Financial inclusion needs to be part of the government’s strategy in the Kyrgyz Republic - a podcast by Asian Development Bank Institute
from 2018-11-21T00:00:04
More than 60% of adults in the Kyrgyz Republic do not have access to financial products and services, and many still prefer to keep their money under a mattress. While a quarter of the adult population have savings, only 3% have money saved in financial institutions.
Nor do people have much use for credit. Only 10.2% of adults have borrowed from a financial institution or used a credit card, a number that’s below global averages.
Lack of access to banks and credit keep the poor from escaping poverty because they don’t have the means to invest in a business, education, or even their own health.
Savia Hasanova describes recent developments in financial inclusion and financial literacy in the Kyrgyz Republic.
Read the transcript
https://bit.ly/2A8BRiN
Read the working paper
https://www.adb.org/publications/financial-inclusion-regulation-literacy-education-kyrgyz-republic
About the author
Savia Hasanova is an economic expert at the Investment Round Table in the Kyrgyz Republic.
Know more about ADBI’s work
https://bit.ly/2FvHnlp
https://bit.ly/2Q7znLQ
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