Financial Crime World

Global Push for Financial Inclusion Yields Results

The Alliance for Financial Inclusion (AFI) has made significant progress in promoting sustainable financial inclusion across the globe. At its Global Policy Forum 2016, AFI members reaffirmed their commitment to closing the gender gap in financial inclusion with the endorsement of the Denarau Action Plan (DAP).

The Denarau Action Plan

The DAP is a comprehensive plan that promotes best practices for women’s financial inclusion and gender considerations within national financial inclusion strategies. Since its introduction at the Global Policy Forum 2013, AFI members have made significant progress in advancing financial inclusion.

The Maya Declaration

The Maya Declaration, introduced by AFI members at the Global Policy Forum 2011, is widely recognized as the “first global set of specific, measurable commitments made by policymakers from developing and emerging countries to unlock the economic and social potential of the poor through greater financial inclusion.”

National Financial Inclusion Strategies

AFI has also played a key role in promoting the development of National Financial Inclusion Strategies (NFIS). According to latest data from AFI, 29 countries have NFIS in place, with another 28 countries at various stages of developing a NFIS.

Global Progress

  • Between 2011 and 2014, some 700 million new accounts were opened across the globe.
  • Over 200 million of these resulted from national strategy implementation.
  • The G20 has recognized financial inclusion as one of the main pillars of the global development agenda.

International Cooperation

In addition to AFI’s efforts, other global organizations such as the World Bank and G20 have also joined the push for financial inclusion. The G20 launched a Financial Inclusion Expert Group (FIEG) in 2009 and released the Principles for Innovative Financial Inclusion in 2010.

Palestinian Initiative

Palestine has taken the initiative to develop a National Financial Inclusion Strategy in line with international best practices, including the G20 Principles for Innovative Financial Inclusion and good practices emphasized by AFI.