CBS hosts first-ever joint meetings of two regional groupings working to advance financial inclusion |01 July 2023
Training participants in a souvenir photograph
The Central Bank of Seychelles has hosted the 12th African Financial Inclusion Policy Initiative and the 8th Pacific Islands Regional Initiative (PIRI) meetings together with the Alliance for Financial Inclusion. The meetings took place from June 26 to 29, 2023, at the Savoy Resort & Spa.
This is the first convergence of the African and Pacific regional groupings of the Alliance for Financial Inclusion (AFI) network.
The first three days of meetings provided a platform for exchanges between technical experts, peer-to-peer learning and public-private stakeholder consultations, allowing member countries to take stock of progress made, existing gaps and challenges, and opportunities that can be leveraged to advance financial inclusion.
The event culminated with the leaders’ roundtable bringing together governors and deputy governors of the member countries to agree on and endorse the chosen priorities going forward.
When she addressed the leaders’ roundtable on Thursday, Central Bank of Seychelles Governor Caroline Abel, who is also the current chairperson of the African Financial Inclusion Policy Initiative (AfPI), highlighted Seychelles’ dual membership of the two groupings, noting that geographical locations should not limit associations.
“Despite the geographic differences between our two regions, we share similar concerns and challenges. Disruptions to supply chains; inflation; climate change adaptation and adoption of green financing; economic slowdown due to the pandemic; the need to enhance consumer protection; I could continue with the list, to which I know as leaders, we can all relate. However, the theme for this meeting calls upon us to be active participants and propose tangible solutions that will build the resilience of our economies,” said Governor Abel.
The Governor of the Central Bank of Samoa and the Pacific Islands Regional Initiative (PIRI) chairperson, Maiava AtalinaAinuu- Enari, echoed the importance of collaboration between central banks and regulators across the two regions.
“Our meeting today is a testament to our recognition that inclusive innovation is not an option but a necessity. By harnessing its transformative potential, we can empower our regions, develop the appropriate policies, unlock economic growth, build needed capabilities, and uplift the lives of our people,” said Governor Atalina.
The theme chosen for the 12th AfPI and 8th PIRI meetings is ‘Rising above Global Uncertainty– Pathways through Inclusive Innovation’, and for his part, the executive director of AFI, Dr Alfred Hannig, highlighted notable examples of inclusive innovation being implemented by AFI members across Africa and the Pacific to address emerging risks and challenges in the financial sector.
“Innovation is critical to the future well-being of society and to driving economic growth. Through innovating, we solve problems, break down barriers, and speed up progress. But I strongly believe that innovation must be inclusive. Which in our context, means working to create solutions which promote financial inclusion and improve access, usage, and quality of financial services, especially for those at the bottom of the economic pyramid,” said Dr Hannig.
The opening of the leaders’ roundtable meetings was also attended by the secretary of state for Finance, National Planning and Trade Patrick Payet, who called on the leaders not to limit the focus on how to respond to global crises when they happen, but to instead put more effort in developing innovative policies that include all citizens, regardless of their individual circumstances, which will set us on a path to become more resilient and ensure continuity.
Innovation, financial education and collaboration, particularly between the public and private sectors, are key areas that dominated discussions during the four-day meetings, which ended with the adoption of the Victoria Consensus on advancing responsible and inclusive innovation for financial inclusion.
This outlines the commitment of AFI members from Africa and the Pacific islands to embrace inclusive innovation principles in their strategies and activities geared towards promoting financial inclusion.
At the end of the meetings, Governor Abel called on AFI’s support to replicate similar joint initiatives within the AFI network to empower the alliance.
During his stay in Seychelles, the executive director of AFI, Dr Alfred Hannig, also paid a courtesy call on President Wavel Ramkalawan at State House yesterday morning where they discussed several issues, among which was digital economy.
CBS Press Release/Patsy Canaya
