Bishkek, Kyrgyz Republic, April 26, 2022—The Kyrgyz Republic launched its National Financial Inclusion Strategy (NFIS) today, aimed at making financial services more accessible, efficient, and affordable for households and businesses across the country.
NFIS, which are supported by the World Bank Group, offer countries a roadmap of actions to achieve their financial inclusion objectives. That includes coordinating efforts with key stakeholders, and defining responsibilities and helping to plan resources, for example, by prioritizing targets. As such, they promote a more effective and efficient way to boost financial inclusion.
The Kyrgyz Republic joins more than 30 countries in launching its national financial inclusion strategy – the result of a multistakeholder effort spearheaded by the National Bank of the Kyrgyz Republic and supported by IFC's Central Asia Financial Inclusion Project, which included comprehensive research and consultations with key stakeholders. NFIS will be implemented by the Coordination Council established in accordance with a degree of the Cabinet of Ministers of the Kyrgyz Republic.
"Our aim is to expand and deepen access to financial services, especially for underserved groups. We are grateful to IFC for helping design and launch this strategy, which will expand financial inclusion by encouraging the development of robust data infrastructure, leveraging relevant policy tools, and creating a strong, enabling regulatory environment," said Manas Zhakypov, Deputy Chairman of the National Bank of the Kyrgyz Republic.
"This is a great step forward in fostering inclusive growth in the Kyrgyz Republic," said Hela Cheikhrouhou, IFC's Regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan. "IFC is committed to continue working closely with public and private sector stakeholders to help develop digital financial services and innovative financial products and services, and foster a more resilient and inclusive financial system across the country."
Financial inclusion plays a critical role in enabling shared prosperity and reducing poverty, and improving the stability and integrity of the financial sector. The goal for financial inclusion in the Kyrgyz Republic is the creation of the environment, infrastructure and mechanisms that ensure the provision of a broad range of high-quality, safe, affordable and needs-based financial services available to all people, both through traditional and digital channels. The expansion of financial inclusion should be balanced with measures aimed at ensuring financial integrity, financial consumer protection, and financial stability.
IFC's Central Asia Financial Inclusion Project is supported by Switzerland's State Secretariat for Economic Affairs SECO. The World Bank Group is currently working with more than 20 countries to support the design or implementation of National Financial Inclusion Strategies or Action Plans.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
About SECO
SECO is Switzerland's competence center for all core issues relating to economic policy. SECO's economic development cooperation strives to achieve inclusive sustainable growth and poverty reduction. Its activities aim to create more and better jobs, to enhance trade and competitiveness, to support effective institutions and services and to foster climate resilient economies. For more information, visit www.seco-cooperation.ch
About NBKR
The National Bank of the Kyrgyz Republic is the apex institution in the financial sector in Kyrgyz Republic. It was established in 1991 and transformed by the Resolution of the Jogorku Kenesh of the Kyrgyz Republic of March 6, 1992. Over the 30 years of its existence, NBKR has come a long way in terms of introduction of its national currency, establishment of its banking system in alignment with international banking standards, and establishment of a national payment system. NBKR, together with government agencies, commercial banks, partner organizations and other relevant stakeholders, ensures macroeconomic stability, long-term economic development, and the wellbeing of citizens of the Kyrgyz Republic. For more information on NBKR visit https://www.nbkr.kg/
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