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Global Financial Inclusion Efforts Intensify: AFI Members Strengthen Commitment to Closing Gender Gap

September 2016

The Alliance for Financial Inclusion (AFI), a global network of financial sector regulators and policymakers, has reaffirmed its commitment to closing the gender gap in financial inclusion at its annual Global Policy Forum held in Nadi, Fiji.

AFI Members Endorse Denarau Action Plan

At the forum, AFI members endorsed the Denarau Action Plan, which emphasizes the importance of considering best practices for women’s financial inclusion and gender considerations within national financial inclusion strategies. The plan also recommends collaborating with other stakeholders, including government agencies, development partners, and civil society, to create an enabling environment for women’s financial inclusion.

AFI’s Commitment to Gender and Women’s Financial Inclusion

The AFI Network Commitment to Gender and Women’s Financial Inclusion is a significant milestone in the organization’s efforts to promote sustainable financial inclusion globally. Since its establishment in 2008, AFI has grown rapidly into a global network of over 117 institutions from 93 countries.

Member- Owned Model

AFI’s member-owned model allows members to set their own agenda and harness the power of peer learning and peer pressure to develop practical and tested policy reforms that enhance financial inclusion. The organization’s unique approach has contributed significantly to the growth of financial inclusion globally, with over 700 million new accounts opened across the globe between 2011 and 2014.

Global Developments

The G20 has also recognized the importance of financial inclusion as a main pillar of the global development agenda. At its Seoul Summit in 2010, the G20 endorsed a Financial Inclusion Action Plan and established a Global Partnership for Financial Inclusion (GPFI).

Palestine’s Efforts

In the context of these positive global developments, Palestine’s efforts to develop a National Financial Inclusion Strategy (NFIS) are timely and important. The Palestine Monetary Authority (PMA) and Palestine Capital Market Authority (PCMA) have taken the initiative to develop an NFIS in line with international best practices, including the G20 Principles for Innovative Financial Inclusion and good practices emphasized by AFI.

Key Areas of Focus

The development of a comprehensive NFIS will help to identify key areas of focus for promoting financial inclusion in Palestine, including:

• Increasing access to financial services
• Improving financial literacy
• Enhancing the regulatory environment