Maldives chairs new regional financial inclusion initiative
The main objectives of SARFII would be to understand the underlying challenges in achieving financial inclusion.
By
Umna Ismail
Alliance for Financial Inclusion (AFI) has launched South Asia Region Financial Inclusion Initiative (SARFII), chaired by Maldives Monetary Authority (MMA) to promote financial inclusion in the South Asia Region.
Eight South Asian financial regulators joined this regional initiative to accelerate financial inclusion during the AFI Global Policy Forum, world’s largest financial inclusion gathering held at the Dead Sea, Jordan.
The initiative was launched at the AFI Global Policy Forum which is currently being held in Jordan.
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AFI is a global network on financial inclusion policy and regulation. As a member-owned organisation, AFI has established regional initiatives to address the regional challenges along with global issues on financial inclusion.
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SARFII is a similar initiative established by AFI, to accelerate financial inclusion in the South Asia Region.
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The main objectives of SARFII would be to understand the underlying challenges in achieving financial inclusion and utilise the opportunities that exist in accelerating financial inclusion in the South Asian region.
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SARFII will also facilitate high level discussions among regional leaders to provide strategic guidance to promote financial inclusion in the region.
Speaking at the SARFII launching event, the MMA Governor Ali Hashim highlighted MMA’s role as the chair of SARFII for its first term.
He also stressed on the importance of regional harmonisation in unlocking financial inclusion at a large scale and achieving inclusive growth in the region.
AFI’s South Asian members identified six key priorities:
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Digital financial services
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Financing of micro, small and medium sized (MSME) enterprises
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Reducing the gender gap in access to finance
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Inclusive green finance
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Financial inclusion data and consumer protection
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Financial education and literacy.
Besides SARFII, AFI has five more regional initiatives which include sub–Saharan Africa, Latin America and the Caribbean, Pacific Islands, Eastern Europe and Central Asia and the Arab Region.
