IFC Financial Inclusion for Growth
The Financial Inclusion for Growth Project (FIG) seeks to improve access to credit, payments and savings for individuals and businesses through formal (financial) institutions in a responsible manner. The FIG is implemented by the International Finance Corporation.
Private sector and entrepreneurship
- International Finance Corporation
Evidence shows that Financial Inclusion (FI), provided in a responsible manner, is an enabler of many development goals. This function is set out in the Sustainable Development Goals (SDGs). Amongst others, FI helps to eradicate poverty, promote economic growth and jobs as well as reduce inequalities of disadvantaged people and businesses, particularly micro, small and medium enterprises (MSMEs). In Central Asia FI remains limited due to various factors. They include macroeconomic issues, geographic particularities, lack of trust in the financial system as well as poor financial education among individuals, MSMEs and institutions.
The overall goal of the FIG is affordable, more widespread and useful access to productive credit, savings and payments products for individuals and MSMEs, provided by formal (financial) institutions in a responsible manner. This, in turn, will lead to economic growth and job creation. Using financing models that go beyond the traditional banking approach - such as mobile network operators or microfinance institutes - helps to reach people in an affordable manner that would not be reached otherwise.
Strategic understanding of FI and committment to FI of key stakeholders, notably the National Banks, is achieved.
Capacity of financial institutions to provide services and products for the underserved segments is strengthened.
Consumer capacity and financial literacy in terms of motivation and knowledge is increased.
Strategies and policies, notably the National Banks' financial inclusion strategies, are drafted and approved.
New and additional savings, credit and payment products are developed by financial institutions.
People are reached through financial literacy and capability programs and tools, leading to observable improvements in client behaviour.
|Directorate/federal office responsible||
|Budget||Current phase Swiss budget CHF 5'146'247 Swiss disbursement to date CHF 0 Budget inclusive project partner CHF 5'417'102|
|Project phases||Phase 2 15.04.2019 - 14.04.2023 (Current phase) Phase 1 01.11.2019 - 31.12.2023 (Current phase)|