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State of Financial Inclusion in Tajikistan

State of Financial Inclusion in Tajikistan

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State of Financial Inclusion in Tajikistan

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  1. State of Financial Inclusion in Tajikistan • An Overview • Sakshi Varma • Senior Financial Sector Specialist • Finance, Competitiveness & Innovation Global Practice • International Finance Corporation

  2. Financial Inclusion – Three Key Dimensions • Financial inclusion means the uptake and usage of a range of appropriate financial products and services by individuals and MSMEs, provided in a manner that is accessible and safe to the consumer and sustainable to the provider. • Definition vary but key elements should remain: product diversity and appropriateness, accessibility, sustainability, responsibility and safety • Robust evidence that financial inclusion: • Helps individuals to smooth consumption, mange risk, invest in human capital • Helps firms to innovate, grow, and generate employment • Can contribute to financial sector stability and integrity • Aligned with macro policy goals of shared prosperity and poverty reduction

  3. Financial Inclusion – Three Key Dimensions • Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way. • Financial inclusion is measured in terms of: • Access to financial services; • Usage of financial services; and • Quality of the products and the service delivery

  4. ButATM coverage still lags far behind: only 12 ATMs per 100,000 adults (2018) Access to Financial Services in Tajikistan (1) • High indicators of bank branch coverage: 29 bank branches per 100,000 adults (2018) Source: IMF, NBT, World Bank.

  5. Access to Financial Services in Tajikistan (2) • Despite overall progress in branch penetration, there has been a downward trend since 2016 Source: NBT.

  6. Access to Financial Services in Tajikistan (3) • Physical access point coverage has significant regional differences Cash out point POS-terminal ATM Source: NBT.

  7. Access to Financial Services in Tajikistan (4) • Access to internet is the lowest in the region: only 25% of adults • Relatively high mobile phone coverage: 71% of adults Source: World Bank

  8. Usage of Financial Services in Tajikistan (1) • Significant progress achieved in the use of all key financial services since 2011 Source: World Bank

  9. Usage of Financial Services in Tajikistan (2) • At the same time, still room for growth as compared to peer countries Source: World Bank.

  10. Quality of Products and Service Delivery (1) • Basic financial literacy is rather low (S&P 2014) Source: S&P Global FinLit Survey.

  11. Quality of Products and Service Delivery (2) • OECD survey in 7 CIS countries (2017) – components of overall financial literacy: Tajikistan scored 11 of 21, among the lowest Source: OECD.

  12. Quality of Products and Service Delivery (3) Market conduct and financial consumer protection – much work is being done, but still gaps in all key elements • Legal and supervisory framework • Disclosure and transparency • Fair treatment and business conduct • Data protection and privacy • Dispute resolution mechanisms

  13. National Financial Inclusion Strategy (NFIS) to Address Financial Inclusion Gaps • A document that establishes national financial inclusion objectives and outlines a set of coordinated, sequenced actions • NFIS defines the key constraints and opportunities relevant to achieving national financial inclusion objectives • NFIS define a set of policy priorities and actions • Developed and implemented through a consultative and coordinated process, including inputs from the private sector Cooperation Agreement signed between the National Bank of Tajikistan and IFC on July 1, 2019

  14. Thank You! • Sakshi Varma • Senior Financial Sector Specialist • Finance, Competitiveness & Innovation Global Practice • International Finance Corporation