Moldova benefits from World Bank support in developing first national financial inclusion strategy

The World Bank is providing technical assistance to Moldova in developing its first National Financial Inclusion Strategy (NFIS 2030). A mission in this regard was hosted by the National Bank of Moldova (NBM) on 3-7 November.

NFIS 2030 will represent a set of long-term public policies aimed at defining and planning the roles of participating institutions in promoting financial inclusion. The strategy focuses on leveraging opportunities to improve access to financial services, increase their quality, and stimulate their use by citizens from various social and economic backgrounds, as well as by small and medium enterprises.

During the mission, nine workshops were organized, involving representatives from public and private entities as well as civil society interested in implementing the NFIS.

According to the NBM, at the current stage, public and private sectors have consolidated their efforts to adapt the formulated actions to provide necessary inclusion support for all individuals, regardless of gender, age, social status, abilities, education level, or place of residence, as well as for micro, small, and medium enterprises. Special emphasis will be placed on less financially included segments to ensure broader and more equitable access to financial services.

The development of this strategy, the first of its kind for Moldova, is part of a technical support program funded through the trust fund Moldova – Development, Resilience, and Opportunities for Welfare (M-GROW), managed by the World Bank Group. The initiative is being implemented locally by an interinstitutional working group consisting of representatives from the seven institutions signatory to the Memorandum of Understanding regarding the strategy’s development, implementation, and monitoring. This memorandum was concluded between the National Bank of Moldova and the National Commission for Financial Markets, the Ministry of Finance, the Ministry of Economic Development and Digitization, the Ministry of Education and Research, the Ministry of Labor and Social Protection, and the Association of Banks in Moldova, on June 28, 2024.