Multi-sectoral working groups to support NSFI implementation established

To drive timely implementation of priority initiatives under the National Strategy for Financial Inclusion (NSFI) 2022-2028, the Financial Inclusion Steering Committee (FISC) has established working groups comprising members from both government and private sector.

The creation of multi-sectoral working groups is a new strategy governance approach supporting the FISC. Composed of 21 government agencies, the FISC is the primary coordination body tasked to provide strategic direction and drive the implementation of the NSFI.

“Financial inclusion needs a whole-of-nation approach. The working groups will serve as an institutionalized platform for a broader set of stakeholders to actively participate in shaping and driving NSFI implementation,” said BSP Governor and FISC Chairman Benjamin E. Diokno.

Aside from government agencies, the working groups will have members representing, to date, 41 institutions which include industry associations, consumer advocacy groups, associations of local government units, development partners, academe, and other support institutions.

In a meeting held on April 4, 2022, the FISC approved the leadership and composition of the six working groups, each of which will focus on a specific theme based on the NSFI’s strategic objectives and implementation framework.

The FISC appointed the following agencies to chair the working groups: BSP (digital finance); Department of Education (financial literacy and consumer protection); Department of Trade and Industry (agriculture, MSME, and startup finance); Department of Finance (risk protection and safety nets); Department of Interior and Local Government (communication); and National Economic Development Authority (data).  The working groups are expected to convene in May 2022.

The NSFI 2022-2028 was launched in January 2022 as a six-year blueprint to accelerate financial inclusion toward broad-based growth and financial resilience.