Queen Máxima of the Netherlands gave a speech at Myanmar's iconic Yangon University, addressing students in the Convocation Hall about the need for financial inclusion for the further development of their country.
"The goal of financial inclusion is to provide access to safe and affordable financial services for everyone, regardless of income level. That goal is important because financial inclusion has been shown to reduce poverty, improve lives, unlock opportunities for men and women and foster economic growth that benefits everyone. So it is not only pro growth but also pro poor.
But how does financial inclusion actually improve lives and empower people? I will give you some real life examples.
- A bank account into which a family can save extra money to help pay for big expenses like school fees and weddings, without worrying that that hard-earned cash might be misplaced, lost in a fire, or stolen.
- Crop insurance that can help a farmer to feed his family when a harvest fails or when he cannot work because of sickness.
- Or secure and affordable payment services so that people can send money home to their families, confident that all the money will arrive every there time.
- And loans that can allow you to start a business and expand it, without repayments being too expensive or inadequate to your business.
In Asia and around the world, financial services help people provide better lives for their families and for themselves", the queen said.
Máxima was invited to speak in her capacity as the United Nations Secretary-General's Special Advocate for Inclusive Finance for Development. She is on a three day working visit to Myanmar, which the Dutch queen will conclude in Nay Pyi Taw on Wednesday.
"For financial inclusion to make significant improvements in people's lives, services need to be carefully regulated they need to be safe, affordable, and designed according to the needs of customers. Access to finance must be provided responsibly.
Customers need to be certain that their savings are insured and protected. The formal financial system requires a high degree of trust and regulators and providers should work actively to build that trust.
That is why I am delighted that Myanmar is developing a detailed road map to expand financial inclusion responsibly. This roadmap aims to establish a common vision of how to significantly expand financial inclusion - taking into account the needs of customers as well as banks and government.
Myanmar has also an exciting chance to leap far ahead with financial inclusion thanks to the rapid rise of mobile phone services and other digital technologies. Other countries have relied on traditional infrastructure such as physical banks. But Myanmar may have a unique opportunity to skip this costly and difficult step by using mobile phones to provide financial services", queen Máxima told the students.
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