AFI members from two working groups met in Dilijan, Armenia, this week to examine current trends in consumer protection and market conduct (CEMC) and digital financial services (DFS), as well as look for areas of convergence that would benefit from greater collaboration. This was the first joint meeting by CEMCWG and DFSWG, representing the growing connections between and across the various working groups within AFI.

The day began with an opening presentation from the Central Bank of Armenia’s (CBA) Deputy Chairperson, Vakhtang Abrahamyan. Mr. Abrahamyan praised the success of the AFI network in raising the global profile of financial inclusion. He welcomed the presence of so many financial inclusion experts from around the world and expressed his hope that more AFI events could be held at this location.

“We are very honored to host the first meeting of AFI’s two biggest working groups here in Armenia for the very first time. Armenia values the importance of financial inclusion and will continue to be an active member of the AFI network in order to achieve our common financial inclusion objectives.”

Welcoming statements were also given by the Working Group Chairs, Armenuhi Mkrtchyan (CEMC), and Mikhail Mamuta (DFS) and AFI’s Head of Communications & Media, Peter W. Foster.

Following the opening ceremony, participants engaged in discussions on some trending issues within financial inclusion. Representatives from GSMA and CGAP were on hand to share ideas around the impact of behavioral research and the practicality of voluntary codes of conduct for mobile money operators, as just two examples of the many innovative ideas within the financial inclusion sphere.

Participants were then divided into smaller groups and tasked with identifying areas of collaboration that would have the most potential impact. While there were many ideas suggested, a consensus was formed around several key subjects, including sustainable green finance, establishing trust, dispute resolutions, protection for mobile borrowers and data protection. Interestingly every group also identified financial literacy and education as an area of high priority and great potential for collaboration between the two working groups. Its application to successful digital financial services and consumer empowerment and protection was considered obvious and well worth exploring further.

The CEMC and DFS working groups will continue their work in separate policy specific sessions over the next days and conclude their meetings on Friday, at which time concrete products, outputs and deadlines will be announced.