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Author(s): Fitim Mexhuani, Artur Ribaj

Title: Albanian Government and Regulatory Authorities Should Implement a National Financial Inclusion Strategy for Fighting Against Poverty and Enhancing Sustainable Economic Development of the Country

Source: International Scientific Days 2018 :: Towards Productive, Sustainable and Resilient Global Agriculture and Food Systems :: Proceedings

ISBN: 978-80-7598-180-6


Publisher: Wolters Kluwer ČR, Prague

PY, pages: 2018, 2623-2634

Published on-line: 2018-11-09

Language: eng

Abstract: This paper presents the issues that Albania is facing related to financial inclusion and the recommendations to be taken in consideration based on results of my qualitative and quantitative research over public reports, surveys and interviews. Albania needs a national financial inclusion strategy forfighting against poverty and enhancing sustainable economic development of the country. This will contribute to achieve the enabling of the easy access and reasonable cost to a whole range of financial services - not just credit but also savings and payments - for individuals (regardless: the low level of income, gender, age, very young or very old, location, rural or urban, etc.) and businesses (regardless if they are: natural or legal person, small or large, with activities in agriculture or commerce, in the village or town, etc.). The financial education is key to understand what you sign when you invest. In Albania the level of financial education is very low which affects the financial decisions of adults, their life and sustainability of Albanian financial markets. Implementing obligatory financial education programs for each target group reduce social effects and intermediaries’ financial risks, increase healthy consumption and develop stable financial markets. Recommendations of this paper demand the involvement of the Albanian Government, because access to financial services could be possible based on reforms.

Keywords: businesses, consumers, financial inclusion, financial education, financial intermediaries, Regulatory authorities,

JEL Classification: E44; E58; G28; H77; H81

Rights:Open Access :: Creative Commons BY-NC-SA 4.0 International Licence
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Toto dielo je publikované pod/This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International Licence.