Behavioral insights are a powerful tool that can significantly enhance policymaking for financial inclusion. By integrating these insights, policymakers can incorporate practical tools and frameworks to fine-tune their regulatory interventions. This approach considers how people make choices and behave under various circumstances, acknowledging key behavioral traits such as social norms, biases, decision fatigue, and more. Understanding these aspects of human behavior can lead to the design of behaviorally informed policies and interventions that more effectively support financial inclusion.

Over the years, numerous AFI members have expressed interest in leveraging these insights for more effective policymaking. For example, the Central Bank of Armenia has successfully adopted behavioral insights to enhance consumer protection. Furthermore, AFI’s ‘Financial Inclusion Country Assessments (FICA)’ project, which recently commenced, includes both a technical assessment stage and an effectiveness assessment stage. For the latter, members of AFI’s Global Standards Proportionality Working Group (GSPWG) in its recent meeting recently suggested that incorporating behavioral insights could lead to more thorough and effective assessments.

Given the growing interest of this topic within the network, this event aims to deepen the AFI network’s collective understanding of how behavioral insights can be utilized to develop and implement more effective financial inclusion policies.

Should you have any questions regarding this event or how to participate, please contact afievents@afi-global.org.