The Annual General Meeting (AGM) of the AFI Membership Council approved two frameworks for the issuance of Financial Inclusion Policy Models, a major step forward in realizing the vision of AFI as a global policy leadership alliance. Held on 6 September in Sochi, this was the third AGM meeting since AFI became an independent, member-owned network.

The policy framework for innovative cross-border remittances aims to address the cost and efficiency challenges of remittances in Africa. AFI members are encouraged to use this guide to develop or improve their cross-border remittance policies and regulations.

The policy framework for digital financial services interoperability in Africa enhances in-country policy implementation that will expand interoperability among digital financial services providers and other financial services providers to enhance efficiencies, increase customer convenience and scale up both domestic and cross-border payments. 

At last year’s AGM, the Membership Council endorsed the AFI approach to issuing regulatory and policy guidance based on peer learning, cooperation and a bottom-up approach. Today’s approval solidifies this approach and provides a structure for members to develop regional policy frameworks and issue other financial inclusion policy guidance for voluntary adoption in the AFI network.

The Membership Council also unanimously endorsed the Sochi Accord on FinTech for Financial Inclusion, the AFI network’s commitment to developing regulatory or policy interventions that balance innovation in technology-based financial services (FinTech) with oversight. The Sochi Accord will encourage peer learning and progress on FinTech for financial inclusion, including the exchange of tested and transformative solutions to accelerate access and use of financial services.

The Membership Council is the overall governing body of the AFI network whose strategic decisions steer the organization.