On 6th March, AFI’s Competition Enablers Knowledge Exchange (CKX) held its second virtual meeting of 2025, delving into the role of interoperability in fostering competition within financial ecosystems.  

Guest speakers Milo Bianchi and Hakan Ozyilmaz from Toulouse School of Economics presented findings from their ‘Financial Inclusion through Interoperability’ research project, highlighting how instant payment systems have significantly transformed financial inclusion by reducing transaction costs and improving service efficiency. 

“Regulators should play different roles depending on the stage of development of the market for digital payments,” said Professor Bianchi. “At the early stage, regulators should focus on prices, while at later stages, regulators should focus on coordinating investment and usage.” 

Lorna Karungi from Bank of Uganda then provided an overview of a recent knowledge exchange visit to the Competition Authority of Kenya, aimed at enhancing understanding of competition and consumer protection enforcement. She highlighted the importance of advocacy and stakeholder awareness when developing and implementing laws in this area. 

The meeting was attended by representatives from Banco de Mocambique, Bank of Uganda, Reserve Bank of Fiji, SBS Peru, Bank of Tanzania, Central Bank of Sri Lanka, State Bank of Pakistan and National Bank of Rwanda, as well as from the United Nations Capital Development Fund (UNCDF).  

The Competition Enablers Knowledge Exchange, which is supported by the Gates Foundation and co-led by AFI and UNCDF, was launched in 2023 to focus on competition issues.  

You can learn more about the role of Instant Payment Systems in advancing financial inclusion in this recent AFI video: