4th EGFIP meeting discusses how DFS and FinTech reinforce financial inclusion in Africa

Experts Group on Financial Inclusion Policy (EGFIP) for the African Financial Inclusion Policy Initiative (AfPI) held its fourth meeting in Conakry, Guinea, on 7 May 2018. Co-hosted by the on Banque Centrale de la République de Guinée (BCRG) and the Alliance for Financial Inclusion (AFI), the meeting gathered over 15 experts from 8 AFI member institutions from Africa.

Participants discussed a variety of topics covering the widespread of digital financial services (DFS) and FinTech to expand financial inclusion in Africa. Experts focused on Framework for innovative cross border remittances, Framework for DFS Interoperability, as well as Digital Transformation of Microfinance and Digitization of Microfinance Services to deepen financial inclusion in Africa. 

During the session on the Framework for innovative cross border remittances experts addressed the challenge of uptake and usage of innovative cross border remittances in Africa and how to best enhance efficiency of cross-border remittances and improve access to financial services.

As part of the vibrant panel discussion on Framework for Digital Financial Services Interoperability in Africa, participants examined how to enhance digital financial services efficiencies, increase customer convenience and boost scale for both domestic and cross-border payments.

Experts were presented with main findings of the study currently conducted by AFI on “Digital Transformation of Microfinance and Digitization of Microfinance Services to Deepen Financial Inclusion in Africa”. The session highlighted the evolution of Microfinance institutions (MFIs) as part of the widespread DFS and Fintech activities. While providing the inputs that help improve the study, participants also examined the role of financial regulators/policymakers in the transformation process, as well as set up a sub-group on “Efficient delivery of credit”.

Members of EGFIP will submit the conclusion of their wok to the 6th Annual Roundtable of African Financial Inclusion Policy Initiative (AfPI) Leaders held later during the week on 10 and 11 May 2018.

The EGFIP concluded by identifying relevant topics for future work that will be used for EGFIP’s action plan to address regional or sub-regional challenges of enhancing financial inclusion.

In May 2017, the leaders of AFI member institutions in Africa established EGFIP to enhance the AfPI technical implementation. Consisting of nominated senior officials from AFI member institutions in Africa, the EGFIP comprises of ten members, two representing each of the five sub-regions of Northern Africa, Western Africa, Central Africa, Eastern Africa and Southern Africa.