Financial Inclusion in the Banking Sector
- zuleika0
- Sep 21, 2020
- 1 min read
Banks in Jamaica have been forced to launch special products in order to address financial inclusion issues on the island. The importance of financial inclusion is being highlighted by the evolutionary economic situation surrounding the Covid-19 pandemic. Financial inclusion is an important aspect for the social and economic development of a country, where the less fortunate in the society can still have access to formal financial products and not be forced into informal or even illegal financial options.
How would we be able to achieve and promote financial inclusion in the local banking sector? Some of the things that come to mind are:
National/sectoral risk assessments in order to identify the more vulnerable customer profiles in the community and the risks they present to the banks;
Risk based product development specially designed for these customers;
Risk based monitoring policies and procedures to ensure proper management of risk.
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