NEWS FLASH
CBL Boss Calls For Increased Financial Inclusion

CBL Boss Calls For Increased Financial Inclusion

The Executive Governor of the Central Bank of Liberia (CBL), Mr. Nathaniel R. Patray, III has underscored the importance of financial inclusion to economic growth and poverty alleviation. Executive Governor Patray said financial inclusion plays a critical role in reducing poverty because access to financial services helps individuals, families, and businesses to invest in income-generating activities and save for the future.

Despite this, Hon. Patray said only 36% of Liberians access financial services, including bank accounts and mobile money and, worse still, only 28% of women and 27% of the poorest 40% of the population.

Although the statistics on financial inclusion appeared gloomy, The CBL Executive Governor expressed confidence that a coordinated National Financial Inclusion Strategy (NFIS) could reverse the trend. He said the 2019 - 2024 Strategy, which is about to be launched, builds on the results of the National Strategy, that expired in 2018 and the existing FSDIP as well as the Government’s Pro Poor Agenda for Prosperity and Development.

While upbeat about the prospects of a National Financial Inclusion Strategy the CBL Executive Governor stressed the importance for ‘all hands to be on deck’. He said: “The National Financial Inclusion Strategy is only a strategy, the success of which is contingent ultimately on actions to be taken by all the stakeholders”.

The CBL Executive Governor made the remarks during the validation workshop prior to the launch of the 2019-2024 National Financial Inclusion Strategy held at the Central Bank of Liberia on Wednesday July 3rd.

Also speaking during the NFIS Stakeholder Validation Workshop, was Dr. Nicholas Smith, a World Bank Financial Sector Specialist who heads the World Bank Technical support Team that is supporting the Government to develop the current National Financial Inclusion Strategy. He also stressed the importance of financial inclusion, which he said was all about having a bank account, access to loans and the use of mobile money. He said financial inclusion enables people to save for retirement, invest in their business, save for a new purchase and insure against risk and was therefore critical to national development.

With the final NFIS Stakeholder Validation Workshop now out of the way, the stage is set for the launch of this all-important policy document and its implementation through the concerted actions of all stakeholders.

12 Responses Found

  • Comment Link
    Miriam Thursday, 05 December 2019 06:07

    Wonderful blog! I found it while searching on Yahoo News.
    Do you have any suggestions on how to get listed in Yahoo
    News? I've been trying for a while but I never seem to get there!
    Cheers

  • Comment Link
    Donny Sunday, 01 December 2019 12:32

    It's awesome to visit this site and reading the views of all
    friends on the topic of this paragraph, while I am also
    zealous of getting familiarity.

  • Comment Link
    Earnest Sunday, 01 December 2019 11:02

    Hello, all is going sound here and ofcourse every one is sharing facts, that's actually excellent, keep up writing.

  • Comment Link
    Lolita Friday, 29 November 2019 04:05

    I blog frequently and I really thank you for your content. This great article
    has really peaked my interest. I am going to book mark your website and keep checking for new details
    about once a week. I opted in for your Feed as well.

  • Comment Link
    Devin Thursday, 28 November 2019 19:26

    Pretty! This has been an extremely wonderful article.
    Thank you for providing this info.

  • Comment Link
    Wilton Tuesday, 26 November 2019 15:35

    Great article! This is the kind of info that are supposed to
    be shared around the net. Shame on the search engines for not positioning this put up higher!
    Come on over and discuss with my site . Thanks =)

  • Comment Link
    Josh Tuesday, 26 November 2019 05:45

    Do you have a spam problem on this website; I also am a blogger, and I was
    wondering your situation; we have created some nice practices and we are looking to
    exchange techniques with other folks, why not shoot me an email if interested.

  • Comment Link
    Erick Monday, 25 November 2019 23:13

    Hi everyone, it's my first go to see at this
    web page, and paragraph is truly fruitful in support of me, keep up posting
    these content.

  • Comment Link
    Athena Monday, 25 November 2019 20:04

    This is very interesting, You are a very skilled blogger.
    I've joined your rss feed and look forward to seeking more of your
    magnificent post. Also, I have shared your web site in my social networks!

  • Comment Link
    Michaela Sunday, 24 November 2019 22:48

    Hey there! This is kind of off topic but I need some help from an established blog.
    Is it hard to set up your own blog? I'm not very techincal
    but I can figure things out pretty fast. I'm thinking about setting up my own but I'm not sure
    where to begin. Do you have any points or suggestions?
    Appreciate it

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.