Tajikistan Launches Comprehensive National Strategy to Boost Financial Inclusion

Dushanbe, Tajikistan, September 21, 2022 - Tajikistan launched a National Financial Inclusion Strategy, developed with support from IFC, to facilitate access to financial services for individuals and small businesses. The strategy, which runs from 2022-2026, is part of a larger effort to create jobs and stimulate economic growth in the country.

 The strategy was a multistakeholder effort spearheaded by the National Bank of Tajikistan. It is designed to:

• accelerate the development of digital financial services;
• diversify the financial services offered by banks, with a focus on savings, credit, insurance and Islamic financing;
• support innovative financial services that meet the needs of small and medium enterprises, including female-led businesses;
• spur the development of an integrated system for protecting the rights of financial consumers; and
• promote financial literacy and help people make more informed financial decisions.

"The National Financial Inclusion Strategy supports some of the main priorities of the Government of Tajikistan, including creating jobs, and promoting economic growth and long-term prosperity," said Khokim Kholikzoda, Chairman of the National Bank of Tajikistan. "The strategy also aims to enhance the skills and confidence of everyday people, helping them to make responsible financial decisions and, more importantly, to improve their financial well-being."

The Republic of Tajikistan is one of more than 50 countries that has either begun the development of a national financial inclusion strategy or is already implementing one. The IFC Central Asia Financial Inclusion Project, financed by the Government of Switzerland, supported the National Bank of Tajikistan in developing the strategy.

"Today Tajikistan is joining more than 30 countries that have launched their national financial inclusion strategy. This is an important milestone in ensuring greater access to financial services, improved standards of living, and better business opportunities and investment," said Cassandra Colbert, IFC Senior Manager for Central Asia.

Salome Steib, Director and Consul of the Swiss Office for Cooperation in Tajikistan, said, "Financial inclusion is a key driver of economic and social development. The National Financial Inclusion Strategy will focus on addressing barriers to accessing financial products and services, and also increase the level of use and their quality. This can help more people become a part of the formal economy."

About the National Bank of Tajikistan
The National Bank of Tajikistan is the reserve bank of the Republic of Tajikistan. It is owned by the Republic of Tajikistan and falls under the Majlisi Namoyandagon of the Majlisi Oli of the Republic of Tajikistan (lower house of parliament). The main goal of the National Bank of Tajikistan is to achieve and maintain a long-term domestic level of price stability. Additional objectives of the National Bank of Tajikistan are ensuring the stability of the banking system of the state and promoting efficient and uninterrupted operation of the payment systems.

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 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 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

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