Governments worldwide, including those of Trinidad and Tobago, are committed to achieving sustainable development by 2030, with a central focus on reducing poverty. The Ministry of Finance (MoF), through the National Payment and Innovation Company of Trinidad and Tobago (NPICTT), is dedicated to promoting greater financial inclusion for all citizens, particularly for the underbanked, unbanked, and vulnerable groups. This commitment entails initiatives aimed at enhancing access to financial knowledge and technology.
Improving financial inclusion is crucial for enhancing household welfare, supporting livelihoods, promoting equality, and fostering job creation and economic growth, both locally and globally.
Financial inclusion is a multidimensional concept that involves individuals and businesses (with an emphasis on small, micro and medium enterprises (MSMEs) gaining access to useful, sustainable, and affordable financial products and services that meet their transaction, payment, saving, credit, and insurance needs. The full benefits of financial inclusion can only be realised through active participation from citizens, which includes both account ownership and usage. In countries like Trinidad and Tobago, where account ownership is notably high at 80%, there is a recognised need to focus on increasing account usage as the next critical step.
The NPICTT is actively working to enhance understanding of the local financial landscape, not only to improve usage but also to reduce exclusion and disparities in access to financial services within Trinidad and Tobago. We achieve this through several key initiatives.
The NPICTT’s Approach to Promoting and Advancing Financial Inclusion
- The National Financial Inclusion Survey Report contains valid, reliable, and up-to-date statistics to address existing data gaps. Country-level data is essential for conducting diagnostic assessments that inform the formulation of a National Financial Inclusion Strategy (NFIS). This data has been instrumental to the evaluation of our progress and defining objectives for the NFIS.
- The National Financial Inclusion Strategy outlines specific initiatives designed to eliminate barriers that hinder the strengthening of the country’s financial systems and the expansion of financial inclusion. These strategies align with international best practices and establish national goals and targets for financial inclusion, enabling effective monitoring and evaluation.
- The National Financial Inclusion Roadmap outlines a comprehensive and detailed sequencing, timeline, and processes for implementing the National Financial Inclusion Strategies in collaboration with stakeholders at both the national and subnational levels.
Furthermore, the establishment of the NPICTT will significantly contribute to these efforts by streamlining government financial transactions and fostering a more efficient and secure financial ecosystem that promotes greater financial inclusion across all demographics.