Central Bankers Forge Alliance To Promote Financial Inclusion

     The Alliance for Financial Inclusion (AFI) held its 7th annual global policy forum in Maputo, Mozambique recently.


Over 450 participants including Governors of central banks, policymakers, regulators, CEOs of international organisations and the private sector attended the forum. The theme: “Inspiring Innovation to Advance Inclusion.”

According to a statement, the welcome address was delivered by the President of Mozambique, Mr. Filipe Nyusi, while the keynote address was delivered by Madam Graça Machel.

Machel stressed the need to bridge the gender financial inclusion gap, noting that the impact would be equivalent to adding another China and India to the formal financial system, in view of the size of the women population globally.

According to her, entry into the formal economy sends a social message as, it was an indication that “this citizen counts”.

Members also recognised that societies cannot function properly if more than half of the population was left behind, hence bridging the gender financial inclusion gap needs to be a priority.

The annual general meeting of AFI members held during the forum, resolved to open the network to high-income emerging countries and regional organisations. This was based on the rising profile of financial inclusion and growing demand from countries and regional organisations outside AFI’s current membership.

The high point of the Forum was the Maputo Accord proposed by Mozambique’s Central Bank Governor, Ernesto Gouveia Gove, as an addition to AFI’s Maya Declaration on financial inclusion.

The Accord called on members to specifically include SMEs in their financial inclusion targets in view of their roles in driving employment, economic development and innovations.

Accordingly, members added new commitments to the Maya Declaration on the last day of the event, particularly on SME finance.

Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele was represented by his Special Adviser on Development Finance, Mr. Paul Eluhaiwe, who participated in the panel discussion on leadership and innovation in SME financing.