Financial Inclusion Strategy Peer Learning Group (FISPLG)

Financial inclusion strategies (FIS) are comprehensive public documents that systematically accelerate a country’s level of financial inclusion. Typically, national financial inclusion strategies (NFIS) include analysis on a country’s current financial inclusion status and constraints, measurable goals, how and when that country proposes to reach these goals, and how the progress and achievements of the NFIS will be assessed.

AFI’s Financial Inclusion Strategy Peer Learning Group (FISPLG)

Policymakers in the AFI network have reached a consensus that National Financial Inclusion Strategies (NFIS) are essential in coordinating financial inclusion policies and ensuring they are based on sound data and the impacts are robustly monitored. AFI’s Financial Inclusion Strategy (FIS) Peer Learning Group promotes the development, implementation and monitoring and evaluation of national financial inclusion strategies.

Member
Institutions

Countries

Policy changes

Knowledge products

Chairs & Focal points

Chair

Aishath Asna Hamdi, Maldives Monetary Authority

Co-Chair I

Khaled Bassiouny, Central Bank of Egypt

Co-Chair II

Maria Belen Figueroa, Superintendencia de la Economía Popular y Solidaria de Ecuador

Gender Focal Point

Haneen Almuhaisen, Central Bank of Jordan

Objectives

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.

Member Institutions

Banco Central de Reserva de El Salvador
Banco Central de São Tomé e Príncipe
Banco de Moçambique
Banco Nacional de Angola
Banco Central del Paraguay
Bangko Sentral ng Pilipinas
Bangladesh Bank
Bank Al-Maghrib
Bank Negara Malaysia
Bank of Papua New Guinea
Bank of Sierra Leone
Bank of Tanzania
Bank of Uganda
Bank of Zambia
Banque Centrale de Tunisie
Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO)
Banque Centrale des Comores
Banque Centrale du Congo
Banque de la République d’Haiti
Banque de la République du Burundi
Central Bank of Armenia
Central Bank of Egypt
Central Bank of Eswatini
Central Bank of Iraq
Central Bank of Jordan
Central Bank of Lesotho
Central Bank of Liberia
Central Bank of Nigeria
Central Bank of Samoa
Central Bank of Sudan
Central Bank of Sri Lanka
Central Bank of the Bahamas
Central Bank of The Gambia
Central Bank of the Republic of Uzbekistan
Centrale Bank van Suriname
Comisión Nacional Bancaria y de Valores de México (CNBV)
Comisión Nacional de Bancos y Seguros de Honduras
Direction Générale du Trésor, Ministère de l’Economie et des Finances, Madagascar
Financial Regulatory Commission of Mongolia
Maldives Monetary Authority
Microcredit Regulatory Authority of Bangladesh
Ministère des Finances et du Budget du Sénégal
Ministry of Finance – Eswatini
Ministry of Finance and Economic Development Zimbabwe
Ministry of Finance and National Planning Zambia
National Bank of Cambodia
National Bank of Rwanda
National Bank of Tajikistan
National Reserve Bank of Tonga
Nepal Rastra Bank
Palestine Monetary Authority
People’s Bank of China
Reserve Bank of Fiji
Reserve Bank of Malawi
Reserve Bank of Vanuatu
Reserve Bank of Zimbabwe
Superintendencia de Bancos de la República Dominicana
Superintendencia de la Economía Popular y Solidaria de Ecuador
Superintendencia General de Entidades Financieras de Costa Rica (SUGEF)

Subgroups & Planned Activities

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.

Maya Declarations

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

Consumer Empowerment  and Market Conduct

Consumer Protection

Financial Literacy and Financial Education

Maya Declaration targets

Completed

In progress

Completion rate

55%

52%

54%

53%

48%

49%

40,1%

38%

39%

44%

46,5%

FISPLG & Gender

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.

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