The government has set a goal to raise the financial sector’s contribution to the national economy by 0.85 percentage points, reaching 7.5 percent of the country’s GDP within the next five years, despite challenges faced by many sector players in expanding their businesses.
According to the Ministry of Finance (MoF), the financial sector currently contributes 6.65 percent to GDP. In unveiling the Second Financial Sector Development Strategy (2025/26–2029/30), the MoF emphasized that the plan aims to guide the sector toward a sustainable, inclusive, and progressive path to support overall economic growth.
The strategy is designed to create a capable and efficient financial sector that promotes sustainable and inclusive development. Its key objectives include ensuring a safe, strong, and stable financial system; enhancing governance through greater transparency and accountability; expanding environmentally and technology-friendly financial services; and fostering financial inclusion through improved literacy, access, and customer protection.
The strategy is structured around four main pillars:
- Strengthening the real sector – developing financial infrastructure and institutional capacity to support inclusive economic growth.
- Expanding financial access – increasing the reach of banking, insurance, and capital market services, especially in rural areas and among marginalized communities.
- Improving financial literacy and customer protection – promoting responsible use of financial services.
- Enhancing public trust – ensuring the long-term stability of the financial system.
Under the strategy, agricultural lending is targeted to rise to 15 percent from 12.84 percent, while electronic transactions via mobile banking, internet banking, digital wallets, and QR codes are expected to triple within five years.
Other initiatives include publishing annual financial access indicators, mobilizing resources through instruments such as green bonds, expanding electronic payment services via USSD technology, extending insurance coverage to 60 percent of the population, and strengthening the regulatory framework for savings and credit cooperatives. Additionally, the strategy plans to introduce new capital market instruments—including equity derivatives, index funds, and ETFs—and launch a commodity exchange.
The MoF confirmed that the ministry, along with the Ministry of Land Management, Cooperatives and Poverty Alleviation, and relevant regulatory bodies, will prepare a detailed action plan within two months. The plan will specify tasks, timelines, implementing agencies, priorities, key performance indicators, and a structured monitoring and reporting mechanism.
