Economic Uncertainties Offer Opportunities To Achieve Financial Inclusion Aim

By Santhia Thevi Panjanadan KUALA LUMPUR, April 6 (Bernama) -- The current economic uncertainties offer more opportunities, including for Malaysia, to ensure that financial inclusion becomes a reality, says United Nation secretary-general's special advocate for inclusive finance for development, Princess Maxima. Maxima said Malaysia, which was at the forefront in the adoption of financial inclusion, should continue its efforts with innovative means as well as emphasise on the development of small and medium enterprises (SMEs). "The concern about economic slowdown has reminded countries to really look at issues and address the challenges of financial inclusion to ensure a stable financial system. "The scenario has given an opportunity to design financial products to help the people and it is imperative to offer those that are needed and in demand by the people to create an impact on financial inclusion," she told Bernama here Friday. Malaysia's financial sector blueprint 2011-2020 gives priority on the financial inclusion agenda to reach out to the under-served, including cost-efficient delivery channels, expansion of a range of products and services and strengthening of the institutional arrangements to enhance the capacity of providers. Maxima hoped that Malaysia, which has great leadership in achieving financial inclusion agenda, would continue to be ahead and share its experiences and measures with others. "Malaysia is a country with great leadership in this front and I certainly hope they keep on taking the leadership role and share them with others," she said. In developing countries, only about 18 per cent of SMEs had access to financial system, including formal credit, insurance, payments, savings and current accounts, she said. She said Malaysia has effective policies in place to promote sustainable financial growth, besides protecting the consumers. "Malaysia has been in the forefront in its focus on financial inclusion with the aim to have more than 92 per cent of the adult population to have access to and usage of financial services," Maxima said. She said going forward, it was important to continuously focus on financial literacy and protection. -- BERNAMA