“The role of financial inclusion in developing the economy should not be underestimated. In fact, it should be a priority. After all, including critical segments into the country’s financial systems is crucial to helping the economy recover from the ill effects of the pandemic. Hence, we at the ECCP-SCOFFI vow to support the incoming administration in its initiatives towards financial inclusion and open finance,” ECCP-SCOFFI Chair John Januszczak said.
Under this approach, industry participants “are able to create customer-centric products and provide better access to critical financial services such as savings, insurance, and credit.” “This wholly-inclusive ecosystem seeks to close the gap when it comes to access to formal financial institutions,” UnionBank said in a statement on Tuesday.“Businesses under this umbrella —, and fish stalls — rely on small loans to keep their businesses afloat. Lack of financing and capital is the main barrier in spurring growth in the sector. With financial inclusivity, credit access from legitimate lenders will be faster,” UnionBank said.
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