Financial Inclusion
Strategy Peer Learning
Group(FISPLG)

A national financial inclusion strategy (NFIS) is a comprehensive public document formulated at the national level to systematically accelerate the level of financial inclusion in a particular country. Typically, an NFIS will include an analysis of the current status and constraints on financial inclusion, a measurable financial inclusion goal, how the country proposes to reach this goal and by when, and how it would assess the progress and achievements of the NFIS.” An NFIS is developed through a broad consultative process involving, among others, public and private sector stakeholders engaged in financial sector development.

It is not surprising that NFIS have gained traction in recent years, since the logic appears simple: greater financial inclusion promises more inclusive growth and development, while national strategies have the potential to accelerate financial inclusion. Empirical evidence appears to support this position. For example, the South Africa Financial Sector Charter helped increase the percentage of banked adults from 46% to 64% in four years, and six million basic bank accounts (Mzansi accounts) were opened. In the United Kingdom, a Financial Inclusion Task Force contributed to halving the number of unbanked adults through a variety of policy measures. Reinforcing this evidence, the World Bank recently reported that countries that have launched an NFIS have achieved much higher levels of financial inclusion than other countries in recent years. The evidence from countries such as Brazil, Malaysia, Namibia and Tanzania support this assertion. Analysis carried out by AFI and Bank Negara Malaysia has also reaffirmed the positive impact of NFIS.

The growing number of NFIS across all regions shows the influence of knowledge and peer learning on strategy development. However, it is important to note that practices tend to change over time based on how much knowledge is shared through mechanisms such as peer learning, and the extent to which this knowledge is applied in the strategy formulation process. As analysed in the FISPLG publication National Financial Inclusion Strategies: Current State of Practice, assessing the current state of practice of NFIS has other limitations, as well. First, there is no systematic database in place with general data on NFIS or on the specific practices different countries have adopted. Even the scattered data that is available relates mainly to the formulation of national strategies, while very little data is available on implementation and progress monitoring and evaluation. Second, there is no consensus on what should legitimately be included in an NFIS. For example, some countries tend to include macroeconomic development strategies even though these may not significantly or strategically address the core issues of financial inclusion.

NFIS are developed through broad consultative processes involving, among others, public and private sector stakeholders engaged in financial sector development. The growing number of NFIS across all regions shows the influence of knowledge and peer learning on strategy development.

Global trends in financial inclusion strategies include emerging issues such as climate change and marginalized groups. In addition to women, other groups that need to be considered when building national financial inclusion include youth, forcibly displaced persons and people with disabilities.

Fundamental and emerging topics under FIS are explored in-depth through AFI’s Financial Inclusion Strategies Working Group (FISPLG).

As a response to the Denarau Action Plan of 2016, which was revised in September 2022, AFI members have committed to work towards increasing women’s financial inclusion, including setting specific targets on women’s FI. Integrating gender considerations into National Financial Inclusion Strategies is essential in enhancing women financial inclusion and ensuring diversity within member institutions.

FIS commitments are being implemented to ensure that national coordination is driving financial inclusion programs effectively.

PRIMARY THEMATIC AREA		2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Financial Inclusion Strategy	Maya Declaration Targets	27	33	41	44	48	63	63	81	86	90	103	127
	Completed	19	22	27	29	30	31	31	35	38	43	48	55
	In Progress	8	11	14	15	18	32	32	46	47	47	55	72
	Completion Rate	70%	67%	66%	66%	63%	49%	49.2%	43%	44%	48%	47%	43.31%

FISPLG provides practical support to countries that have made commitments under the Maya Declaration and to the G20 through its Financial Inclusion Peer Learning Program.

• Facilitate peer learning on the different approaches to strategy development and implementation across the network;
• Provide a platform for peer reviews of draft strategies and action plans;
• Develop joint guidance on aspects of national strategy formulation and implementation; and
• Support the capacity of members to develop and implement financial inclusion strategies, including through connections to expert stakeholders.

Budgeting and Resources for NFIS

This Guideline Note uses the “Tanzania’s Implementation Support Guide (2023-2028)” for National Financial Inclusion Strategies (NFIS) as a basis to provide guidance to AFI members who struggle to implement their NFIS due to limited budgets. This guide specifically addresses this challenge by highlighting the importance of financial resources and providing insights on securing and managing them effectively. It outlines the different forms of support available, emphasizes stakeholder engagement throughout the process, and establishes a clear coordination and monitoring mechanism to track progress. Ultimately, this knowledge product seeks to empower countries to overcome budget hurdles and achieve successful NFIS implementation through efficient resource allocation and prioritization.

Beyond Access: Towards a Future-Proof Sustainable National Financial Inclusion Strategy

The distinction between a traditional and a sustainable National Financial Inclusion Strategy (NFIS) lies in their respective goals and approaches. Traditional NFIS primarily focuses on providing basic access to financial services, often falling short in considering long-term impact and sustainability. In contrast, a sustainable NFIS goes beyond immediate access, incorporating principles of responsible finance, environmental considerations, and social impact, aiming for enduring resilience against future challenges.

To accommodate this evolving concept, a comprehensive framework is essential. This framework involves understanding the current landscape of NFIS initiatives, identifying key components of sustainability, showcasing successful case studies, addressing challenges, emphasizing stakeholder engagement, providing a robust measurement framework for impact, offering actionable insights for implementation, and promoting continuous learning. By structuring the knowledge product in an accessible manner and staying updated on emerging trends, it can serve as a valuable resource for policymakers, financial institutions, and other stakeholders interested in adopting and promoting sustainable NFIS.

2024

• Tanzania’s Financial Inclusion Implementation Support Guide (2023-2028): Funding & Budgeting Strategies

2023

• Innovative Approaches to Increase Youth Financial Inclusion: The Philippines
• Innovative Approaches to Increase Youth Financial Inclusion: Palestine
• Innovative Approaches to Increase Youth Financial Inclusion: Egypt

2022

• Enhancing Financial Inclusion in Rural Areas
• National Financial Inclusion Strategies: Current State of Practice (2022)
• Integrating Digital Financial Services into a National Financial Inclusion Strategy
• Integrating Gender and Women’s Financial Inclusion into National Strategies (V.2)

2021

• Gender Savings Groups: Formalizing Village Savings Groups with a Gender Lens – Egypt Case Study
• Guideline Note – Bringing the Informal Sector Onboard
• Bringing the Informal Sector Onboard (Toolkit)
• Mitigating the Impact of Pandemic Crises on National Financial Inclusion Strategy (NFIS) Policy Note
• National Financial Inclusion Strategy Monitoring and Evaluation Toolkit
• Integrating Inclusive Green Finance Policies into National Financial Inclusion Strategies

2020

• SDGs & Socially Responsible Finance (SRF) – Case Studies from Selected AFI Member
• NFIS Policy Model
• Integrating Youth Into A National Financial Inclusion Strategy
• Integrating Forcibly Displaced Persons into a National Financial Inclusion Strategy
• Upscaling and Integrating Gender Savings Groups into the Formal Financial System

2019

• Guideline Note 35: Effective Stakeholder Coordination for National Financial Inclusion Strategy Implementation
• Guideline Note 34: Communication Strategies for National Financial Inclusion Strategy Implementation

2018

• Inclusive Insurance in National Financial Inclusion Strategies
• National Financial Inclusion Strategies: Current State of Practice

2017

• Case Study 3: Bank on Her: Diamond Bank Enhances Opportunities for Nigeria’s LowIncome Women to Save
• Case Study 2: Women’s Financial Inclusion in the Solomon Islands. A simple opportunity can make a ifference
• Case Study 1: Women Financing: A case study of Lapo Microfinance Bank Limited
• National Coordination and Leadership Structure
• Guideline Note 28: Defining Financial Inclusion
• Guideline Note 27: Integrating Gender and Women’s Financial Inclusion into National Strategies

2016

• Guideline Note 20: National Financial Inclusion Strategies: A Toolkit

2015

• National Financial Inclusion Strategy Development: Current State of Practice

2013

• Progress on National Financial Inclusion Strategies (NFIS) – A Timeline of Achievements