digital economy an is a support for digital development tool to better understand the challenges of financial inclusion in our country the central bank of belize in collaboration with the statistical institute

Of police conducted a financial inclusion survey in april of 2019 these are some of the key findings of that survey seven helps individuals mood consumption cope with economic shocks and make important investments the use of new technologies and innovations can transform the financial services landscape with access terms quality and affordability of payment

Services financial literacy is already part of the national curriculum prime schools the goal is to make all children financially literate with technical assistance from the world bank and in concert with the government of belize the public and private sectors and financial institutions the central bank started laying the groundwork for a national financial

Inclusion strategy in 2017 police’s strategy is based on a structured financial inclusion framework with core enabling foundations and key drivers to adjust the identified gaps that are as barriers to the inclusion of all segments of society in the financial system the nfa is defines policy areas to achieve the established vision enabling foundations to expand

Financial access and inclusion in belize include public and private sector commitment encouraging sustained public and private sector involvement and collaboration in building our robust financial system legal and regulatory environment and supervisory capacity appropriate laws and regulations are in place to facilitate access innovation competition as well as

Stability with corresponding capacity of authorities to monitor and enforce states financial infrastructure in addition to infrastructure needed to ensure effective and rapid transaction services payments and information and communications technology infrastructure enabling support for electronic registries and credit reporting systems acceptance and usage in

Beliefs can be enhanced by the following cross-cutting drivers innovative distribution channels expanded geographic coverage of financial access points through the employment of technology and interoperable access channels tailored financial products and services for individuals agriculture finance and msmes promote varied products to meet the diverse needs of

Target populations financial education and capability equip consumers with awareness understanding and skills to improve financial decisions financial consumer protection ensure the fair treatment of customers including market safeguards such as transparency and disclosure this nfaas provides a coordinated and comprehensive roadmap to accelerate financial inclusion

Progress in belize by setting forth a series of specific outlined and well-timed actions for a wide range of stakeholders the intent is that these actions are aligned with the existing government and sector strategies such as improved financial capability efficiency and soundness of the financial system access to finance and micro insurance and modernization of

The financial the structure but specific to the goal of expanding financial inclusion in belize the primary focus of the economic development council is business climate reforms and this specific area of financial sector development is one that we are particularly interested in because of the role that it plays in facilitating trade in enabling people to invest

In education and enabling people to conduct small businesses and to be able to have a daily financial existence so therefore this is one of the areas in which we provide a lot of interest and support in order to bring stakeholders together both public and private sector so that we can have a unified vision and this is what the n f is provides the opportunity

For by not embracing and implementing the national financial inclusion strategy we run the risk of missing out on opportunities to really improve what it is on offer in terms of financial services that will directly benefit business activity as well as daily existence of citizens as a banker i find the national financial inclusion strategy to be very important

To the banking sector i think it will help the banking sector in terms of economies of scale i think it is going to help us to work together to promote local businesses local professionals local technocrats and i think once we can work together i think it is going to all go well for belizeans especially in the field of technology we tend to think more in terms

Of competition than our rating and i think the national financial inclusion strategy forces us to think in terms of cooperating with each other so you can pool your resources you can pool your strengths and with that i think believes will be much better off it is a fact that many religions are over indebted they don’t know how to properly manage their financial

Affairs and as a result they are not financially independent so we feel that the strategy like they would help them to become more knowledgeable about how to manage their financial affairs and it would allow them to become financially independent the ministry of education support the national financial inclusion strategy because we are aware of the importance

Of financial literacy our young people needs to be financially literate if they are to succeed in this very competitive world we want our young people to develop good practices we want them to learn to see from a very early age we want them to learn to budget we want them to learn to decipher between ones and need to plan for the future and education can make

This happen so having participated in the elaboration of the national financial inclusion strategy and witness to the fact that it has really taken different perspectives into account including from the private sector as well as from the public sector and from stakeholders themselves and so i’m in full support of the nf is as prepared because it does really does

Unite those different perspectives in order to address some of the key challenges and opportunities in context of financial inclusion in please i feel that it is in keeping with what we’ve been taught as children and some school the bible teaches you must be your brothers and your sisters keeper it’s about brotherly love not everybody is able to afford everything

In us we just have differences in terms of status and wealth etc but i think if we are able to pull what we have i think people can benefit from it even if you do not have it yourself you can benefit from someone else who might have it my personal views about the national financial inclusion strategy is summed up in two words and those are at last at last there

Is a strategy at the national level which will allow regular people who are unbanked to have access to financial services one of the recommendations from the world bank based on their experience of implementing nfi strategies in more than 60 countries across the world was to establish a unified technical secretariat to ensure consistent oversight of the nfs

Implementation the nf il secretariat will be housed in the central bank will support the financial inclusion task forces but responsibility for the implementation of the nf is will be guided by the nf is action plan will report achievements to the national financial inclusion council the nf ic will provide high-level policy guidance and implementation oversight

For the nf is ensure financial inclusion remains a focal priority across the cooler institutions during the four-year lifespan of the nf is will include the central bank office of the prime minister and ministries of balance economic development and education for the purposes of this nf is and to encourage a shared understanding of critical areas of engagement

Across stakeholders the government of belize defines financial inclusion as to uptake and inform usage of a range of quality financial products and services by individuals and micro small and medium enterprises provided in a manner that is accessible and safe to the consumer and sustainable to the provider clear deliverables that belize’s in fis hopes to achieve

One strengthen financial capability of malaysian consumers to expanded financial service provision via mobile technology three expanded availability of financial products and services for women you msmes and agribusiness for increased trust in a financial system and fifth an established financial consumer protection firmer the ministry of finance and the central

Bank of belize are proud to introduce the nf is to the people of belize it is not just a document it is all about people in every part of the jewel having access to and knowing how to use financial services wisely it is our national vision that every individual and enterprising belize is equipped to make full use of accessible quality and affordable financial

Services we are thankful to all our stakeholders for their support in this undertaking and we look forward to transforming the lives of every bellezza to innovative and sustainable financial products

Transcribed from video
National Financial Inclusion Documentary By Central Bank of Belize