The Central Bank of Belize, in collaboration with the Ministry of Finance, launched Belize’s National Financial Inclusion Strategy (NFIS) on 17 September 2019. Robust evidence shows that countries across the world that have introduced financial inclusion policies and strategies, have experienced poverty reduction and improvements to the stability and integrity of their financial systems.
Our national policy makers recognize the role of financial inclusion in enabling shared prosperity and reducing poverty; they have been pursuing the implementation of sustainable economic growth and development policies as outlined in Horizon 2030 and the Growth and Sustainable Development Goals (GSDS) 2016-2019. Further, the Central Bank embedded financial inclusion in its corporate as a primary objective in achieving economic growth and ensuring financial stability in Belize. National Financial Inclusion has, therefore, become a significant priority for Belize.
NFIS Quick Facts
“Every individual and enterprise in Belize is equipped to make full use of accessible, quality, and affordable financial services.”
Accessibility
consumers’ ability to conveniently access financial products and services. It means that consumers have sufficient physical proximity to access points (e.g. branches, agents, ATMs, and mobile phones) enabling them to easily select and use a range of financial products and services. The easing of barriers to opening and maintaining accounts will also improve accessibility.
Informed usage
Financially capable consumers are those capable of acting in their own best financial interest, as well as those with the skills and behaviours to manage their resources, understand, select, and make the best use of financial services that fit their needs. It is then important to ensure that financial products are well-targeted to fit the needs of consumers.
Quality:
- Providing a range of affordable, customer-centric products and services.
- Enabling innovative financial solutions to influence diversity and competitiveness in the marketplace.
- Building consumer trust by ensuring they truly benefit from financial inclusion.
- The National Financial Inclusion Strategy (NFIS) provides a coordinated and comprehensive roadmap to accelerate the progress of financial inclusion in Belize.
- The NFIS sets forth a series of specific, delineated, and sequenced actions for a wide range of stakeholders.
- These actions are aligned with existing government and sector strategies but are specific to the goal of expanding financial inclusion in Belize.
- A NFIS supports the national economic growth strategies (Horizon 2030; GSDS 2016-2019) and their goals of shared prosperity and poverty reduction.
- A NFIS will help us to identify key barriers, gaps, and opportunities in financial inclusion, and provide a corresponding prioritized and concrete action plan to achieve a shared vision of an inclusive financial system in Belize.
- A NFIS can serve as a powerful tool to coordinate, deepen, and accelerate national efforts.
- The NFIS includes a monitoring and evaluation framework designed to track progress against the objectives, activities, and outputs outlined in the action plan to enable informed decisions on whether resources are being utilized effectively.
NFIS Statistics
The goal of the NFIS is to advance the state of financial inclusion in Belize, with every individual and enterprise in Belize being equipped to make full use of accessible, quality, and affordable financial services. The Financial Inclusion Survey (a module in the Statistical Institute of Belize's Labour Force Survey) plays a vital role in achieving this by gathering essential data that will inform the design, implementation, and evaluation of financial inclusion policies and initiatives. This survey will be conducted periodically to allow analysis of trends over time.
Read Article: Where are the Unbanked in Belize?
NFIS Videos
These videos capture the educational campaign for the NFIS.
NFIS Jingle: Learn the System