MicroSave presents the Outline of the NFIFL Strategy for the State of Qatar
Governor of Qatar Central Bank HE Sheikh Abdulla bin Saoud Al Thaniat addressing the audience at a stakeholder meeting on National Strategy for Financial Inclusion & Financial Literacy in Qatar.
Doha, Qatar: MicroSave has been supporting the Qatar Central Bank to develop a National Financial Inclusion and Literacy Strategy for the State of Qatar. The MicroSave team was in Doha to present the outline of the strategy and gather feedback from the key stakeholders. These included key departments in the Qatar Central Bank, relevant government departments and ministries, private sector financial institutions, and other non-profit organisations that have a role in conceptualising and implementing the National Financial Inclusion and Financial Literacy (NFIFL) Strategy.
During the opening of the workshop, the Qatar Central Bank Governor, HE Sheikh Abdullah bin Saoud Al-Thani reaffirmed the State of Qatar’s commitment to financial inclusion and efforts to introduce financial literacy at an early stage. The Governor also stated that promoting financial inclusion is also one of the five goals of the Second Strategic Plan (SSP) for Financial Sector Regulations (2017–22), which was launched in December 2017.
, Associate Director, MicroSave
began her presentation with explaining how Qatar is a unique country for financial inclusion. On the one hand, there exist a high proportion of low-income migrants in Qatar who only have access to basic banking services. On the other hand, there are Qataris and high-income expats who have access to all the banking services but may need support to develop their financial capability.
As part of the stakeholder consultation process, the MicroSave team facilitated four thematic roundtable discussions with the relevant stakeholders. These roundtable discussions focused on gathering feedback on specific areas that may either have an impact on or likely to be affected by the National Financial Inclusion and Financial Literacy Strategy. The discussions received an enthusiastic response from all the participants who not only echoed the sentiment of improving financial inclusion and financial literacy for all the population segments in Qatar but also showed the eagerness to participate in the implementation of the strategy.
Widespread Media Coverage for MicroSave’s State of the Agent Network India Report
New Delhi, 14 February, 2018
. The Helix Institute of Digital Finance
, the digital financial services (DFS) training arm of MicroSave
, launched the State of the Agent Network, India 2017 at an event held in Delhi, India. The launch event and the report findings garnered immense attention from print as well as online news agencies and resulted in extensive coverage of MicroSave
’s Agent Network Accelerator project in all leading media releases.
The launch event was attended by Dr. Arvind Subramanian, Chief Economic Advisor to the Government of India, Sh. Lok Ranjan, Joint Secretary, Department of Financial Services and a packed audience of policymakers, practitioners, thinkers, and media personnel.
The report is based on MicroSave’s nationally representative research in 2017, with interviews of 3,048 banking correspondents – commonly referred to as agents. The report presents findings from the digital financial services (DFS) landscape in India. It covers strategic attributes, such as the structure of the agent network, viability, quality of providers’ support and providers’ compliance with regulatory guidelines on digital financial services.
In his address, Dr. Arvind Subramanian quoted "I am great fan of MicroSave - the spirit, the people and above all the work that MicroSave does". He also mentioned that India needed more financial inclusion. While launching the the report Manoj Sharma, Director, MicroSave stressed that India presents a clear example of how policy can drive the financial inclusion agenda.
The articles that appeared in various media underlined the key findings from the report. They highlighted how core banking use has soared by 400% in 2017 on digital agents and how compliance with interoperability will boost business volumes for bank agents.
Read the full report here
and follow the action on social media using #ANAIndia #AgentNetworksIndia
Read various news articles mentioning the key highlights from the report –
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FirstPost Covers MicroSave On the Union Budget 2018
New Delhi, India:
1st February, 2018: FirstPost.com
, one of India’s leading online news portals, showcased MicroSave
’s insights on the Union Budget 2018 across two articles. The articles featured our Managing Director – Asia, Manoj Sharma, on the expectations of India’s financially marginalised segments from the budget. The first article
covered the Pradhan Mantri Jan Dhan Yojana (PMJDY). Mr Sharma observed that the PMJDY scheme, while successful, “needs to transition beyond a savings account to long-term, goal-based savings.”
MicroSave recommends that the Budget earmarks more funds to push PMJDY so that it becomes a source of wealth creation for the poor. We recommend that the government implements gold-based investment schemes targeted at weddings of the beneficiaries’ children.
FirstPost’s second article
deals with MicroSave
’s insights on the Ujjwala scheme. Despite its popularity among low-income households, not all beneficiaries use gas cylinders and often go back to their chulahs (wood-fired ovens). There are behavioural, logistical, and pricing issues that constrain the segment that Ujjwala targets. Mr Sharma questioned if the Budget can increase spending on Ujjwala.
The article also highlighted MicroSave’s recommendations on phasing out kerosene subsidy. MicroSave experts observe that some people may remain in darkness if the government removes kerosene subsidy without providing another reliable source of lighting. The government should, therefore, give a minimum subsidy for people to start using electricity or introduce a pre-paid system for distributing power.