2024 AFI Global Policy Forum – Opening remarks by Governor of the Reserve Bank of Fiji and AFI Board Chair, Ariff Ali 

Ni Sa Bula Vinaka. Buenos dias! 

As the Chair of the AFI Board, it is my honour to welcome you all this morning to the 2024 Global Policy Forum (GPF). We are gathered from different corners of the globe, but united under this year’s theme, “Innovation for an inclusive world”. 

I extend my heartfelt thanks to President Rodriguez and the dedicated team at the Central Reserve Bank of El Salvador for your warm hospitality and the outstanding arrangements for this year’s Global Policy Forum.  

Having hosted the GPF in Fiji in 2016, we recognize the immense effort that goes into organizing such an event; the countless hours, meetings, resources and people involved in orchestrating an event of this magnitude is truly a testament to your dedication and hard work. Since the announcement in Manila last year that the host for the 2024 GPF would be the Central Reserve Bank of El Salvador, the AFI Board has been continuously briefed by President Rodriguez, of his motivation, determination and commitment to hosting the best GPF. This is also evident in the positive energy and optimism in your team and that positive energy is contagious and transmitted to everyone present in this beautiful hall. Your foresight and creativity are truly commendable. Thank you, Mr President. 

To the Executive Director, Dr Hannig and the hard-working members of the AFI team – thank you for bringing the GPF to the vibrant city of San Salvador and the people of El Salvador. Bringing the GPF to this region, the first big global conference of this magnitude to San Salvador, demonstrates AFI’s role in reaching out and your obsession that leadership is a service, not a privilege.  

Please allow me to briefly reflect on my key messages which are still relevant when we met at the last GPF in Manila with the theme, “Stability, sustainability and inclusivity for shared prosperity”. As the incoming AFI Board Chair, I had highlighted three important underpinnings for the success of our partnerships and collaboration.   

Firstly, the strategic positioning of AFI as a network for emerging and developing countries is pivotal in shaping the global landscape. Secondly, maintaining and growing the membership of AFI is a paramount priority for the organisation. And thirdly, the value of good partnership or collaboration to support the work and programmes on financial inclusion.  I also echoe that everyone in the AFI family are champions, and that, “Prosperity should not be the privilege of a few but for all”. 

In this regard, I am pleased to highlight that we have made good progress on our scorecard. Our membership has grown to an all-time high of 90 institutions from 84 countries across seven regions. Of these, 76 are Principal Members and 14 are Associate Members. Secondly, despite the increase in membership fee,s the strong trend of fee payments continued and exceeded the target in 2023, while the target for this year has already been achieved with 79 members having paid their dues as of July 2024. To complement the fees, the Board has been briefed that pipeline donor funding is strong, reflecting the great work done by AFI and why others want to partner with us.  Finally, feedback from our own members on satisfaction rating is at an all-time high. 

Let me briefly update on three other significant developments within our AFI network.  

The first, is the Gender Inclusive Finance (GIF) Policy Model which was endorsed and approved at the AGM yesterday. This is the first of its kind globally and reflects that AFI is a leader and trend setter. In this regard, I wish to congratulate the GIF Committee Chair and Second Deputy Governor Bank of Ghana, Mrs. Elsie Addo Awadzi, for your leadership and your outstanding efforts in advancing gender-inclusive finance. Since the Denarau Action Plan was adopted during the GPF in Fiji in 2016, increasing women’s financial inclusion and narrowing the gender gap through gender responsive financial policy and regulation has been a central focus of AFI’s gender policy discussions. We have seen substantial progress in narrowing the gender gap in financial access in many countries but despite that progress, challenges persist in many of our regions.  

Second, was the endorsement of the 2024 GPF deliverable: the San Salvador Consensus on Responsible Financial Innovation. This declaration reflects AFI members’ commitment to fostering an inclusive, responsible, and supportive environment for financial innovation. The San Salvador Consensus underscores the collective dedication of AFI members to building a more inclusive financial system that drives economic growth and development. 

Thirdly, I applaud AFI for launching the AFI Engage initiative, a one-year program, aimed at emerging policymakers in the AFI network, is key to developing future leaders who will advance AFI’s vision for inclusive finance and sustainable growth. The program not only supports personal and career development, but also empowers participants to contribute significantly to the global financial sector.  

On Sunday, I had the privilege of interacting with the inaugural group of this program’s participants. Looking ahead, I am optimistic that the stewardship of our central banks and the pursuit of financial inclusion are in capable hands.  

I, therefore, extend my heartfelt congratulations to our emerging leaders as you embark on this transformative journey, I wish you all the best. My message to you is that the future does not wait for hesitant people. When confronted with difficulty, you have two options: give up, or rise to the challenge. The more we achieve, the more we realise how much more we can achieve. 

Members, central bankers, financial regulators, we gather from all corners of the globe with a common objective under the theme “Innovation for an Inclusive World.”  

Let me begin by asking: What is Innovation? 

Well, for a start, I thought I would innovate and ask ChatGPT, “What is innovation for an inclusive world?”. This is the response I received. 

“Innovation for an Inclusive World” is a powerful concept that emphasizes the importance of ensuring that technological advancements and new ideas benefit everyone, regardless of their background, location, or socio-economic status. This approach to innovation is driven by the belief that progress should not be limited to a select few but should be accessible and advantageous to all, particularly those who have historically been marginalized or underserved. 

In an inclusive world, innovation is not just about creating new products, services, or technologies; it’s about designing these advancements with diverse populations in mind, ensuring they are affordable, accessible, and relevant to a wide range of people. It also involves actively seeking out and incorporating perspectives from different communities, including those who may have been excluded from the innovation process in the past. 

According to ChatGPT, the key aspects of innovation for an inclusive world include universal design; affordability; cultural sensitivity; equitable access; collaborative innovation; and social impact. It concluded that by focusing on these principles, we can harness the power of innovation to build a world where everyone has the opportunity to thrive, regardless of their circumstances. 

To me, inclusive innovation in simple terms seeks to bridge the digital divide and address social and economic equalities. While we all acknowledge that technology is the greatest equalizer and therefore innovation offers potential and efficiency gains, it can also bring about inequality. 

In the context of our theme, Innovation becomes a powerful tool for fostering inclusivity and equity. By leveraging innovative solutions, we continue to bridge gaps, overcome barriers, and ensure that the benefits of progress are accessible to all members of society. This approach not only enhances economic growth but also promotes social cohesion and empowers communities to thrive in a rapidly changing world. 

Finally, innovation must be PURPOSEFUL — driven by a commitment to leave no one behind. We innovate with intention— to bridge the gaps between rural and urban, formal and informal sectors, to uplift the forgotten and to empower the excluded – women, youth, people with disabilities, and other marginalized groups. To leave no one behind on this transformative journey. 

Our host country, El Salvador, exemplifies this commitment. Nestled between majestic volcanoes and the bright blue sea, El Salvador has embarked on a remarkable financial inclusion journey. Its harmonious blend of tradition and progress is testament to what can be achieved when innovation meets purpose.  

El Salvador’s innovative financial literacy bus, outfitted with the latest technology, helps young people understand and access financial services. This mobile initiative travels to remote areas, providing education and resources to empower the next generation. By bridging the gap between technology and accessibility, El Salvador is setting a powerful example for us all.  

Our Collective Responsibility for those of us in this forum, is to explore innovation’s promise—a world where prosperity knows no boundaries. 

As financial regulators, policymakers, and practitioners, we hold a collective responsibility—a pact that transcends borders and ideologies. Let us explore diverse solutions, learn from one another, and catalyse change. Together, we can build an inclusive world—one where every individual has access to financial services, regardless of their background or location. 

Over the next two days, we will participate in high-level plenaries and WG and technical breakout sessions. We will celebrate outstanding achievements through the AFI Global Awards and eagerly anticipate the announcement of the 2025 AFI GPF host. 

As we come together, let us embrace the opportunity to learn, share, and innovate. Our collective efforts will pave the way for a brighter future in financial inclusion.  

As I conclude, I encourage each of you to engage fully, collaborate openly, and take inspiration from the remarkable accomplishments we will honour. Together, we can drive meaningful change and continue to advance our shared mission. 

Thank you.