Small business owners, credit union representatives, NGOs and government organisations convened this week for a critical workshop series aimed at advancing Trinidad and Tobago’s National Financial Inclusion Strategy (NFIS).
The four-day workshop, led by the Trinidad and Tobago International Financial Centre (TTIFC) in collaboration with the United Nations Capital Development Fund (UNCDF), took place at One FinTech Avenue in Port of Spain from Monday to yesterday.
TTIFC said this second round of this collaborative workshop aims to propel the development of the NFIS forward, building upon the insights gathered from the initial consultation workshop in December.
It noted that in the initial series, stakeholders co-drafted and consulted on high-level elements of the NFIS, including the definition of financial inclusion, vision, objectives areas, target groups, and development action plans.
This mid-review/second workshop TTIFC is seeking to build and improve on the feedback from the first, ensuring that the NFIS is comprehensive and effective in meeting the needs of the Trinbagonian citizens.
“Participants contributions sought to validate previous insights on financial inclusion and to continue collaborative efforts in identifying programme areas and related projects necessary to achieve the objectives of the NFIS,” the release further stated.
TTIFC further noted that T&T still possesses unrealised potential in driving towards the goal of becoming a cashless society, with obstacles such as onerous requirements and a lack of intuitive e-commerce instruments hindering progress in the digital economy.
“To address these challenges, the TTIFC collaborated with the UNCDF to conduct a National Financial Inclusion Survey in 2023, the findings of which serve as the primary input for the NFIS.”
TTIFC indicated that an NFIS can address the challenges and barriers faced by the financially excluded, as identified in the survey, such as the strong correlation between education, employment, and marital status on the usage of cash and non-cash payment methods.
It outlined that by taking an evidence-based approach, T&T aspires to lead the digital revolution in the Caribbean while ensuring inclusivity for all members of society.
The workshops, it said, were strategically designed to harness the expertise and perspectives of stakeholder working groups from diverse sectors to address the current financial landscape in Trinidad and Tobago.
These groups included government entities, including the Ministry of Finance, Ministry of National Security, Financial Intelligence Unit, National Enterprise Development Company (NEDCO), Micro, Small and Medium Enterprises (MSMEs), as well as representatives from the private sector, Non-governmental Organisations (NGOs), fintechs, and credit unions were among the key groups that participated in this initiative.
“Through robust dialogue and collaboration, the aim was to craft an evidence-based NFIS that fosters financial inclusion across all segments of society,” TTIFC added.