Improving Access to Financial Services (Phase I) Program

Closed

The goal of the proposed Program is to assist the Government to reduce poverty, build an inclusive financial sector, and promote sustainable economic growth by using technology and applications to lower cost of delivery of financial services and to improve the efficiency of these services. The program's objective is to ensure access to sustainable institutional financial services for most poor and low-income households and their microenterprises at competitive prices. The program will support the Government to improve the performance and efficiences of the financial sector; promote diversification and innovation in product and services delivery; and increase outreach in rural and remote areas. Private sector participation and innovation in the delivery of products and services will be supported including savings services, transfer remittance services, and products and services that are Sharia (Islamic Law) compliant. Increased access to a range of financial services on a sustainable basis will enable the poor to engage in income generating activities, thereby reducing poverty and vulnerability. It will support the Government's core reforms to increase access and accelarate growth nationwide, including programs for literacy.