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RBF Senior Executives Attend World’s Biggest Forum For Financial Inclusion Policymakers

RBF Senior Executives Attend World’s Biggest Forum For Financial Inclusion Policymakers
Reserve Bank of Fiji Deputy Governor Esala Masitabua
September 01
10:00 2018

Ten senior executives from the Reserve Bank of Fiji will attend the 2018 Alliance for Financial Inclusion (AFI) Global Policy Forum (GPF).

The world’s biggest forum for financial inclusion policymakers is set to take place in Sochi, Russia from September 5 to 7.

The Fijian delegation is led by the RBF Deputy Governor Esala Masitabua and they leave for Russia today.

Organised by Bank of Russia (CBR) and the AFI, the 2018 Global Policy Forum is themed, “Innovation. Inclusion. Impact.”

2018 marks GPF’s 10th edition, making it special and different from its predecessors.

In addition, this year also marks another milestone in AFI’s history so far — its 10th anniversary — celebrating a decade of advancing financial inclusion.

AFI recognises the GPF as the keystone event for its vibrant and growing global network, co-hosted by a different member institution in a different region of the world every year.

Over the past decade, GPFs have supported the environment for historic financial inclusion policy initiatives, and declarations that have made a powerful impact on the global quest to bring the world’s two billion unbanked into the formal financial system.

At GPF 2018, AFI members, peers, academics, partners, donors and other stakeholders will explore financial technologies (FinTech) and its transformative benefits on financial inclusion — from closing the gender gap and mitigating climate change risks, to aiding the inclusion of Forcibly Displaced Persons (FDPs) and lowering the cost of cross-border remittances.

Recognised as a crucial driver for economic growth and stability, financial inclusion is now seen as the key enabler for most Sustainable Development Goals (SDGs) with an increasing number of institutions and organisations in the field.

While technology enabled digital financial services for the underbanked or unbanked population are advancing at a rapid pace.

 

About the theme innovation

Technology is a key driver in increasing access to financial services. Financial technology, “FinTech” has been reshaping the financial services industry to an unprecedented degree and with great speed.

AFI members are recognising that innovation in financial technology (FinTech) offers great opportunities for developing and emerging economies to significantly drive the uptake, and maximise the benefits, of digital financial services (DFS).

 

Inclusion

Financial inclusion has a positive impact on economic and social development, by better enabling people to make payments and manage their money safely and conveniently including through digital payments.

Also by  building resilience to deal with economic shocks through savings, credit and insurance; and even planning for the future and increase financial health.

For these reasons financial inclusion has come to be seen in many countries as a universal right, fundamental to economic well-being and to meeting the economic and financial needs, particularly of vulnerable individuals and communities.

 

Impact

AFI members have developed and implemented 380 policies and regulations to advance financial inclusion, and more than 60 countries have developed or are in the process of developing national financial inclusion strategies (NFIS).

Approximately 66 AFI member institutions have made Maya Declaration commitments to advance financial inclusion.

These efforts are yielding results, with notable increases in access, usage and quality of financial services. The Forum will provide member institutions an opportunity to share their success stories and showcase how these polices are making impact and changing their societies

 

About The Global Policy Forum

The AFI organises its annual flagship event, the Global Policy Forum (GPF), for its vibrant and growing global network.

With more than 100 member-institutions, representing 90 countries.

The GPF is the most important and comprehensive forum for regulatory institutions to share experiences, knowledge and initiatives that have made an impact in bringing financial services to the world’s two billion unbanked.

 

About Bank of Russia (CBR)

CBR is the Central Bank of the Russian Federation, founded in 1860 and headquartered in Moscow.

Feedback:  maraia.vula@fijisun.com.fj

 

 

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