The World Bank Group has launched a wide-ranging project to support the development of mobile banking services in Tajikistan, part of an effort to foster economic growth across the country.
The institution will support regulatory reforms related to electronic and digital payment services, help raise awareness among population in benefits of such services, and advise private firms on rolling out mobile financial services products. The project is designed to extend crucial financial services to small business, entrepreneurs, and savers. That is considered key in a country where many people do not have access to even basic banking services, which holds back job creation and economic growth.
“We welcome this new initiative and the further application of digital financial services and innovative technologies,” said Jamoliddin Nouraliyev, First Deputy Chairperson of the National Bank of Tajikistan. “It will allow the general population to access basic electronic financial services 24/7, including a full range of electronic payments and digital banking services, thus bringing financial services closer to the population.”
In Tajikistan, many people do not use formal financial services. They rely instead on cash and informal services for transactions, savings, and credit. That is both costly and comes with high risks.
“This is a great opportunity for those without bank accounts to gain access to formal financial services through digital channels, especially in rural areas of the country,” said Patricia Veevers-Carter, World Bank Country Officer in Tajikistan. “By supporting establishment of conducive regulatory framework and extending technical advisory, we hope to unlock the great potential that modern technologies and alternative delivery channels offer to increasing access to affordable, mass-market financial services.”
The initiative's official name is the Azerbaijan-Central Asia Electronic and Digital Financial Services Program. It is funded by the United Kingdom’s Department for International Development, and implemented by IFC within the World Bank Group’s Finance and Markets Global Practice.
The World Bank Group is one of the world's largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.
