Global Policy Forum 2012: A forum for real change
Progress on commitments, cohesive national strategies, and peer collaboration were prominent themes in the 2012 Global Policy Forum opening ceremony. Alliance for Financial Inclusion (AFI) Executive Director Alfred Hannig encouraged members to sustain momentum and progress on Maya Declaration commitments, and Deputy Governor of Bangko Sentral ng Pilipinas (BSP), Nestor Espenilla, Jr., emphasized the tangible impacts of financial inclusion on the real economy.
South Africa’s Minister of Finance, Pravin Gordhan, pointed to the potential of financial inclusion to transform the lives of the poor and advance social equality for all.
Key Takeaways — Financial inclusion and the real economy
1. Financial inclusion and stability are complementary goals. Financial stability is not an end in itself, but rather a precondition for financial inclusion with an impact on the real economy.
2. We are still experimenting with the right delivery modes to reach the poor. Technology plays a key role, but are banks the right institutions to drive technology and financial inclusion? Kamalesh Chandra Chakrabarty, Deputy Governor of the Reserve Bank of India, described trying to deliver financial inclusion without banks as trying to deliver medicine without doctors, while others thought there needed to be room for non-bank models.
3. Extending access to financial services is not enough. We need to ensure there is a proper balance between incentives, regulations, and oversight.
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