IMPORTANCE OF DEVELOPING THE NATIONAL FINANCIAL INCLUSION STRATEGY FOR TAJIKISTAN

1. IMPORTANCE OFDEVELOPING THE NATIONAL FINANCIAL INCLUSION STRATEGY FOR TAJIKISTAN Presenter: Dr. MohbonuNakatova Director of the Research Institute- NBT Dushanbe, 15. 08. 2019

2. Defining Financial Inclusion in the context of our Country Financial inclusion means providing easy access to and usage of a range of quality, formal financial services to all population groups that meet their needs with an affordable cost. • Saving • payments • remittances • credit • insurance, and • investment More flexibility vs More enforcement

3. Three dimensions…

4. Why we need NFIS • Industrialization • Competitive tourism sector • Vibrant private sector • Improved social protection schemes • Promoting Human Capital Development • Improve business environment • Skills development • Inclusive economic growth and poverty reduction • Jobs creation • Improve quality of life and human wellbeing

5. Government of Tajikistan has an ambition to expand banked population to the formal Financial Services up to 2030 (NDSRT up to the period 2030) • Promoting Human Capital Development through Financial Literacy/Capability • Contribute to financial sector stability through supplying quality financial services & access points to individuals, chiefly to the SME • Development Digital financial services towards cashless economy • Aligned with macro policy goals of poverty reduction and ultimately Welfare Why develop an NFISin Tajikistan?

6. VISION Our vision for 2022 is for Tajikistan to achieve an inclusive financial system in which every adult and enterprise has access to, and is able to make full use of a range of quality, and affordable financial services. NFIS Policy Framework Example: Tajikistan DRIVER 4: Financial Consumer Protection and Capability (Disclosure, dispute resolution, business practice, financial education)tion.) DRIVER 2: Payment system towards cashless economy (Digital financial services, savings, credit, payments, insurance, pensions, ect.) DRIVER 1: Widespread and accessible Delivery Channels (Agents, branches, ATMs, PoS, mobile phones) DRIVER 3: Develop Islamic Banking , Finance for SME and target group population (Women, Youth, and for Rural Areas) ENABLER 3: Financial Infrastructure ENABLER 2: Policy/Legal/Regulatory Environment and Supervisory Capacity ENABLER 1: Public and Private sector Commitment/Coordination

7. 😒 The Current State of FI in Tajikistan: access to Payment infrastructure in 2018

8. Main Target“to provide access to formal financial services for 80 percent of the labor force population by 2022” Access Indicators Usage Indicators Quality Indicators • Number of formal financial services offices per 10,000 adult population. 3,4 • Number of ATM per 10,000 adult population. 1,3 • Number of POS-Terminals per 10,000 adult population. 5,6 • Share of banking accounts at formal financial institutions, adult population, 65,4% • Share of payment cards at formal financial institutions, adult population, 33,8% • Share of adult population in, in Financial Inclusion, 58,1% • Financial literacy index 17 % • Number of financial consumer complaints • -2811 • Percentage of resolved complaints 83%

9. Key challenges for financial inclusion

10. Thanks! Any questions? You can find me at: mnakatova@nbt.tj