Here is the rewritten article:
Finance Minister Colm Imbert has welcomed the completion of the National Financial Inclusion Survey Report 2023, saying it provides a rich repository of data and findings to better understand the current state and local barriers to financial inclusion.
The National Financial Inclusion Survey Report is an initiative of the Trinidad and Tobago International Financial Centre (TTIFC) in collaboration with the United Nations Capital Development Fund (UNCDF), the European Union, and the Ministry of Finance.
Imbert said that considerable effort had gone into developing the survey instrument, which combined existing questions from the Organization for Economic Cooperation and Development (OECD), the International Network for Financial Education (NFE) Toolkit, and the World Bank’s Global Findex Survey with questions tailored explicitly for Trinidad and Tobago.
According to the survey findings, financial inclusion in Trinidad and Tobago is complex and constantly changing. Financial exclusion is rising, with 25 percent of households lacking access to formal financial accounts due to barriers such as documentation and high costs.
The survey found that most people live within 15 minutes of a bank branch or an ATM, the distribution of this proximity varies, impacting financial inclusion rates. Some regions have greater rates of financial exclusion than other areas, particularly in the south of Trinidad.
Imbert said that more knowledge and ability are needed to understand the terms and conditions, fees, and customer redress processes of formal bank accounts. He also noted that 16 percent of individuals were surprised by the associated conditions and fees after opening a formal bank account, and 25 percent of account owners did not know how to file complaints or handle account-related issues.
The Finance Minister said that the insights from the National Financial Inclusion Survey have prompted the Trinidad and Tobago government to develop a comprehensive national financial inclusion strategy to create equitable access to financial services for all citizens, regardless of their socioeconomic status.
The strategy will focus on several key areas, including enhancing access to financial services, promoting digital financial education and literacy, and strengthening consumer protection. Imbert said that the focus would also be on promoting digital financial education programs tailored to different demographic groups and delivered through various channels, such as schools, community centers, and online platforms, on the value of formal financial services.
The Finance Minister told the ceremony that micro, small, and medium enterprises (MSMEs) are vital to the local economy, yet they face significant challenges accessing traditional and digital financial services. He said that the survey reveals that many MSMEs struggle with high borrowing costs, limited access to credit, and a need for digital payment solutions.
Imbert said that the authorities will work with financial institutions to develop innovative and affordable products that cater to the needs of underserved populations, including low-cost savings accounts, microloans, and insurance products. He also mentioned that the government will explore the potential and promote the use of digital financial services, such as mobile banking and digital wallets, to reach remote and underserved communities.
The Finance Minister said that the journey towards financial inclusion is long and challenging, but every step brings us closer to our goal of an inclusive and prosperous society. Every one of us has a role to play in this transformative process. By fostering cooperation, embracing innovation, and remaining committed to our shared vision, we can overcome the barriers to financial inclusion and create a brighter future for all citizens.
Conclusion:
The National Financial Inclusion Survey Report 2023 provides valuable insights into the current state of financial inclusion in Trinidad and Tobago. The report highlights the need for innovative solutions to promote financial inclusion, including digital financial education programs, low-cost savings accounts, microloans, and insurance products. The government’s comprehensive national financial inclusion strategy aims to create equitable access to financial services for all citizens, regardless of their socioeconomic status.
FAQs:
Q: What is the National Financial Inclusion Survey Report 2023?
A: The National Financial Inclusion Survey Report 2023 is an initiative of the Trinidad and Tobago International Financial Centre (TTIFC) in collaboration with the United Nations Capital Development Fund (UNCDF), the European Union, and the Ministry of Finance.
Q: What are the key findings of the survey?
A: The survey found that financial inclusion in Trinidad and Tobago is complex and constantly changing, with 25 percent of households lacking access to formal financial accounts due to barriers such as documentation and high costs.
Q: What is the government’s response to the survey findings?
A: The government is developing a comprehensive national financial inclusion strategy to create equitable access to financial services for all citizens, regardless of their socioeconomic status.
Q: How will the government promote financial inclusion?
A: The government will promote financial inclusion through digital financial education programs, low-cost savings accounts, microloans, and insurance products, as well as by enhancing access to financial services, promoting digital financial education and literacy, and strengthening consumer protection.