Mastercard and AFI partner to support implementation of Financial Inclusion Policies by regulators in Eastern Europe and Central Asia
SOCHI, SEPTEMBER 7, 2018 – Mastercard and the Alliance for Financial Inclusion (AFI) extended their strategic partnership under AFI’s Public-Private Dialogue (PPD) Platform to enable a close collaboration with member institutions from Eastern Europe and Central Asia (EECA) Region.
Following the launch of AFI’s Eastern Europe and Central Asia (EECA) regional initiative during the 10th Global Policy Forum in Sochi, the cooperation between Mastercard and AFI’s EECA member institutions will focus on shared priorities related to the emerging digital financial services (DFS) risks such as cybersecurity, fraud management; digital cross border remittances; interoperability of digital financial services; and consumer protection/behavior. As part of this collaboration, Mastercard will also support elements of AFI’s region specific capacity building program to be held in member countries.
Launched in 2014, AFI’s Global PPD Platform gives policymakers, regulators, the private sector, development partners and other key players the opportunity to engage in frank and focused conversations, share technical expertise on key financial inclusion issues, provide lessons to inform policy formulation, and encourage innovation and investment. The AFI PPD Platform is implemented both at the global and regional levels.
Mastercard, as part of a commitment to reach 500 million people previously excluded from financial services by 2020, will bring unique knowledge, resources and technical expertise critical to addressing regulatory challenges around financial inclusion. As part of the agreement, Mastercard will provide:
- Technical capacity building and training for AFI members on emerging payments, risk management and financial inclusion technology at regulatory forums in Asia Pacific, Latin America, Eastern Europe and Central Asia and Africa.
- Insights and feedback on developing national-level public-private engagement strategies in AFI member countries
- Public and customized research and best practices that help to inform policy dialogue
- Ongoing dialogue around innovative products, business models and approaches to ensure the long term sustainability of AFI’s PPD
“Mastercard is committed to advancing inclusive growth, with an ever-greater focus on driving electronic payment acceptance among people and businesses. Our work spans various initiatives – from partnerships with governments to provide their citizens with digital IDs and social benefits, to programs with NGOs to transform the way they deliver aid to refugees and other communities in crisis. We also
work closely with public and private organizations to look at inclusion through the lens of connected cities and develop solutions to improve tourism and transit”, said Alexey Malinovskiy, General Manager for Russia. “AFI’s Public Private Dialogue provides a unique platform to help regulators develop the policies necessary to achieve our mutual goal to bring financial inclusion to all”.
“The PPD Program aims to add to the strengthening of the institutional capacity of AFI members in EECA, in collaboration with the private sector in areas where the private sector possesses unique industry expertise. It will provide support to AFI members in learning about innovative solutions that build inclusive financial services and inform the advancement of smart financial inclusion policy responses to the rapid growth of innovative financial services”, Dr. Alfred Hannig, AFI’s Executive Director said.
The EECA PPD expands AFI’s successful public-private engagement efforts at the regional level in Africa, Latin America, Middle East and North Africa, and the Pacific Islands where AFI members together with the private sector have developed a joint vision for advancing financial inclusion policy at the regional level. Globally, AFI members have reported over 380 policy and regulatory reforms to enhance financial inclusion in their countries. Of these, 118 reforms were reported only in 2017. These policy advances have enabled an additional 634 million adults to be financially included as a result of efforts made by the AFI network.
About the Alliance for Financial Inclusion
Since the founding of AFI in 2008, the field of financial inclusion has grown significantly, and the organization quickly developed from a grant-based program to a member-owned Policy Leadership Alliance. As a network, AFI developed and implemented over 380 policy changes in 63 countries. These resulted in AFI contributing to banking of more than 600 million adults. Financial inclusion is now the corner stone of any development method. Based on principles of peer-learning, knowledge sharing and information exchange, the network created over 90 knowledge products ranging from policy notes, case studies, special reports, toolkits, online platforms. To learn more please visit www.afi-global.org or follow us on Twitter @NewsAFI.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
To tweet this news, copy and paste the below in Twitter with the hashtags: #Mastercard #FinancialInclusion #afiGPF
AFI’s Public-Private Dialogue Platform is delivering knowledge and expertise to a global network of 107 policymaking and regulatory institutions from 92 developing and emerging countries.