Afghanistan’s central bank and the World Bank on Wednesday launched the National Financial Inclusion Strategy of the country and announced the conclusion of the National Risk Assessment for Money Laundering and Terrorism Financing.
The strategy aims to increase access to finance in critical areas of the Afghan economy and promote formal financial services for households and the private sector, including digital payments and services.
“The National Financial Inclusion Strategy is a live document that reflects Afghanistan’s priorities and will benefit all Afghans ,” Da Afghanistan Bank Acting Governor Wahid Nosher said at a press conference.
“The strategy will first help individuals and micro, small, and medium-sized enterprises in key economic sectors, especially agriculture, access the funding and financing services they need to drive Afghanistan’s growth,” he said.
The World Bank said that it supported both the strategy and the National Risk Assessment for Money Laundering and Terrorist Financing. This support complements existing work with Afghanistan authorities to improve financial stability and access to finance for micro, small, and medium enterprises, and strengthen national payments infrastructure as well as Fintech and digital payments.
“Achieving an inclusive and sound financial system where all Afghan citizens and businesses have access to finance is key to boosting economic growth and reducing poverty across Afghanistan,” said World Bank Acting Country Director for Afghanistan Homa-Zahra Fotouhi.
“The National Financial Inclusion Strategy is a major step forward to achieve that goal, and the World Bank will continue working closely with Da Afghanistan Bank to support its implementation,” she said.
The National Risk Assessment for Money Laundering and Terrorist Financing is conducted based on recommendations from the International Monetary Fund (IMF) and the Financial Action Task Force and will support Afghanistan’s efforts to mitigate risks of diversion of financial resources from money laundering and terrorist financing.
Mir Ahmad Shekib, a central bank official, detailed that Afghan youth’s access to financial services would increase from 15 percent to 30 percent in the next five years.
