Fintech Alliance.PH Set to Bolster BSP’s New Financial Inclusion Strategyby Fintech Philippines February 22, 2022
The Fintech Alliance.PH remains committed to bolster the Philippines’ government bold moves to ensure more of the unbanked and underserved population will be onboarded into the formal financial system in the next six years.
In a hybrid live and online event to launch the Philippines’ National Strategy for Financial Inclusion (NSFI) 2022-2028, the Bangko Sentral ng Pilipinas (BSP) highlighted key strategies to make sure inclusive finance will be sustainable in the coming years.
The NSFI 2022-2028 is focused on delivering four key outcomes, namely reduced disparities in financial inclusion, improved financial health and resilience, more financially capable and empowered consumers, as well as increased access to financing for MSMEs.
The newly launched strategy follows the previous national government strategy for financial inclusion which started in 2015.
The Fintech Alliance.PH said that it supports the BSP’s efforts by empowering its member financial institutions to continue developing innovative products and services that are aligned with the central bank’s twin goals of digital acceleration and financial inclusion.
More than 90 percent of digital finance transactions done in 2021 were facilitated by products and platforms launched by the alliance’s members.
“We welcome this new chapter in our country’s financial inclusion journey. Every Filipino deserves to be able to freely and sustainably make financial transactions to uplift their lives.
The alliance continues to support the BSP in making this happen not only through the digital channels alliance members have developed in recent years, but also in broadening the collaborations and strategic partnerships we have established,”
said Lito Villanueva, Founding Chairman of the Fintech Alliance.PH.
In his speech to stakeholders and fellow members of the Financial Inclusion Steering Committee (FISC), BSP’s Governor Benjamin Diokno lauded the positive impact of its collaborative efforts with private institutions in making banking and many other financial services more accessible to every Filipino.
He also acknowledged the enormity of the task at hand, which the new strategy hopes to accomplish.
“There is more work to be done. The paramount vision of financial inclusion after all is to foster sustainable, broad based growth that promotes shared prosperity and opportunities,”