Building Inclusive Financial Sectors for Development
This book explores reasons for the exclusion of large numbers of firms and people from the financial sector in developing countries. It is the result of extensive collaboration among multilateral agencies and other stakeholders worldwide.
A broad range of stakeholders can build a shared vision for developing and implementing national strategies to build an inclusive financial sector. In a particular national context, processes to build inclusive financial sectors would include:
- Taking stock of the state of financial sector development and access;
- Analyzing constraints;
- Collaborating with external partners;
- Mobilizing technical and financial support from development partners;
- Mobilizing policymakers and stakeholders, and fostering their ownership of a dialogue process;
- Building a shared vision;
- Analyzing policy options and policy formulation;
- Ensuring implementation and ongoing review.
Developing countries need to design appropriate strategies for increasing access to financial services by all segments of the population. They must also turn their strategies into effective policy measures and implementation plans. This means that multiple stakeholders must work together to design strategies and determine the best way to organize their implementation.