The Alliance for Financial Inclusion (AFI) grew its global footprint with the launch of the Eastern Europe & Central Asia (EECA) Policy Initiative at the 2018 AFI Global Policy Forum (GPF) in Sochi on 7 September, 2018.

“The EECA Policy Initiative is very important to us. Russia is very excited to be the Co-Chair of this Initiative, develop a real plan of action and move forward together,” stated Mikhail Mamuta, Head of the Service for Consumer Protection and Financial Inclusion, Bank of Russia.

The EECA Policy Initiative was approved and launched by AFI member institutions from the region including Central Bank of Armenia, National Bank of the Republic of Belarus, National Bank of Georgia, Financial Regulatory Commission of Mongolia, Bank of Russia, National Bank of Kazakhstan, National Bank of Tajikistan and Central Bank of Uzbekistan. More than 600 participants of the 2018 AFI GPF embraced the creation of the EECA Policy Initiative.

The members of EECA plan to work closely on improving the availability and quality of financial services across the region, protecting consumer rights and financial markets, and strengthening financial literacy. Members will exchange best practices and harmonize approaches in four priority areas: cross-border remittances and transactions, market conduct regulation and supervision, financial competency and impact measurement, and consumer-centric financial education, especially for those in remote rural areas.

“The EECA Policy Initiative will drive new Maya Declaration commitments from members, focusing on closing the persistent gender gap and building resilience against the impacts of climate change on financial inclusion,” emphasized Dr. Hannig at the 2018 AFI GPF press conference earlier this week.