National financial inclusion targets, better data availability, and transformative business models to provide financial services are helping to accelerate financial inclusion across the globe and in Asia – where more than a billion of unbanked people live.
Countries set national financial inclusion goals to increase the pace and impact of reforms. For this to be effective, it’s critical to have in place a robust monitoring and evaluation (M&E) system to track progress, identify obstacles, and demonstrate success. However, it’s often difficult to evaluate and track the extent and quality of the national financial inclusion strategy implementation, and to aggregate the results of multiple actions at the national level.
The Philippines has adopted a fresh approach to this challenge by designing a comprehensive M&E system that will report on headline and national-level indicators, as well as track progress of the regional and program-level performance indicators.
The Philippines is one of the 25 countries that are part of the World Bank Group’s Universal Financial Access 2020 initiative, whose goal is to provide access to a transaction account to the 2 billion unbanked people worldwide.
Between 2011 and 2014, . This resulted in some 2.7 million adults gaining access to formal financial services. Potential demand is significant, considering that an estimated 10 million Filipinos keep savings outside of the formal financial system.