5 September 2018
2018 AFI Awards – Opening remarks by Governor Nabiullina of the Bank of Russia
2018 AFI Awards
Tuesday, 4 September 2018
Sochi, Russia
Dear Friends,
Allow me to welcome you in Sochi, Russia, at the X Jubilee Global Policy Forum. It is great honor for us to host the X Jubilee Policy Forum. 10 years is a mile stone where there is a need to think about further long-term aims and other directions of development.
We are going to have a very productive week discussing the different aspects of financial inclusion. We recognize the key role of financial inclusion in moving towards an innovative and inclusive world economy. In this decade, innovations has already successfully improved access to finance by all the social groups, especially underserved ones. Successful business models of digital financial inclusion and new regulation and supervision approaches have emerged worldwide.
I hope the forum will give us a great opportunity for experience exchange and for enriching our knowledge.
Of course every country has different issues considering financial inclusion, obvious and hidden obstacles for making the world of finance accessible and safe place for different social groups.
We have our specific problems too.
Although the overall state of financial inclusion in Russia is relatively advanced we for certain have some weak spots. The first is that the level of financial literacy is not sufficient yet. There are certain social groups highly exposed to fraud, have not enough computer skills, and we need to help them to adjust to modern environment and to feel safer and capable of using what financial system can offer. Another problem is enormous territory, thousands of small towns and villages. People who live there usually have very limited if any access to financial services. Another major concern is the accessibility of financial products for people with disabilities.
We are addressing these issues by two different sets of measures. First, we are introducing stronger regulation on banks and other financial institutions to ensure the equal access to the financial services by different clients. And second – we’re enforcing the supervision to prevent fraud and misselling, we develop customer protection services and promote financial literacy.
Some of the issues can be resolved on national level, and the international cooperation can help enhance other measures by absorbing best global practices. But others, for example, online financial fraud, can be fought effectively only be coordinated efforts.
And it is my pleasure to announce that we are going to launch the Regional Initiative for the EECA countries in order to streamline our efforts for Financial Inclusion promotion.
The main goals of the initiative are to promote digital services development, cybersecurity, customer protection in cases of interoperable financial services and coordination of anti-fraud policies, and last but not least – financial literacy.
I’d like to finish my speech saying that the AFI has already become the platform for peer learning and experience exchange, but it still has great potential for further development. It has promised to become solid international organization elaborating standards on financial inclusion influencing financial literacy, consumer protection and financial stability as a final point. And we are proud to be a part of the AFI membership.
Hope you will manage to enjoy the event and find the opportunity to see Sochi, South capital of Russia.
I wish you the productive work and successful outcomes!
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