Empowering Financial Inclusion: Insights from a Deputy Governor’s Journey 

Nadia Gamha, Deputy Governor of the Central Bank of Tunisia 

In today’s fast-paced world, financial inclusion is a critical driver of economic growth and stability. As a Deputy Governor, I have had the privilege of witnessing and contributing to transformative changes that empower individuals, particularly youth and women, to fully participate in the financial system. Through my experiences, I have gleaned several insights that may help those committed to advancing financial inclusion.

The Importance of Targeted Initiatives 

Even though financial inclusion is not an explicit mandate for the Tunisian Central Bank, we’re deeply committed to improving it, since the Tunisian revolution was triggered by a lack of inclusive growth. 

One key lesson I have learned is the necessity of targeted initiatives to address the unique challenges faced by different segments of the population. For instance, young people often lack the financial literacy and access needed to engage with formal financial services. By allowing the Tunisian Financial Services Observatory to develop programs specifically designed to educate and support them, we are bridging this gap and fostering a generation of financially literate individuals. 

Motivated by this belief, we established a financial inclusion department at the Central Bank to support this ambition and to foster mobile payment solutions. 

Leveraging Technology for Greater Reach 

Technology has been a game-changer. Mobile banking, digital wallets, and fintech innovations have brought financial services to many thousands of previously unbanked citizens. At the Central Bank, we launched a regulatory sandbox to drive innovation by enabling fintech companies to test and market remote onboarding solutions. In this way, we made it possible for young people to access financial services conveniently and securely via their mobile devices. This strategy not only empowered youth with greater financial autonomy but also invigorated the fintech ecosystem, driving technological advancements that benefit the entire financial landscape. 

Empowering Gender Equality 

We have worked to improve gender equality through banking regulation by prohibiting discrimination based on gender, and ensuring gender diversity on the boards of Tunisian financial institutions. 

Leading by Example 

It is essential to advocate for diversity and inclusion within our organizations and to support the professional growth of other women. Mentorship and sponsorship programs can play a significant role in this regard, providing aspiring female leaders with the guidance and opportunities they need to succeed. 

Serving as a board member at the Alliance for Financial Inclusion has been a remarkable opportunity to deepen my commitment to promoting financial inclusion on a global scale. It allowed me to engage with a diverse group of stakeholders, including policymakers, financial institutions, and community leaders, all dedicated to fostering inclusive financial systems. Through collaborative efforts and strategic initiatives, we were able to address critical barriers to financial access, empowering underserved populations and supporting sustainable economic growth. My involvement in shaping policies and advocating for innovative solutions has reinforced my dedication to creating a more equitable financial landscape for all. 

Building Partnerships for Sustainable Impact 

Collaboration is key to achieving sustainable impact in financial inclusion. By partnering with AFI, Central Bank of Tunisia has gained efficiency by pooling resources and expertise to create more comprehensive frameworks. This partnership can drive policy changes, innovate service delivery, and expand the reach of financial inclusion efforts. 

Vision of the future of financial inclusion 

As my tenure as Deputy Governor of the Central Bank of Tunisia comes to a close, I reflect on the progress we’ve made in advancing financial inclusion and gender equality. However, the journey is far from over. It is crucial that we continue to raise awareness about the importance of financial inclusion and gender equality, and to develop impactful initiatives that ensure equitable access to financial services for all. 

For future leaders and regulators, my advice is to remain committed to the principles of inclusion and equity. Ensure that policies and regulations are designed to support the needs of all individuals, particularly those who are marginalized. Additionally, fostering an environment that encourages innovation and collaboration will be crucial in overcoming the challenges that lie ahead. 

In conclusion, the journey towards financial inclusion is ongoing, and there is still much work to be done. However, by sharing our experiences, learning from each other, and staying dedicated to our goals, we can continue to make significant progress. I am honored to be part of this movement and look forward to seeing what we can achieve together to shape a future society where no one is left behind.