European government agencies outlined the importance of new funding partnerships with AFI during a recognition ceremony at the 2019 AFI Global Policy Forum (GPF) on September 12, demonstrating a mutual alignment towards advancing the priorities of the Sustainable Development Goals (SGDs).

The high-level event aimed to recognize strategic and complementary collaborations with French Development Agency (AFD), Germany’s Federal Ministry for Economic Cooperation and Development (BMZ),  Swedish International Development Cooperation Agency (Sida) and Britain’s Department for International Development (DFID). Representatives from each respective government took to the main stage to speak about the partnerships that are accelerating the advancement of financial inclusion efforts worldwide.

“MD-PIF optimizes synergies and supports broader financial inclusion efforts. It allows for regulators and supervisors to access information and adapt quicker to market changes and developments,” AFD Financial Systems Deputy Head of Division Bastien Bedossa said. “Financial inclusion challenges are no longer unique country concerns. We have all experienced to what extent these challenges have global consequences and, therefore, need global solutions.”

Underscoring the benefits of its long-term collaboration with AFI was BMZ Deputy Head of Division Natascha Beinker, who said: “We have witnessed an amazing transition of AFI in just a few years, from a project; to an independent member-owned organization; to a global financial inclusion policy leadership alliance, that has broadened its mandate to address key global priorities, such as climate, gender, youth and financial inclusion for forcibly displaced persons (FDPs). BMZ is pleased to continue to support AFI’s exciting journey in collaboration with other likeminded partners.”

AFD, BMZ and the Ministry of Finance of the Grand Duchy of Luxembourg make up the AFI Multi-Donor Policy Implementation Facility (MD-PIF), a fund established to advance the development and implementation of well-informed, innovative and sustainable financial inclusion policies in economies in Sub-Saharan Africa and the Arab region.

Separately, BMZ partners with AFI to advance financial inclusion among FDPs. Another of Germany’s state institutions, the Federal Ministry for Environment, Nature Conservation and Nuclear Safety (BMU) supports AFI in  implementing its global workstream for Inclusive Green Finance. For Sida, its global partnership aims to advance women’s economic empowerment through financial inclusion while innovations in digital financial services are the focus of DFID’s “Digital Finance Champions Initiative”.

Representing the UK government was High Commissioner to Rwanda and Non-resident Ambassador to Burundi Jo Lomas, who said: “I’m delighted to be here to officially launch this exciting new initiative in partnership with AFI – The Digital Finance Champions Group … We wanted to find a suitable mechanism to leverage this real diversity of experience to highlight digital finances policy innovation, to facilitate peer learning, to inform policy design and expedite the implementation of secure and inclusive digital financial strategies, and by partnering with AFI, we’re proud to see the geographical scope of the group grow to include a wider range of countries and so a wider range of experience.”

Highlighting Sweden’s commitment to gender equality and the economic empowerment of women and girls, Head of Mission at the Embassy of Sweden to Rwanda Christina Wedekull said: “It is with great pleasure that we’ve found a corresponding interest and ambition with AFI manifesting in the Denarau Action Plan agenda and women’s financial inclusion, which Sweden has been proud to support.”

To further advance the implementation of inclusive policies in key areas — such as gender inclusive finance, inclusive green finance and digital financial services —, AFI has formed strategic collaborations with a variety of global donors and partners from both the public and private sector.

AFI Executive Director Dr. Alfred Hannig moderated the high-level ceremony. While Luxembourg was not present on the stage, Minister of Finance Pierre Gramegna met with Dr. Hannig in the days leading up to the GPF to sign the multilateral letter of understanding that launched the MD-PIF.

Speaking on behalf of the Central Bank of Egypt and its capacity on the AFI Board was Deputy Governor Lobna Helal, who delivered the closing remarks that thanked past and present donors, and urged AFI to continue exploring the partnerships with different donors that can complement in order to expand the goals and capacity of the network.

National Bank of Rwanda is co-hosting the 2019 AFI GPF in Kigali, where over 800 delegates from central banks, ministries of finance and other financial institutions as well as development partners and key stakeholders have gathered for three days of events.

Hosted each year by a different member institution for over a decade, the GPF provides a platform for historic financial inclusion policy initiatives that have made a powerful impact on the global quest to bring the world’s 1.7 billion unbanked into the formal financial system.

About AFI Global Policy Forum

The GPF is AFI’s flagship event and showcases the progress and achievements made by its vibrant global network. Held annually, it is the most important and comprehensive forum for regulatory institutions to share experiences, knowledge and initiatives. Over the past decade, the event has supported an environment of historic financial inclusion policy initiatives and declarations, including the launch of the Sochi Accord on Financial Technology (FinTech) for Financial Inclusion at the 2018 AFI GPF.

About AFI

AFI is the world’s leading organization on financial inclusion policy and regulation. Around 100 member institutions make up the AFI network including central banks, ministries of finance and other financial regulators from nearly 90 developing and emerging countries. AFI works on empowering policymakers to increase access and usage of quality financial services for the underserved through formulation, implementation and global advocacy of sustainable and inclusive policies.