Ag. Prime Minister and Finance Minister Colm Imbert says financial Inclusion is essential to long-term economic growth, poverty reduction and social advancement
In delivering the Keynote Address at the opening of the Financial Inclusion Strategy (FIS) – Consultation Workshop at The Brix on Monday, Imbert said that financial inclusion is essential to long term economic growth, poverty reduction and social advancement. He further added, “it is more than simply having a bank account.
Apart from empowering our citizens who are left out of the formal financial sector, it encourages entrepreneurship in underserved groups, such as residents of rural areas, women and small and micro businesses.
The National Financial Inclusion Strategy is thus intended to provide the framework to empower citizens – particularly the unbanked, with the tools and resources they need to be financially resilient.”
Minister Imbert also indicated that “as a country, we have a unique opportunity to change views about the benefits of a cashless society given the current conditions. Although several people still have reservations about it, transitioning to a cashless economy can increase Financial Inclusion by making banking and financial services more accessible”.
Also delivering remarks were, His Excellency, Peter Cavendish, Ambassador Extraordinary Plenipotentiary- the European Union and Mr. Richard Young, Chairman of the Trinidad and Tobago International Financial Centre (TTIFC).
The development of a national Financial Inclusion Strategy (FIS) provides a structured and coordinated approach to engage diverse stakeholders in defining priority action based on data analysis and the particularities of the local financial ecosystem to achieve financial inclusion goals.
The four (4) Technical Workshop is facilitated by the Trinidad and Tobago International Financial Centre (TTIFC) and the EU-UNCDF- OACP Partnership for Digital Financial Inclusion and is currently taking place the TTIFC.