8 December 2014

Paraguay, BCP launch national financial inclusion strategy

Paraguay demonstrated its resolve in the pursuit to create more opportunities for its citizens to live better lives and build stronger futures with the launch of a national strategy for financial inclusion on 2 December 2014 in Asunción.

President of the Republic of Paraguay Horacio Cartes, who in the past has pledged to fight for a more inclusive and fair society, was in attendance for the historic event. Other high-level authorities were also on hand, including the Paraguay’s Minister of Finance Germán Rojas, Banco Central del Paraguay (BCP) Governor Carlos Fernandez, BCP Board Member Santiago Peña, BCP Superintendent Hernán Colmán, and Alliance for Financial Inclusion (AFI) Executive Director Alfred Hannig. Additionally, Queen Máxima of the Netherlands, United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), also voiced her support for the implementation of Paraguay’s national financial inclusion strategy in a recorded video message.

The national strategy for financial inclusion is the result of 18 months of research on Paraguay and comparative analysis with other countries in terms of access to financial services. Its implementation will begin March 2015, while in 2018 an assessment will be performed to determine the level of compliance with the goals set. There will also be an appraisal of quick achievements, which are intermediate measurement points between 2015 and 2018, to measure whether they are correctly aligned to compile the most important goals.

Carlos Knapps, Executive Secretary of the National Committee for Financial Inclusion (CNIF), remarked that financial inclusion is an important tool in combating poverty and strengthening the dignity of the people of Paraguay by aiding in the creation of “more opportunities for people development and to assume the role of their own destiny.” He further explained additional important objectives of the national financial inclusion strategy are to strengthen financial sector development, facilitate access of the bottom of the pyramid to the formal economy and share prosperity reducing inequities.

“Financial inclusion is not an isolated concept and therefore, it is important to develop and implement an adequate strategy based on both supply and demand of financial services,” said Mr. Rojas. “This strategy is aimed at improving the accessibility and usability of financial services with increased quality at an affordable cost to the population … and is the result of a joint and coordinated work of the public and private sectors with international support.”

Mr. Hannig congratulated the authorities of Paraguay for this tremendous achievement of building and coordinating a consistent, ambitious and realistic national financial inclusion strategy. In the same vein, he noted the support the World Bank has provided to the Paraguayan Government in the design of this strategy and appreciated the collaboration with the Bank. Furthermore, Mr. Hannig commented on the outstanding progress the country has made in moving forward in bringing digital financial services to the unbanked which is an important pillar within the strategic framework. “I am convinced that Paraguay will follow suit of other successful AFI members and find its place among the most progressive countries in driving financial inclusion through smart policymaking,” said Mr. Hannig. Finally, he thanked BCP for the excellent cooperation and the tremendous support in transforming AFI into an independent legal entity by 2016.

The following day, Mr. Rojas offered a letter of gratitude to AFI for its contribution to the launching of the national financial inclusion strategy. Mr. Peña and Mr. Colmán also recognized AFI’s contribution to the Government of Paraguay in financial inclusion, and expressed their full support of AFI in its independence process.

BCP has been a member of the AFI Network since 2011.


© Alliance for Financial Inclusion 2009-2024