This post concludes our Closing the Gap: Financial Inclusion blog series, which shares the views of selected experts and practitioners on different financial inclusion topics.
The field of financial literacy and capability has many open questions in terms of priorities, what the most effective interventions are and even basic measurement data and evidence of impact. However, one aspect of this topic where there is growing consensus relates to the importance of multi-stakeholder partnerships that leverage both public and private sector actors, as well as civil society.
As in any significant endeavor that attempts to change or reinforce consumer behaviors (encouraging savings, promoting prompt repayment of loans, taking steps to mitigate risk such as diversification of assets or buying insurance) communicating through multiple channels and partners can strengthen the effectiveness of the message. Figure 1 below shows the many types of stakeholders that may be involved in the development of financial literacy and capability programs and policies. These span the gamut from central banks and ministries of finance to commercial banks, microfinance institutions and other providers, schools, religious institutions and media firms.