In Benin, a plan has been developed to facilitate people’s access to financial services. The National Financial Inclusion Strategy was adopted on Wednesday March 29 by the Council of Ministers.
Developed for the period 2023-2027, the National Financial Inclusion Strategy concerns the population excluded from the formal financial system. The strategy will help reduce the level of poverty and vulnerability in Benin. This requires the correction of certain shortcomings and the elimination of certain barriers which hinder citizens’ access to financial services according to the authorities.
To achieve this, the government is relying, among other things, on strengthening the institutional, legal and regulatory framework and improving the supply of financial products and services. “The vision of the Strategy is that by 2027, people will benefit from financial education and have secure access to appropriate financial products and services, within an adequate legal and regulatory framework”indicates the State of Benin.
Financing of the strategy
The government has not disclosed the cost of implementing the National Financial Inclusion Strategy. Nevertheless, “Funding will be secured […] by the National Budget”, he points out. The Council of Ministers also hopes for the contribution of its technical and financial partners.