AGM endorses Kigali Statement & policy models, assumes new Chair

AFI member institutions unanimously voted to endorse the Kigali Statement and two new policy models – e-money and data core set – at its Annual General Meeting (AGM) on September 11, held in the lead up to the 2019 AFI Global Policy Forum (GPF).

Named after the host city of the 2019 AFI GPF, the Kigali Statement is a collective commitment by members to accelerate the achievement of their financial inclusion targets and leave no one behind. The two-page document calls on members to reinforce and consolidate actions that promote financial inclusion among untapped groups in order to harness their economic potential.

“This is a call for us to act, so we need to take into account of disadvantaged groups in our populations – the women, youth, poor, disabled – and be their voice,” said National Bank of Rwanda Governor John Rwangombwa.

Referring to the timeliness of the pledge, AFI Executive Director Dr. Alfred Hannig said: “The Maya Declaration is turning 10 in the coming year, and I think it’s now time to reorient these commitments towards the dimensions of quality and sustainability”.

“This is indeed an imperative, especially having in mind recent developments in technology and financial services, our ambition is to substantially narrow down the gender gap and address climate emergencies,” he said.

Members also voted overwhelming to approve two policy models, the first of which provides guidance on developing proportionate key regulatory and policy measures for enabling, promoting and enhancing the use of e-money services and products in a country or jurisdiction. The second, the data core set, has been designed to help policymakers generate evidence-based implementation of policies and regulation on financial inclusion.

As the AGM drew to a close, members welcomed the new Chair of the AFI Board, Central Bank of Egypt Governor Tarek Amer, who assumes the role until 2021.

Also during the meeting, the heads of Central Bank of Armenia, Central Bank of Kenya, Mexico’s Comisión Nacional Bancaria y de Valores, Banco Central del Paraguay and Nepal Rastra Bank were elected to the AFI Board, to replace Bank Bangladesh, Costa Rica’s Superintendencia General de Entidades Financieras, Bank of Ghana and Central Bank of the Russian Federation, all of which completed their two-term limits.

“With the new board of directors coming in, I am confident that our meeting this year will be a proved to be harbinger of a new era of financial inclusion and pave the way for more milestones to be achieved,” said outgoing AFI Chair and Bangladesh Bank Governor Fazle Kabir.

The Agence Française de Développement (AFD) will also assume the position assumed by a global development partner, which was previously held by the Bill & Melinda Gates Foundation.

Also ratified were the new chairs and co-chairs of AFI’s seven working groups.