Financial Inclusion Policies in the Fisheries Sector - Experiences of Financial Institutions from India, Tanzania, and Vietnam

Press Brief : SSF Technical Guidelines

CAFI SSF Network- Webinar Talk Series

Thursday, 20 April 2022

The Global Network for Capacity Building to Increase Access of Small-Scale Fisheries to  Financial Services (CAFI-SSF) organized a webinar titled “Financial Inclusion Policies in the Fisheries Sector:  Experiences of Financial Institutions from India, Tanzania, and Vietnam” on 20 April 2023. The event was co-organized in association with the Asia-Pacific Rural and Agricultural Credit Association (APRACA), African  Rural and Agricultural Credit Association (AFRACA)  and Food and Agriculture Organization of the United Nations (FAO).

The event was  attended by more than 80 practitioners from public- and private financial service providers, fisheries and aquaculture government organizations, academic institutions, and NGOs from the Asia-Pacific and African regions. The Chief Guest for the event was Dr. Raymon VanAnrooy,  Senior Fishery Officer/Team Leader, Fisheries and Aquaculture Division (FAO). Dr. VanAnrooy shared his thoughts on why inclusive finance is important for a Blue Transformation. He began with highlighting the deteriorating food security and nutrition context that needs to be addressed and how we all need to work together towards a world free of hunger by 2030. He elaborated  on the role of aquatic foods in achieving food security and on objectives of a Blue Transformation. He shared with participants on how FAO is currently working in several countries within Africa on the FISH4ACP project to improve financial services for fishery and aquaculture value chains in collaboration with AFRACA.  He emphasized that a Blue Transformation can only be achieved if opportunities are provided for fishers, fish farmers and value chain SME’s to  grow and financial inclusion is the key. Financial inclusion broadens and deepens the  provision of financial services, promotes targeted financial products, and improves services for the poor and vulnerable fishers and fish farmer households. 

The distinguished speaker panel from three financial institutions; National Bank for Agriculture and Rural Development (NABARD, India), represented by Dr. Prakash Dash, General Manager, CRDB BANK PLC.,(Tanzania) represented by Mr. Maregesi Shaaban, Head of Agribusiness and Vietnam Bank for Social Policies (VBSP), Mr. Le Thanh Chung, Deputy Director, presented the fishery sector status and potential for development in their respective countries. They provided an overview on financial inclusion policy interventions for the fisheries sector introduced by their respective financial institutions, presented finance innovations   and showed how government support is enhancing their fisheries finance programs. 

The discussions concluded with key points highlighted by the Secretary General’s from AFRACA and APRACA, Dr Thomas T Essel and Dr Prasun Kumar Das. They made the following observations:

• There is a need for transformation within the fisheries finance ecosystem, by supporting business development services in fisheries.
• The establishment of Networks of stakeholders involved in fisheries finance in countries within Asia and Africa region is important. The Networks can be instrumental to bridge the gap in technological assistance, support the introduction of  better production and management practices, and increase access to finance, including through promoting digital finance services for the small-scale fisheries value chains.
• The development of partnerships amongst financial institutions and other non-financial actors associated with the fisheries and aquaculture value chains is needed.
• Financial institutions need to improve their data collection and reporting on financial inclusion, to demonstrate the impact of their financial services on the development of fisheries and aquaculture production, management and value chains.

The webinar recording can be accessed here.