Tracks and Themes

Attributes of Products

●Appropriate design and distribution channels

●Quality of product

●Use of digital technology to scale

●Relevant to actual usage (affordability, accessibility and availability)

●Financial education

Vision

The overall vision is a financial system that is accessible and responsive to the needs of the entire population toward a broad-based and inclusive growth, particularly, to ensure that this financial system also serves the traditionally unserved or marginalized sectors of the population. This vision is guided by a focus on the client.

To attain this vision, the following specific objectives have to be in place:

• Presence of a wide range of financial products and services that serve different market segments;

• Assurance of the relevance, responsiveness, and quality of the said products and services (i.e., financial products and services are appropriately designed, priced and tailor-fitted to market needs);

• Presence of a wide variety of strong, sound, and duly authorized financial institutions utilizing innovative delivery channels;

• Effective interface of bank and non-bank products, and delivery channels;

• Use of technology and other innovations to reach the financially excluded;

• Adequately educated and protected citizenry confident to make wellinformed financial decisions;

• Comprehensive and robust financial inclusion data and measurement.

In meeting the above objectives and attaining the said goals, the National Strategy will be guided by principles which, among others, include the following:

• Financial inclusion is not the end-goal. It is a means to achieve social cohesion and shared economic development.

• Financial inclusion is a worthy policy objective that can be pursued alongside the promotion of stability, integrity, and efficiency in the financial system.

• Financial education and consumer protection are a fundamental complement to financial inclusion. Greater access alone can easily lead to a personal financial crisis if people do not clearly understand these financial products and services.

• Financial inclusion can be truly maximized to benefit the client if basic infrastructure and supports system are present. These include physical infrastructure like roads, communications (e.g., telephony, internet), power, and water, among others.