International experience in developing financial inclusion and the lessons for Vietnam

Abstract

Financial inclusion has played important roles in poverty reduction, economic development and stabilization. Therefore, the international development agencies as well as the governments of many countries, including Vietnam have paid attention on the financial inclusion. Recognizing the importance of this issue, this paper analyzes the roles of the financial inclusion and successful countries experience such as India, Brazil, and Malaysia. The results of the research show that in order to success in the financial inclusion development, a country needs to focus on the following issues. First, the financial inclusion development should be a national strategy. Second, the financial literacy needs to be enhanced. Third, commercial banks need to develop agency banking model. Finally, commercial banks have to design financial products that are suitable for group of people, especially, saving and payment services.