| Project Detail |
The Inclusive and Innovative Finance program aims to improve access to financial and non-financial products for populations in Benins 12 departments. With a focus on inclusion, sustainability, and security, this program aims to particularly reach vulnerable rural populations, young adults, and women. Benin, a true pioneer of financial inclusion within the West African Economic and Monetary Union (WAEMU), unveiled its National Financial Inclusion Strategy (NFIS) on March 29, 2023. This strategy aims to transform the financial landscape by enabling 85% of its adult population to access and effectively use appropriate financial products and services by 2026. And where there is a major program, there are major partnerships! Luxembourg Cooperation is fully committed to this adventure by supporting the program. The objective is clear: to build a more equitable and dynamic financial future for all populations, especially the most vulnerable. The programs intended impact is remarkable. By providing more Beninese with access to appropriate financial services, it will help reduce poverty, promote economic empowerment, and stimulate socioeconomic development across the country. It will work in particular through an ambitious financial education and tailored financial products program, strengthen the national agency overseeing decentralized financial systems, and support the deployment of agricultural insurance. Furthermore, a financially inclusive society will promote economic stability and strengthen community resilience to shocks and crises. The program opens new perspectives for Benins financial future. By addressing the barriers that limit access to financial services, it paves the way for more inclusive and sustainable economic growth. With a bold vision and firm commitment, supported by Luxembourg Cooperation, Benin is on the path to becoming an inspiring example of financial inclusion success in West Africa. |
