Here, I would like to highlight some of the essential prerequisites that would help in creating this enabling ecosystem: i. Access to suitable and cost effective technology which can support multi-channel delivery system, particularly for low income groups. ii. Standardized systems, structures, products and processes, at least for the small and marginalized customers. iii. Efficient Business Models: viable but not exploitative. iv.
In recent months, our financial institutions have shared in the economic adjustment through the domestic debt restructuring. At the same time, implementation of the new IFRS 9 accounting standard has also adversely impacted the profitability and capital of banks and insurance companies. However, the financial system remains stable and adequately capitalized.