Bank Al-Maghrib shares knowledge & expertise on scaling up financial inclusion through digital finance
Together with Bank Al-Maghrib (BAM), the Alliance for Financial Inclusion (AFI) is organizing a five-day member training on Innovations in Digital Finance from 29 October – 2 November, 2018 in Rabat, Morocco.
“Throughout its successive strategic plans, Bank Al-Maghrib tackled to build a modern payment system infrastructure that has made a significant contribution to the development of digital financial services at the national level,” emphasized El alami Hakima, Deputy Director of the Oversight of Payment Systems and Means and Financial inclusion Department, BAM, during her welcome speech.
Gathering 37 participants from 27 countries, representing 29 AFI member institutions, the member training focuses on three core areas in financial inclusion: payment and payment systems oversight, innovative regulatory approaches and cybersecurity frameworks. The training will also discuss emerging policy areas such as climate change and green finance.
In her opening remarks, AFI’s Head of Capacity Building, Madhurantika Moulick highlighted that “Bank Al Maghrib has always had a very clear focus on scaling up financial inclusion with a special emphasis on digital financial services.”
Digital intervention is rapidly leading to radical changes in the financial inclusion landscape that demands new regulatory approaches. As a result, AFI member institutions are dedicated to harness its potential in order to advance financial inclusion — a key commitment under the Maya Declaration
In support of these efforts, the AFI network developed its latest workstream on FinTech for Financial Inclusion. FinTech covers topics related to newer technologies, supporting infrastructure and regulatory oversight where usage is less established and regulatory approaches are less defined.
“The recently endorsed Sochi Accord affirms the network’s commitment to harness the potential of FinTech in improving financial inclusion, and strengthen market conduct and consumer protection,” added Madhurantika Moulick.
There are an unprecedented 68.5 million forcibly displaced people around the world, one of the highest levels of displacement the world has witnessed — and technology holds promise. FinTech is radically transforming the financial services industry. While innovations are already disrupting financial services both at the front-end (such as product development, user experience and interface) and the back-end (such as interoperable payment infrastructure, alternative credit assessment models and digital identity platforms), FinTech innovations can complement financial inclusion by broadening access to financial services to the 1.7 billion unbanked around the world.
“There are overlaps between certain aspects of DFS and FinTech but it is important to recognize that this expanding scope has enhanced the role of regulators significantly,” expressed Madhurantika Moulick in her remarks.
There is a major rise in demand for Capacity Building programs focused on DFS within the AFI network, where members share lessons and experience on effective approaches to balancing financial innovations with financial stability. An active member of the AFI network since 2011, BAM has been sharing their experiences and learnings in Working Groups and various Capacity Building events, contributing to AFI publications, and establishing new Maya Declaration Commitments.