A decade ago, through the Denarau Action Plan (DAP), the AFI network made a bold commitment to advancing women’s financial inclusion and to closing the gender gap. As we mark the Plan’s ten-year anniversary, it leads me to reflect on what inclusive finance truly means.

I have experienced the Denarau Action Plan from two distinct perspectives: both as a policymaker, and within AFI, supporting policymakers across the network.

My DAP journey began even before the Plan itself was adopted. In 2015, within AFI, discussions on women’s financial inclusion began gaining greater prominence. A new conversation was taking shape – one that challenged policymakers and regulators to look beyond aggregate financial inclusion indicators, and ask a fundamental question: who was being left behind, and why?

Representing the Reserve Bank of Zimbabwe, I attended the 2016 AFI Global Policy Forum in Nadi, Fiji where AFI members endorsed the Denarau Action Plan. For me, that meeting was transformative. It brought home the critical need to advance women’s financial inclusion. It also highlighted that financial inclusion must not be gender-neutral. Women face unique barriers, preventing them from accessing and using formal financial services. These range from demand-side, supply-side constraints, to legal and regulatory barriers, and deeply rooted socio-cultural norms. Understanding these realities fundamentally changed how I viewed financial inclusion policy.

At the time, the Reserve Bank of Zimbabwe was developing the country’s National Financial Inclusion Strategy. Like many countries, we sought to learn, understand, and translate policy commitments into meaningful outcomes for underserved populations. As we embarked on this journey, AFI was an invaluable partner.

AFI’s global peer-learning model was particularly powerful. Talking to fellow regulators and policymakers within countries who were further advanced in this area helped us to adapt successful approaches to our own context. AFI’s ability to act as a community of practice not only provided deep technical insight, but also inspiration and confidence that progress was possible.

In many ways, this spirit of collaboration became one of the most important drivers of progress on women’s financial inclusion.

In 2021, when I joined the AFI Management Unit, I had the opportunity to support policymakers and regulators across the network as they pursued their goals to advance gender inclusive finance.

Conversations have evolved considerably over the last decade. What began as a focus on access has increasingly expanded to include meaningful usage, quality of services, consumer empowerment, digital inclusion, and economic participation.

Over the years, I have seen countries move from debating why women’s financial inclusion matters, towards actively designing gender-responsive policies. I have witnessed countries strengthen the collection and use of sex-disaggregated data, integrate gender considerations into national financial inclusion strategies, develop targeted interventions for women-owned MSMEs, and promote gender diversity in leadership and decision making. I have seen women’s financial inclusion increasingly recognized as a driver of economic growth, resilience, and sustainable development.

Since 2016, thanks to AFI’s support, countries have devised and implemented over 120 policy changes to support women’s financial inclusion. Over 90 countries have embedded gender considerations into financial policymaking. More than 85 gender specific knowledge products have been published, culminating in the Policy Model for Gender Inclusive Finance.

And those efforts have borne fruit: according to the Global Findex 2025, 73% of women in low- and middle-income economies now have a financial account, compared to just 50% in 2014 and the gender gap has narrowed from 9% in 2011 to 5% in 2024.

As I reflect on DAP@10, I realize how fortunate I have been to witness this journey from both sides—the first five years as a member of the network, implementing reforms and learning from peers; and the second five years as part of the AFI, supporting members and witnessing the collective impact of a global movement committed to advancing women’s financial inclusion.

But while much has been achieved, much remains to be done. Sizeable gender gaps in account ownership persist in 65 countries – in 14 countries, the gaps are 20 percentage points or more. And the policy landscape today is very different from 2016. Policymakers must navigate an increasingly complex environment with multiple competing priorities, creating the risk that narratives around gender and inclusion may be crowded out.

Yet what gives me confidence is the strong commitment I see across the AFI network. Countries have made it clear that gender inclusive finance is a policy priority, fundamental to achieving inclusive and sustainable economic development.

And that, perhaps, is the most enduring legacy of the DAP. It has brought about a sea change in how we think about women’s financial inclusion: not just the thing to do ethically, but the smartest investment a country can make for its future.

As we look toward the next decade, I feel optimistic. The levels of commitment, innovation, and leadership give me confidence that countries will continue to push boundaries, challenge assumptions, and advance meaningful progress for women everywhere.