December 23, 2024
In Haiti, where economic and social challenges are pervasive, limited access to financial services and the lack of insurance coverage leave the population vulnerable. According to the Bank of the Republic of Haiti (BRH), only 4% of Haitians have insurance, while 96% are unaware of its existence. Against this backdrop, the second volume of the Review of Knowledge and Financial Skills Development (RDCCF) offers solutions to improve risk management and broaden financial inclusion.
Financial education is at the heart of the BRH’s recommendations. Its goal is to raise awareness among households and businesses about economic, climatic, and social risks while providing them with tools to address these challenges. Insurance, though underutilized, is highlighted as a key solution to protect assets, enhance families’ financial security, and increase business resilience. The publication also emphasizes the importance of selecting financial products tailored to individual needs.
For financial institutions, the RDCCF underscores the need for tailored monetary policies and regulatory reforms to manage systemic risks, such as exchange rate fluctuations and market volatility. Building a more stable financial system also requires greater consumer confidence, which relies on a deeper understanding of financial products and user rights.
Digital innovation is presented as an essential driver for improving financial inclusion. The adoption of inclusive digital payment systems could reduce inequalities between urban and rural areas while creating equal opportunities for women and men. These modern tools, combined with educational initiatives, can facilitate access to financial services for all.
Furthermore, the BRH emphasizes that financial education should go beyond understanding existing products, encouraging proactive decision-making in the face of uncertainties. Strategies such as diversifying investments, choosing appropriate insurance, and managing financial costs are essential for crisis preparedness and future planning.
Through this new publication, the BRH calls on citizens and economic actors to embrace a financial culture rooted in prudence and resilience. By focusing on proactive risk management and promoting innovative solutions, Haiti can build a financial ecosystem capable of addressing current challenges while paving the way for inclusive and sustainable growth.