Urgent need to boost the
level of access to financial inclusion
>> Discover WSBI regional groups
>> Learn more about the event
>> See our commitment to financial inclusion
Kailash Sharma Ramnauth, IFC country manager for Madagascar, Mauritius and Seychelles gave a big picture view of the need for financial inclusion, saying that if member banks don't boost the level of access to financial services and fail to improve access to education and to jobs, banks and society as a whole will be sitting on a local time bomb. Madagascar is especially affected, with less than 10% of the adult population is part of the formal banking system.
Representatives of the Central Bank of Madagascar and the Ministry of Finance and Budget, as well as a representative of the African Development Bank, agreed on the fact that a lot of progress has been made in the field of the regulatory framework for microfinance and access to finance in general. A priority, however, is to adapt that regulatory framework to the new paradigm brought about by digital innovation.