During FY2016/2017, Finance Inclusive engaged the key sector associations—ANIMH and ANACAPH—as well as with the BRH’s Financial Inclusion Team on financial literacy, education, and consumer protection topics. SEEP also completed a systems study on consumer protection in Haiti – looking at policy, enabling environment, and institutional dynamics. From these engagements and knowledge gathering, financial literacy and consumer protection initiatives were highlighted as critical – to encourage adoption and uptake of new products, but also to ensure market expansion and new product development are done responsibly and keep client safety and protection at the core. The World Bank will work with the Central Bank on top-down consumer protection policy and regulation, while Finance Inclusive will focus on bottom-up initiatives, supporting the Associations and their members to deliver sector wide training and information dissemination on consumer protection tools as well as to define and jointly implement financial literacy activities with specific institutions that can facilitate uptake of new products.
In the same vein, the project wants to speed up the process through which consumers improve their own understanding of financial products and concepts, and through information, training and advice, develop the capacity and confidence needed to become more aware of risks and financial opportunities, to make informed choices, to understand who to ask for advice and to put in place effective actions to increase their financial well-being.