AKIPRESS.COM - The Kyrgyz Republic launched Apr 26 its National Financial Inclusion Strategy (NFIS) aimed at making financial services more accessible, efficient, and affordable for households and businesses across the country, IFC said.

NFIS, which are supported by the World Bank Group, offer countries a roadmap of actions to achieve their financial inclusion objectives. That includes coordinating efforts with key stakeholders, and defining responsibilities and helping to plan resources, for example, by prioritizing targets. As such, they promote a more effective and efficient way to boost financial inclusion.

The Kyrgyz Republic joins more than 30 countries in launching its national financial inclusion strategy – the result of a multistakeholder effort spearheaded by the National Bank of the Kyrgyz Republic and supported by IFC’s Central Asia Financial Inclusion Project, which included comprehensive research and consultations with key stakeholders. NFIS will be implemented by the Coordination Council established in accordance with a degree of the Cabinet of Ministers of the Kyrgyz Republic.

“Our aim is to expand and deepen access to financial services, especially for underserved groups. We are grateful to IFC for helping design and launch this strategy, which will expand financial inclusion by encouraging the development of robust data infrastructure, leveraging relevant policy tools, and creating a strong, enabling regulatory environment,” said
Kubanychbek Bokontayev, Chairman of the National Bank of the Kyrgyz Republic.

“This is a great step forward in fostering inclusive growth in the Kyrgyz Republic,” said Hela Cheikhrouhou, IFC's Regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan. “IFC is committed to continue working closely with public and private sector stakeholders to help develop digital financial services and innovative financial products and services, and foster a more resilient and inclusive financial system across the country.”

Financial inclusion plays a critical role in enabling shared prosperity and reducing poverty, and improving the stability and integrity of the financial sector. The goal for financial inclusion in the Kyrgyz Republic is the creation of the environment, infrastructure and mechanisms that ensure the provision of a broad range of high-quality, safe, affordable and needs-based financial services available to all people, both through traditional and digital channels. The expansion of financial inclusion should be balanced with measures aimed at ensuring financial integrity, financial consumer protection, and financial stability.

IFC’s Central Asia Financial Inclusion Project is supported by Switzerland’s State Secretariat for Economic Affairs SECO. The World Bank Group is currently working with more than 20 countries to support the design or implementation of National Financial Inclusion Strategies or Action Plans.