Expanding Financial Access (EFA)
The Expanding Financial Access 2015 - 2020 programme aims at strengthening the financial sector by 2020, enabling it to better support financial inclusion, with formal inclusion in Myanmar increasing from 30% to 40%, percent of adults with more than one product increasing from 6% to 15%, and a full range of affordable, quality, effective and responsible financial services being available to the target clients (MSME, small-scale farmers, women-led enterprises, youth, poor and low income) by getting all stakeholders to work together in an integrated manner: 830,000 low income beneficiaries (a minimum of 50% women) will directly benefit as a result of the project, and 3,000,000 will benefit indirectly.
How We Are Helping?
Access to formal financial services in Myanmar stands at a moderate 30% of the adult population, however a majority are thinly served having access to only one product that often only partially meets household needs. The Myanmar Financial Inclusion Roadmap 2014 – 2020 was as a result developed by stakeholders, adopted by the government, and launched in April 2015 in order to help increase the level and quality of access to and use of financial services.
The primary focus of the proposed Expanding Financial Access (EFA) project is to support the Myanmar government in creating an environment that promotes an accelerated market development for financial inclusion, contributing to sustainable financing for development.
The EFA project (2015 – 2020) will in particular:
- Support the Roadmap implementation process by serving as Secretariat to the government to support implementation, helping to ensure that the government is able to coordinate the various efforts and partners as they align their support to implementation, including developing consensus on Key Performance Indicators (KPIs) to measure progress in Roadmap implementation.
Kick-start implementation of key priorities of the Roadmap, including assistance to the government in creating a suitable environment for fostering financial inclusion through capacity building initiatives, and efforts to strengthen financial institutions targeting the poor and Micro, Small and Medium Enterprises (MSMEs), in particular Financial Service Providers (FSPs) and cooperatives through a market development facility, capacity support to launch a wider range of relevant and affordable products, and customer capability initiatives.
Targeted support in specific market segments in line with Roadmap structure in order to further strengthen the products available to small-scale farmers and MSMEs.
Encourage common approaches in the region, and contribute to the global financial inclusion agenda through sharing and learning.
Enable collaborations with like-minded partners with an aim toward leveraging intra-sectoral resources and activities aligned with Roadmap objectives.
|Goal||By year 2020, the financial sector is strengthened and is able to better support financial inclusion, with formal inclusion in Myanmar increasing from 30% to 40%, percent of adults with more than one product increasing from 6% to 15%, and a full range|
|Partners||UNCDF, UNDP, PGMF|
|Total project cost and UNCDF contribution||USD 25,414,052|