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STS 422 Zarina A.R
4. Conclusion
The inclusion level for Malaysia has improved tremendously since 2015.
The findings from the supply-side and demand-side survey in 2018 shows that
there is higher take-up in financial products in addition to high accessibility. It
is also noted that there is a need to create more awareness of accessibility and
targeting more responsible usage. It is estimated that the unbanked
population will be further reduced to 5% by 2020.
The mechanics to greater responsible usage amongst Malaysians will be
driven by improving the financial knowledge of Malaysians by helping
consumers make better financial decisions. This is done by ensuring that
Malaysians have a better grasp in the financial literacy and capability to
promote more positive experience from their participation in the formal
financial system. Furthermore, responsible usage will also be enhanced by
correcting the financial behaviour and attitudes of Malaysians. This is done
correcting the behaviour of money management; budgeting, spending,
savings and long-term planning.
BNM views digital innovation as an important enabler to promote greater
access, quality and responsible usage of financial services. Improving digital
literacy and focus on effective education, support and protection for financial
consumers is also required to improve responsible usage amongst Malaysians.
This ensures that Malaysians are able to utilize the account owns and have
better participation in the financial system.

References
1. Bank Negara Malaysia. March 2019. The Financial Stability and Payment
System Report 2018. Kuala Lumpur: Bank Negara Malaysia.
2. Demirgüç-Kunt, Asli, Leora Klapper, Dorothe Singer, Saniya Ansar, and
Jake Hess. 2018. The Global Findex Database 2017: Measuring Financial
Inclusion and the Fintech Revolution. Washington, DC: World Bank.

3. Jose de Luna Martinez, lead author. May 2017, Knowledge & Research
Hub: The Malaysia Development Experience Series. Financial Inclusion in
Malaysia: Distilling Lessons for Other Countries. Kuala Lumpur: World
Bank.

4. Bank Negara Malaysia. March 2016. The Financial Stability and Payment
System Report 2015. Kuala Lumpur: Bank Negara Malaysia.

5. Zarina Abd Rahman. 10 May 2013. Central Banking Journal: Bank Negara
Malaysia’s Approach to Developing a Financial Inclusion Index. London:
Central Banking Publications

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