“OUR SUCCESS STORY Malaysia has always recognised financial inclusion as a policy priority and continues fostering greater access to address remaining gaps. Today, financial inclusion has become an important global policy agenda to ensure sustainable economic growth. As a country that places immense importance on financial inclusion, Malaysia appreciates that promoting inclusive finance is key towards equitable growth. This in turn helps the nation to achieve its goal of sharing economic prosperities equitably among all citizens. Today, the percentage of banking customers with active deposit accounts, an indication that they are conducting basic financial services regularly, has increased to 92% from 87% in 2011.”
“INTERNET & TECHNOLOGY- NEW ENABLERS OF FINANCIAL INCLUSION AGENDA Currently, there are still 8% of unbanked population in Malaysia and we hope to reduce this to 5% by 2020. According to BNM, adults with no income or low income are less likely to be banked and more than half of the unbanked population are women. Further, it is also observed that youth from age of 15-24 years old are less likely to have a formal account. Premised on this observation, the government remains committed to expand the level of financial inclusion to a new height and we look forward to utilise internet and technology as new enablers, in addition to other existing tools.”
“FINANCIAL INCLUSION – FINANCIAL LITERACY AND FINANCIAL HEALTH In regard to our efforts to advance financial inclusion in Malaysia, the results so far have been really promising. The level of financial inclusion in Malaysia in 2015 based on the Financial Inclusion Index is relatively high at 0.90 with 1.00 reflecting full inclusion. However, there remain areas that we have to focus on and intensify our efforts urgently, namely financial literacy and financial health. These two aspects will ensure that inclusive finance is also increasingly being underpinned by sustainable practices. Today, financial education is increasingly important, and not just for investors, but also for every man on the street, given the growing sophistication of financial markets and the availability of various financial products out there. It is certainly no longer about just choosing between interest rates on two different bank loans or savings plans. It is undeniable that various key agencies including BNM have taken various measures to increase the level of financial literacy among Malaysians.“