Global policy forum on financial inclusion aimed at improving access for the most vulnerable

With 1.4 billion people still excluded from the formal financial system, leaders of central banks, ministries of finance, and financial regulators from around the world are gathering in the Philippines to discuss how to make financial products and services safe, accessible, and affordable for all.

About 700 delegates from over 70 countries are attending the 2023 AFI Global Policy Forum. The event is co-hosted by the Alliance for Financial Inclusion (AFI), the world’s leading organization on financial inclusion policy and regulation, and Bangko Sentral ng Pilipinas (BSP).

“In the fifteen years since AFI was created, with substantive support from the BSP, our members have brought over 840 million people into the financial system via enlightened national policies and strategies on financial inclusion,” said Dr. Alfred Hannig, AFI Executive Director.

“Yet a quarter of adults remain excluded and vulnerable. By convening the global AFI Network in Manila, we can galvanise efforts to achieve full inclusion which leaves no one behind,” he explained.

BSP Governor Eli M. Remolona, Jr. said, “Given the difficult challenges facing the world today, there is a compelling need for us to continue to share, support, and learn from one another on how we can lift more people out of poverty through financial inclusion.”

“With the continuing support of our colleagues, partners, and stakeholders here and overseas, we at the BSP will continue to help improve the lives of the unserved, underserved, and unreached,” the Governor added.

Discussions at the 2023 AFI Global Policy Forum cover a wide range of critical issues, including the disruptive potential of digital technology, the need for inclusive green finance, the persistent gender gap, the need to support youth entrepreneurs, and the role of financial inclusion in uplifting forcibly displaced people.

The winners of the 2023 AFI Global Financial Inclusion Awards will be revealed tomorrow.  Among the recognitions to be conferred is the Financial Inclusion Innovation Award, which honors the memory and legacy of the late BSP Governor Nestor A. Espenilla, Jr., a founding member of AFI and a global champion of innovation and inclusion.