MMA researching financial inclusion in Maldives

From the press conference held by MMA. (Sun Photo/Mohamed Hayyan)

Maldives Monetary Authority (MMA) on Wednesday announced conducting research to find out the level of financial inclusion in Maldives.

Speaking at a press conference held at Maldives National University (MNU), the Senior Manager Aishath Asna Hamdhee said that the purpose of this research was to compile the national financial inclusion strategy.

“When looking at the numbers on the supply side, we know there are some gaps. So, to find out why those gaps come (we are doing the research).

As part of the research, 1,500 people will be selected at a random from 63 islands and questioned.

MMA noted that the support and cooperation of those who are selected are vital for the survey.

Information will be collected from the below areas for the survey:

·         Banking and mobile payment services: how much usage and quality

·         Insurance: how much usage and quality

·         Financial information they have

·         Awareness of consumer protection

·         Social demographics

·         How money is used

·         Seasonal changes and awareness related to it

The survey will be conducted by FJS Consulting. The Managing Director of the company also stressed on the importance of cooperation by the participants.

Additionally, he urged all to verify that the enumerators coming were from their company.

“None of the enumerators doing the survey will ask for anyone’s bank account number, to transfer money,” he added.

 MMA further stated that the survey will take place from this week onwards till the next month.