The government of Benin adopted a national strategy for financial inclusion on Wednesday 29 March in the Council of Ministers. The objective is to “further reduce the level of poverty and vulnerability, in line with the orientations of its second Action Program on accelerating economic and social growth”.says the Council of Ministers.
This strategy aims to correct market failures and remove non-market barriers to accessing financial services in Benin. Elaborated for the period 2023-2027, it constitutes a response from the Government to take into account the population excluded from the formal financial system.
Also, the vision of this strategy, which has been drawn up for the year 2027, is that “the population should benefit from financial education and have secure access to appropriate financial products and services, within an appropriate legal and regulatory framework”, adds the executive.
To achieve this, it is broken down into three strategic directions and three programs. The first is the strengthening of the institutional, legal and regulatory framework; the second is the development and improvement of the supply of financial products and services; and the third is the promotion of financial education.
“The implementation of the action plan, which will be financed by the national budget as well as by Technical and Financial Partners (TFPs), is subsequently carried out by public administration structures, private sector structures as well as TFPs and sub-regional institutions,” the minutes of the council of ministers state, adding that a mechanism for coordinating, monitoring and evaluating the strategy has been set up for this purpose.
Furthermore, it should be noted that financial inclusion aims to enable everyboday to have access to the basic financial services that are necessary for everyday life. Having a bank account, adapted means of payment, access to credit to carry out small integration projects etc. As a key factor in reducing poverty and promoting shared prosperity, it also aims to protect and support people facing financial difficulties.