AFI members spotlights growing need for inclusive digital financial services

From digital infrastructure to ecosystem data, affordability and fairness… This week, members from AFI’s Digital Financial Services Working Group (DFSWG) dived into every existing opportunity to make DFS more conducive to financial inclusion. Hosted by the country’s Central Bank and Ministry of Finance from 20-23 May, the 29^th DFSWG meeting provided a platform for policymakers to discuss the challenges and opportunities associated with more inclusive DFS, e-money, and FinTech.

“The DFSWG is made up of a diverse pool of countries and member institutions, allowing members to share valuable experience in implementing effective and inclusive DFS regulation and supervision models in their own jurisdictions,” said AFI’s Policy Manager for DFS, Adeyemi Omotoso.

“We see experience as a shared resource of collective value, and we’re always discussing something new. Every new technology-enabled policy out there is on our radar.. From AI to open finance and inclusive digital infrastructure –  we’ve got it covered.”

Members explored how improved digital infrastructure could help boost financial inclusion, consumer protection, and market fairness. A session on pricing strategies for instant payment systems revealed ways to lower last-mile transaction costs and ensure sustainability.

Participants discussed how to practically implement a recently released knowledge product on DFS and Fintech Ecosystem Data – identifying potential challenges and opportunities in their own jurisdictions. They highlighted the importance of collaboration between industry players and policymakers in promoting competition, embracing data, boosting market intelligence, identifying ecosystem gaps, and supporting proportionate compliance and oversight.

Six members were recognized for their contributions to DFS policymaking:

– Ann Valery Victor Metellus, Banque de la République d’Haiti
– Fatoumata Mayaki, Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO)
– Tsolmontuya Bold, Financial Regulatory Commission of Mongolia
– Ines Paez, Superintendencia de Bancos de la República Dominicana
– Kwame Oppong, Bank of Ghana
– Eserani Munivai, Reserve Bank of Fiji

Gitau Mburu from the Central Bank of Kenya was voted in as new DFSWG Co-Chair, while Linda Dlamini-Khumalo from the Central Bank of Eswatini and Ann Valery Victor from Banque de la Republique d’Haiti were selected as the group’s first-ever Gender Focal Points for the next two-year term.